Driehaus Micro Cap Growth
Second Quarter 2010
| Portfolio Manager: |
Jeff James
|
| Assistant Portfolio Manager: |
Michael Buck |
| Assets Under Management: |
$241 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 6/30/10) |
|
Information Technology
|
32.7%
|
|
Health Care
|
18.6%
|
|
Industrials
|
15.3%
|
|
Consumer Discretionary
|
14.0%
|
|
Energy
|
3.3%
|
|
Financials
|
1.5%
|
|
Materials
|
0.4%
|
|
Cash
|
14.3%
|
Source: Morgan Stanley Capital International and Standard & Poor's Global Industry Classification Standard
| Top 10 Holdings (as of 7/31/10) |
|
Entropic Communications Inc.
|
3.5%
|
|
Cirrus Logic Inc.
|
3.4%
|
|
Power-One Inc.
|
3.3%
|
|
Rubicon Technology Inc.
|
2.7%
|
|
Lattice Semiconductor Corp.
|
2.6%
|
|
Isilon Systems Inc.
|
2.5%
|
|
Questcor Pharmaceuticals Inc.
|
2.3%
|
|
Westport Innovations Inc.
|
2.2%
|
|
Maidenform Brands Inc.
|
2.2%
|
|
Ladish Co. Inc.
|
2.1%
|
|
Average Annual Total Return (as of 6/30/10)
|
| __________Annualized__________ |
| |
2nd QTR
|
YTD |
1 Year |
3 Year |
5 Year |
10 Year |
Since
Inception
(1/1/96) |
| Driehaus Micro Cap Growth |
-8.07%
|
-2.05%
|
19.99%
|
-5.73%
|
8.29%
|
10.68%
|
22.49% |
| Russell Microcap Growth Index* |
-7.85% |
-1.92% |
15.23% |
-11.30% |
-2.20% |
-2.10% |
n/a |
| Russell 2000 Growth Index |
-9.22%
|
-2.30%
|
17.98%
|
-7.53%
|
1.14%
|
-1.72%
|
3.06% |
|
Cumulative Total Return (1/1/96 to 6/30/10)
|
| Driehaus Micro Cap Growth |
1,793%
|
| Russell Microcap Growth Index* |
n/a
|
| Russell 2000 Growth Index |
55%
|
For the most current month-end summary sheet for the Driehaus Micro Cap Growth Strategy, please click here.
*The Index's performance is presented for all periods except the Since Inception" and Cumulative Total Return because the Index was not established until August 2000.
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.
|