- Overview
- Performance
- Characteristics
- Notes
- Portfolio Managers
- Literature
Investment Strategy
The Emerging Markets Small Cap Growth Strategy (the "Strategy") invests in emerging markets small cap companies. The strategy typically maintains a portfolio consisting of 75 to 125 stocks and generally limits individual positions to less than 5% at cost.
Strategy Facts
| Inception Date: | 12/1/2008 |
|---|---|
| Composite Assets as of 3/31/2012: | $52 Million Total Strategy Assets*: $519m |
| Open to New Investors: | Yes |
| Separately Managed Accounts Minimum Initial Investment: | $20 Million |
| Investment Vehicles: | Separately Managed Account Mutual Fund |
*Total strategy assets include all assets managed in the strategy style. Composite assets include those accounts that meet the composite objectives and eligibility requirements. Please click here for descriptions of composite objectives and eligibility requirements.
Performance as of 3/31/2012
updated quarterly
| Composite/Index | 1st QTR | YTD | 1 Year | 2 Year | 3 Year | 5 Year | 10 Year | Since Inception* |
|---|---|---|---|---|---|---|---|---|
| Emerging Markets Small Cap Growth Composite | 14.02% | 14.02% | -3.56% | 9.40% | 28.19% | n/a | n/a | 25.69% |
| MSCI Emerging Markets Small Cap Index1 | 16.67% | 16.67% | -12.43% | 1.66% | 31.22% | n/a | n/a | 33.61% |
| MSCI Emerging Markets Index2 | 14.14% | 14.14% | -8.52% | 4.24% | 25.41% | n/a | n/a | 25.79% |
| MSCI Emerging Markets Growth Index3 | 13.83% | 13.83% | -8.70% | 3.87% | 24.47% | n/a | n/a | 25.31% |
Sources: Driehaus Capital Management LLC, Morgan Stanley Capital International Inc.
*Inception Date: 12/1/2008
The performance data represents a composite of emerging markets small cap growth accounts managed by Driehaus Capital Management LLC (DCM) (the Composite). These returns 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. While the securities comprising the indices are not identical to those in any account in the Composite, the Company believes this may be useful in evaluating performance. Unlike the Composite, the index is not actively managed and do not reflect the deduction of any advisory or other fees and expenses.
1The Morgan Stanley Capital International Emerging Markets Small Cap Index (MSCI Emerging Markets Small Cap Index) is a market capitalization-weighted index designed to measure equity market performance of small cap stocks in 22 global emerging markets.
2The Morgan Stanley Capital International Emerging Markets Index (MSCI Emerging Markets Index) is a market capitalization-weighted index designed to measure equity market performance in 22 global emerging markets.
3The Morgan Stanley Capital International Emerging Markets Growth Index (MSCI Emerging Markets Growth Index) is a subset of the MSCI Emerging Markets Index and includes only the MSCI Emerging Markets Index stocks which are categorized as growth stocks.
For additional disclosure on the Composite, please click here.
Top 10 Long Holdings
| as of 3/31/2012 | updated monthly | ||
|---|---|---|
| 1. | Ophir Energy PLC | 3.2% |
| 2. | Daphne International Holdings Ltd. | 2.9% |
| 3. | NagaCorp Ltd. | 2.3% |
| 4. | Spar Group Ltd. | 2.2% |
| 5. | Vinda International Holdings Ltd. | 2.2% |
| 6. | Odontoprev S/A | 2.1% |
| 7. | Universal Robina Corp. | 2.1% |
| 8. | Parkson Retail Asia Ltd. | 1.9% |
| 9. | Zhuzhou CSR Times Electric Co. Ltd. | 1.9% |
| 10. | CTCI Corp. | 1.8% |
Sector Weightings
| as of 3/31/2012 | updated quarterly | |
|---|---|
| Consumer Discretionary | 22.3% |
| Financials | 19.1% |
| Consumer Staples | 14.5% |
| Industrials | 14.0% |
| Energy | 11.4% |
| Health Care | 6.1% |
| Information Technology | 5.2% |
| Materials | 3.3% |
| Cash | 3.7% |
| Unassigned | 0.4% |
Regional Weightings
| as of 3/31/2012 | updated quarterly | |
|---|---|
| Asia | 53.9% |
| Americas | 20.6% |
| Africa | 8.9% |
| Europe | 8.7% |
| Caribbean | 2.4% |
| Middle East | 2.0% |
| Cash | 3.4% |
Country Weightings
| as of 3/31/2012 | updated quarterly | |
|---|---|
| Brazil | 13.8% |
| China | 9.1% |
| South Korea | 8.5% |
| Indonesia | 8.1% |
| United Kingdom | 7.7% |
| India | 5.7% |
| South Africa | 5.4% |
| Thailand | 5.3% |
| Taiwan | 4.6% |
| Philippines | 3.9% |
| Hong Kong | 3.6% |
| Mexico | 3.2% |
| Cayman Islands | 2.3% |
| Turkey | 2.0% |
| Canada | 1.9% |
| Singapore | 1.9% |
| Nigeria | 1.9% |
| Kazakhstan | 1.8% |
| Egypt | 1.6% |
| United States | 1.5% | Malaysia | 1.3% |
| Norway | 1.0% | Cash | 3.7% |
| Unassigned | 0.4% |
Sources: FactSet Research Systems Inc., Driehaus Capital Management LLC
For additional disclosure on the Composite, please click here.
