Driehaus Emerging Markets Growth

 

 

Fourth Quarter 2009

Portfolio Manager:

 Howard Schwab

Assistant Portfolio Manager:

 Chad Cleaver    
Assets Under Management as of 12/31/09:

$665 Million
Inception Date:

1/1/97
Separately Managed Accounts Minimum Initial Investment:

$20 Million

 

Investment Objective: Maximize capital appreciation by investing primarily in the equity securities of emerging market companies.

 

Investment Strategy:  The Emerging Markets Growth Strategy invests in emerging markets companies. The strategy typically maintains a portfolio consisting of 70 to 90 stocks and generally limits individual positions to less than 5% at cost.

 

 

Regional Weightings (as of 12/31/09)

 

Top Ten Holdings (as of 1/31/10)

Pacific Rim

46.3%

 

Samsung Electronics Co. Ltd.

2.2%

South America

13.4%

 

OGX Petroleo e Gas Participacoes S/A

2.2%

North America

7.2%

 

Vale S.A. (ADS)

2.1%

Eastern Europe

6.6%

 

Teva Pharmaceutical Industries Ltd.

2.1%

Middle East

5.5%

 

Petrobras Petroleo Brasileiro

1.7%

Central Asia

5.3%

 

TAV Havalimanlari Holding A.S.

1.7%

Western Europe

4.1%

 

Check Point Software Technologies Ltd.

1.7%

Africa

3.5%

 

China Oilfield Services Ltd.

1.6%

Cash

6.5%

Fubon Financial Holding Co. Ltd.

1.5%

Unassigned

1.6%

 

Orascom Construction Industries S.A.E.

1.5%

 

 

Country Weightings (as of 12/31/09)

 

Sector Weightings (as of 12/31/09)

China

15.1%

 

Information Technology

21.0%

Brazil

13.4%

 

Financials

14.5%

Korea

10.1%

 

Energy

12.1%

Taiwan

8.5%

 

Materials

11.9%

Hong Kong

7.3%

 

Consumer Staples

11.3%

India

5.3%

 

Consumer Discretionary

8.3%

Russia

5.0%

 

Industrials

7.5%

Mexico

4.6%

 

Health Care

4.1%

Israel

4.2%

 

Telecommunication Services

2.1%

South Africa

3.5%

Utilities

0.5%

Turkey

3.1%

Cash

 6.7%

Canada

2.6%

 

Indonesia

2.2%

United Kingdom

2.2%

Egypt

1.3%

Kazakhstan

1.0%

United States

1.0%

Sweden

0.9%

Malaysia

0.8%

Thailand

0.7%

Philippines

0.5%

Cash

6.7%

 

 

 

 

Average Annual Total Return (as of 12/31/09)
__________Annualized__________  
 

4th QTR

 YTD 1 Year 3 Year 5 Year 10 Year  Since
Inception
(1/1/97)
Driehaus Emerging Markets Growth

8.44%

70.47%

70.47%

3.35%

16.69%

12.02%

14.93%
MSCI Emerging Markets Growth Index1

8.93%

78.39%

78.39%

2.29%

13.97%

7.60%

7.07%
MSCI Emerging Markets Index2

8.57%

79.02%

79.02%

5.42%

15.89%

10.11%

8.47%

 

 

Cumulative Total Return (1/1/97 to 12/31/09)
Driehaus Emerging Markets Growth

510%
MSCI Emerging Markets Growth Index1

143%
MSCI Emerging Markets Index2

188%

 

 

For the most current month-end summary sheet for the Driehaus Emerging Markets Growth Strategy, please click here.

 

 

Sources: eVestment Alliance, LLC, SS&C Inc., FactSet Research Systems Inc., Morgan Stanley Capital International and Standard & Poor's Global Industry Classification Standard methodology to identify sector classifications, Thomson Financial IBES, Thomson Worldscope Fundamentals to identify regional weightings

 

The performance numbers represent a composite of emerging markets growth accounts managed by Driehaus Capital Management LLC (“DCM”) (the “Composite”).  These numbers 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 indicies. Unlike the Composite, these indices are not actively managed and do not reflect the deduction of any advisory or other fees and expenses.  While the securities comprising these indices are not identical to those in the Composite, DCM believes these comparisons may be useful in evaluating performance. 

 
1The 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.
 
2The Morgan Stanley Capital International Emerging Markets Index (MSCI Emerging Markets Index) is a market capitalization-weighted index designed to measure equity market performance in 27 global emerging markets.
 

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For additional disclosure on the Composite, please click here.