- Overview
- Performance
- Characteristics
- Notes
- Portfolio Managers
- Literature
Investment Strategy
The Micro Cap Growth Strategy (the "Strategy") invests in companies with market capitalizations generally below $500 million at time of purchase. The Strategy typically maintains a portfolio consisting of 70 to 110 stocks and generally limits individual positions to less than 5% at cost.
Strategy Facts
| Inception Date: | 1/1/1996 |
|---|---|
| Composite Assets as of 3/31/2012: | $249 Million Total Strategy Assets*: $267m |
| Open to New Investors: | Yes |
| Separately Managed Accounts Minimum Initial Investment: | $1 Million** |
| Investment Vehicles: | Limited Partnership (for eligible purchasers only) Separately Managed Account |
*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.
**Please contact the Firm to discuss additional investment options, with lower minimums, for this Strategy.
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 Micro Cap Growth Composite | 16.02% | 16.02% | -8.70% | 8.58% | 24.01% | 4.41% | 13.69% | 21.69% |
| Russell Microcap® Growth Index1 | 16.34% | 16.34% | -1.31% | 13.85% | 28.18% | 0.55% | 4.62% | n/a** |
| Russell 2000® Growth Index2 | 13.28% | 13.28% | 0.68% | 14.86% | 28.37% | 4.16% | 6.00% | 5.12% |
Sources: Driehaus Capital Management LLC, Russell Investments
*Inception Date: 1/1/1996
**The Russell Microcap Growth Index has an Inception Date of July 1, 2000.
The performance data represents a composite of micro cap growth accounts managed by Driehaus Capital Management LLC (“DCM”) (the “Composite”). These returns are 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.
The performance results for the Composite are shown in comparison to indices. 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 indices are not actively managed and do not reflect the deduction of any advisory or other fees and expenses.
*The Index's performance is presented for all periods except "Since Inception" because the Index was not established until July 2000.
1The Russell Microcap® Growth Index measures the performance of those Russell Microcap® companies with higher price-to-book ratios and higher forecasted growth values. The Russell Microcap® Index is represented by the smallest 1,000 securities in the small cap Russell 2000® Index plus the next 1,000 securities.
2The 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.
The Russell Indices are a trademark/service mark of the Frank Russell Company. Russell is a trademark of the Frank Russell® Company.
For additional disclosure on the Composite, please click here.
Top 10 Holdings
| as of 3/31/2012 | updated monthly | ||
|---|---|---|
| 1. | Procera Networks Inc. | 2.5% |
| 2. | Allot Communications Ltd. | 2.0% |
| 3. | Endologix Inc. | 2.0% |
| 4. | LeapFrog Enterprises Inc. Cl A | 1.8% |
| 5. | HealthStream Inc. | 1.7% |
| 6. | Staar Surgical Co. | 1.7% |
| 7. | Arctic Cat Inc. | 1.6% |
| 8. | On Assignment Inc. | 1.6% |
| 9. | Wabash National Corp. | 1.5% |
| 10. | Proto Labs Inc. | 1.5% |
Sector Weightings
| as of 3/31/2012 | updated quarterly | |
|---|---|
| Health Care | 26.0% |
| Information Technology | 24.6% |
| Consumer Discretionary | 18.5% |
| Industrials | 16.1% |
| Energy | 5.4% |
| Financials | 3.3% |
| Materials | 3.2% |
| Telecommunication Services | 1.0% |
| Consumer Staples | 0.3% |
| Cash | 1.6% |
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 MICRO CAP GROWTH COMPOSITE
The Micro Cap Growth Composite (the Composite) presented includes all unleveraged "micro 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 January 1996.
An account is considered to be a micro cap growth account if it primarily invests in U.S. equity securities of growth companies with market capitalization ranges of generally followed micro cap indices at the time of purchase. However, there is no requirement to be exclusively invested in micro cap stocks, and the accounts have invested, to a lesser extent, in stocks with a larger capitalization from time to time.
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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Jeffrey JamesPortfolio ManagerJeffrey James is the Portfolio Manager for the Micro Cap Growth and Small Cap Growth Strategies. In his role as Portfolio Manager he is responsible for the Strategies’ portfolio construction and buy/sell decisions. Additionally, he is responsible for implementation of the investment philosophy, idea generation as well as the evaluation of macro-level trends and the market environment. Mr. James began his career with Lehman Brothers in 1990. From 1991 to 1997, he worked at the Federal Reserve Bank of Chicago as an analyst and joined Driehaus Capital Management LLC in 1997 as a sector analyst covering the information technology and energy sectors for the firm’s Small Cap Growth and Mid Cap Growth Strategies. In 1998, he began managing the Driehaus Micro Cap Growth Strategy. From 2001 to 2005, he also served as Portfolio Manager for the firm’s Long/Short Hedge Fund. He was named Portfolio Manager of the Driehaus Small Cap Growth Strategy in 2006. Mr. James received his B.S. in Finance from Indiana University in 1990 and his M.B.A. degree from DePaul University in 1995. |
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Michael BuckAssistant Portfolio ManagerMichael Buck is the Assistant Portfolio Manager for the Micro Cap Growth and Small Cap Growth Strategies. 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 Strategies. Additionally, Mr. Buck acts as a Senior Analyst focusing on U.S. micro and small cap stocks within the consumer discretionary, consumer staples and financials sectors. Mr. Buck began his career at Deloitte Consulting, LLC as a business analyst until he joined Driehaus Capital Management LLC in 2002. He received his B.A. and B.M. degrees in Economics and Cello Performance from Northwestern University in 2000. |
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 |
