- Overview
- Performance
- Characteristics
- Notes
- Portfolio Managers
- Literature
Investment Strategy
The International Small Cap Growth Strategy (the "Strategy") invests in non-U.S. based companies located in the same countries and within the same market capitalization range at the time of investment as those included in the Morgan Stanley Capital International (MSCI) All Country World Ex-USA Small Cap Growth Index. The Strategy typically maintains a portfolio consisting of 50 to 90 stocks and generally limits individual positions to less than 5% at cost.
Strategy Facts
| Inception Date: | 7/1/2001 |
|---|---|
| Composite Assets as of 3/31/2012: | $642 Million Total Strategy Assets*: $642m |
| Open to New Investors: | No |
| 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 Small Cap Growth Composite | 8.38% | 8.38% | -6.47% | 8.92% | 26.00% | 3.17% | 17.99% | 19.60% |
| MSCI AC World ex USA Small Cap Growth Index1 | 12.93% | 12.93% | -8.25% | 6.06% | 26.53% | -0.75% | 9.99% | 8.60% |
| MSCI World ex USA Small Cap Index2 | 13.72% | 13.72% | -7.02% | 6.67% | 25.85% | -1.74% | 10.56% | 9.39% |
Sources: Driehaus Capital Management LLC, Morgan Stanley Capital International Inc.
*Inception Date: 7/1/2001
The performance data represents a composite of international small cap 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 ex USA Small Cap Growth Index (MSCI AC World ex USA Small Cap Growth Index) is a market capitalization-weighted index designed to measure equity performance in 44 global developed markets and emerging markets, excluding the U.S and is composed of stocks which are categorized as small capitalization stocks.
2The Morgan Stanley Capital International World ex USA Small Cap Index (MSCI World ex USA Small Cap Index) is composed of stocks which are categorized as small capitalization stocks. The MSCI World ex USA Index is a market capitalization-weighted index designed to measure equity performance in 22 global developed 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. | Telecity Group PLC | 2.7% |
| 2. | Melrose PLC | 2.3% |
| 3. | Viscofan S.A. | 2.2% |
| 4. | Babcock International Group PLC | 2.2% |
| 5. | Fenner PLC | 2.0% |
| 6. | Dialog Semiconductor PLC | 1.8% |
| 7. | Life Healthcare Group Holdings Ltd. | 1.8% |
| 8. | Sawai Pharmaceutical Co. Ltd. | 1.6% |
| 9. | ASOS PLC | 1.5% |
| 10. | Rotork PLC | 1.5% |
Sector Weightings
| as of 3/31/2012 | updated quarterly | |
|---|---|
| Industrials | 22.8% |
| Consumer Discretionary | 21.0% |
| Information Technology | 15.6% |
| Financials | 10.2% |
| Health Care | 7.9% |
| Consumer Staples | 5.8% |
| Materials | 5.3% |
| Energy | 5.0% |
| Utilities | 1.5% |
| Telecommunication Services | 0.9% |
| Cash | 4.1% |
Regional Weightings
| as of 3/31/2012 | updated quarterly | |
|---|---|
| Europe | 46.7% |
| Asia | 26.7% |
| Americas | 13.5% |
| Oceania | 5.1% |
| Africa | 3.6% |
| Cash | 4.5% |
Country Weightings
| as of 3/31/2012 | updated quarterly | |
|---|---|
| United Kingdom | 26.0% |
| Japan | 9.1% |
| Germany | 8.6% |
| Canada | 5.9% |
| Australia | 5.1% |
| South Korea | 4.1% |
| Hong Kong | 4.1% |
| China | 3.8% |
| South Africa | 3.6% |
| Brazil | 3.3% |
| Bermuda | 3.0% |
| Indonesia | 2.6% |
| Switzerland | 2.6% |
| Spain | 2.2% |
| Philippines | 2.1% |
| Norway | 1.9% |
| Denmark | 1.2% |
| Sweden | 1.1% |
| France | 1.1% |
| Thailand | 0.9% |
| Panama | 0.9% |
| Netherlands | 0.8% |
| Finland | 0.7% |
| Malaysia | 0.5% |
| Ireland | 0.4% |
| Mexico | 0.4% |
| Cash | 4.1% |
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 SMALL CAP GROWTH COMPOSITE
The International Small Cap Growth Composite (the Composite) presented includes all unleveraged "international small cap 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 July 2001.
An account is considered to be an international small cap growth account if it seeks to maximize capital appreciation through active investment primarily in equity securities of smaller capitalization, non-U.S. companies exhibiting strong growth characteristics. Under normal market conditions, the style invests at least 80% of total net assets in the equity securities of non-U.S. small capitalization companies.
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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David MouserPortfolio ManagerDavid Mouser is the Portfolio Manager for the Driehaus International Small Cap Growth Strategy. In his role as Portfolio Manager he is responsible for the Strategy’s 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. Prior to being named Portfolio Manager, Mr. Mouser had Assistant Portfolio Manager responsibilities on the Strategy and its predecessor limited partnership since 2005. Mr. Mouser joined Driehaus Capital Management LLC in 1999 as a Global Research Associate and Domestic Research Assistant. Prior to assuming portfolio management responsibilities he was an Analyst on the Micro Cap Growth Strategy and a long short strategy. He received his B.S. degree in Finance from the University of Dayton in 1999. |
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Howard SchwabCo-Portfolio ManagerHoward Schwab is the Portfolio Manager for the Emerging Markets Growth and Emerging Markets Small Cap 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. Mr. Schwab is also Co-Portfolio Manager of the Driehaus International Small Cap Growth Strategy. He has had research and portfolio management responsibilities for all accounts following this Strategy since its inception in 2001. Mr. Schwab joined Driehaus in 2001. During his tenure with Driehaus, Mr. Schwab was the Portfolio Manager for the Driehaus International Equity Yield Strategy since its inception in 2003 through 2007. Mr. Schwab was also a Co-Portfolio Manager for the Driehaus Global Growth Strategy from 2008 through 2010. He received his B.A. degree in Economics from Denison University in 2001. |
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Ryan CarpenterAssistant Portfolio ManagerRyan Carpenter is the Portfolio Manager for the International Realty Strategy. In his role as Portfolio Manager he is responsible for the Strategy’s 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. Mr. Carpenter is also the Assistant Portfolio Manager for the International Small Cap Growth 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. Carpenter acts as a Senior Analyst focusing on developed ex- U.S. and emerging markets stocks within the real estate sector. Mr. Carpenter began his career at Driehaus Capital Management LLC as a research intern in 2005. He received his B.A. degree in Finance from the University of Illinois at Chicago in 2007. |
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 |
