UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-07655
Driehaus Mutual Funds
(Exact name of registrant as specified in charter)
25 East Erie Street
Chicago, IL 60611
(Address of principal executive offices) (Zip code)
Janet L. McWilliams
Driehaus Capital Management LLC
25 East Erie Street
Chicago, IL 60611
(Name and address of agent for service)
Registrant's telephone number, including area code: 312-587-3800
Date of fiscal year end: December 31
Date of reporting period: December 31, 2021
Item 1. Reports to Stockholders.
(a) The Reports to Shareholders are attached herewith.
![](https://capedge.com/proxy/N-CSRA/0001398344-22-010186/cover.jpg)
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Howard Schwab Lead Portfolio Manager | Chad Cleaver Portfolio Manager | Rich Thies Portfolio Manager |
Average Annual Total Returns as of 12/31/21 | 1 Year | 3 Years | 5 Years | 10 Years |
Driehaus Emerging Markets Growth Fund Investor Class (DREGX) | (1.92)% | 16.11% | 13.31% | 8.04% |
Driehaus Emerging Markets Growth Fund Institutional Class (DIEMX)1 | (1.69)% | 16.37% | 13.52% | 8.14% |
MSCI Emerging Markets Index-N2 | (2.54)% | 10.94% | 9.88% | 5.49% |
MSCI Emerging Markets Growth Index-N3 | (8.41)% | 14.60% | 12.55% | 7.52% |
![](https://capedge.com/proxy/N-CSRA/0001398344-22-010186/img4f71318b4.jpg)
1 | The returns for the periods prior to July 17, 2017 (institutional share class inception date) include the performance of the investor share class. |
2 | The Morgan Stanley Capital International Emerging Markets Index-Net (MSCI Emerging Markets Index-N) is a market capitalization-weighted index designed to measure equity market performance in emerging markets. Data is in U.S. dollars and is calculated with net dividend reinvestment. Source: Morgan Stanley Capital International Inc. |
3 | The Morgan Stanley Capital International Emerging Markets Growth Index-Net (MSCI Emerging Markets Growth Index-N) is a subset of the MSCI Emerging Markets Index and includes only the MSCI Emerging Markets Index stocks which are categorized as growth stocks. Data is in U.S. dollars and is calculated with net dividend reinvestment. Source: Morgan Stanley Capital International Inc. |
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 97.93% | ||
FAR EAST — 67.74% | ||
China — 20.88% | ||
BYD Co. Ltd. - H | 499,847 | $17,089,882 |
Changzhou Xingyu Automotive Lighting Systems Co. Ltd. - A | 147,189 | 4,717,041 |
China Mengniu Dairy Co. Ltd. * | 2,563,351 | 14,530,220 |
China Merchants Bank Co. Ltd. - H | 5,004,917 | 38,864,480 |
Contemporary Amperex Technology Co. Ltd. - A | 348,815 | 32,181,383 |
East Money Information Co. Ltd. - A | 5,874,544 | 34,205,611 |
JD.com, Inc. - ADR * | 488,531 | 34,231,367 |
Li Ning Co. Ltd. | 1,619,705 | 17,728,879 |
Meituan - B 1,* | 404,700 | 11,698,467 |
NARI Technology Co. Ltd. - A | 3,574,525 | 22,451,024 |
Proya Cosmetics Co. Ltd. - A | 692,765 | 22,642,704 |
Shanghai MicroPort MedBot Group Co. Ltd. * | 252,000 | 1,892,210 |
Shenzhou International Group Holdings Ltd. | 619,894 | 11,916,834 |
Sungrow Power Supply Co. Ltd. - A | 440,026 | 10,066,259 |
Sunny Optical Technology Group Co. Ltd. | 608,958 | 19,258,491 |
Techtronic Industries Co. Ltd. | 1,956,169 | 38,934,977 |
Tencent Holdings Ltd. | 1,541,845 | 90,325,140 |
Wuxi Biologics Cayman, Inc. 1,* | 1,008,827 | 11,973,881 |
Yum China Holdings, Inc. | 241,891 | 12,055,847 |
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. - A | 571,857 | 39,223,844 |
485,988,541 | ||
India — 17.74% | ||
Apollo Hospitals Enterprise Ltd. | 494,947 | 33,380,582 |
Bharti Airtel Ltd. * | 1,469,782 | 13,520,255 |
Clean Science & Technology Ltd. * | 256,215 | 8,593,907 |
Havells India Ltd. | 844,167 | 15,864,546 |
HDFC Bank Ltd. - ADR 2 | 587,268 | 38,213,529 |
Hindalco Industries Ltd. | 2,024,052 | 12,948,537 |
Hindustan Unilever Ltd. | 230,345 | 7,313,432 |
Housing Development Finance Corp. Ltd. | 1,171,273 | 40,753,515 |
ICICI Bank Ltd. - SP ADR 2 | 3,527,360 | 69,806,454 |
Infosys Ltd. - SP ADR 2 | 1,057,881 | 26,774,968 |
Power Grid Corp. of India Ltd. | 7,341,571 | 20,187,045 |
Reliance Industries Ltd. | 1,399,455 | 44,583,176 |
Tata Consultancy Services Ltd. | 636,761 | 32,022,798 |
Tata Motors Ltd. - ADR 2,* | 584,420 | 18,754,038 |
Titan Co. Ltd. | 888,679 | 30,155,167 |
412,871,949 | ||
Taiwan — 14.60% | ||
Chailease Holding Co. Ltd. | 3,270,179 | 31,105,356 |
Delta Electronics, Inc. | 1,217,293 | 12,078,207 |
Shares, Principal Amount, or Number of Contracts | Value | |
MediaTek, Inc. | 803,000 | $34,456,351 |
Merida Industry Co. Ltd. | 1,080,893 | 12,761,848 |
Silergy Corp. | 145,463 | 26,328,267 |
Taiwan Semiconductor Manufacturing Co. Ltd. - SP ADR 2 | 1,527,529 | 183,777,014 |
TXC Corp. | 2,976,000 | 11,318,676 |
Unimicron Technology Corp. | 1,979,484 | 16,473,209 |
Win Semiconductors Corp. | 842,000 | 11,361,395 |
339,660,323 | ||
South Korea — 8.55% | ||
Ecopro BM Co. Ltd. | 14,513 | 6,097,573 |
KB Financial Group, Inc. | 475,088 | 21,970,117 |
Kia Corp. | 241,722 | 16,681,985 |
Macquarie Korea Infrastructure Fund | 1,000,206 | 11,826,764 |
Samsung Biologics Co. Ltd. 1,* | 12,239 | 9,293,154 |
Samsung Electronics Co. Ltd. | 2,027,665 | 133,166,839 |
199,036,432 | ||
Indonesia — 2.44% | ||
Bank Central Asia Tbk PT | 80,702,800 | 41,331,999 |
Bank Jago Tbk PT * | 13,808,555 | 15,488,330 |
56,820,329 | ||
Thailand — 1.24% | ||
Airports of Thailand PCL - NVDR * | 8,999,100 | 16,386,541 |
The Siam Commercial Bank PCL - NVDR | 3,305,200 | 12,545,722 |
28,932,263 | ||
Singapore — 0.97% | ||
Sea Ltd. - ADR * | 100,676 | 22,522,228 |
Australia — 0.59% | ||
Lynas Rare Earths Ltd. * | 1,852,585 | 13,707,617 |
Vietnam — 0.52% | ||
Masan Group Corp. | 1,597,900 | 11,989,509 |
Philippines — 0.21% | ||
International Container Terminal Services, Inc. | 1,240,557 | 4,865,645 |
Total FAR EAST (Cost $1,122,702,896) | 1,576,394,836 | |
NORTH AMERICA — 13.95% | ||
United States — 9.05% | ||
Ball Corp. | 349,373 | 33,634,139 |
EPAM System, Inc. * | 27,943 | 18,678,498 |
Freeport-McMoRan, Inc. | 298,190 | 12,443,469 |
Liberty Media Corp.-Liberty Formula One - C * | 360,546 | 22,800,929 |
MELI Kaszek Pioneer Corp. - A * | 770,561 | 8,907,685 |
Micron Technology, Inc. | 387,175 | 36,065,351 |
NIKE, Inc. - B | 88,387 | 14,731,461 |
NVIDIA Corp. | 92,790 | 27,290,467 |
ROBLOX Corp. - A * | 213,521 | 22,026,827 |
Shares, Principal Amount, or Number of Contracts | Value | |
Schlumberger NV | 468,055 | $14,018,247 |
210,597,073 | ||
Mexico — 3.01% | ||
Cemex SAB de CV - SP ADR 2,* | 2,056,857 | 13,945,491 |
Grupo Financiero Banorte SAB de CV - O | 6,027,430 | 39,201,624 |
Wal-Mart de Mexico SAB de CV | 4,518,963 | 16,821,829 |
69,968,944 | ||
Canada — 1.89% | ||
Cameco Corp. 2 | 706,178 | 15,401,742 |
Nutrien Ltd. 2 | 380,726 | 28,630,595 |
44,032,337 | ||
Total NORTH AMERICA (Cost $284,334,204) | 324,598,354 | |
EUROPE — 7.82% | ||
Russia — 4.73% | ||
LUKOIL PJSC - SP ADR 2 | 439,196 | 39,308,042 |
Polyus PJSC 2 | 82,612 | 14,400,825 |
Sberbank of Russia PJSC - SP ADR 2 | 1,596,824 | 25,629,025 |
Yandex NV - A 2,* | 506,308 | 30,631,634 |
109,969,526 | ||
Netherlands — 1.25% | ||
ASML Holding NV | 14,334 | 11,532,821 |
Heineken NV | 157,005 | 17,671,244 |
29,204,065 | ||
France — 0.96% | ||
L'Oreal SA | 46,852 | 22,240,531 |
Germany — 0.53% | ||
Infineon Technologies AG | 266,217 | 12,256,224 |
Greece — 0.35% | ||
OPAP SA | 578,534 | 8,213,502 |
Total EUROPE (Cost $163,213,154) | 181,883,848 | |
SOUTH AMERICA — 4.95% | ||
Brazil — 3.19% | ||
Banco BTG Pactual SA * | 6,096,457 | 22,898,826 |
Petroleo Brasileiro SA - ADR 2 | 1,756,629 | 19,287,786 |
Vale SA - SP ADR 2 | 2,290,975 | 32,119,470 |
74,306,082 | ||
Uruguay — 0.91% | ||
Globant SA * | 67,733 | 21,274,258 |
Argentina — 0.85% | ||
MercadoLibre, Inc. 2,* | 14,641 | 19,741,924 |
Total SOUTH AMERICA (Cost $111,301,446) | 115,322,264 | |
MIDDLE EAST — 1.93% | ||
Saudi Arabia — 0.99% | ||
Saudi Arabian Oil Co. 1 | 2,402,670 | 22,900,355 |
Qatar — 0.55% | ||
Qatar National Bank QPSC | 2,319,418 | 12,858,941 |
Shares, Principal Amount, or Number of Contracts | Value | ||
Israel — 0.39% | |||
