Driehaus International Small Cap Growth


Second Quarter 2010

Co-Portfolio Manager:

Howard Schwab
Co-Portfolio Manager:

David Mouser
Assistant Portfolio Manager: Ryan Carpenter
Assets Under Management as of 6/30/10:

$431 Million
Inception Date:

7/1/01
Separately Managed Accounts Minimum Initial Investment: $20 Million

 

Investment Objective: Maximize capital appreciation by primarily investing in international small-capitalization equities displaying exceptional earnings per share and strong sales growth.  

 

Investment Strategy:   The International Small Cap Growth Strategy invests in non-U.S. based companies located in the same countries and within the same market capitalization range at the time of investment as those included in the Morgan Stanley Capital International (MSCI) All Country World Ex-USA Small Cap Growth Index.  The strategy typically maintains a portfolio consisting of 40 to 70 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

39.2%

 

Zhuzhou CSR Times Electric Co. Ltd.

2.3%

Europe

28.5%

 

Banco Compartamos S.A. Institucion de Banca Multiple

2.1%

Americas

19.4%

 

Rieter Holding AG

1.7%

Africa

3.0%

 

BR Malls Participacoes S/A

1.7%

Middle East

1.6%

 

Dufry AG

1.6%

Oceania

0.7%

 

Massmart Holdings Ltd.

1.6%

Cash

7.6%

 

Even Construtora e Incorporadora S/A

1.6%

 

 

 

LARGAN Precision Co. Ltd.

1.6%

 

 

Bankers Petroleum Ltd.

1.5%

 

 

 

Telecity Group PLC

1.5%

 

 

Country Weightings (as of 6/30/10)

 

Sector Weightings (as of 6/30/10)

Japan

19.7%

 

Information Technology

25.8%

United Kingdom

14.0%

 

Consumer Discretionary

24.6%

China

10.1%

 

Industrials

14.4%

Canada

8.9%

 

Health Care

7.0%

Brazil

7.2%

 

Energy

6.9%

Switzerland

6.5%

 

Materials

5.6%

Mexico

3.5%

 

Consumer Staples

5.1%

Italy

3.3%

 

Financials

3.1%

Taiwan

3.2%

 

Cash

7.5%

South Africa

3.0%

 

 

Germany

3.0%

 

Hong Kong

2.5%

India

1.7%

Israel

1.6%

South Korea

1.5%

Spain

1.0%

Norway

0.9%

Australia

0.7%

Cash

7.5%

 

 

 

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

2nd

QTR

YTD

 1 Year 3 Year 5 Year  Since
Inception
(7/1/01)

 

Driehaus International Small Cap Growth

-6.82%

-3.47%

25.77%

-7.44%

12.75%

20.58%
MSCI AC World ex USA Small Cap Growth Index1

-9.85%

-4.94%

20.01%

-10.69%

4.61%

7.68%

MSCI World ex USA Small Cap Index2

-10.98%

-6.11% 

16.05%

-12.04%

2.07%

8.33%

 

 

Cumulative Total Return (7/1/01 to 6/30/10)
Driehaus International Small Cap Growth

439%
MSCI AC World ex USA Small Cap Growth Index1 95%

MSCI World ex USA Small Cap Index2

105%

 

 

For the most current month-end summary sheet for the Driehaus International Small Cap 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 international small cap 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 an index. Unlike the Composite, the index is not actively managed and does not reflect the deduction of any advisory or other fees and expenses.  While the securities comprising the index are not identical to those in the Composite, DCM believes this comparison may be useful in evaluating performance. 

 

1  The 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 47 global developed markets and emerging markets, excluding the U.S and is composed of stocks which are categorized as small capitalization stocks.

 

2 The 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.

 

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.