Funds

Driehaus Emerging Markets Small Cap Growth Fund

The Fund seeks superior risk-adjusted returns over full market cycles relative to those of the MSCI EM Small Cap Index.


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Month-End Performance as of Oct 31, 2019

DRESX
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DRESX

“Since Inception” is calculated to include performance from the Fund’s predecessor limited partnership. (Inception Date: 12/1/2008)

The 3 year, 5 year and Since Inception returns represent average annual total returns.

The average annual total returns of the Driehaus Emerging Markets Small Cap Growth Fund include the performance of the Fund's predecessor limited partnership, which is calculated from December 1, 2008 before the Fund commenced operations and succeeded to the assets of its predecessor on August 22, 2011. The predecessor limited partnership was not registered under the Investment Company Act of 1940, as amended ("1940 Act") and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the predecessor had been registered under the 1940 Act, its performance may have been adversely affected. The Fund's predecessor performance has been restated to reflect estimated expenses of the Fund. After-tax performance returns are not included for the predecessor limited partnership. The predecessor was not a regulated investment company and therefore did not distribute current or accumulated earnings.

Sources: Driehaus Capital Management LLC, Morgan Stanley Capital International Inc., SS&C Inc.

MTH
4.91%
YTD
24.63%
1 Year
23.71%
3 Year
4.51%
5 Year
-0.25%
10 Year
6.07%
Since Inception
9.99%

MSCI Emerging Markets Small Cap Index (ND)
Has Footnotes

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MSCI Emerging Markets Small Cap Index (ND)

“Since Inception” is calculated to include performance from the Fund’s predecessor limited partnership. (Inception Date: 12/1/2008)

The 3 year, 5 year and Since Inception returns represent average annual total returns.

The average annual total returns of the Driehaus Emerging Markets Small Cap Growth Fund include the performance of the Fund's predecessor limited partnership, which is calculated from December 1, 2008 before the Fund commenced operations and succeeded to the assets of its predecessor on August 22, 2011. The predecessor limited partnership was not registered under the Investment Company Act of 1940, as amended ("1940 Act") and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the predecessor had been registered under the 1940 Act, its performance may have been adversely affected. The Fund's predecessor performance has been restated to reflect estimated expenses of the Fund. After-tax performance returns are not included for the predecessor limited partnership. The predecessor was not a regulated investment company and therefore did not distribute current or accumulated earnings.

Sources: Driehaus Capital Management LLC, Morgan Stanley Capital International Inc., SS&C Inc.

MTH
3.84%
YTD
5.72%
1 Year
9.71%
3 Year
3.12%
5 Year
0.98%
10 Year
3.53%
Since Inception
10.78%

MSCI Emerging Markets Small Cap Growth Index (ND)
Has Footnotes

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MSCI Emerging Markets Small Cap Growth Index (ND)

“Since Inception” is calculated to include performance from the Fund’s predecessor limited partnership. (Inception Date: 12/1/2008)

The 3 year, 5 year and Since Inception returns represent average annual total returns.

The average annual total returns of the Driehaus Emerging Markets Small Cap Growth Fund include the performance of the Fund's predecessor limited partnership, which is calculated from December 1, 2008 before the Fund commenced operations and succeeded to the assets of its predecessor on August 22, 2011. The predecessor limited partnership was not registered under the Investment Company Act of 1940, as amended ("1940 Act") and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the predecessor had been registered under the 1940 Act, its performance may have been adversely affected. The Fund's predecessor performance has been restated to reflect estimated expenses of the Fund. After-tax performance returns are not included for the predecessor limited partnership. The predecessor was not a regulated investment company and therefore did not distribute current or accumulated earnings.

Sources: Driehaus Capital Management LLC, Morgan Stanley Capital International Inc., SS&C Inc.

MTH
4.60%
YTD
6.83%
1 Year
11.04%
3 Year
1.79%
5 Year
-0.51%
10 Year
2.63%
Since Inception
9.73%
Has FootnotesFund/BenchmarkMTHYTD1 Year3 Year5 Year10 YearSince Inception
DRESX4.91%24.63%23.71%4.51%-0.25%6.07%9.99%

“Since Inception” is calculated to include performance from the Fund’s predecessor limited partnership. (Inception Date: 12/1/2008)

The 3 year, 5 year and Since Inception returns represent average annual total returns.