ICL Group Ltd. | 945,936 | $9,111,362 | |
Total MIDDLE EAST (Cost $42,628,051) | 44,870,658 | ||
AFRICA — 1.54% | |||
South Africa — 1.54% | |||
Capitec Bank Holdings Ltd. | 139,838 | 17,900,317 | |
MTN Group Ltd. * | 1,676,774 | 17,963,106 | |
35,863,423 | |||
Total AFRICA (Cost $30,927,554) | 35,863,423 | ||
Total COMMON STOCKS (Cost $1,755,107,305) | 2,278,933,383 | ||
SHORT TERM INVESTMENTS — 2.94% | |||
Northern Institutional U.S. Government Select Portfolio (Shares Class), 0.01% 3 (Cost $68,460,869) | 68,460,869 | 68,460,869 | |
TOTAL INVESTMENTS (Cost $1,823,568,174) | 100.87% | $2,347,394,252 | |
Liabilities in Excess of Other Assets | (0.87)% | (20,290,209) | |
Net Assets | 100.00% | $2,327,104,043 |
ADR | American Depositary Receipt |
NVDR | Non-Voting Depositary Receipt |
PCL | Public Company Limited |
PJSC | Public Joint Stock Company |
SP ADR | Sponsored American Depositary Receipt |
1 | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The total value of these securities is $55,865,857, which represents 2% of Net Assets (see Note F in the Notes to Financial Statements). |
2 | Foreign security denominated and/or traded in U.S. dollars. |
3 | 7 day current yield as of December 31, 2021 is disclosed. |
* | Non-income producing security. |
Security Type | Percent of Net Assets | |
Common Stocks | 97.93% | |
Short Term Investments | 2.94% | |
Total Investments | 100.87% | |
Liabilities In Excess of Other Assets | (0.87)% | |
Net Assets | 100.00% |
Regional Weightings | Percent of Net Assets | |
Far East | 67.74% | |
North America | 16.89% | |
Europe | 7.82% | |
South America | 4.95% | |
Middle East | 1.93% | |
Africa | 1.54% |
Industry | Percent of Net Assets | |
Auto Components | 0.20 | |
Automobiles | 2.26 | |
Banks | 14.34 | |
Beverages | 0.76 | |
Capital Markets | 2.96 | |
Chemicals | 1.99 | |
Construction Materials | 0.60 | |
Containers & Packaging | 1.45 | |
Diversified Financial Services | 1.34 | |
Electric Utilities | 0.87 | |
Electrical Equipment | 3.72 | |
Electronic Equipment, Instruments & Components | 2.54 | |
Energy Equipment & Services | 0.60 | |
Entertainment | 2.90 | |
Food & Staples Retailing | 0.72 | |
Food Products | 1.15 | |
Health Care Providers & Services | 1.51 | |
Holding Companies - Diversified | 0.38 | |
Hotels, Restaurants & Leisure | 0.87 | |
Household Products | 0.31 |
Industry | Percent of Net Assets | |
Interactive Media & Services | 5.20 | |
Internet & Direct Marketing Retail | 2.82 | |
IT Services | 4.24 | |
Leisure Products | 0.55 | |
Life Sciences Tools & Services | 0.92 | |
Machinery | 1.67 | |
Metals & Mining | 3.69 | |
Money Market Fund | 2.94 | |
Oil, Gas & Consumable Fuels | 6.08 | |
Personal Products | 1.93 | |
Pharmaceuticals | 1.69 | |
Semiconductors & Semiconductor Equipment | 14.74 | |
Technology Hardware, Storage & Peripherals | 5.72 | |
Textiles, Apparel & Luxury Goods | 3.20 | |
Thrifts & Mortgage Finance | 1.75 | |
Transportation Infrastructure | 0.91 | |
Wireless Telecommunication Services | 1.35 | |
Liabilities In Excess of Other Assets | (0.87) | |
TOTAL | 100.00 |
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Chad Cleaver, CFA Lead Portfolio Manager | Howard Schwab Portfolio Manager | Rich Thies Portfolio Manager |
Average Annual Total Returns as of 12/31/21 | 1 Year | 3 Years | 5 Years | 10 Years |
Driehaus Emerging Markets Small Cap Growth Fund (DRESX)1 | 15.93% | 27.45% | 15.97% | 9.98% |
MSCI Emerging Markets Small Cap Index-N2 | 18.75% | 16.46% | 11.47% | 7.42% |
MSCI Emerging Markets Small Cap Growth Index-N3 | 20.41% | 19.20% | 12.22% | 7.46% |
![](https://capedge.com/proxy/N-CSRA/0001398344-22-010186/img69f9e07d5.jpg)
1 | The returns reflect fee waivers and/or reimbursements without which performance would have been lower. |
2 | The Morgan Stanley Capital International Emerging Markets Small Cap Index-Net (MSCI Emerging Markets Small Cap Index-N) is a market capitalization-weighted index designed to measure equity market performance of small cap stocks in emerging markets. Data is in U.S. dollars and is calculated with net dividend reinvestment. Source: Morgan Stanley Capital International Inc. |
3 | The Morgan Stanley Capital International Emerging Markets Small Cap Growth Index-Net (MSCI Emerging Markets Small Cap Growth Index-N) is a market capitalization-weighted index designed to measure equity market performance of small cap growth stocks in emerging markets. Data is in U.S. dollars and is calculated with net dividend reinvestment. Source: Morgan Stanley Capital International Inc. |
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 92.60% | ||
FAR EAST — 79.14% | ||
India — 28.58% | ||
3M India Ltd. * | 1,594 | $543,819 |
Amber Enterprises India Ltd. * | 25,657 | 1,144,589 |
Apollo Hospitals Enterprise Ltd. | 11,963 | 806,818 |
Ashok Leyland Ltd. | 427,161 | 703,644 |
AU Small Finance Bank Ltd. 1,* | 68,911 | 960,861 |
Birlasoft Ltd. | 246,660 | 1,807,419 |
Burger King India Ltd. * | 258,841 | 492,885 |
Clean Science & Technology Ltd. * | 40,915 | 1,372,362 |
Dixon Technologies India Ltd. | 27,964 | 2,072,613 |
Dr Lal PathLabs Ltd. 1 | 11,502 | 591,419 |
Godrej Properties Ltd. * | 52,729 | 1,327,736 |
ICICI Securities Ltd. 1 | 54,917 | 584,922 |
IndiaMart InterMesh Ltd. 1 | 6,072 | 529,015 |
Indian Energy Exchange Ltd. 1 | 239,206 | 813,490 |
Indraprastha Gas Ltd. | 86,920 | 550,034 |
JK Cement Ltd. | 19,041 | 870,612 |
Jubilant Foodworks Ltd. | 12,934 | 624,832 |
Max Healthcare Institute Ltd. * | 520,602 | 3,101,804 |
MTAR Technologies Ltd. | 38,177 | 1,264,963 |
Oberoi Realty Ltd. * | 44,365 | 514,339 |
Prince Pipes & Fittings Ltd. | 85,129 | 801,753 |
Radico Khaitan Ltd. | 155,682 | 2,588,883 |
Relaxo Footwears Ltd. | 37,073 | 655,025 |
Sobha Ltd. | 191,887 | 2,311,478 |
Sona Blw Precision Forgings Ltd. 1,* | 165,136 | 1,651,790 |
SRF Ltd. | 19,775 | 643,803 |
Syngene International Ltd. 1,* | 77,911 | 649,716 |
TVS Motor Co. Ltd. | 64,246 | 541,897 |
Varun Beverages Ltd. | 112,418 | 1,343,378 |
Vijaya Diagnostic Centre Private Ltd. * | 188,328 | 1,475,753 |
33,341,652 | ||
China — 17.50% | ||
Aluminum Corp. of China Ltd. - H * | 1,370,000 | 757,251 |
Amoy Diagnostics Co. Ltd. - A | 49,263 | 583,657 |
Asia - Potash International Investment Guangzhou Co. Ltd. - A * | 151,000 | 631,403 |
Centre Testing International Group Co. Ltd. - A | 189,500 | 798,931 |
Changzhou Xingyu Automotive Lighting Systems Co. Ltd. - A | 32,781 | 1,050,550 |
China National Building Material Co. Ltd. - H | 496,000 | 608,109 |
China Power International Development Ltd. | 1,528,000 | 1,028,785 |
CIMC Enric Holdings Ltd. | 748,000 | 1,087,819 |
Estun Automation Co. Ltd. - A | 272,478 | 1,109,433 |
Gotion High-tech Co. Ltd. - A * | 90,400 | 726,933 |
KWG Group Holdings Ltd. | 1,055,000 | 690,024 |
Shares, Principal Amount, or Number of Contracts | Value | |
Longshine Technology Group Co. Ltd. - A | 235,225 | $1,366,688 |
Maanshan Iron & Steel Co. Ltd. - H | 2,936,000 | 1,076,872 |
Man Wah Holdings Ltd. | 933,600 | 1,446,337 |
Ming Yang Smart Energy Group Ltd. - A | 128,700 | 527,049 |
Pacific Basin Shipping Ltd. | 3,389,000 | 1,243,024 |
Proya Cosmetics Co. Ltd. - A | 43,700 | 1,428,314 |
Shenzhen Envicool Technology Co. Ltd. - A | 111,000 | 712,151 |
Wuhan DR Laser Technology Corp. Ltd. - A | 29,600 | 1,188,486 |
Xinyi Energy Holdings Ltd. | 1,102,000 | 603,464 |
Yantai Jereh Oilfield Services Group Co. Ltd. - A | 277,862 | 1,743,899 |
20,409,179 | ||
Taiwan — 9.81% | ||
Advanced Energy Solution Holding Co. Ltd. | 17,000 | 1,120,957 |
ASPEED Technology, Inc. | 9,000 | 1,160,495 |
Eclat Textile Co. Ltd. | 51,000 | 1,162,097 |
Makalot Industrial Co. Ltd. | 126,000 | 1,123,832 |
Parade Technologies Ltd. | 26,455 | 2,012,699 |
Silergy Corp. | 8,000 | 1,447,970 |
Sinbon Electronics Co. Ltd. | 172,000 | 1,761,908 |
Voltronic Power Technology Corp. | 29,550 | 1,648,535 |
11,438,493 | ||
Vietnam — 7.26% | ||
Asia Commercial Bank JSC * | 495,675 | 802,889 |
Dat Xanh Real Estate Services JSC * | 782,600 | 1,280,868 |
FPT Corp. | 550,567 | 2,403,990 |
Masan Group Corp. | 231,900 | 1,740,013 |
