Driehaus Emerging Markets Growth

 

 

Second Quarter 2010

Portfolio Manager:

 Howard Schwab

Assistant Portfolio Manager:

 Chad Cleaver    
Assets Under Management as of 6/30/10:

$639 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 6/30/10)

 

Top Ten Holdings (as of 7/31/10)

Asia

49.7%

 

Samsung Electronics Co. Ltd.

2.7%

Americas

24.0%

 

OGX Petroleo e Gas Participacoes S/A

2.2%

Europe

6.6%

 

Shinhan Financial Group Co. Ltd.

1.9%

Middle East

6.3%

 

Petrobras Petroleo Brasileiro

1.9%

Africa

6.3%

 

Itau Unibanco Banco Multiplo SA

1.8%

Cash

7.1%

 

China Mobile Ltd.

1.8%

 

 

 

PDG Realty S/A Empreendimentos e Participacoes

1.8%

 

 

 

Lupin Ltd.

1.7%

 

 

Truworths International Ltd.

1.6%

 

 

 

Baidu Inc. ADS

1.6%

 

 

Country Weightings (as of 6/30/10)

 

Sector Weightings (as of 6/30/10)

Brazil

15.4%

 

Financials

17.6%
South Korea

10.8%

 

Information Technology

13.6%

India

9.0%

 

Consumer Staples

13.5%

China

9.0%

 

Energy

11.2%

Taiwan

7.5%

 

Consumer Discretionary

10.8%

Hong Kong

6.0%

 

Materials

7.7%

Mexico

5.6%

 

Industrials

6.8%

South Africa

5.3%

 

Telecommunication Services

5.7%

United Kingdom

3.2%

 

Health Care

4.9%

Malaysia

2.7%

Cash

7.0%

Israel

2.7%

Unassigned

 1.0%

Turkey

2.7%

 

Indonesia

2.7%

Russia

2.4%

Canada

2.2%

Philippines

1.3%

Peru

1.1%

Qatar

1.1%

Egypt

1.0%

Hungary

0.8%

Thailand

0.6%

Cash

7.0%

 

 

 

 

Average Annual Total Return (as of 6/30/10)
__________Annualized__________  
 

2nd QTR

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

-6.40%

-3.25%

28.02%

-3.13%

15.26%

11.66%

14.06%
MSCI Emerging Markets Growth Index1

-8.77%

-6.49%

22.87%

-4.97%

11.17%

7.32%

6.27%
MSCI Emerging Markets Index2

-8.29%

-6.05%

23.47%

-2.22%

13.07%

10.34%

7.65%

 

 

Cumulative Total Return (1/1/97 to 6/30/10)
Driehaus Emerging Markets Growth

490%
MSCI Emerging Markets Growth Index1

127%
MSCI Emerging Markets Index2

170%

 

 

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.
 

Copyright MSCI 2010. All Rights Reserved. Without prior written permission of MSCI, this information and any other MSCI intellectual property may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used to create any financial instruments or products or any indices. This information is provided on an “as is” basis, and the user of this information assumes the entire risk of any use made of this information. Neither MSCI, each of its affiliates nor any third party involved in or related to the computing, compiling or creating of any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages relating to any use of this information.

 
For additional disclosure on the Composite, please click here.