as of March 31, 2012 | updated quarterly
| Composite/Index | QTD | YTD | 1 Year* | 3 Year* | 5 Year* | 10 Year* | Since Inception*† |
|---|---|---|---|---|---|---|---|
| Micro Cap Growth Composite | 16.02% | 16.02% | -8.70% | 24.01% | 4.41% | 13.69% | 21.69% |
| Russell Microcap® Growth Index1 | 16.34% | 16.34% | -1.31% | 28.18% | 0.55% | 4.62% | n/a |
| Russell 2000® Growth Index2 | 13.28% | 13.28% | 0.68% | 28.37% | 4.16% | 6.00% | 5.12% |
| Small Cap Growth Composite | 10.75% | 10.75% | -4.38% | 26.46% | 4.65% | 6.10% | 17.22% |
| Russell 2000® Growth Index2 | 13.28% | 13.28% | 0.68% | 28.37% | 4.16% | 6.00% | 8.29% |
| Mid Cap Growth Composite | 13.08% | 13.08% | 1.01% | 24.04% | 7.77% | 9.78% | 15.36% |
| Russell Midcap® Growth Index3 | 14.52% | 14.52% | 4.43% | 29.16% | 4.44% | 6.91% | 9.92% |
| Large Cap Growth Composite | 12.98% | 12.98% | 10.55% | 21.30% | 7.53% | n/a | 7.53% |
| Russell 1000® Growth Index4 | 14.69% | 14.69% | 11.02% | 25.28% | 5.10% | n/a | 5.10% |
| Global Growth Composite
|
17.36% | 17.36% | -3.59% | 21.07% | n/a | n/a | -3.87% |
| MSCI AC World Growth Index5 | 13.35% | 13.35% | 1.85% | 21.77% | n/a | n/a | 0.04% |
| International Small Cap Growth Composite | 8.38% | 8.38% | -6.47% | 26.00% | 3.17% | 17.99% | 19.60% |
| MSCI AC World ex USA Small Cap Growth Index6 | 12.93% | 12.93% | -8.25% | 26.53% | -0.75% | 9.99% | 8.60% |
| MSCI World ex USA Small Cap Index7 | 13.72% | 13.72% | -7.02% | 25.85% | -1.74% | 10.56% | 9.39% |
| International Discovery Composite | 15.16% | 15.16% | -8.79% | 18.81% | -2.87% | 8.38% | 14.44% |
| MSCI AC World ex USA Growth Index8 | 11.85% | 11.85% | -5.95% | 19.24% | -0.48% | 7.05% | 3.39% |
| MSCI AC World ex USA Index9 | 11.34% | 11.34% | -6.75% | 19.65% | -1.12% | 7.73% | 5.03% |
| Emerging Markets Growth Composite | 12.84% | 12.84% | -6.64% | 27.13% | 4.82% | 15.47% | 13.82% |
| MSCI Emerging Markets Growth Index10 | 13.83% | 13.83% | -8.70% | 24.47% | 3.08% | 12.51% | 6.70% |
| MSCI Emerging Markets Index11 | 14.14% | 14.14% | -8.52% | 25.41% | 4.97% | 14.47% | 7.93% |
| Emerging Markets Small Cap Growth Composite | 14.02% | 14.02% | -3.56% | 28.19% | n/a | n/a | 25.69% |
| MSCI Emerging Markets Small Cap Index12 | 16.67% | 16.67% | -12.43% | 31.22% | n/a | n/a | 33.61% |
| MSCI Emerging Markets Index11 | 14.14% | 14.14% | -8.52% | 25.41% | n/a | n/a | 25.79% |
| MSCI Emerging Markets Growth Index10 | 13.83% | 13.83% | -8.70% | 24.47% | n/a | n/a | 25.31% |
*Annualized Returns
†Inception dates: Driehaus Micro Cap Growth Composite (1/1/1996), Driehaus Small Cap Growth Composite (1/1/1980), Driehaus Mid Cap Growth Composite (4/1/1986), Driehaus Large Cap Growth Composite (4/1/2007), Driehaus Global Growth Composite (5/1/2008), Driehaus International Small Cap Growth Composite (7/1/2001), Driehaus International Discovery Composite (1/1/1999), Driehaus Emerging Markets Growth Composite (1/1/1997), Driehaus Emerging Markets Small Cap Growth Composite (12/1/2008)
Sources: Driehaus Capital Management LLC, Russell Investments, Morgan Stanley Capital International
The performance data represents a composite of accounts managed by Driehaus Capital Management LLC (DCM) (the Composites). 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.