Military Commercial Joint Stock Bank * | 918,157 | 1,199,244 |
SSI Securities Corp. | 458,434 | 1,041,985 |
8,468,989 | ||
South Korea — 7.22% | ||
Chunbo Co. Ltd. | 4,842 | 1,416,736 |
DB HiTek Co. Ltd. | 23,521 | 1,433,658 |
Ecopro BM Co. Ltd. | 850 | 357,124 |
F&F Co. Ltd. * | 1,863 | 1,479,095 |
Iljin Materials Co. Ltd. | 13,212 | 1,495,932 |
LEENO Industrial, Inc. | 9,681 | 1,612,205 |
Mando Corp. * | 11,741 | 624,748 |
8,419,498 | ||
Indonesia — 3.02% | ||
Adi Sarana Armada Tbk PT * | 5,657,600 | 1,318,054 |
Bank Jago Tbk PT * | 937,982 | 1,052,085 |
Merdeka Copper Gold Tbk PT * | 4,226,600 | 1,156,976 |
3,527,115 | ||
Kazakhstan — 2.33% | ||
Kaspi.KZ JSC 1,2 | 14,830 | 1,761,507 |
Shares, Principal Amount, or Number of Contracts | Value | |
NAC Kazatomprom JSC - GDR 2 | 26,005 | $955,684 |
2,717,191 | ||
Thailand — 1.44% | ||
Chularat Hospital PCL - NVDR | 7,618,000 | 834,662 |
Dohome PCL - NVDR | 1,209,400 | 842,056 |
1,676,718 | ||
Australia — 1.08% | ||
Lynas Rare Earths Ltd. * | 170,909 | 1,264,587 |
Philippines — 0.90% | ||
Wilcon Depot, Inc. | 1,756,300 | 1,050,491 |
Total FAR EAST (Cost $71,679,339) | 92,313,913 | |
SOUTH AMERICA — 6.28% | ||
Brazil — 5.39% | ||
Arezzo Industria e Comercio SA | 63,200 | 868,833 |
Cia Brasileira de Aluminio * | 246,000 | 602,395 |
Orizon Valorizacao de Residuos SA * | 282,700 | 1,362,950 |
Petro Rio SA * | 484,300 | 1,793,394 |
Vale SA | 33,503 | 466,811 |
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | 557,200 | 1,189,530 |
6,283,913 | ||
Uruguay — 0.89% | ||
Globant SA * | 3,304 | 1,037,753 |
Total SOUTH AMERICA (Cost $6,382,944) | 7,321,666 | |
NORTH AMERICA — 5.38% | ||
Canada — 2.95% | ||
B2Gold Corp. | 423,690 | 1,668,031 |
Ivanhoe Mines Ltd. - A * | 217,994 | 1,778,488 |
3,446,519 | ||
Mexico — 2.01% | ||
GCC SAB de CV | 126,400 | 970,741 |
Grupo Traxion SAB de CV 1,* | 779,000 | 1,369,256 |
2,339,997 | ||
United States — 0.42% | ||
Fluence Energy, Inc. * | 13,677 | 486,354 |
Total NORTH AMERICA (Cost $6,284,295) | 6,272,870 | |
EUROPE — 1.80% | ||
United Kingdom — 1.00% | ||
Ceres Power Holdings PLC * | 86,682 | 1,169,178 |
Poland — 0.80% | ||
Dino Polska SA 1,* | 10,310 | 937,388 |
Total EUROPE (Cost $1,477,241) | 2,106,566 | |
Total COMMON STOCKS (Cost $85,823,819) | 108,015,015 |
Shares, Principal Amount, or Number of Contracts | Value | ||
PREFERRED STOCKS — 1.05% | |||
SOUTH AMERICA — 1.05% | |||
Brazil — 1.05% | |||
Bradespar SA, 24.29% 3 | 273,100 | $1,218,610 | |
Total SOUTH AMERICA (Cost $1,572,772) | 1,218,610 | ||
Total PREFERRED STOCKS (Cost $1,572,772) | 1,218,610 | ||
SHORT TERM INVESTMENTS — 5.99% | |||
Northern Institutional U.S. Government Select Portfolio (Shares Class), 0.01% 4 (Cost $6,991,404) | 6,991,404 | 6,991,404 | |
TOTAL INVESTMENTS (Cost $94,387,995) | 99.64% | $116,225,029 | |
Other Assets In Excess of Liabilities | 0.36% | 419,352 | |
Net Assets | 100.00% | $116,644,381 |
GDR | Global Depositary Receipt |
JSC | Joint Stock Company |
NVDR | Non-Voting Depositary Receipt |
PCL | Public Company Limited |
PLC | Public Limited Company |
1 | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The total value of these securities is $9,849,364, which represents 8% of Net Assets (see Note F in the Notes to Financial Statements). |
2 | Foreign security denominated and/or traded in U.S. dollars. |
3 | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
4 | 7 day current yield as of December 31, 2021 is disclosed. |
* | Non-income producing security. |
Security Type | Percent of Net Assets | |
Common Stocks | 92.60% | |
Preferred Stocks | 1.05% | |
Short Term Investments | 5.99% | |
Total Investments | 99.64% | |
Other Assets In Excess of Liabilities | 0.36% | |
Net Assets | 100.00% |
Regional Weightings | Percent of Net Assets | |
Far East | 79.14% | |
North America | 11.37% | |
South America | 7.33% | |
Europe | 1.80% |
Industry | Percent of Net Assets | |
Auto Components | 2.86 | |
Automobiles | 0.46 | |
Banks | 3.44 | |
Beverages | 3.37 | |
Biotechnology | 0.50 | |
Building Products | 0.69 | |
Capital Markets | 2.09 | |
Chemicals | 2.94 | |
Commercial Services & Supplies | 1.17 | |
Construction Materials | 2.10 | |
Consumer Finance | 1.51 | |
Electrical Equipment | 5.17 | |
Electronic Equipment, Instruments & Components | 3.81 | |
Energy Equipment & Services | 1.50 | |
Food & Staples Retailing | 0.80 | |
Food Products | 2.03 | |
Gas Utilities | 0.47 | |
Health Care Providers & Services | 5.84 | |
Hotels, Restaurants & Leisure | 0.96 | |
Household Durables | 4.00 | |
Independent Power and Renewable Electricity Producers | 1.40 |
Industry | Percent of Net Assets | |
Industrial Conglomerates | 0.47 | |
IT Services | 2.95 | |
Life Sciences Tools & Services | 0.56 | |
Machinery | 4.17 | |
Marine | 1.07 | |
Metals & Mining | 8.56 | |
Money Market Fund | 5.99 | |
Oil, Gas & Consumable Fuels | 2.36 | |
Personal Products | 1.23 | |
Professional Services | 0.69 | |
Real Estate Management & Development | 5.25 | |
Road & Rail | 3.33 | |
Semiconductors & Semiconductor Equipment | 6.58 | |
Software | 2.72 | |
Specialty Retail | 1.62 | |
Textiles, Apparel & Luxury Goods | 4.53 | |
Trading Companies & Distributors | 0.45 | |
Other Assets In Excess of Liabilities | 0.36 | |
TOTAL | 100.00 |
![]() | ![]() |
Richard Thies Lead Portfolio Manager | Chad Cleaver Portfolio Manager |
![]() | ![]() |
Howard Schwab Portfolio Manager | Jonathan Mershimer Assistant Portfolio Manager |
Average Annual Total Returns as of 12/31/21 | 1 Year | 3 Years | Since Inception (4/10/17 - 12/31/21) |
Driehaus Emerging Markets Opportunities Fund (DMAGX)1 | (0.60)% | 16.32% | 11.24% |
MSCI Emerging Markets Index-N2 | (2.54)% | 10.94% | 7.88% |
MSCI EM/JP Morgan GBI Blended Index3 | (5.49)% | 6.65% | 4.95% |
![](https://capedge.com/proxy/N-CSRA/0001398344-22-010186/img6a29d4e27.jpg)
1 | Prior to January 29, 2020, the Driehaus Emerging Markets Opportunities Fund was known as the Driehaus Multi-Asset Growth Economies Fund. The returns for the period reflect fee waivers and/or reimbursements without which performance would have been lower. |
2 | The Morgan Stanley Capital International Emerging Markets Index-Net (MSCI Emerging Markets Index-N) is a market capitalization-weighted index designed to measure equity market performance in emerging markets. Data is in U.S. dollars and is calculated with net dividend reinvestment. Source: Morgan Stanley Capital International Inc. |
3 | The MSCI EM/JPMorgan Government Bond Index Blended Index is an equally weighted benchmark comprised of 50 percent by the Morgan Stanley Capital International Emerging Markets Index-Net (MSCI EM) and 50 percent by the JPMorgan Global Bond Index Emerging Markets Global Diversified (JPMorgan GBI). The MSCI EM is a market capitalization-weighted index designed to measure equity market performance in emerging markets and the JPMorgan GBI tracks debt instruments in the emerging markets. Source: Morgan Stanley Capital International Inc. and JPMorgan. |
Shares, Principal Amount, or Number of Contracts | Value | |
SOVEREIGN BONDS — 16.21% | ||
Brazil — 0.75% | ||
Brazil Notas do Tesouro Nacional Serie F 10.00%, 1/1/31 1 | 2,500,000 | $430,843 |
China — 4.75% | ||
China Government Bond 3.20%, 3/16/24 1 | 1,200,000 | 191,420 |
China Government Bond 3.54%, 8/16/28 1 | 2,500,000 | 410,750 |
China Government Bond 2.68%, 5/21/30 1 | 7,000,000 | 1,082,309 |
China Government Bond 3.27%, 11/19/30 1 | 6,500,000 | 1,055,047 |
2,739,526 | ||
Dominican Republic — 0.53% | ||
Dominican Republic International Bond 4.88%, 9/23/32 2 | 300,000 | 304,875 |
Egypt — 1.66% | ||
Egypt Government Bond 17.00%, 4/3/22 1 | 6,500,000 | 420,540 |
Egypt Government International Bond 6.59%, 2/21/28 2 | 550,000 | 536,261 |
956,801 | ||
Indonesia — 1.60% | ||
Indonesia Treasury Bond 8.37%, 9/15/26 1 | 3,400,000,000 | 269,435 |
Indonesia Treasury Bond 7.00%, 9/15/30 1 | 9,000,000,000 | 655,464 |
924,899 | ||
Mexico — 2.38% | ||
Banco Mercantil del Norte SA 6.63%, (U.S. Treasury Yield Curve Rate CMT 10Y + 503 basis points), 12/31/49 2,3 | 350,000 | 348,425 |
Mexican Bonos 8.50%, 11/18/38 1 | 11,000,000 | 566,075 |
