Driehaus Mid Cap Recovery Growth
Fourth Quarter 2009
| Portfolio Manager: |
Wei Zhang, CFA |
| Assistant Portfolio Manager: |
James Krapfel, CFA |
| Assets Under Management: |
$81 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 12/31/09) |
|
Consumer Discretionary
|
26.5%
|
|
Industrials
|
20.3%
|
|
Information Technology
|
16.9%
|
|
Materials
|
14.4%
|
|
Energy
|
9.8%
|
|
Financials
|
4.4%
|
|
Health Care
|
3.4%
|
|
Consumer Staples
|
0.4% |
|
Cash
|
3.9%
|
Source: Morgan Stanley Capital International and Standard & Poor's Global Industry Classification Standard
| Top 10 Holdings (as of 1/31/10) |
|
Focus Media Holding Ltd. (ADS)
|
4.1%
|
|
Gannett Co. Inc.
|
3.4%
|
|
Sotheby's
|
3.3%
|
|
CyberSource Corp.
|
3.2%
|
|
Deckers Outdoor Corp.
|
3.0%
|
|
MicroStrategy Inc.
|
2.9%
|
|
BE Aerospace Inc.
|
2.8%
|
|
Sirona Dental Systems Inc.
|
2.7%
|
|
Precision Drilling Trust
|
2.7% |
|
Harman International Industries Inc.
|
2.5% |
|
Average Annual Total Return (as of 12/31/09)
|
| ______Annualized______ |
|
4th QTR
|
YTD |
1 Year |
3 Year |
5 Year |
Since
Inception (1/1/01) |
| Driehaus Mid Cap Recovery Growth |
9.02%
|
40.75%
|
40.75%
|
-1.16%
|
6.69%
|
4.35%
|
| Russell Midcap Growth Index |
6.69%
|
46.30%
|
46.30%
|
-3.18%
|
2.40%
|
0.81%
|
|
Cumulative Total Return (1/1/01 to 12/31/09)
|
| Driehaus Mid Cap Recovery Growth |
47%
|
| Russell Midcap Growth Index |
8%
|
For the most current month-end summary sheet for the Driehaus Mid Cap Recovery Growth Strategy, please click here .
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.
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