- Overview
- Performance
- Characteristics
- Notes
- Portfolio Managers
- Literature
Investment Strategy
The Mid Cap Growth Strategy (the "Strategy") invests in companies with market capitalizations generally between $1.5 billion and $15 billion at time of purchase. The Strategy typically maintains a portfolio consisting of 40 to 75 stocks and generally limits individual positions to less than 5% at cost.
Strategy Facts
| Inception Date: | 4/1/1986 |
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| Composite Assets as of 3/31/2012: | $106 Million Total Strategy Assets*: $294m |
| Open to New Investors: | Yes |
| Separately Managed Accounts Minimum Initial Investment: | $1 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 Mid Cap Growth Composite | 13.08% | 13.08% | 1.01% | 13.69% | 24.04% | 7.77% | 9.78% | 15.36% |
| Russell Midcap® Growth Index1 | 14.52% | 14.52% | 4.43% | 14.98% | 29.16% | 4.44% | 6.91% | 9.92% |
Sources: Driehaus Capital Management LLC, Russell Investments
*Inception Date: 4/1/1986
The performance data represents a composite of mid 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 Russell Midcap® Growth Index measures the performance of those Russell Midcap® companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000® Growth Index. The Russell Midcap® Index measures the performance of the 800 smallest companies in the Russell 1000® Index, which represent approximately 30% of the total market capitalization of the Russell 1000® Index.
The Russell Midcap® Growth Index is 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. | Pioneer Natural Resources Co. | 2.6% |
| 2. | Check Point Software Technologies Ltd. | 2.6% |
| 3. | Alexion Pharmaceuticals Inc. | 2.6% |
| 4. | Carpenter Technology Corp. | 2.6% |
| 5. | GNC Holdings Inc. Cl A | 2.5% |
| 6. | Gulfmark Offshore Inc. Cl A | 2.4% |
| 7. | Monster Beverage Corp. | 2.3% |
| 8. | SXC Health Solutions Corp. | 2.0% |
| 9. | Bankrate Inc. | 1.8% |
| 10. | Church & Dwight Co. | 1.8% |
Sector Weightings
| as of 3/31/2012 | updated quarterly | |
|---|---|
| Information Technology | 20.5% |
| Consumer Discretionary | 16.9% |
| Health Care | 15.3% |
| Consumer Staples | 12.5% |
| Energy | 11.0% |
| Industrials | 10.5% |
| Financials | 4.8% |
| Materials | 3.9% |
| Telecommunication Services | 0.7% |
| 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 MID CAP GROWTH COMPOSITE
The Mid Cap Growth Composite (the Composite) presented includes all unleveraged "mid cap growth accounts" over which the Company exercises discretionary investment authority of both cash and equities using the same investment objective and philosophy. The Company changed the name of the Composite from Mid Cap Composite to Mid Cap Growth Composite in 2008 to more appropriately reflect the investment strategy of the Composite. The Composite was created in January 1993.
An account is currently considered to be a mid cap growth account if it primarily invests in U.S. equity securities of growth companies with market capitalizations within the market capitalization ranges of generally followed mid cap indices at the time purchase. However, there is no requirement to be exclusively invested in mid cap stocks, and the accounts have invested, to a lesser extent, in stocks with a smaller and larger capitalization from time to time, as well as in certain derivative instruments known as "SCORES." Certain accounts invested in "SCORES," an equity derivative representing the underlying security's capital appreciation component, between 1988 and 1992.
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 WasiolekPortfolio ManagerDan Wasiolek is the Portfolio Manager for the Mid Cap Growth and Large 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. Wasiolek joined Driehaus Capital Management LLC as a Research Assistant in 1998. During his tenure with Driehaus, Mr. Wasiolek was the Portfolio Manager for the Driehaus Emerging Growth Strategy from 2004 through 2007. In addition, Mr. Wasiolek was the Portfolio Manager for the Driehaus Elite Strategy from 2006 through 2007. From 2008 through 2010, Mr. Wasiolek was a Co-Portfolio Manager for the Driehaus Global Growth Strategy. Dan Wasiolek co-managed the Mid Cap Growth Strategy beginning in 2007 and assumed sole Portfolio Manager responsibilities for the Strategy in 2008. Mr. Wasiolek is also currently the Portfolio Manager for the Large Cap Growth Strategy. He has had portfolio management responsibilities for all accounts following this Strategy since its inception in 2007. He received his B.A. degree in from Illinois Wesleyan University in 1998 and his M.B.A. degree from the Kelstadt School of Business at DePaul University in 2002. |
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Michael SchmidtAssistant Portfolio ManagerMichael Schmidt is the Assistant Portfolio Manager for the Mid Cap Growth and Large 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. Schmidt acts as a Senior Analyst focusing on U.S. and developed ex- U.S. mid and large cap stocks within the health care sector. Mr. Schmidt began his career at The Vanguard Group in client service until he joined Driehaus Capital Management LLC in 2004. He received his B.A. degree in Finance from Miami University in 2002 and his M.B.A. degree from DePaul University in 2007.
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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 |