Mexico Government International Bond 4.50%, 4/22/29 2 | 260,000 | 289,583 |
Petroleos Mexicanos 6.70%, 2/16/32 2 | 169,000 | 170,690 |
1,374,773 | ||
Nigeria — 0.51% | ||
Nigeria Government International Bond 7.14%, 2/23/30 2 | 300,000 | 295,680 |
Peru — 1.39% | ||
Peruvian Government International Bond 6.95%, 8/12/31 1 | 3,000,000 | 805,360 |
Shares, Principal Amount, or Number of Contracts | Value | |
Qatar — 0.78% | ||
Qatar Government International Bond 3.75%, 4/16/30 2 | 400,000 | $449,391 |
Saudi Arabia — 0.71% | ||
Saudi Government International Bond 2.75%, 2/3/32 2 | 400,000 | 412,508 |
South Africa — 0.45% | ||
Republic of South Africa Government Bond 8.50%, 1/31/37 1 | 4,900,000 | 259,943 |
Ukraine — 0.70% | ||
Ukraine Government International Bond 7.37%, 9/25/32 2 | 450,000 | 402,808 |
Total SOVEREIGN BONDS (Cost $9,296,069) | 9,357,407 | |
COMMON STOCKS — 78.65% | ||
Argentina — 0.50% | ||
MercadoLibre, Inc. 2,4,* | 214 | 288,558 |
Australia — 0.93% | ||
Lynas Rare Earths Ltd. * | 72,418 | 535,834 |
Brazil — 0.91% | ||
Vale SA - SP ADR 2,4 | 37,315 | 523,156 |
Canada — 1.91% | ||
Ivanhoe Mines Ltd. - A * | 74,200 | 605,355 |
Nutrien Ltd. 2,4 | 6,578 | 494,666 |
1,100,021 | ||
China — 14.93% | ||
Alibaba Group Holding Ltd. * | 15,213 | 231,974 |
BYD Co. Ltd. - H | 14,061 | 480,749 |
China Merchants Bank Co. Ltd. - H | 83,259 | 646,528 |
China Resources Beer Holdings Co. Ltd. | 75,810 | 620,768 |
Contemporary Amperex Technology Co. Ltd. - A | 9,508 | 877,200 |
East Money Information Co. Ltd. - A | 125,859 | 732,837 |
Ganfeng Lithium Co. Ltd. - H 5 | 24,600 | 387,099 |
JD Health International, Inc. 5,* | 172 | 1,355 |
JD.com, Inc. - ADR 2,4,* | 4,247 | 297,587 |
Li Ning Co. Ltd. | 49,684 | 543,828 |
Meituan - B 5,* | 8,052 | 232,755 |
Sungrow Power Supply Co. Ltd. - A | 13,470 | 308,147 |
Techtronic Industries Co. Ltd. | 13,000 | 258,748 |
Shares, Principal Amount, or Number of Contracts | Value | |
Tencent Holdings Ltd. | 41,753 | $2,445,995 |
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. - A | 8,072 | 553,661 |
8,619,231 | ||
Czech Republic — 1.14% | ||
Komercni banka A/S | 15,335 | 655,662 |
France — 1.14% | ||
L'Oreal SA | 1,389 | 659,355 |
India — 10.25% | ||
Apollo Hospitals Enterprise Ltd. | 7,102 | 478,978 |
Asian Paints Ltd. | 8,053 | 366,485 |
Bharti Airtel Ltd. * | 28,289 | 260,225 |
HDFC Bank Ltd. - ADR 2,4 | 11,908 | 774,854 |
Housing Development Finance Corp. Ltd. | 10,109 | 351,735 |
ICICI Bank Ltd. - SP ADR 2,4 | 53,768 | 1,064,069 |
Power Grid Corp. of India Ltd. | 167,822 | 461,458 |
Radico Khaitan Ltd. | 22,864 | 380,212 |
Reliance Industries Ltd. | 24,096 | 767,639 |
SBI Cards & Payment Services Ltd. * | 23,295 | 290,860 |
Tech Mahindra Ltd. | 30,041 | 723,609 |
5,920,124 | ||
Indonesia — 2.32% | ||
Bank Central Asia Tbk PT | 1,745,245 | 893,828 |
Bank Jago Tbk PT * | 398,378 | 446,840 |
1,340,668 | ||
Japan — 1.00% | ||
Tokyo Electron Ltd. | 1,000 | 575,573 |
Kazakhstan — 2.04% | ||
Kaspi.KZ JSC 2,5 | 6,419 | 762,449 |
NAC Kazatomprom JSC - GDR 2 | 11,303 | 415,385 |
1,177,834 | ||
Mexico — 1.58% | ||
Cemex SAB de CV - SP ADR 2,4,* | 44,146 | 299,310 |
Grupo Financiero Banorte SAB de CV - O | 94,271 | 613,126 |
912,436 | ||
Netherlands — 1.22% | ||
ASML Holding NV | 876 | 704,810 |
Qatar — 0.64% | ||
Qatar National Bank QPSC | 66,562 | 369,022 |
Russia — 3.74% | ||
LUKOIL PJSC - SP ADR 2 | 10,906 | 976,087 |
Sberbank of Russia PJSC - SP ADR 2 | 28,523 | 457,794 |
Yandex NV - A 2,4,* | 11,965 | 723,883 |
2,157,764 |
Shares, Principal Amount, or Number of Contracts | Value | |
Saudi Arabia — 1.73% | ||
Saudi Arabian Oil Co. 5 | 105,089 | $1,001,626 |
Singapore — 0.92% | ||
Sea Ltd. - ADR 2,4,* | 2,362 | 528,403 |
South Africa — 0.78% | ||
MTN Group Ltd. * | 42,189 | 451,966 |
South Korea — 10.02% | ||
Hankook Tire & Technology Co. Ltd. | 12,863 | 429,718 |
Kakao Corp. | 4,554 | 430,045 |
KB Financial Group, Inc. | 5,191 | 240,054 |
Kia Corp. | 6,212 | 428,709 |
LEENO Industrial, Inc. | 4,257 | 708,930 |
Macquarie Korea Infrastructure Fund | 44,563 | 526,928 |
Samsung Electronics Co. Ltd. | 40,096 | 2,633,304 |
SK Innovation Co. Ltd. * | 1,926 | 385,645 |
5,783,333 | ||
Taiwan — 12.65% | ||
Chailease Holding Co. Ltd. | 67,000 | 637,292 |
Delta Electronics, Inc. | 35,986 | 357,060 |
Hon Hai Precision Industry Co. Ltd. | 121,103 | 454,153 |
MediaTek, Inc. | 18,585 | 797,474 |
Sinbon Electronics Co. Ltd. | 40,136 | 411,139 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 177,668 | 3,930,194 |
Unimicron Technology Corp. | 50,311 | 418,687 |
Win Semiconductors Corp. | 22,000 | 296,853 |
7,302,852 | ||
United States — 7.07% | ||
Fluence Energy, Inc. 4,* | 389 | 13,833 |
Freeport-McMoRan, Inc. 4 | 9,712 | 405,282 |
Freshworks, Inc. - A 4,* | 8,397 | 220,505 |
Liberty Media Corp.-Liberty Formula One - C 4,* | 11,467 | 725,173 |
MELI Kaszek Pioneer Corp. - A 4,* | 18,498 | 213,837 |
NVIDIA Corp. 4 | 3,224 | 948,211 |
ROBLOX Corp. - A 4,* | 6,782 | 699,631 |
Samsonite International SA 5,* | 247,254 | 502,273 |
Unity Software, Inc. 4,* | 2,480 | 354,615 |
4,083,360 | ||
Uruguay — 1.23% | ||
Globant SA 2,4,* | 2,256 | 708,587 |
Total COMMON STOCKS (Cost $33,208,655) | 45,400,175 |
Shares, Principal Amount, or Number of Contracts | Value | ||
SHORT TERM INVESTMENTS — 4.57% | |||
Northern Institutional U.S. Government Select Portfolio (Shares Class), 0.01% 6 (Cost $2,640,635) | 2,640,635 | $2,640,635 | |
TOTAL INVESTMENTS (Cost $45,145,359) | 99.43% | $57,398,217 | |
Other Assets in Excess of Liabilities | 0.57% | 329,349 | |
Net Assets | 100.00% | $57,727,566 |
ADR | American Depositary Receipt |
CMT | Constant Maturity |
GDR | Global Depositary Receipt |
JSC | Joint Stock Company |
PJSC | Public Joint Stock Company |
SP ADR | Sponsored American Depositary Receipt |
1 | Foreign security, principal amount shown in local currency. |
2 | Foreign security denominated and/or traded in U.S. dollars. |
3 | Variable rate security. Rates disclosed as of December 31, 2021. |
4 | All or a portion of this security is pledged as collateral for short sales or derivatives transaction. |
5 | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The total value of these securities is $2,887,557, which represents 5% of Net Assets (see Note F in the Notes to Financial Statements). |
6 | 7 day current yield as of December 31, 2021 is disclosed. |
* | Non-income producing security. |
Security Type | Percent of Net Assets | |
Sovereign Bonds | 16.21% | |
Common Stocks | 78.65% | |
Short Term Investments | 4.57% | |
Total Investments | 99.43% | |
Other Assets In Excess of Liabilities | 0.57% | |
Net Assets | 100.00% |
Regional Weightings | Percent of Net Assets | |
Far East | 61.41% | |
North America | 18.04% | |
Europe | 7.94% | |
South America | 4.78% | |
Middle East | 3.86% | |
Africa | 3.40% |
Industry | Percent of Net Assets | |
Auto Components | 0.74 | |
Automobiles | 1.57 | |
Banks | 10.67 | |
Beverages | 1.74 | |
Capital Markets | 2.18 | |
Chemicals | 1.50 | |
Construction Materials | 0.52 | |
Consumer Finance | 1.82 | |
Diversified Financial Services | 1.10 | |
Electric Utilities | 0.80 | |
Electrical Equipment | 2.07 | |
Electronic Equipment, Instruments & Components | 2.85 | |
Entertainment | 3.39 | |
Health Care Providers & Services | 0.83 | |
Holding Companies - Diversified | 0.37 | |
Interactive Media & Services | 6.25 | |
Internet & Direct Marketing Retail | 1.82 |
Industry | Percent of Net Assets | |
IT Services | 2.48 | |
Machinery | 0.45 | |
Metals & Mining | 4.26 | |
Money Market Fund | 4.57 | |
Oil, Gas & Consumable Fuels | 6.14 | |
Personal Products | 1.14 | |
Pharmaceuticals | 0.96 | |
Semiconductors & Semiconductor Equipment | 13.79 | |
Software | 1.00 | |
Sovereign Bonds | 16.21 | |
Technology Hardware, Storage & Peripherals | 4.56 | |
Textiles, Apparel & Luxury Goods | 1.81 | |
Thrifts & Mortgage Finance | 0.61 | |
Wireless Telecommunication Services | 1.23 | |
Other Assets In Excess of Liabilities | 0.57 | |
TOTAL | 100.00 |
![]() | ![]() | ![]() |
Daniel Burr Portfolio Manager | David Mouser Portfolio Manager | Ryan Carpenter Assistant Portfolio Manager |
