Driehaus Small Cap Growth

 


Second Quarter 2010

Portfolio Manager:

Jeff James
Assistant Portfolio Manager: Michael Buck
Assets Under Management:

$350 Million
Inception Date:

1/1/80
Separately Managed Accounts Minimum Initial Investment: $5 Million

 

Investment Objective: Maximize capital appreciation through investing in a diversified portfolio of U.S. traded, small-capitalization growth stocks.

 

Investment Strategy: The Small Cap Growth Strategy invests in companies with market capitalizations generally between $500 million and $1.5 billion.  The strategy typically maintains a portfolio consisting of 40 to 75 stocks and generally limits individual positions to less than 5% at cost.

 

 

Sector Weightings (as of  6/30/10)

Information Technology

31.3%

Health Care

18.3%

Consumer Discretionary

17.2%

Industrials

13.2%

Materials

4.3%

Financials

4.0%

Energy

4.0%

Consumer Staples

 3.5%

Cash

 4.2%

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

 

 

 

 

Top 10 Holdings  (as of 7/31/10)

OmniVision Technologies Inc.

3.5%

Nektar Therapeutics

3.1%

Coinstar Inc.

3.0%

Finisar Corp.

2.9%

Salix Pharmaceuticals Ltd.

2.7%

Rubicon Technology Inc.

2.7%

Thoratec Corp.

2.5%

Triumph Group Inc.

2.4%

Acme Packet Inc.

2.3%

Veeco Instruments 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
(1/1/80) 
Driehaus Small Cap Growth

-10.47%

-1.45%

24.19%

-7.85%

4.58%

-5.77%

 16.98%
Russell 2000 Growth Index

-9.22%

-2.30%

17.98%

-7.53%

1.14%

-1.72%

 7.46%

 

 

Cumulative Total Return (1/1/80 to 6/30/10)
Driehaus Small Cap Growth

11,849%
Russell 2000 Growth Index

797%

 

 

For the most current month-end summary sheet for the Driehaus Small 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 small 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 an index. Unlike the Composite, the 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 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.