- Overview
- Performance
- Characteristics
- Notes
- Portfolio Managers
- Literature
Investment Strategy
The International Discovery Strategy (the "Strategy") invests in non-U.S. based companies. The portfolio is limited to 25% in any one industry sector at cost. Country allocation is limited to 20% of the portfolio or 1.5 times the MSCI EAFE Index at cost. The emerging markets exposure is limited to 30% of the portfolio at cost. The Strategy typically maintains a portfolio consisting of 70 to 90 stocks and generally limits individual positions to less than 5% at cost.
Strategy Facts
| Inception Date: | 1/1/1999 |
|---|---|
| Composite Assets as of 3/31/2012: | $887 Million Total Strategy Assets*: $898m |
| Open to New Investors: | Yes |
| Separately Managed Accounts Minimum Initial Investment: | $20 Million |
| Investment Vehicles: | Separately Managed Account Mutual Fund |
*Total strategy assets include all assets managed in the strategy style. Composite assets include those accounts that meet the composite objectives and eligibility requirements. Please click here for descriptions of composite objectives and eligibility requirements.
Performance as of 3/31/2012
updated quarterly
| Composite/Index | 1st QTR | YTD | 1 Year | 2 Year | 3 Year | 5 Year | 10 Year | Since Inception* |
|---|---|---|---|---|---|---|---|---|
| Driehaus International Discovery Composite | 15.16% | 15.16% | -8.79% | 1.43% | 18.81% | -2.87% | 8.38% | 14.44% |
| MSCI AC World ex USA Growth Index1 | 11.85% | 11.85% | -5.95% | 4.03% | 19.24% | -0.48% | 7.05% | 3.39% |
| MSCI AC World ex USA Index2 | 11.34% | 11.34% | -6.75% | 2.93% | 19.65% | -1.12% | 7.73% | 5.03% |
Sources: Driehaus Capital Management LLC, Morgan Stanley Capital International Inc.
*Inception Date: 1/1/1999
The performance data represents a composite of international discovery accounts managed by Driehaus Capital Management LLC (DCM) (the Composite). These returns 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. While the securities comprising the indices are not identical to those in any account in the Composite, the Company believes this may be useful in evaluating performance. Unlike the Composite, the index is not actively managed and do not reflect the deduction of any advisory or other fees and expenses.
1The Morgan Stanley Capital International All Country World ex USA Growth Index (MSCI AC World ex USA Growth Index) is a subset of the MSCI AC World ex USA Index and is composed only of the MSCI AC World ex USA Index stocks which are categorized as growth stocks.
2The Morgan Stanley Capital International All Country World ex USA Index (MSCI AC World ex USA Index) is a market capitalization-weighted index designed to measure equity market performance in 44 global developed and emerging markets, excluding the U.S.
For additional disclosure on the Composite, please click here.
Top 10 Holdings
| as of 3/31/2012 | updated monthly | ||
|---|---|---|
| 1. | Remy Cointreau S.A. | 2.3% |
| 2. | Nokian Renkaat Oyj | 2.3% |
| 3. | Hengan International Group Co. Ltd. | 1.8% |
| 4. | Sberbank Rossia ADS | 1.8% |
| 5. | SXC Health Solutions Corp. | 1.7% |
| 6. | Novo Nordisk A/S | 1.6% |
| 7. | Dufry AG | 1.6% |
| 8. | Rolls-Royce Holdings PLC | 1.6% |
| 9. | Dialog Semiconductor PLC | 1.5% |
| 10. | Baidu Inc. ADS | 1.5% |
Sector Weightings
| as of 3/31/2012 | updated quarterly | |
|---|---|
| Industrials | 18.4% |
| Consumer Discretionary | 17.0% |
| Materials | 11.8% |
| Information Technology | 11.7% |
| Consumer Staples | 9.2% |
| Energy | 8.6% |
| Financials | 8.6% |
| Health Care | 8.5% |
| Telecommunication Services | 2.0% |
| Cash | 4.3% |
Regional Weightings
| as of 3/31/2012 | updated quarterly | |
|---|---|
| Europe | 49.7% |
| Asia | 22.5% |
| Americas | 15.2% |
| Oceania | 6.1% |
| Middle East | 2.2% |
| Cash | 4.3% |
Country Weightings
| as of 3/31/2012 | updated quarterly | |
|---|---|
| United Kingdom | 8.8% |
| Germany | 8.5% |
| Canada | 7.9% |
| China | 7.4% |
| Japan | 6.7% |
| Australia | 6.1% |
| Brazil | 5.5% |
| Switzerland | 5.2% |
| France | 4.6% |
| Denmark | 4.6% |
| Hong Kong | 4.3% |
| Russia | 3.8% |
| Italy | 3.8% |
| Finland | 2.9% |
| Israel | 2.2% |
| Sweden | 2.2% |
| Netherlands | 1.9% |
| South Korea | 1.7% |
| Norway | 1.5% |
| Portugal | 1.2% |
| Philippines | 1.0% |
| Chile | 1.0% |
| India | 0.8% |
| Argentina | 0.8% |
| Ireland | 0.7% |
| Indonesia | 0.7% |
| Cash | 4.3% |
Sources: FactSet Research Systems Inc., Driehaus Capital Management LLC
For additional disclosure on the Composite, please click here.