Average Annual Total Returns as of 12/31/21 | 1 Year | 3 Years | 5 Years | 10 Years |
Driehaus International Small Cap Growth Fund (DRIOX) | 12.49% | 23.92% | 17.46% | 12.54% |
MSCI AC World ex USA Small Cap Growth Index-N1 | 11.53% | 19.79% | 13.43% | 10.29% |
![](https://capedge.com/proxy/N-CSRA/0001398344-22-010186/imgfc954d6d11.jpg)
1 | The Morgan Stanley Capital International All Country World ex USA Small Cap Growth Index-Net (MSCI AC World ex USA Small Cap Growth Index-N) is a market capitalization-weighted index designed to measure equity market performance in global developed markets and emerging markets, excluding the U.S., and is composed of stocks which are categorized as small capitalization growth stocks. Data is in U.S. dollars and is calculated with net dividend reinvestment. Source: Morgan Stanley Capital International Inc. |
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 98.21% | ||
EUROPE — 70.05% | ||
United Kingdom — 23.92% | ||
888 Holdings PLC | 588,501 | $2,397,663 |
Abcam PLC * | 210,734 | 4,943,193 |
Auto Trader Group PLC 1 | 346,408 | 3,469,716 |
Bellway PLC | 73,918 | 3,337,725 |
Conduit Holdings Ltd. | 386,582 | 2,263,091 |
ConvaTec Group PLC 1 | 1,268,877 | 3,317,329 |
Cranswick PLC | 45,033 | 2,256,533 |
Electrocomponents PLC | 312,754 | 5,105,338 |
Endava PLC - SP ADR 2,* | 28,588 | 4,800,497 |
Ergomed PLC * | 86,900 | 1,764,353 |
Fevertree Drinks PLC | 88,259 | 3,231,474 |
Halfords Group PLC | 973,713 | 4,552,266 |
IMI PLC | 104,748 | 2,461,330 |
Marks & Spencer Group PLC * | 2,189,215 | 6,856,873 |
OSB Group PLC | 726,752 | 5,454,590 |
Oxford Nanopore Technologies PLC * | 219,430 | 2,073,126 |
Pets at Home Group PLC | 272,802 | 1,717,018 |
Serco Group PLC | 1,457,325 | 2,655,069 |
Synthomer PLC | 739,997 | 4,002,486 |
The Restaurant Group PLC * | 2,372,786 | 3,028,619 |
Vesuvius PLC | 404,938 | 2,467,564 |
Watches of Switzerland Group PLC 1,* | 220,751 | 4,242,925 |
WH Smith PLC * | 88,054 | 1,763,945 |
Yellow Cake PLC 1,* | 284,724 | 1,310,320 |
79,473,043 | ||
Germany — 11.04% | ||
Befesa SA 1 | 47,959 | 3,680,004 |
GFT Technologies SE | 75,965 | 3,979,392 |
Hornbach Holding AG & Co. KGaA | 44,592 | 6,696,789 |
HUGO BOSS AG | 72,241 | 4,373,039 |
Ibu-Tec Advanced Materials AG * | 27,154 | 1,390,497 |
PVA TePla AG * | 100,833 | 4,790,375 |
Sixt SE * | 14,206 | 2,506,115 |
SUESS MicroTec SE * | 138,179 | 3,292,384 |
TAG Immobilien AG | 71,732 | 2,003,638 |
VERBIO Vereinigte BioEnergie AG | 58,376 | 3,973,573 |
36,685,806 | ||
France — 6.41% | ||
Coface SA * | 427,050 | 6,092,041 |
IPSOS | 106,837 | 5,017,400 |
Lectra | 19,563 | 935,444 |
Maisons du Monde SA 1 | 74,281 | 1,721,823 |
Virbac SA | 12,842 | 6,206,452 |
Waga Energy SA * | 40,847 | 1,316,072 |
21,289,232 | ||
Switzerland — 6.29% | ||
Belimo Holding AG | 5,455 | 3,463,850 |
Shares, Principal Amount, or Number of Contracts | Value | |
Flughafen Zurich AG * | 16,708 | $3,000,488 |
Montana Aerospace AG 1,* | 78,302 | 2,904,978 |
PolyPeptide Group AG 1,* | 18,225 | 2,729,302 |
Siegfried Holding AG * | 1,823 | 1,773,354 |
Tecan Group AG | 8,521 | 5,175,367 |
Ypsomed Holding AG | 9,157 | 1,869,123 |
20,916,462 | ||
Denmark — 5.17% | ||
ISS A/S * | 189,373 | 3,590,660 |
Matas A/S | 218,214 | 4,159,130 |
Netcompany Group A/S 1 | 38,690 | 4,148,358 |
Ossur HF * | 450,158 | 2,915,116 |
Royal Unibrew A/S | 21,149 | 2,378,900 |
17,192,164 | ||
Netherlands — 3.02% | ||
Accell Group NV * | 63,905 | 3,492,280 |
Corbion NV | 49,039 | 2,313,633 |
OCI NV * | 161,830 | 4,241,284 |
10,047,197 | ||
Sweden — 2.79% | ||
Elekta AB - B | 271,379 | 3,431,187 |
Hexatronic Group AB | 72,912 | 4,040,296 |
Kindred Group PLC | 153,049 | 1,813,266 |
9,284,749 | ||
Italy — 2.23% | ||
FinecoBank Banca Fineco SpA | 96,244 | 1,685,477 |
Intercos SpA * | 160,273 | 2,565,540 |
Seco SpA * | 311,405 | 3,172,620 |
7,423,637 | ||
Austria — 2.02% | ||
BAWAG Group AG 1 | 109,649 | 6,724,919 |
Ireland — 1.86% | ||
Glanbia PLC | 260,591 | 3,699,635 |
James Hardie Industries PLC | 61,577 | 2,477,459 |
6,177,094 | ||
Finland — 1.79% | ||
Metso Outotec OYJ | 432,477 | 4,592,972 |
Tokmanni Group Corp. | 60,219 | 1,348,093 |
5,941,065 | ||
Belgium — 1.66% | ||
Bekaert SA | 36,749 | 1,637,568 |
Lotus Bakeries NV | 609 | 3,875,807 |
5,513,375 | ||
Spain — 1.45% | ||
Indra Sistemas SA * | 444,417 | 4,800,631 |
Norway — 0.40% | ||
SmartCraft ASA * | 569,124 | 1,325,794 |
Total EUROPE (Cost $190,891,906) | 232,795,168 | |
FAR EAST — 13.58% | ||
Japan — 10.80% | ||
Asics Corp. | 202,600 | 4,491,540 |
Shares, Principal Amount, or Number of Contracts | Value | |
Azbil Corp. | 92,800 | $4,232,476 |
Capcom Co. Ltd. | 48,000 | 1,130,465 |
en Japan, Inc. | 43,100 | 1,218,026 |
Fujitec Co. Ltd. | 78,850 | 1,728,175 |
Koito Manufacturing Co. Ltd. | 55,600 | 2,944,801 |
MINEBEA MITSUMI, Inc. | 85,454 | 2,428,059 |
Nichias Corp. | 71,230 | 1,718,998 |
Pola Orbis Holdings, Inc. | 75,500 | 1,258,268 |
Riken Keiki Co. Ltd. | 40,600 | 2,073,537 |
Shibaura Machine Co. Ltd. | 121,200 | 3,966,207 |
Takeuchi Manufacturing Co. Ltd. | 151,000 | 3,582,196 |
Tokai Carbon Co. Ltd. | 181,400 | 1,906,782 |
Yokogawa Electric Corp. | 177,500 | 3,203,773 |
35,883,303 | ||
Taiwan — 1.23% | ||
Giant Manufacturing Co. Ltd. | 328,589 | 4,089,615 |
Australia — 1.02% | ||
NEXTDC Ltd. * | 364,002 | 3,387,171 |
South Korea — 0.53% | ||
ST Pharm Co. Ltd. * | 15,165 | 1,773,393 |
Total FAR EAST (Cost $40,039,849) | 45,133,482 | |
NORTH AMERICA — 12.62% | ||
Canada — 12.18% | ||
Altus Group Ltd. | 91,455 | 5,131,081 |
Boardwalk REIT | 74,774 | 3,241,123 |
Cameco Corp. | 69,000 | 1,504,423 |
Converge Technology Solutions Corp. * | 551,888 | 4,742,498 |
Docebo, Inc. * | 51,066 | 3,426,200 |
Intertape Polymer Group, Inc. | 120,525 | 2,507,781 |
K92 Mining, Inc. * | 396,854 | 2,255,726 |
Kinaxis, Inc. * | 42,811 | 6,001,561 |
Parkland Corp. | 76,023 | 2,089,663 |
Pason Systems, Inc. | 200,100 | 1,825,490 |
TELUS International CDA, Inc. 2,* | 144,410 | 4,774,195 |
Tidewater Renewables Ltd. * | 84,414 | 982,311 |
Xenon Pharmaceuticals, Inc. 2,* | 63,629 | 1,987,770 |
40,469,822 | ||
Mexico — 0.44% | ||
GCC SAB de CV | 190,986 | 1,466,755 |
Total NORTH AMERICA (Cost $39,138,284) | 41,936,577 | |
SOUTH AMERICA — 1.96% | ||
Brazil — 1.96% | ||
Cyrela Brazil Realty SA Empreendimentos e Participacoes | 499,400 | 1,408,654 |
Embraer SA * | 724,800 | 3,237,270 |
Shares, Principal Amount, or Number of Contracts | Value | ||
Iochpe Maxion SA | 680,925 | $1,869,071 | |
6,514,995 | |||
Total SOUTH AMERICA (Cost $6,880,535) | 6,514,995 | ||
Total COMMON STOCKS (Cost $276,950,574) | 326,380,222 | ||
SHORT TERM INVESTMENTS — 1.63% | |||
Northern Institutional U.S. Government Select Portfolio (Shares Class), 0.01% 3 (Cost $5,404,309) | 5,404,309 | 5,404,309 | |
TOTAL INVESTMENTS (Cost $282,354,883) | 99.84% | $331,784,531 | |
Other Assets In Excess of Liabilities | 0.16% | 527,608 | |
Net Assets | 100.00% | $332,312,139 |
PLC | Public Limited Company |
REIT | Real Estate Investment Trust |
SP ADR | Sponsored American Depositary Receipt |
1 | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The total value of these securities is $34,249,674, which represents 10% of Net Assets (see Note F in the Notes to Financial Statements). |
2 | Foreign security denominated and/or traded in U.S. dollars. |
3 | 7 day current yield as of December 31, 2021 is disclosed. |
* | Non-income producing security. |
Security Type | Percent of Net Assets | |
Common Stocks | 98.21% | |
Short Term Investments | 1.63% | |
Total Investments | 99.84% | |
Other Assets In Excess of Liabilities | 0.16% | |
Net Assets | 100.00% |
Regional Weightings | Percent of Net Assets | |
Europe | 70.05% | |
North America | 14.25% | |
Far East | 13.58% | |
South America | 1.96% |
Industry | Percent of Net Assets | |
Aerospace & Defense | 1.86 | |
Auto Components | 0.89 | |
Banks | 2.53 | |
Beverages | 1.68 | |
Biotechnology | 2.09 | |
Building Products | 1.56 | |
Chemicals | 4.17 | |
Commercial Services & Supplies | 2.99 | |
Construction Materials | 1.19 | |
Containers & Packaging | 0.75 | |
Electrical Equipment | 1.22 | |