The average annual total returns of the Driehaus Emerging Markets Small Cap Growth Fund include the performance of the Fund's predecessor limited partnership, which is calculated from December 1, 2008 before the Fund commenced operations and succeeded to the assets of its predecessor on August 22, 2011. The predecessor limited partnership was not registered under the Investment Company Act of 1940, as amended ("1940 Act") and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the predecessor had been registered under the 1940 Act, its performance may have been adversely affected. The Fund's predecessor performance has been restated to reflect estimated expenses of the Fund. After-tax performance returns are not included for the predecessor limited partnership. The predecessor was not a regulated investment company and therefore did not distribute current or accumulated earnings.

Sources: Driehaus Capital Management LLC, Morgan Stanley Capital International Inc., SS&C Inc.

MSCI Emerging Markets Small Cap Index (ND)*3.84%5.72%9.71%3.12%0.98%3.53%10.78%

“Since Inception” is calculated to include performance from the Fund’s predecessor limited partnership. (Inception Date: 12/1/2008)

The 3 year, 5 year and Since Inception returns represent average annual total returns.

The average annual total returns of the Driehaus Emerging Markets Small Cap Growth Fund include the performance of the Fund's predecessor limited partnership, which is calculated from December 1, 2008 before the Fund commenced operations and succeeded to the assets of its predecessor on August 22, 2011. The predecessor limited partnership was not registered under the Investment Company Act of 1940, as amended ("1940 Act") and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the predecessor had been registered under the 1940 Act, its performance may have been adversely affected. The Fund's predecessor performance has been restated to reflect estimated expenses of the Fund. After-tax performance returns are not included for the predecessor limited partnership. The predecessor was not a regulated investment company and therefore did not distribute current or accumulated earnings.

Sources: Driehaus Capital Management LLC, Morgan Stanley Capital International Inc., SS&C Inc.

MSCI Emerging Markets Small Cap Growth Index (ND)*4.60%6.83%11.04%1.79%-0.51%2.63%9.73%

“Since Inception” is calculated to include performance from the Fund’s predecessor limited partnership. (Inception Date: 12/1/2008)

The 3 year, 5 year and Since Inception returns represent average annual total returns.

The average annual total returns of the Driehaus Emerging Markets Small Cap Growth Fund include the performance of the Fund's predecessor limited partnership, which is calculated from December 1, 2008 before the Fund commenced operations and succeeded to the assets of its predecessor on August 22, 2011. The predecessor limited partnership was not registered under the Investment Company Act of 1940, as amended ("1940 Act") and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the predecessor had been registered under the 1940 Act, its performance may have been adversely affected. The Fund's predecessor performance has been restated to reflect estimated expenses of the Fund. After-tax performance returns are not included for the predecessor limited partnership. The predecessor was not a regulated investment company and therefore did not distribute current or accumulated earnings.

Sources: Driehaus Capital Management LLC, Morgan Stanley Capital International Inc., SS&C Inc.

Calendar Quarter-End Performance as of Sep 30, 2019

DRESX
Has Footnotes

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Driehaus Emerging Markets Small Cap Growth Fund

“Since Inception” is calculated to include performance from the Fund’s predecessor limited partnership. (Inception Date: 12/1/2008)

The 3 year, 5 year and Since Inception returns represent average annual total returns.

The average annual total returns of the Driehaus Emerging Markets Small Cap Growth Fund include the performance of the Fund's predecessor limited partnership, which is calculated from December 1, 2008 before the Fund commenced operations and succeeded to the assets of its predecessor on August 22, 2011. The predecessor limited partnership was not registered under the Investment Company Act of 1940, as amended ("1940 Act") and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the predecessor had been registered under the 1940 Act, its performance may have been adversely affected. The Fund's predecessor performance has been restated to reflect estimated expenses of the Fund. After-tax performance returns are not included for the predecessor limited partnership. The predecessor was not a regulated investment company and therefore did not distribute current or accumulated earnings.

Sources: Driehaus Capital Management LLC, Morgan Stanley Capital International Inc., SS&C Inc.

QTR
-1.08%
YTD
18.80%
1 Year
6.65%
3 Year
2.39%
5 Year
-0.95%
10 Year
5.67%
Since Inception
9.59%

MSCI Emerging Markets Small Cap Index (ND)
Has Footnotes

Back

MSCI Emerging Markets Small Cap Index (ND)

“Since Inception” is calculated to include performance from the Fund’s predecessor limited partnership. (Inception Date: 12/1/2008)

The 3 year, 5 year and Since Inception returns represent average annual total returns.

