Investment Strategy

The Driehaus Global Growth Strategy (the "Strategy") seeks to maximize capital appreciation and invests primarily in equity securities of both U.S. and non-U.S. companies exhibiting strong growth characteristics. Under normal market conditions, the Strategy primarily invests in common stocks and other equity securities, including preferred stocks, both within and outside the U.S., whose market capitalization is greater than $1.0 billion at the time of investment, although the Strategy may invest in companies with lower market capitalizations if market conditions suggest doing so will help the Strategy achieve its objective. The Strategy typically maintains a portfolio consisting of 60 to 90 stocks and generally limits individual positions to less than 5% at cost.

 

Strategy Facts

Inception Date:	5/1/2008
Composite Assets as of 3/31/2012:	$522 Million Total Strategy Assets*: $522m
Open to New Investors:	Yes
Separately Managed Accounts Minimum Initial Investment:	$10 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 Global Growth Composite	17.36%	17.36%	-3.59%	4.66%	21.07%	n/a	n/a	-3.87%
MSCI AC World Growth Index1	13.35%	13.35%	1.85%	8.63%	21.77%	n/a	n/a	0.04%

 

---

Sources: Driehaus Capital Management LLC, Morgan Stanley Capital International Inc.

*Inception Date: 5/1/2008

The performance data represents a composite of global growth 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 Growth Index (MSCI AC World Growth Index) is a subset of the MSCI All Country World Index (MSCI ACWI) and includes only the MSCI ACWI stocks which are categorized as growth stocks. The MSCI ACWI is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of 24 developed and 21 emerging markets.

For additional disclosure on the Composite, please click here.

Important MSCI disclosures

 

 

Top 10 Holdings

as of 3/31/2012 | updated monthly
1.	Apple Inc.	3.6%
2.	Remy Cointreau S.A.	2.1%
3.	Bristol-Myers Squibb Co.	2.0%
4.	GNC Holdings Inc. Cl A	1.8%
5.	Whole Foods Market Inc.	1.8%
6.	QUALCOMM Inc.	1.7%
7.	Petrofac Ltd.	1.7%
8.	Iluka Resources Ltd.	1.6%
9.	Sberbank Rossia ADS	1.5%
10.	Alexion Pharmaceuticals Inc.	1.5%

 

 

Sector Weightings

as of 3/31/2012 | updated quarterly
Information Technology	18.8%
Consumer Discretionary	15.9%
Health Care	12.6%
Consumer Staples	12.6%
Industrials	11.5%
Energy	9.4%
Materials	8.2%
Financials	2.9%
Telecommunication Services	1.3%
Cash	6.9%

 

 

Regional Weightings

as of 3/31/2012 | updated quarterly
Americas	59.5%
Europe	22.4%
Asia	7.3%
Middle East	2.3%
Oceania	1.6%
Cash	6.9%

 

 

Country Weightings

as of 3/31/2012 | updated quarterly
United States	52.6%
United Kingdom	5.8%
France	4.4%
Germany	3.3%
Russia	3.2%
Japan	3.1%
Brazil	2.9%
China	2.5%
Israel	2.3%
Canada	2.1%
Australia	1.6%
Portugal	1.4%
Norway	1.3%
Denmark	1.2%
Mexico	1.2%
Sweden	1.0%
Hong Kong	1.0%
Switzerland	0.7%
India	0.7%
Argentina	0.7%
Cash	6.9%

 

---

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 GLOBAL GROWTH COMPOSITE
The Global Growth Composite (the Composite) presented includes all unleveraged "global growth 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 May 2008.

An account is considered to be a global growth account if it seeks to maximize capital appreciation through active investment primarily in equity securities of both U.S. and non-U.S companies exhibiting strong growth characteristics. Under normal market conditions, the style invests in common stocks and equity securities, including preferred stocks, both within and outside the U.S with a market capitalization greater than $1 billion at the time of purchase.

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.

 

 

Strategy Literature

	Monthly Strategy Summary April 30, 2012
	Performance Update April 30, 2012
	Quarterly Equity Update March 31, 2012