Driehaus Micro Cap Growth
First Quarter 2008
| Portfolio Manager: |
Jeff James
|
| Assets Under Management: |
$209 Million
|
| Inception Date: |
1/1/96
|
| Separately Managed Accounts Minimum Initial Investment: |
$3 Million
|
Investment Objective: Maximize capital appreciation through investing in a diversified portfolio of U.S. traded, micro-capitalization growth stocks.
Investment Strategy: The Micro Cap Growth Strategy invests in companies with market capitalizations generally below $500 million. The strategy typically maintains a portfolio consisting of 60 to 90 stocks and generally limits individual positions to less than 5% at cost.
| Sector Weightings (as of 3/31/08) |
|
Industrials
|
28.2%
|
|
Information Technology
|
18.2%
|
|
Health Care
|
14.1%
|
|
Energy
|
13.2%
|
|
Consumer Staples
|
7.7%
|
|
Consumer Discretionary
|
4.9%
|
|
Materials
|
4.8%
|
|
Financials
|
0.5%
|
|
Cash/Unassigned
|
8.4%
|
Source: Morgan Stanley Capital International and Standard & Poor's Global Industry Classification Standard
| Top 10 Holdings (as of 3/31/08) |
|
BPZ Resources Inc.
|
6.0%
|
|
Lindsay Corp.
|
5.2%
|
|
Titan Machinery Inc.
|
3.3%
|
|
Calgon Carbon Corp.
|
3.2%
|
|
Yucheng Technologies Ltd.
|
3.0%
|
|
Neutral Tandem Inc.
|
2.8%
|
|
Titan International Inc.
|
2.8%
|
|
Omega Protein Corp.
|
2.8%
|
|
CyberSource Corp.
|
2.7%
|
|
HMS Holdings Corp.
|
2.5%
|
|
Average Annual Total Return (as of 3/31/08)
|
| __________Annualized__________ |
| |
1st QTR
|
YTD |
1 Year |
3 Year |
5 Year |
10 Year |
Since
Inception
(1/1/96) |
| Driehaus Micro Cap Growth |
-22.30%
|
-22.30%
|
-4.58%
|
13.66%
|
26.64%
|
28.85%
|
26.97% |
| Russell Microcap Growth Index* |
-16.98% |
-16.98% |
-19.72% |
0.50% |
11.54% |
n/a |
n/a |
| Russell 2000 Growth Index |
-12.82%
|
-12.82%
|
-8.94%
|
5.73%
|
14.22%
|
1.74%
|
4.35% |
|
Cumulative Total Return (1/1/96 to 3/31/08)
|
| Driehaus Micro Cap Growth |
1767%
|
| Russell Microcap Growth Index* |
n/a
|
| Russell 2000 Growth Index |
69%
|
For the most current month-end summary sheet for the Driehaus Micro Cap Growth Strategy, please click here.
*The Index's performance is presented for all periods except the 10-year,"Since Inception" and Cumulative Total Return because the Index was not established until August 2000.
The Russell 2000 Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. The performance data includes reinvested dividends. The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index.
For additional disclosure on the Composite, please click here.
|