Driehaus Mid Cap Growth

 

 

First Quarter 2008

Portfolio Manager: Dan Wasiolek
Assets Under Management:

$599 Million
Inception Date: 4/1/86
Separately Managed Accounts Minimum Initial Investment: $5 Million

 

Investment Objective: Maximize capital appreciation through investing in a diversified portfolio of U.S. traded, mid-capitalization growth stocks.

 

Investment Strategy: The Mid Cap Growth Strategy invests in companies with market capitalizations generally between $1.5 billion and $15 billion. The strategy typically maintains a portfolio consisting of 40 to 70 stocks and generally limits individual positions to less than 5% at cost.

 

 

Sector Weightings (as of 3/31/08)

Industrials

20.6%

Health Care

19.6%

Consumer Discretionary

17.8%

Information Technology

13.0%

Energy

9.4%

Materials

7.9%

Financials

5.8%

Consumer Staples

2.8%

Cash/Unassigned

3.1%

Source: Morgan Stanley Capital International and Standard & Poor's Global Industry Classification Standard

 

 

 

Top 10 Holdings  (as of 3/31/08)

Intuitive Surgical Inc.

5.7%

Illumina Inc.

5.3%

Potash Corp. of Saskatchewan Inc.

5.1%

First Solar Inc.

4.8%

priceline.com Inc.

4.1%

Research In Motion Ltd.

3.6%

Baidu.com Inc. (ADS)

2.8%

BioMarin Pharmaceutical Inc.

2.6%

Activision Inc.

 2.6%

Carrizo Oil & Gas Inc.

 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
(4/1/86)
Driehaus Mid Cap Growth

-13.77%

-13.77%

39.81%

20.60%

25.48%

   14.53%

18.17%
Russell Mid Cap Growth Index

-10.95%

-10.95%

-4.56%

7.76%

15.18%

5.15%

10.48%

 

 

Cumulative Total Return (4/1/86 to 3/31/08)
Driehaus Mid Cap Growth

3850%
Russell Mid Cap Growth Index

798%

 

 

For the most current month-end summary sheet for the Driehaus Mid Cap Growth Strategy, please click here .

 

 

 

Sources: eVestment Alliance, LLC, SS&C Inc., FactSet Research Systems Inc., Morgan Stanley Capital International and Standard & Poor's Global Industry Classification Standard methodology to identify sector classifications

 

The performance numbers represent a composite of mid cap growth accounts managed by Driehaus Capital Management LLC (“DCM”) (the “Composite”).  These numbers are estimated for the period as all underlying accounts have not yet been reconciled. All rates of return include reinvested dividends and other earnings and are net of fees and brokerage commissions. The performance data shown above represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted.

 

The performance results for the Composite are shown in comparison to an index. Unlike the Composite, the index is not actively managed and does not reflect the deduction of any advisory or other fees and expenses.  While the securities comprising the index are not identical to those in the Composite, DCM believes this comparison may be useful in evaluating performance. 

 

The Russell Midcap Growth Index measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000 Growth Index. The performance data includes reinvested dividends. The Russell Mid Cap Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 30% of the total market capitalization of the Russell 1000 Index.

 

For additional disclosure on the Composite, please click here.