Driehaus Mid Cap Recovery Growth

 

 

Second Quarter 2010

Portfolio Manager: Wei Zhang, CFA
Assistant Portfolio Manager: Andrew Srichandra, CFA
Assets Under Management:

$66 Million

Inception Date: 1/1/01

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 that are generally 30% off of their highs.

 

Investment Strategy: The Mid Recovery Growth Strategy purchases stocks generally trading 30% or more off of their historical highs at the time of purchase.  The 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 3% at cost.

 

 

Sector Weightings (as of 6/30/10)

Health Care

23.7%

Consumer Discretionary

23.2%

Information Technology

16.9%

Industrials

11.7%

Financials

4.4%

Energy

4.2%

Consumer Staples

3.0%

Materials

2.0%

Telecommunication Services

1.8%

Cash

9.2%

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

 

 

Top 10 Holdings  (as of 7/31/10)

Focus Media Holding Ltd. (ADS)

4.5%

Nektar Therapeutics

4.3%

Las Vegas Sands Corp.

4.2%

99 Cents Only Stores

3.7%

BE Aerospace Inc.

3.6%

VeriSign Inc.

3.5%

Wynn Resorts Ltd.

3.4%

Family Dollar Stores Inc.

3.3%

Whole Foods Market Inc.

3.0%

Amylin Pharmaceuticals Inc.

3.0%

 

 

 

Average Annual Total Return (as of 6/30/10)

______Annualized______  

2nd QTR

YTD 1 Year 3 Year 5 Year  Since
Inception (1/1/01)
Driehaus Mid Cap Recovery Growth

-14.94%

-8.35%

18.67%

-11.55%

4.80%

3.17%

Russell Midcap Growth Index

-10.19%

-3.31%

21.30%

-7.53%

1.37%

0.41%


 

Cumulative Total Return (1/1/01 to 6/30/10)

Driehaus Mid Cap Recovery Growth

35%

Russell Midcap Growth Index

4%

 

 

For the most current month-end summary sheet for the Driehaus Mid Cap Recovery 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 recovery 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.