The average annual total returns of the Driehaus Emerging Markets Small Cap Growth Fund include the performance of the Fund's predecessor limited partnership, which is calculated from December 1, 2008 before the Fund commenced operations and succeeded to the assets of its predecessor on August 22, 2011. The predecessor limited partnership was not registered under the Investment Company Act of 1940, as amended ("1940 Act") and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the predecessor had been registered under the 1940 Act, its performance may have been adversely affected. The Fund's predecessor performance has been restated to reflect estimated expenses of the Fund. After-tax performance returns are not included for the predecessor limited partnership. The predecessor was not a regulated investment company and therefore did not distribute current or accumulated earnings.

Sources: Driehaus Capital Management LLC, Morgan Stanley Capital International Inc., SS&C Inc.

QTR
-4.58%
YTD
1.81%
1 Year
-5.49%
3 Year
1.32%
5 Year
-0.13%
10 Year
3.21%
Since Inception
10.48%

MSCI Emerging Markets Small Cap Growth Index (ND)
Has Footnotes

Back

MSCI Emerging Markets Small Cap Growth Index (ND)

“Since Inception” is calculated to include performance from the Fund’s predecessor limited partnership. (Inception Date: 12/1/2008)

The 3 year, 5 year and Since Inception returns represent average annual total returns.

The average annual total returns of the Driehaus Emerging Markets Small Cap Growth Fund include the performance of the Fund's predecessor limited partnership, which is calculated from December 1, 2008 before the Fund commenced operations and succeeded to the assets of its predecessor on August 22, 2011. The predecessor limited partnership was not registered under the Investment Company Act of 1940, as amended ("1940 Act") and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the predecessor had been registered under the 1940 Act, its performance may have been adversely affected. The Fund's predecessor performance has been restated to reflect estimated expenses of the Fund. After-tax performance returns are not included for the predecessor limited partnership. The predecessor was not a regulated investment company and therefore did not distribute current or accumulated earnings.

Sources: Driehaus Capital Management LLC, Morgan Stanley Capital International Inc., SS&C Inc.

QTR
-3.46%
YTD
2.13%
1 Year
-6.56%
3 Year
-0.66%
5 Year
-1.80%
10 Year
2.24%
Since Inception
9.36%
Has FootnotesFund/BenchmarkQTRYTD1 Year3 Year5 Year10 YearSince Inception
DRESX-1.08%18.80%6.65%2.39%-0.95%5.67%9.59%

“Since Inception” is calculated to include performance from the Fund’s predecessor limited partnership. (Inception Date: 12/1/2008)

The 3 year, 5 year and Since Inception returns represent average annual total returns.

The average annual total returns of the Driehaus Emerging Markets Small Cap Growth Fund include the performance of the Fund's predecessor limited partnership, which is calculated from December 1, 2008 before the Fund commenced operations and succeeded to the assets of its predecessor on August 22, 2011. The predecessor limited partnership was not registered under the Investment Company Act of 1940, as amended ("1940 Act") and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the predecessor had been registered under the 1940 Act, its performance may have been adversely affected. The Fund's predecessor performance has been restated to reflect estimated expenses of the Fund. After-tax performance returns are not included for the predecessor limited partnership. The predecessor was not a regulated investment company and therefore did not distribute current or accumulated earnings.

Sources: Driehaus Capital Management LLC, Morgan Stanley Capital International Inc., SS&C Inc.

MSCI Emerging Markets Small Cap Index (ND)*-4.58%1.81%-5.49%1.32%-0.13%3.21%10.48%

“Since Inception” is calculated to include performance from the Fund’s predecessor limited partnership. (Inception Date: 12/1/2008)

The 3 year, 5 year and Since Inception returns represent average annual total returns.

The average annual total returns of the Driehaus Emerging Markets Small Cap Growth Fund include the performance of the Fund's predecessor limited partnership, which is calculated from December 1, 2008 before the Fund commenced operations and succeeded to the assets of its predecessor on August 22, 2011. The predecessor limited partnership was not registered under the Investment Company Act of 1940, as amended ("1940 Act") and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the predecessor had been registered under the 1940 Act, its performance may have been adversely affected. The Fund's predecessor performance has been restated to reflect estimated expenses of the Fund. After-tax performance returns are not included for the predecessor limited partnership. The predecessor was not a regulated investment company and therefore did not distribute current or accumulated earnings.