PERFORMANCE RESULTS
Asset-weighted, net of fee composite returns are presented. Monthly composite returns are calculated as the sum of the monthly returns of each account weighted by the account's beginning monthly value as compared to the Composite total. Equal-weighted composite returns are available upon request, but are not examined by independent accountants. For periods prior to November 1, 2004, time-weighted account rates of return were calculated on a monthly basis and allowed for the effect of cash additions and withdrawals using the Modified-Dietz method. If a cash contribution or withdrawal exceeded 10% of an account's value, the account was revalued and the return was calculated for the interim period. Effective November 1, 2004, account rates of return are calculated on a monthly basis by geometrically linking daily returns. Monthly composite returns are geometrically linked to determine annual composite returns.
Returns are presented on a net of fee basis. Gross of fee returns are available upon request, but are not examined by independent accountants. Net of fee returns reflect the account's applicable advisory fee and, in some instances, other fees and expenses, while the gross of fee returns do not. Both are net of brokerage commissions charged to the accounts.
The annualized rate of return is presented as the level annual rate which, if earned for each year in a multiple-year period, would produce the actual cumulative rate of return over that period.
For small cap growth and mid cap growth accounts, valuations and returns are computed and stated in U.S. dollars. After March 1, 1990, securities transactions, which include brokerage commissions, are recorded on a trade date basis, and where information is available, income and expense items are recorded on an accrual basis and income and expense items are recorded on an accrual basis. Prior to 1990, settlement date valuation was used and interest and dividends were recorded on a cash basis. Returns are presented on a pretax basis. Leverage is not a part of the Company's investment strategy for these Composites.
For micro cap growth and large cap growth accounts, valuations and returns are computed and stated in U.S. dollars. Securities transactions, which include brokerage commissions, are recorded on a trade date basis and where information is available, income and expense items are recorded on an accrual basis and income and expense items are recorded on an accrual basis. Returns are presented on a pretax basis. Leverage is not a part of the Company's investment strategy for these Composites.
For international small cap growth, international discovery, emerging markets growth, emerging markets small cap growth and global growth accounts, valuations and returns are computed and stated in U.S. dollars. Since returns are stated in U.S. dollars, exchange rates were used in the conversion. The Company is not aware of any significant inconsistencies between exchange rates used in the Composites and those used in the benchmark indices. Securities transactions, which include brokerage commissions, are recorded on a trade date basis, and where information is available, income and expense items are recorded on an accrual basis. Returns are presented on a pretax basis and are net of any actual foreign taxes withheld on dividends and interest. Leverage is not a part of the Company's' investment strategy for these Composites. Securities are valued in the foreign currency in which they are denominated and then translated into U.S. dollars at the spot rate. Forward contracts are generally purchased to hedge the risk of the currency fluctuation between the trade date and the settlement date of the underlying securities transactions.
Past performance is not indicative of future results. All investments have risks and you could lose money. Other methods may produce different results and the results for individual accounts and for different periods may vary depending on market conditions and the composition of the account. Care should be used when comparing these results to those published by other investment advisers, other investment vehicles and unmanaged indices due to possible differences in calculation methods.
Additional information regarding policies for valuing portfolios, calculating and preparing compliant composite presentations are available upon request. A complete listing and description of all composites is also available upon request. Please contact our sales, marketing and relationship management department at 312-932-8621.
TAX EFFECT
The rates of return presented are determined without regard to U.S. tax consequences. Income tax may be withheld on income depending on the tax laws of each country and its treaty, if any, with the U.S. Such withholding taxes are reflected in the performance of accounts.
INDICES
The performance results for the Composites are shown in comparison to indices. Unlike the Composites, the indices are not actively managed and do not reflect the deduction of any advisory or other fees and expenses. While the securities comprising the indices are not identical to those in the Composites, DCM believes this comparison may be useful in evaluating performance. Please see the notes at the end of this presentation for important information about market indices, investment risks and performance calculations.
For additional disclosure on the Composites, please click here.
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.
3The 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 Mid Cap 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.
4The Russell 1000® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The performance data includes reinvested dividends. The Russell 1000 Index measures the performance of the 1,000 largest companies in the Russell 3000 Index.
5The 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 developed and emerging markets. As of January 2009 the MSCI ACWI consisted of 45 country indices comprising 23 developed and 22 emerging market country indices.
6The 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.
7The 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.
8The 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.
9The 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.
10The Morgan Stanley Capital International Emerging Markets Growth Index (MSCI Emerging Markets Growth Index) is a subset of the MSCI Emerging Markets Index and includes only the MSCI Emerging Markets Index stocks which are categorized as growth stocks.
11The Morgan Stanley Capital International Emerging Markets Index (MSCI Emerging Markets Index) is a market capitalization-weighted index designed to measure equity market performance in 22 global emerging markets.
12The Morgan Stanley Capital International Emerging Markets Small Cap Index (MSCI Emerging Markets Small Cap Index) is a market capitalization-weighted index designed to measure equity market performance of small cap stocks in 22 global emerging markets.
The Russell Indices are a trademark/service mark of the Frank Russell Company. Russell is a trademark of the Frank Russell® Company.
Important MSCI disclosures