The Driehaus International Growth Equities team focuses on investing in non-US companies through the Driehaus International Small Cap Growth strategy. The strategy provides investors with exposure to companies experiencing growth inflections in addition to positive earnings revisions and medium-term (price) momentum, two factors that are positively correlated to alpha generation. The team is led by portfolio managers Dan Burr and David Mouser.
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The strategy seeks to outperform the MSCI AC World ex USA Small Cap Growth Index over full market cycles.
The team employs a growth-oriented investment philosophy focusing on identifying company-specific growth inflection points and exploiting associated marketplace inefficiencies. Our philosophy hinges on a belief that market expectations tend to be ‘anchored’ to historical information and that points of inflection therefore introduce dislocations between market expectations and fundamentals which generate significant alpha capture opportunities. The team combines bottom up fundamental and macro analysis with a nimble and active investment approach to identify inefficiencies and generate a portfolio which uniquely seeks to achieve superior aggregate growth rates as well as superior risk characteristics.
Looking into 2019, global growth likely has peaked as the benefits from Chinese stimulus and lower US taxes fade. Other key uncertainties include the path of Federal Reserve (Fed)’s interest rate increases, continued fallout from US/China trade wars, and tightening financial conditions in the Eurozone. The good news is that with the diminishment in valuation levels, expectations are lower.
Performance review with contributors, detractors and portfolio details.