Electronic Equipment, Instruments & Components | 2.86 | |
Energy Equipment & Services | 0.55 | |
Entertainment | 0.34 | |
Food Products | 2.96 | |
Health Care Equipment & Supplies | 3.47 | |
Hotels, Restaurants & Leisure | 2.17 | |
Household Durables | 1.43 | |
Insurance | 2.51 | |
Interactive Media & Services | 1.04 | |
IT Services | 7.99 | |
Leisure Products | 2.28 | |
Life Sciences Tools & Services | 4.59 |
Industry | Percent of Net Assets | |
Machinery | 6.94 | |
Media | 1.51 | |
Metals & Mining | 1.17 | |
Money Market Fund | 1.63 | |
Multiline Retail | 2.47 | |
Oil, Gas & Consumable Fuels | 2.58 | |
Personal Products | 1.15 | |
Pharmaceuticals | 1.87 | |
Professional Services | 0.37 | |
Real Estate Investment Trusts (REITs) | 3.11 | |
Road & Rail | 0.75 | |
Semiconductors & Semiconductor Equipment | 2.43 | |
Software | 4.77 | |
Specialty Retail | 7.48 | |
Technology Hardware, Storage & Peripherals | 0.95 | |
Textiles, Apparel & Luxury Goods | 2.67 | |
Thrifts & Mortgage Finance | 1.64 | |
Trading Companies & Distributors | 1.93 | |
Transportation Infrastructure | 1.30 | |
Other Assets In Excess of Liabilities | 0.16 | |
TOTAL | 100.00 |
![]() | ![]() | |
Jeff James Lead Portfolio Manager | Michael Buck Portfolio Manager | |
![]() | ||
Prakash Vijayan Assistant Portfolio Manager |
Fund Only | Including Predecessor Limited Partnership | |||||
Average Annual Total Returns as of 12/31/21 | 1 Year | 3 Years | 5 Years | Since Inception (11/18/13 - 12/31/21) | 10 Years | |
Driehaus Micro Cap Growth Fund (DMCRX)1 | 24.73% | 45.80% | 31.97% | 23.22% | 25.66% | |
Russell Microcap® Growth Index2 | 0.88% | 20.36% | 11.78% | 8.93% | 12.65% |
![](https://capedge.com/proxy/N-CSRA/0001398344-22-010186/img1baf356415.jpg)
1 | The Driehaus Micro Cap Growth Fund (the “Fund”) performance shown above includes the performance of the Driehaus Micro Cap Fund, L.P. (the “Predecessor Limited Partnership”), one of the Fund’s predecessors, for the periods before the Fund’s registration statement became effective. The Predecessor Limited Partnership, which was established on July 1, 1996, was managed with substantially the same investment objective, policies and philosophies as are followed by the Fund. The Fund succeeded to the Predecessor Limited Partnership’s assets together with the assets of the Driehaus Institutional Micro Cap Fund, L.P. on November 18, 2013. 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 Limited Partnership had been registered under the 1940 Act, its performance may have been adversely affected. The Predecessor Limited Partnership’s performance has been restated to reflect estimated expenses of the Fund. The returns for periods prior to November 18, 2016, reflect fee waivers and/or reimbursements without which performance would have been lower. |
2 | The Russell Microcap® Growth Index measures the performance of the microcap growth segment of the U.S. equity market. It includes those Russell Microcap companies that are considered more growth oriented relative to the overall market as defined by FTSE Russell's leading style methodology. The Russell Microcap® Growth Index is constructed to provide a comprehensive and unbiased barometer for the microcap growth segment of the market. Data is calculated with net dividend reinvestment. Source: FTSE Russell. |
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 100.03% | ||
HEALTH CARE — 28.03% | ||
Biotechnology — 16.76% | ||
Apellis Pharmaceuticals, Inc. * | 34,548 | $1,633,429 |
Applied Therapeutics, Inc. * | 60,081 | 537,725 |
Avid Bioservices, Inc. * | 148,889 | 4,344,581 |
Bicycle Therapeutics PLC - ADR 1,* | 30,729 | 1,870,474 |
Biomea Fusion, Inc. * | 54,546 | 406,368 |
C4 Therapeutics, Inc. * | 47,401 | 1,526,312 |
Celldex Therapeutics, Inc. * | 67,745 | 2,617,667 |
Centessa Pharmaceuticals PLC - ADR 1,* | 66,215 | 745,581 |
Crinetics Pharmaceuticals, Inc. * | 196,370 | 5,578,872 |
Cytokinetics, Inc. * | 137,772 | 6,279,648 |
Day One Biopharmaceuticals, Inc. * | 54,040 | 910,574 |
Dynavax Technologies Corp. * | 63,541 | 894,022 |
Elevation Oncology, Inc. * | 40,276 | 242,462 |
Imago Biosciences, Inc. * | 47,547 | 1,127,339 |
Intellia Therapeutics, Inc. * | 10,471 | 1,238,091 |
IVERIC bio, Inc. * | 113,163 | 1,892,085 |
Kymera Therapeutics, Inc. * | 29,146 | 1,850,480 |
Merus NV 1,* | 95,587 | 3,039,667 |
Morphic Holding, Inc. * | 28,281 | 1,339,954 |
Natera, Inc. * | 18,382 | 1,716,695 |
Nuvalent, Inc. - A * | 80,784 | 1,538,127 |
ProQR Therapeutics NV 1,* | 223,726 | 1,792,045 |
Relay Therapeutics, Inc. * | 152,821 | 4,693,133 |
SpringWorks Therapeutics, Inc. * | 69,781 | 4,325,026 |
VectivBio Holding AG 1,* | 56,642 | 278,112 |
Xenon Pharmaceuticals, Inc. 1,* | 152,947 | 4,778,064 |
57,196,533 | ||
Health Care Technology — 3.07% | ||
EQRx, Inc. * | 172,879 | 1,179,035 |
Inspire Medical Systems, Inc. * | 9,480 | 2,180,969 |
OptimizeRx Corp. * | 57,014 | 3,541,139 |
Phreesia, Inc. * | 46,968 | 1,956,687 |
Sophia Genetics SA 1,* | 38,646 | 544,908 |
Vocera Communications, Inc. * | 16,652 | 1,079,716 |
10,482,454 | ||
Health Care Providers & Services — 2.66% | ||
AirSculpt Technologies, Inc. * | 178,141 | 3,062,244 |
Cross Country Healthcare, Inc. * | 168,035 | 4,664,652 |
RadNet, Inc. * | 44,773 | 1,348,115 |
9,075,011 | ||
Health Care Equipment & Supplies — 2.43% | ||
Alphatec Holdings, Inc. * | 152,295 | 1,740,732 |
CryoPort, Inc. * | 49,483 | 2,927,909 |
Shares, Principal Amount, or Number of Contracts | Value | |
SeaSpine Holdings Corp. * | 117,514 | $1,600,541 |
SI-BONE, Inc. * | 59,156 | 1,313,855 |
Treace Medical Concepts, Inc. * | 39,105 | 728,917 |
8,311,954 | ||
Life Sciences Tools & Services — 1.77% | ||
Codexis, Inc. * | 125,657 | 3,929,294 |
Inotiv, Inc. * | 50,228 | 2,113,092 |
6,042,386 | ||
Pharmaceuticals — 1.34% | ||
DICE Therapeutics, Inc. * | 80,299 | 2,032,367 |
EyePoint Pharmaceuticals, Inc. * | 67,845 | 830,423 |
Ventyx Biosciences, Inc. * | 85,801 | 1,704,008 |
4,566,798 | ||
Total HEALTH CARE (Cost $72,097,557) | 95,675,136 | |
INFORMATION TECHNOLOGY — 22.87% | ||
Semiconductors & Semiconductor Equipment — 10.56% | ||
Axcelis Technologies, Inc. * | 81,397 | 6,068,960 |
Camtek Ltd. 1,* | 92,640 | 4,265,146 |
Impinj, Inc. * | 89,420 | 7,931,554 |
Silicon Motion Technology Corp. - ADR 1 | 35,353 | 3,359,596 |
SiTime Corp. * | 17,410 | 5,093,121 |
SMART Global Holdings, Inc. 1,* | 70,579 | 5,010,403 |
Ultra Clean Holdings, Inc. * | 75,017 | 4,302,975 |
36,031,755 | ||
Communications Equipment — 5.41% | ||
Aviat Networks, Inc. * | 57,899 | 1,857,400 |
Calix, Inc. * | 110,888 | 8,867,714 |
Cambium Networks Corp. 1,* | 43,183 | 1,106,780 |
Clearfield, Inc. * | 47,195 | 3,984,202 |
Extreme Networks, Inc. * | 62,901 | 987,546 |
Sierra Wireless, Inc. 1,* | 93,631 | 1,649,778 |
18,453,420 | ||
IT Services — 4.41% | ||
Backblaze, Inc. * | 52,218 | 881,962 |
Endava PLC - SP ADR 1,* | 29,997 | 5,037,096 |
Grid Dynamics Holdings, Inc. * | 240,837 | 9,144,581 |
15,063,639 | ||
Software — 2.49% | ||
ChannelAdvisor Corp. * | 187,621 | 4,630,486 |
Docebo, Inc. 1,* | 57,307 | 3,860,200 |
8,490,686 | ||
Total INFORMATION TECHNOLOGY (Cost $40,534,141) | 78,039,500 |
Shares, Principal Amount, or Number of Contracts | Value | |
CONSUMER DISCRETIONARY — 19.11% | ||
Hotels, Restaurants & Leisure — 6.58% | ||
Everi Holdings, Inc. * | 215,656 | $4,604,256 |
Full House Resorts, Inc. * | 221,184 | 2,678,538 |
Golden Entertainment, Inc. * | 46,203 | 2,334,637 |
Kura Sushi USA, Inc. - A * | 36,364 | 2,939,666 |
Lindblad Expeditions Holdings, Inc. * | 81,516 | 1,271,650 |
NEOGAMES SA 1,* | 19,100 | 530,598 |
Playa Hotels & Resorts NV 1,* | 315,075 | 2,514,298 |
Portillo's, Inc. - A * | 73,892 | 2,773,906 |
Xponential Fitness, Inc. - A * | 137,779 | 2,816,203 |
22,463,752 | ||
Specialty Retail — 3.69% | ||
Arhaus, Inc. * | 155,676 | 2,062,707 |
Boot Barn Holdings, Inc. * | 63,953 | 7,869,417 |
Brilliant Earth Group, Inc. - A * | 146,793 | 2,651,081 |
12,583,205 | ||
Household Durables — 3.23% | ||
Green Brick Partners, Inc. * | 70,619 | 2,141,874 |
Skyline Champion Corp. * | 74,923 | 5,917,419 |
The Lovesac Co. * | 44,567 | 2,953,009 |
