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Equity
Credit

ATTRIBUTE	EDGE
Boutique Firm	Narrowly focused, performance oriented firm Independently owned
Investment Approach	Active, bottom-up, fundamentally-based while cognizant of macroeconomic, demographic and geopolitical factors Designed to generate better upside/downside capture relative to the benchmark
Technology	Seamless integration of proprietary and non-proprietary research tools and processes Maintains real-time information sharing across the research team
Risk Management	Balances the context of the market environment with the characteristics inherent within each investment and how each investment relates to the aggregate portfolio Supports risk/reward portfolio construction decisions Isolates portfolio risk factors to optimize intended and minimize unintended exposures while limiting unintended “bets” and exposures
People	Equity portfolio management talent groomed in-house ensuring consistency and continuity of the investment approach
Alignment with Client Interests	Portfolio Manager, Analyst and Trader compensation driven by net-of-fee performance relative to peers over one, three and five years Strategy capacity constraints determined by the Portfolio Managers; focus is on preserving flexibility and remaining nimble to maximize Alpha generation opportunities

ATTRIBUTE	EDGE
Targeted Volatility	The Driehaus Active Income Fund has a targeted annualized volatility less than or equal to the Barclays Capital U.S. Aggregate Bond Index (≤5%) not a specific annual return target The Driehaus Select Credit Fund has a targeted annualized volatility less than or equal to the Bank of America Merrill Lynch U.S. High Yield Master II Index (≤8%) not a specific annual return target The Driehaus International Credit Opportunities Fund has a targeted annualized volatility less than or equal to a blend of the Bank of America Merrill Lynch Global High Yield Index and the J.P. Morgan EMBI Global Diversified Index (≤10%) not a specific annual return target
Low Correlation to other asset classes	The Funds expect to deliver returns that are uncorrelated to equity and fixed income benchmarks
Hedges Interest Rate Risk	The Funds (with the exception of the Driehaus International Credit Opportunities Fund) seek to hedge away interest rate risk to maintain a modified duration of: – Approximately zero +/- 1 year for the Driehaus Active Income Fund – Approximately zero +/- 3 years for the Driehaus Select Credit Fund
Absolute Return Focus	Portfolio Concentration — Best idea focused employing a more concentrated approach: – Approximately 50-60 trades within the Driehaus Active Income Fund – Approximately 30-40 trades within the Driehaus Select Credit Fund – Approximately 20-40 trades within the Driehaus International Credit Opportunities Fund Active Shorts — The Funds actively short individual securities which should make a cleaner hedge (relative to shorting a bond or credit index) and a more defined risk exposure which we believe enhances the value – add of the trade Employment of Numerous Investment Techniques —The Funds opportunistically employ numerous hedging techniques (i.e., long/short credit, pairs, capital structure arbitrage, convertible arbitrage, basis trades, event driven and directional trading)
Self-Imposed Constraints on Capacity	The Funds have relatively low asset capacity limits to allow it to remain nimble and well positioned to generate Alpha