Driehaus Mid Cap Recovery Growth
First Quarter 2008
| Portfolio Manager: |
Wei Zhang, CFA |
| Assets Under Management: |
$176 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 3/31/08) |
|
Industrials
|
27.8%
|
|
Energy
|
24.7%
|
|
Health Care
|
12.3%
|
|
Consumer Discretionary
|
8.3%
|
|
Materials
|
6.3%
|
|
Financials
|
6.1%
|
|
Information Technology
|
5.8%
|
|
Telecommunication Services
|
3.5%
|
|
Cash/Unassigned
|
4.3% |
Source: Morgan Stanley Capital International and Standard & Poor's Global Industry Classification Standard
| Top 10 Holdings (as of 3/31/08) |
|
Petrohawk Energy Corp.
|
5.0%
|
|
Millennium Pharmaceuticals Inc.
|
4.5%
|
|
Williams Cos.
|
3.7%
|
|
Leap Wireless International Inc.
|
3.5%
|
|
GrafTech International Ltd.
|
3.5%
|
|
Exterran Holdings Inc.
|
3.3%
|
|
OSI Pharmaceuticals Inc.
|
3.1%
|
|
Orbital Sciences Corp.
|
3.1%
|
|
Melco PBL Entertainment (Macau) Ltd. (ADS)
|
3.0% |
|
priceline.com Inc.
|
2.8% |
|
|
|
Average Annual Total Return (as of 3/31/08)
|
| ______Annualized______ |
|
1st QTR
|
YTD |
1 Year |
3 Year |
5 Year |
Since
Inception (1/1/01) |
| Driehaus Mid Cap Recovery Growth |
-16.22%
|
-16.22%
|
2.74%
|
17.66%
|
24.65%
|
7.80%
|
| Russell Mid Cap Growth Index |
-10.95%
|
-10.95%
|
-4.56%
|
7.76%
|
15.18%
|
2.26%
|
|
Cumulative Total Return (1/1/01 to 3/31/08)
|
| Driehaus Mid Cap Recovery Growth |
72%
|
| Russell Mid Cap Growth Index |
18%
|
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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