11,012,302 | ||
Internet & Direct Marketing Retail — 2.48% | ||
Liquidity Services, Inc. * | 87,983 | 1,942,665 |
PubMatic, Inc. - A * | 79,201 | 2,696,794 |
RumbleON, Inc. - B * | 43,343 | 1,799,601 |
Xometry, Inc. - A * | 39,371 | 2,017,764 |
8,456,824 | ||
Diversified Consumer Services — 1.32% | ||
European Wax Center, Inc. - A * | 148,210 | 4,498,173 |
Leisure Products — 0.99% | ||
Solo Brands, Inc. - A * | 124,460 | 1,945,310 |
Vista Outdoor, Inc. * | 31,547 | 1,453,370 |
3,398,680 | ||
Textiles, Apparel & Luxury Goods — 0.53% | ||
Movado Group, Inc. | 42,930 | 1,795,762 |
Auto Components — 0.29% | ||
XPEL, Inc. * | 14,703 | 1,003,921 |
Total CONSUMER DISCRETIONARY (Cost $44,996,011) | 65,212,619 | |
INDUSTRIALS — 9.39% | ||
Machinery — 2.44% | ||
Chart Industries, Inc. * | 10,305 | 1,643,545 |
Energy Recovery, Inc. * | 108,260 | 2,326,507 |
The Shyft Group, Inc. | 88,409 | 4,343,534 |
8,313,586 |
Shares, Principal Amount, or Number of Contracts | Value | |
Commercial Services & Supplies — 2.01% | ||
Li-Cycle Holdings Corp. 1,* | 157,710 | $1,570,792 |
Montrose Environmental Group, Inc. * | 68,537 | 4,832,544 |
Performant Financial Corp. * | 195,086 | 470,157 |
6,873,493 | ||
Trading Companies & Distributors — 1.76% | ||
BlueLinx Holdings, Inc. * | 25,434 | 2,435,560 |
H&E Equipment Services, Inc. | 42,465 | 1,879,926 |
Karat Packaging, Inc. * | 82,853 | 1,674,459 |
5,989,945 | ||
Air Freight & Logistics — 1.36% | ||
Air Transport Services Group, Inc. * | 34,308 | 1,007,969 |
Forward Air Corp. | 30,124 | 3,647,715 |
4,655,684 | ||
Construction & Engineering — 0.83% | ||
NV5 Global, Inc. * | 20,604 | 2,845,824 |
Electrical Equipment — 0.77% | ||
Vicor Corp. * | 20,697 | 2,628,105 |
Professional Services — 0.22% | ||
HireRight Holdings Corp. * | 46,496 | 743,936 |
Total INDUSTRIALS (Cost $20,373,599) | 32,050,573 | |
FINANCIALS — 7.72% | ||
Banks — 5.35% | ||
Customers Bancorp, Inc. * | 42,797 | 2,797,640 |
Live Oak Bancshares, Inc. | 55,517 | 4,846,079 |
Metropolitan Bank Holding Corp. * | 36,450 | 3,883,018 |
Silvergate Capital Corp. - A * | 14,583 | 2,161,201 |
Triumph Bancorp, Inc. * | 38,473 | 4,581,365 |
18,269,303 | ||
Thrifts & Mortgage Finance — 0.98% | ||
Meta Financial Group, Inc. | 55,936 | 3,337,142 |
Insurance — 0.87% | ||
BRP Group, Inc. - A * | 82,082 | 2,963,981 |
Capital Markets — 0.52% | ||
Cowen, Inc. - A | 48,924 | 1,766,156 |
Total FINANCIALS (Cost $11,839,076) | 26,336,582 | |
CONSUMER STAPLES — 5.98% | ||
Beverages — 2.94% | ||
Celsius Holdings, Inc. * | 71,570 | 5,336,975 |
MGP Ingredients, Inc. | 21,455 | 1,823,460 |
The Duckhorn Portfolio, Inc. * | 124,121 | 2,896,984 |
10,057,419 |
Shares, Principal Amount, or Number of Contracts | Value | |
Personal Products — 1.66% | ||
The Beauty Health Co. * | 197,966 | $4,782,859 |
Thorne HealthTech, Inc. * | 141,045 | 875,889 |
5,658,748 | ||
Food Products — 1.38% | ||
Sovos Brands, Inc. * | 192,850 | 2,902,393 |
The Real Good Food Co., Inc. * | 101,295 | 634,107 |
The Vita Coco Co., Inc. * | 104,455 | 1,166,762 |
4,703,262 | ||
Total CONSUMER STAPLES (Cost $13,548,191) | 20,419,429 | |
ENERGY — 4.98% | ||
Oil, Gas & Consumable Fuels — 3.25% | ||
Civitas Resources, Inc. | 39,092 | 1,914,335 |
Energy Fuels, Inc. 1,* | 282,902 | 2,158,542 |
Green Plains, Inc. * | 118,745 | 4,127,576 |
Matador Resources Co. | 54,034 | 1,994,935 |
Ranger Oil Corp. - A * | 33,370 | 898,321 |
11,093,709 | ||
Energy Equipment & Services — 1.73% | ||
Aspen Aerogels, Inc. * | 118,712 | 5,910,671 |
Total ENERGY (Cost $9,961,032) | 17,004,380 | |
COMMUNICATION SERVICES — 1.08% | ||
Media — 1.04% | ||
Perion Network Ltd. 1,* | 147,931 | 3,557,741 |
Entertainment — 0.04% | ||
Motorsport Games, Inc. - A * | 34,681 | 117,915 |
Total COMMUNICATION SERVICES (Cost $2,775,230) | 3,675,656 | |
MATERIALS — 0.87% | ||
Containers & Packaging — 0.87% | ||
Ranpak Holdings Corp. * | 78,968 | 2,967,617 |
Total MATERIALS (Cost $1,664,740) | 2,967,617 | |
Total COMMON STOCKS (Cost $217,789,577) | 341,381,492 | |
WARRANTS — 0.01% | ||
EQRx, Inc., Exp 12/31/2028, Strike $11.50 * | 34,575 | 35,958 |
Total WARRANTS (Cost $0) | 35,958 |
Shares, Principal Amount, or Number of Contracts | Value | ||
SHORT TERM INVESTMENTS — 0.23% | |||
Northern Institutional U.S. Government Select Portfolio (Shares Class), 0.01% 2 (Cost $762,764) | 762,764 | $762,764 | |
TOTAL INVESTMENTS (Cost $218,552,341) | 100.27% | $342,180,214 | |
Liabilities In Excess of Other Assets | (0.27)% | (910,963) | |
Net Assets | 100.00% | $341,269,251 |
ADR | American Depositary Receipt |
PLC | Public Limited Company |
SP ADR | Sponsored American Depositary Receipt |
1 | Foreign security denominated and/or traded in U.S. dollars. |
2 | 7 day current yield as of December 31, 2021 is disclosed. |
* | Non-income producing security. |
Security Type | Percent of Net Assets | |
Common Stocks | 100.03% | |
Warrants | 0.01% | |
Short Term Investments | 0.23% | |
Total Investments | 100.27% | |
Liabilities In Excess of Other Assets | (0.27)% | |
Net Assets | 100.00% |
Industry | Percent of Net Assets | |
Air Freight & Logistics | 1.36 | |
Auto Components | 0.29 | |
Banks | 5.35 | |
Beverages | 2.94 | |
Biotechnology | 16.76 | |
Capital Markets | 0.52 | |
Commercial Services & Supplies | 2.01 | |
Communications Equipment | 5.41 | |
Construction & Engineering | 0.83 | |
Containers & Packaging | 0.87 | |
Diversified Consumer Services | 1.32 | |
Electrical Equipment | 0.77 | |
Energy Equipment & Services | 1.73 | |
Entertainment | 0.04 | |
Food Products | 1.38 | |
Health Care Equipment & Supplies | 2.43 | |
Health Care Providers & Services | 2.66 | |
Health Care Technology | 3.08 | |
Hotels, Restaurants & Leisure | 6.58 | |
Household Durables | 3.23 | |
Insurance | 0.87 |
Industry | Percent of Net Assets | |
Internet & Direct Marketing Retail | 2.48 | |
IT Services | 4.41 | |
Leisure Products | 0.99 | |
Life Sciences Tools & Services | 1.77 | |
Machinery | 2.44 | |
Media | 1.04 | |
Money Market Fund | 0.23 | |
Oil, Gas & Consumable Fuels | 3.25 | |
Personal Products | 1.66 | |
Pharmaceuticals | 1.34 | |
Professional Services | 0.22 | |
Semiconductors & Semiconductor Equipment | 10.56 | |
Software | 2.49 | |
Specialty Retail | 3.69 | |
Textiles, Apparel & Luxury Goods | 0.53 | |
Thrifts & Mortgage Finance | 0.98 | |
Trading Companies & Distributors | 1.76 | |
Liabilities In Excess of Other Assets | (0.27) | |
TOTAL | 100.00 |
![]() | ![]() | |
Jeff James Lead Portfolio Manager | Michael Buck Portfolio Manager | |
![]() | ||
Prakash Vijayan Assistant Portfolio Manager |
Fund Only | Including Predecessor Limited Partnership | |||||
Average Annual Total Returns as of 12/31/21 | 1 Year | 3 Years | Since Inception (8/21/17 - 12/31/21) | 5 Years | 10 Years | |
Driehaus Small Cap Growth Fund Investor Class (DVSMX)1 | 21.12% | 40.64% | 32.34% | 30.30% | 22.34% | |
Driehaus Small Cap Growth Fund Institutional Class (DNSMX)1 | 21.44% | 41.07% | 32.72% | 30.62% | 22.49% | |
Russell 2000® Growth Index2 | 2.83% | 21.17% | 15.17% | 14.53% | 14.14% |
![](https://capedge.com/proxy/N-CSRA/0001398344-22-010186/imga4710b7216.jpg)
1 | The Driehaus Small Cap Growth Fund (“the Fund”) performance shown above includes the performance of the Driehaus Institutional Small Cap, L.P. (the “Predecessor Partnership”), one of the Fund’s predecessors, for the periods before the Fund’s registration statement became effective. The Predecessor Partnership was managed by the same investment team with substantially the same investment objective, policies and philosophies as are followed by the Fund. The Fund succeeded to the Predecessor Partnership’s assets together with the assets of the Driehaus Institutional Small Cap Recovery Fund, L.P., Driehaus Small Cap Recovery Fund, L.P. and Driehaus Small Cap Investors, L.P. (together, the “Limited Partnerships”) on August 21, 2017. The investment portfolios of the Limited Partnerships were identical and therefore had similar performance. The performance of the Predecessor Partnership is shown here because it has been in operation the longest. The Predecessor 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 Partnership had been registered under the 1940 Act, its performance may have been adversely affected. The Predecessor Partnership’s performance has not been restated to reflect estimated expenses applicable to each class of shares of the Fund. The returns reflect fee waivers and/or reimbursements without which performance would have been lower. |