Sources: Driehaus Capital Management LLC, Morgan Stanley Capital International Inc., SS&C Inc.

MSCI Emerging Markets Small Cap Growth Index (ND)*-3.46%2.13%-6.56%-0.66%-1.80%2.24%9.36%

“Since Inception” is calculated to include performance from the Fund’s predecessor limited partnership. (Inception Date: 12/1/2008)

The 3 year, 5 year and Since Inception returns represent average annual total returns.

The average annual total returns of the Driehaus Emerging Markets Small Cap Growth Fund include the performance of the Fund's predecessor limited partnership, which is calculated from December 1, 2008 before the Fund commenced operations and succeeded to the assets of its predecessor on August 22, 2011. The predecessor limited partnership was not registered under the Investment Company Act of 1940, as amended ("1940 Act") and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the predecessor had been registered under the 1940 Act, its performance may have been adversely affected. The Fund's predecessor performance has been restated to reflect estimated expenses of the Fund. After-tax performance returns are not included for the predecessor limited partnership. The predecessor was not a regulated investment company and therefore did not distribute current or accumulated earnings.

Sources: Driehaus Capital Management LLC, Morgan Stanley Capital International Inc., SS&C Inc.

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Disclosures

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. Principal value and investment returns will fluctuate so that investors' shares, when redeemed, may be worth more or less than their original cost. The Fund will charge a redemption fee of 2.00% on shares held less than 60 days. Performance data represents the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). Average annual total return reflects annualized change. Since Fund performance is subject to change after the month-end, please call (800) 560-6111 or view our daily NAVs for more current performance information.

Please consider the investment objectives, risks, fees and expenses of the Fund carefully prior to investing. The prospectus and summary prospectus contain this and other important information about the Fund. To obtain a copy of the prospectus/summary prospectus, please call (800) 560-6111. Please read the prospectus and summary prospectus carefully before investing.

Driehaus Securities LLC, Distributor

Represents the Annual Fund Operating Expenses as disclosed in the current prospectus dated April 30, 2019. It is important to understand that a decline in the Fund’s average net assets due to unprecedented market volatility or other factors could cause the Fund’s expense ratio for the current fiscal year to be higher than the expense information presented. A shareholder may be required to pay a commission to their financial intermediary. Driehaus Capital Management LLC, the Fund’s investment adviser, has entered into a contractual agreement to waive a portion of its management fee and to reimburse operating expenses to the extent necessary to cap the Driehaus Emerging Markets Small Cap Growth Fund’s ordinary annual operating expenses (excluding interest, taxes, brokerage commissions, dividends and interest on short sales and other investment-related costs, acquired fund fees and expenses and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund’s business), resulting in the current net expense ratio of 1.45% until the earlier of the termination of the investment advisory agreement, by the Board of Trustees or the Fund’s shareholders, or October 31, 2021. Pursuant to the agreement, and so long as the investment advisory agreement is in place, for a period not to exceed three years from the date on which the waiver or reimbursement was made, the investment adviser is entitled to reimbursement or previously waived fees and reimbursed expenses to the extent that the Fund’s expense ratio remains below the operating expense cap that was in place at the time of the waiver as well as the existing operating expense cap.

* To view the Index definitions, see the Index Definitions.

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Daily Nav
$13.63
As of Dec 06, 2019
Ticker
DRESX

Facts

Inception Date
Aug 22, 2011
Fund Assets as of 10/31/19
$59M
Minimum Initial Investment
$10,000
Minimum Subsequent Investment
$2,000
Minimum IRA Investment
$2,000
Minimum Subsequent Investment
$500
Dividends & Distributions
Annually
Gross Expense Ratio
1.95%
Net Expense Ratio
1.45%
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Top 5 Holdings As of 10/31/19
Holdings Subject to Change

Parade Technologies, Ltd.
2.16%
Voltas Limited
2.09%
B2Gold Corp.
2.04%
FPT Corp.
1.80%
Yantai Jereh Oilfield Services Group Co., Ltd. Class A
1.61%