Driehaus Global Growth

 

Fourth Quarter 2009

Lead Portfolio Manager:

 

Co-Portfolio Manager

 

Co-Portfolio Manager

Daniel Rea

 

Howard Schwab

 

Dan Wasiolek

Assets Under Management as of 12/31/09:

$149 Million

Inception Date:

5/1/08

Separately Managed Accounts Minimum Initial Investment:

$10 Million

 

 

 

Driehaus Global Growth Strategy. The Driehaus Global Growth Strategy seeks to maximize capital appreciation and invests primarily in equity securities of both U.S. and non-U.S. companies exhibiting strong growth characteristics. Under normal market conditions, the Strategy primarily invests in common stocks and other equity securities, including preferred stocks, both within and outside the U.S., whose market capitalization is greater than $1.0 billion at the time of investment, although the Strategy may invest in companies with lower market capitalizations if market conditions suggest doing so will help the Strategy achieve its objective. The strategy typically maintains a portfolio consisting of 60 to 90 stocks and generally limits individual positions to less than 5% at cost.

 

 

 

Regional Weightings (as of 12/31/09)

 

Top Ten Holdings (as of 1/31/10)

North America

54.5%

 

Bucyrus International Inc.

2.0%

Pacific Rim

18.9%

 

OGX Petroleo e Gas Participacoes S/A

1.9%

Western Europe

12.1%

 

Celgene Corp.

1.6%

South America

6.5%

 

BE Aerospace Inc.

1.5%

Eastern Europe

2.7%

 

Wimm-Bill-Dann Foods OJSC (ADS)

1.5%

Central Asia

1.1%

 

Vale S.A. (ADS)

1.5%

Cash

3.1%

 

China Coal Energy Co. Ltd.

1.5%

Unassigned

1.2%

 

Equinix Inc.

1.4%

 

 

 

Google Inc. (Cl A)

1.4%

 

 

Bank of America Corp.

1.4%

 

 

Country Weightings (as of 12/31/09)

 

Sector Weightings (as of 12/31/09)

United States

48.6%

 

Information Technology

19.6%

China

9.5%

 

Materials

14.5%

Brazil

6.5%

 

Industrials

14.0%

Japan

5.0%

 

Consumer Discretionary

12.0%

United Kingdom

4.3%

 

Heatlh Care

10.2%

Russia

3.9%

 

Financials

9.8%

Canada

3.6%

 

Consumer Staples

8.0%

Germany

3.1%

 

Energy

7.8%

Australia

2.0%

 

Telecommunication Services

0.9%

Taiwan

1.8%

Cash

3.2%

Bermuda

1.4%

 

 

Mexico

1.3%

India

1.1%

Netherlands

1.1%

Sweden

1.0%

France

0.9%

Ireland

0.9%

Greece

0.8%

Cash

3.2%

 

 

Average Annual Total Return (as of 12/31/09)

______Annualized______  

4th

QTR

YTD

1 Year 3 Year 5 Year  Since
Inception
(5/1/08)

 

Driehaus Global Growth

4.75%

51.40%

51.40%

n/a

n/a

-16.20%

MSCI AC World Growth Index

6.41%

38.10%

38.10%

n/a

n/a

-11.00%

 

 

 

Cumulative Total Return (5/1/08 to 12/31/09)

Driehaus Global Growth

-25.58%

MSCI AC World Growth Index

-17.69%

 

 

For the most current month-end summary sheet for the Driehaus Global 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, Thomson Financial IBES, Thomson Worldscope Fundamentals to identify regional weightings

 

The performance numbers represent a composite of international 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, this 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 Morgan Stanley Capital International All Country World Growth Index (MSCI AC World Growth Index) is a subset of the MSCI All Country World Index (MSCI  ACWI) and includes only the MSCI ACWI stocks which are categorized as growth stocks. The MSCI ACWI is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. As of January 2009 the MSCI ACWI consisted of 46 country indices comprising 23 developed and 23 emerging market country indices.

 

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For additional disclosure on the Composite, please  click here.