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.
Two substantial “known unknowns” - how quickly the coronavirus spreads and the scope/effectiveness of policy response - will likely determine the rest of the year’s performance for equities. In China, the outbreak seems to be contained, but this is not the case yet in Europe and the US as of the time of this writing. The good news is that globally, central banks and governments have acted swiftly to provide support. What the shape of the recovery will eventually be is uncertain.
As the year unfolded, recessionary fears continued to percolate driven by the US-China trade war escalation, ongoing Brexit saga and numerous other geopolitical tensions globally. The narrower manufacturing economy clearly slowed amidst these trade concerns, a sharp manufacturing inventory correction and slower Chinese growth. Yet, economic data remained generally sound (particularly in services related sectors) and global stock markets powered ahead.