Composite Notes
Driehaus Capital Management LLC (DCM) is a registered investment adviser with the United States Securities and Exchange Commission (SEC). DCM provides investment advisory services using growth equity strategies to individuals, organizations, and institutions. The firm consists of all accounts managed by DCM (the Company). Prior to October 1, 2006, the firm included all accounts for which Driehaus Capital Management (USVI) LLC (DCM USVI) acted as investment adviser. On September 29, 2006, DCM USVI ceased conducting its investment advisory business and withdrew its registration as a registered investment adviser with the SEC. Effective September 30, 2006, DCM USVI retained DCM as investment adviser to these portfolios.
DCM claims compliance with the Global Investment Performance Standards (GIPS®).
This performance information is estimated for the period as not all underlying accounts have 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 represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted.
COMPOSITE OBJECTIVES AND ACCOUNTS ELIGIBLE FOR THE INTERNATIONAL DISCOVERY COMPOSITE
The International Discovery Composite (the Composite) presented includes all unleveraged "international discovery accounts" over which the Company exercises discretionary investment authority of both cash and equities using the same investment objective and philosophy. The Composite was created in January 1999.
An account is considered to be an international discovery account if it seeks superior capital appreciation through active investment in international equities which are not constrained by market capitalization but will generally be biased towards small and mid cap international equities displaying exceptional earnings per share and sales growth characteristics.
Once an account has met the above criteria and is fully invested, it is included in the Composite in the next full monthly reporting period. Accounts that change investment strategies are transferred between composites in the first full monthly reporting period in which the account is managed under the new style. Terminated accounts are excluded from the Composite in the first month in which they are not fully invested as of the end of the month.
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Dan ReaPortfolio ManagerDan Rea is the Portfolio Manager for the Driehaus International Discovery and Driehaus Global Growth Strategies. In his role as Portfolio Manager he is responsible for the Strategies’ portfolio construction and buy/sell decisions. He is also involved in daily tracking of the portfolio performance as well as macro-level trends and the market environment. In addition to his portfolio management responsibilities, Mr. Rea also acts as the Firm’s Director of Equity Research and serves on the Firm’s Executive Committee. Mr. Rea originally worked for Driehaus Capital Management LLC as a domestic research analyst beginning in 1997, following a position in corporate finance at GE Capital Corporation. He was named Portfolio Manager of the Driehaus Emerging Growth Strategy in 1998. In 2000, Mr. Rea joined BlackRock, Inc., where he was a senior equity analyst on its Global Growth team and Portfolio Manager of the BlackRock Global Science and Technology Fund. In 2005, he joined Franklin Templeton Investments as a senior equity analyst and sector leader on its Global Large Cap Growth team until he rejoined Driehaus in 2006. He received his B.S. in Accountancy from Marquette University in 1995. |
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Sebastien Pigeon, CFAAssistant Portfolio ManagerSebastien Pigeon is the Assistant Portfolio Manager for the International Discovery Strategy. In his role as Assistant Portfolio Manager he is responsible for providing depth of leadership to the research team and identifying appropriate investment ideas relevant to the Strategy. Additionally, Mr. Pigeon acts as a Senior Analyst focusing on ex-U.S. stocks within the consumer discretionary, consumer staples and financials sectors. |
Strategy Literature
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Monthly Strategy Summary April 30, 2012 |
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Performance Update April 30, 2012 |
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Quarterly Equity Update March 31, 2012 |
