Dr. Pan is an Associate Portfolio Manager on the emerging markets research team. He joined Wasatch Global Investors in 2019 as a Senior Analyst focused on emerging markets. Prior to joining Wasatch, Dr. Pan was a sell-side analyst for nine years at Morgan Stanley covering property-and-casualty insurance companies, including Berkshire Hathaway. From 2004 to 2009, he was a buy-side analyst at New York City-based Stadia Capital, a long/short equity fund that was part of FrontPoint Partners and Morgan Stanley Investment Management. Before his investment career, he spent five years in Silicon Valley at a start-up company, modeling natural-catastrophe risks. Dr. Pan received Bachelor’s degrees in Civil and Environmental Engineering from Tsinghua University in Beijing, Master’s and PhD degrees in Structural Engineering from Johns Hopkins University in Baltimore and a Master of Business Administration from New York University Stern School of Business. Kai is a native of China. He met his wife Li in college, and they have two sons. He enjoys traveling, reading, hiking and skiing.

Mr. Madsen rejoined Wasatch Global Investors in 2025 as a Portfolio Manager on the global and international developed research teams. Before returning to Wasatch, Mr. Madsen spent nine years at Grandeur Peak Global Advisors, where he managed the Global Contrarian Fund and focused on the energy, materials and industrial sectors. Earlier, he founded Red Desert Capital, where he managed a concentrated value portfolio utilizing a bottom-up, fundamental approach. He began his investment career at Wasatch in 2004 as a senior research analyst on the Wasatch Small Cap Value strategy.

Chris Leikhim, CFA has been an associate portfolio manager of the International Opportunities Fund since January 31, 2026. Mr. Leikhim joined the Advisor in 2019 as a senior research analyst focused on international developed markets. Prior to joining the Advisor, Mr. Leikhim spent five years as a senior research analyst at Calamos Investments focused on global financial and information technology stocks across the market-cap spectrum. Prior to Calamos, he worked as a sell-side research associate at William Blair & Company covering U.S. insurance and diversified financial companies, and as an analyst and strategy consultant for The Cambridge Group focused mainly on consumer-facing industries. He earned a Master of Business Administration from the University of Chicago Booth School of Business, and a Bachelor of Arts in Economics from Northwestern University.