Composite Notes
Driehaus Capital Management LLC (DCM) is a registered investment adviser with the United States Securities and Exchange Commission (SEC). DCM provides investment advisory services using growth equity strategies to individuals, organizations, and institutions. The firm consists of all accounts managed by DCM (the Company). Prior to October 1, 2006, the firm included all accounts for which Driehaus Capital Management (USVI) LLC (DCM USVI) acted as investment adviser. On September 29, 2006, DCM USVI ceased conducting its investment advisory business and withdrew its registration as a registered investment adviser with the SEC. Effective September 30, 2006, DCM USVI retained DCM as investment adviser to these portfolios.
DCM claims compliance with the Global Investment Performance Standards (GIPS®).
This performance information is estimated for the period as not all underlying accounts have 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 represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted.
COMPOSITE OBJECTIVES AND ACCOUNTS ELIGIBLE FOR THE EMERGING MARKETS SMALL CAP GROWTH COMPOSITE
The Emerging Markets Small Cap Growth Composite (the Composite) presented includes all "emerging markets small cap growth" accounts over which the Company exercises discretionary investment authority of both cash and equities using the same investment objective and philosophy. The Composite was created in December 2008.
An account is considered to be an emerging markets small cap growth account if it seeks to maximize capital appreciation through active investment primarily in a portfolio of emerging market traded equity and equity-convertible securities of smaller capitalization companies with perceived high growth potential.
The use of derivatives is not an integral part of the investment style of this composite but the style will frequently engage in short sale transactions, primarily to hedge the style's portfolio or a portion thereof, but also does so speculatively for purposes of profiting from a decline in the market value of a security. The accounts in the style will occasionally purchase call and put options.
Once an account has met the above criteria, it is included in the Composite in the first month in which it was fully invested as of the beginning of the month. Accounts that change investment strategies are transferred between Composites in the first full monthly reporting period in which the account is managed under the new style. Terminated accounts are excluded from the Composite in the first month in which they are not fully invested as of the end of the month.
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Chad Cleaver, CFAPortfolio ManagerChad Cleaver is the Portfolio Manager for the Emerging Markets Small Cap Growth Strategy and the Co-Portfolio Manager for the Emerging Markets Growth Strategy. In his role as Portfolio Manager and Co-Portfolio Manager he is responsible for the Strategies’ portfolio construction and buy/sell decisions. He is also involved in daily tracking of the portfolio performance as well as macro-level trends and the market environment. Additionally, Mr. Cleaver acts as a Senior Analyst focusing on emerging market stocks within the materials and energy sectors. Mr. Cleaver began his career with the Board of Governors of the Federal Reserve System and joined Driehaus Capital Management LLC in 2004. He received his A.B. degree in Economics from Wabash College in 2000 and his M.B.A. degree from the Kenan-Flagler Business School at the University of North Carolina at Chapel Hill in 2004. Mr. Cleaver is a CFA charterholder. |
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Howard SchwabCo-Portfolio ManagerHoward Schwab is the Portfolio Manager for the Emerging Markets Growth Strategy and Co- Portfolio Manager for the Emerging Markets Small Cap Growth Strategy. In his role as Portfolio Manager and Co-Portfolio Manager he is responsible for the Strategies’ portfolio construction and buy/sell decisions. He is also involved in daily tracking of the portfolio performance as well as macro-level trends and the market environment. Mr. Schwab is also Co-Portfolio Manager of the Driehaus International Small Cap Growth Strategy. He has had research and portfolio management responsibilities for all accounts following this Strategy since its inception in 2001. Mr. Schwab joined Driehaus in 2001. During his tenure with Driehaus, Mr. Schwab was the Portfolio Manager for the Driehaus International Equity Yield Strategy since its inception in 2003 through 2007. Mr. Schwab was also a Co-Portfolio Manager for the Driehaus Global Growth Strategy from 2008 through 2010. He received his B.A. degree in Economics from Denison University in 2001. |
Strategy Literature
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Monthly Strategy Summary April 30, 2012 |
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Performance Update April 30, 2012 |
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Quarterly Equity Update March 31, 2012 |
