Driehaus Micro Cap Growth

 


Fourth Quarter 2009

Portfolio Manager:

Jeff James

Assistant Portfolio Manager: Michael Buck
Assets Under Management:

$246 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 12/31/09)

Information Technology

25.0%

Health Care

20.5%

Consumer Discretionary

19.1%

Industrials

12.9%

Energy

8.4%

Materials

6.0%

Financials

5.5%

Consumer Staples

1.8%

Cash

0.8%

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

 

 

 

 

Top 10 Holdings  (as of 1/31/10)

Brigham Exploration Co.

2.8%

Pier 1 Imports Inc.

2.6%

Westport Innovations Inc.

2.3%

Belo Corp. (Series A)

2.0%

Rex Energy Corp.

1.9%

American Axle & Manufacturing Holdings Inc.

1.9%

Momenta Pharmaceuticals Inc.

1.8%

Amerigon Inc.

1.7%

Select Comfort Corp.

1.7%

SXC Health Solutions Corp.

1.7%

 

 

 

 

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

__________Annualized__________  
 

4th QTR

YTD 1 Year 3 Year 5 Year 10 Year  Since
Inception
(1/1/96) 
Driehaus Micro Cap Growth

2.36%

40.76%

40.76%

1.37%

7.45%

15.45%

23.56%
Russell Microcap Growth Index* -0.79% 39.15% 39.15% -9.16% -3.15% n/a n/a
Russell 2000 Growth Index

4.14%

34.47%

34.47%

-4.00%

0.87%

-1.38%

3.34%

 

 

Cumulative Total Return (1/1/96 to 12/31/09)

Driehaus Micro Cap Growth

1,833%

Russell Microcap Growth Index*

n/a

Russell 2000 Growth Index

59%

 

 

For the most current month-end summary sheet for the Driehaus Micro 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 micro 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 two indices. Unlike the Composite, the indices are not actively managed and do not reflect the deduction of any advisory or other fees and expenses.  While the securities comprising the indices are not identical to those in the Composite, DCM believes this comparison may be useful in evaluating performance. 

 
*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 Microcap Growth Index measures the performance of those Russell Microcap companies with higher price-to-book ratios and higher forecasted growth values. The index has an inception date of August 2000. The Russell Microcap Index is represented by the smallest 1,000 securities in the small cap Russell 2000 Index plus the next 1,000 securities.

 
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.