2 | The Russell 2000® Growth Index measures the performance of the small cap growth segment of the US Equity universe. It includes those Russell 2000® companies with higher price-value ratio and higher forecasted growth values. The Russell 2000® Index is constructed to provide a comprehensive and unbiased barometer for the small cap growth segment of the market. Data is calculated with net dividend reinvestment. Source: FTSE Russell. |
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 99.30% | ||
INFORMATION TECHNOLOGY — 24.23% | ||
Semiconductors & Semiconductor Equipment — 14.13% | ||
Ambarella, Inc. * | 83,510 | $16,943,344 |
Axcelis Technologies, Inc. * | 143,019 | 10,663,497 |
Impinj, Inc. * | 62,476 | 5,541,621 |
Lattice Semiconductor Corp. * | 136,391 | 10,510,290 |
MaxLinear, Inc. * | 144,095 | 10,863,322 |
Silicon Motion Technology Corp. - ADR 1 | 70,236 | 6,674,527 |
SiTime Corp. * | 37,538 | 10,981,366 |
Synaptics, Inc. * | 21,502 | 6,225,044 |
Ultra Clean Holdings, Inc. * | 134,060 | 7,689,682 |
86,092,693 | ||
Software — 4.32% | ||
ChannelAdvisor Corp. * | 172,750 | 4,263,470 |
CyberArk Software Ltd. 1,* | 17,908 | 3,103,098 |
Docebo, Inc. 1,* | 98,357 | 6,625,328 |
Monday.com Ltd. 1,* | 15,783 | 4,872,528 |
Zscaler, Inc. * | 23,216 | 7,459,997 |
26,324,421 | ||
IT Services — 3.59% | ||
DigitalOcean Holdings, Inc. * | 33,017 | 2,652,256 |
Endava PLC - SP ADR 1,* | 64,479 | 10,827,314 |
Grid Dynamics Holdings, Inc. * | 221,221 | 8,399,761 |
21,879,331 | ||
Communications Equipment — 2.19% | ||
Calix, Inc. * | 166,833 | 13,341,635 |
Total INFORMATION TECHNOLOGY (Cost $92,758,780) | 147,638,080 | |
HEALTH CARE — 20.49% | ||
Biotechnology — 12.15% | ||
Beam Therapeutics, Inc. * | 26,576 | 2,117,841 |
Biohaven Pharmaceutical Holding Co. Ltd. * | 23,216 | 3,199,397 |
Blueprint Medicines Corp. * | 47,405 | 5,077,550 |
Centessa Pharmaceuticals PLC - ADR * | 120,758 | 1,359,735 |
Crinetics Pharmaceuticals, Inc. * | 193,737 | 5,504,068 |
Cytokinetics, Inc. * | 225,162 | 10,262,884 |
Halozyme Therapeutics, Inc. * | 83,342 | 3,351,182 |
Intellia Therapeutics, Inc. * | 23,955 | 2,832,439 |
Invitae Corp. * | 108,439 | 1,655,863 |
Kymera Therapeutics, Inc. * | 49,689 | 3,154,755 |
Merus NV 1,* | 78,117 | 2,484,121 |
Mirati Therapeutics, Inc. * | 25,584 | 3,752,917 |
Morphic Holding, Inc. * | 54,444 | 2,579,557 |
Natera, Inc. * | 33,260 | 3,106,151 |
Shares, Principal Amount, or Number of Contracts | Value | |
Nuvalent, Inc. - A * | 117,622 | $2,239,523 |
Relay Therapeutics, Inc. * | 284,016 | 8,722,131 |
SpringWorks Therapeutics, Inc. * | 132,544 | 8,215,077 |
Xenon Pharmaceuticals, Inc. 1,* | 141,970 | 4,435,143 |
74,050,334 | ||
Life Sciences Tools & Services — 2.82% | ||
Codexis, Inc. * | 75,562 | 2,362,824 |
Medpace Holdings, Inc. * | 49,399 | 10,751,198 |
Repligen Corp. * | 15,436 | 4,088,070 |
17,202,092 | ||
Health Care Equipment & Supplies — 1.79% | ||
AtriCure, Inc. * | 44,007 | 3,059,807 |
Inmode Ltd. 1,* | 40,777 | 2,878,041 |
Shockwave Medical, Inc. * | 27,868 | 4,969,700 |
10,907,548 | ||
Health Care Providers & Services — 1.71% | ||
AMN Healthcare Services, Inc. * | 84,886 | 10,384,105 |
Health Care Technology — 1.48% | ||
Inspire Medical Systems, Inc. * | 28,682 | 6,598,581 |
OptimizeRx Corp. * | 38,512 | 2,391,980 |
8,990,561 | ||
Pharmaceuticals — 0.54% | ||
DICE Therapeutics, Inc. * | 130,512 | 3,303,259 |
Total HEALTH CARE (Cost $102,814,045) | 124,837,899 | |
INDUSTRIALS — 18.83% | ||
Machinery — 4.09% | ||
Chart Industries, Inc. * | 17,683 | 2,820,261 |
Evoqua Water Technologies Corp. * | 143,253 | 6,697,078 |
Kornit Digital Ltd. 1,* | 61,165 | 9,312,371 |
The Shyft Group, Inc. | 123,960 | 6,090,155 |
24,919,865 | ||
Electrical Equipment — 3.81% | ||
Atkore, Inc. * | 58,657 | 6,522,072 |
Fluence Energy, Inc. * | 101,793 | 3,619,759 |
Generac Holdings, Inc. * | 7,133 | 2,510,245 |
Vicor Corp. * | 83,361 | 10,585,180 |
23,237,256 | ||
Professional Services — 2.75% | ||
Exponent, Inc. | 51,346 | 5,993,618 |
KBR, Inc. | 132,506 | 6,309,936 |
Korn Ferry | 58,338 | 4,417,937 |
16,721,491 | ||
Construction & Engineering — 1.92% | ||
Ameresco, Inc. - A * | 53,358 | 4,345,476 |
Shares, Principal Amount, or Number of Contracts | Value | |
WillScot Mobile Mini Holdings Corp. * | 180,604 | $7,375,867 |
11,721,343 | ||
Trading Companies & Distributors — 1.72% | ||
Core & Main, Inc. - A * | 206,515 | 6,265,665 |
Herc Holdings, Inc. | 26,866 | 4,205,872 |
10,471,537 | ||
Commercial Services & Supplies — 1.48% | ||
Montrose Environmental Group, Inc. * | 56,373 | 3,974,860 |
Tetra Tech, Inc. | 29,750 | 5,051,550 |
9,026,410 | ||
Road & Rail — 1.43% | ||
Saia, Inc. * | 25,855 | 8,713,911 |
Building Products — 0.63% | ||
Armstrong World Industries, Inc. | 33,054 | 3,838,231 |
Aerospace & Defense — 0.61% | ||
Axon Enterprise, Inc. * | 23,655 | 3,713,835 |
Air Freight & Logistics — 0.39% | ||
Forward Air Corp. | 19,509 | 2,362,345 |
Total INDUSTRIALS (Cost $86,115,848) | 114,726,224 | |
CONSUMER DISCRETIONARY — 15.28% | ||
Household Durables — 4.13% | ||
Century Communities, Inc. | 88,004 | 7,197,847 |
Installed Building Products, Inc. | 47,180 | 6,591,990 |
Skyline Champion Corp. * | 143,683 | 11,348,083 |
25,137,920 | ||
Hotels, Restaurants & Leisure — 3.32% | ||
Dutch Bros, Inc. - A * | 59,986 | 3,053,887 |
Everi Holdings, Inc. * | 114,028 | 2,434,498 |
Krispy Kreme, Inc. | 181,745 | 3,438,615 |
Papa John's International, Inc. | 36,695 | 4,897,682 |
SeaWorld Entertainment, Inc. * | 98,816 | 6,409,206 |
20,233,888 | ||
Specialty Retail — 2.42% | ||
Boot Barn Holdings, Inc. * | 97,636 | 12,014,110 |
National Vision Holdings, Inc. * | 56,934 | 2,732,262 |
14,746,372 | ||
Leisure Products — 2.11% | ||
Callaway Golf Co. * | 84,877 | 2,329,025 |
Hayward Holdings, Inc. * | 245,186 | 6,431,229 |
Latham Group, Inc. * | 163,978 | 4,104,369 |
12,864,623 | ||
Auto Components — 1.44% | ||
Fox Factory Holding Corp. * | 21,016 | 3,574,821 |
Shares, Principal Amount, or Number of Contracts | Value | |
Gentherm, Inc. * | 60,080 | $5,220,952 |
8,795,773 | ||
Textiles, Apparel & Luxury Goods — 1.26% | ||
Crocs, Inc. * | 59,930 | 7,684,225 |
Internet & Direct Marketing Retail — 0.60% | ||
Revolve Group, Inc. * | 65,472 | 3,669,051 |
Total CONSUMER DISCRETIONARY (Cost $74,741,750) | 93,131,852 | |
FINANCIALS — 7.91% | ||
Banks — 5.05% | ||
Customers Bancorp, Inc. * | 76,705 | 5,014,206 |
Live Oak Bancshares, Inc. | 88,968 | 7,766,017 |
Silvergate Capital Corp. - A * | 36,349 | 5,386,922 |
The Bancorp, Inc. * | 103,047 | 2,608,120 |
Triumph Bancorp, Inc. * | 83,969 | 9,999,028 |
30,774,293 | ||
Insurance — 1.49% | ||
BRP Group, Inc. - A * | 95,352 | 3,443,161 |
Kinsale Capital Group, Inc. | 23,649 | 5,625,860 |
9,069,021 | ||
Capital Markets — 1.37% | ||
CI Financial Corp. 1 | 224,086 | 4,683,397 |
StepStone Group, Inc. - A | 88,977 | 3,698,774 |
8,382,171 | ||
Total FINANCIALS (Cost $40,144,951) | 48,225,485 | |
CONSUMER STAPLES — 3.94% | ||
Beverages — 2.81% | ||
Celsius Holdings, Inc. * | 147,241 | 10,979,761 |
The Duckhorn Portfolio, Inc. * | 264,357 | 6,170,093 |
17,149,854 | ||
Personal Products — 1.13% | ||
The Beauty Health Co. * | 284,156 | 6,865,209 |
Total CONSUMER STAPLES (Cost $19,521,553) | 24,015,063 | |
ENERGY — 3.59% | ||
Oil, Gas & Consumable Fuels — 2.78% | ||
Cameco Corp. 1 | 200,898 | 4,381,585 |
Green Plains, Inc. * | 75,104 | 2,610,615 |
Magnolia Oil & Gas Corp. - A | 302,682 | 5,711,609 |
Matador Resources Co. | 114,018 | 4,209,545 |
16,913,354 | ||
Energy Equipment & Services — 0.81% | ||
Aspen Aerogels, Inc. * | 99,106 | 4,934,488 |
Total ENERGY (Cost $19,311,436) | 21,847,842 |
Shares, Principal Amount, or Number of Contracts | Value | ||
MATERIALS — 3.44% | |||
Metals & Mining — 1.44% | |||
MP Materials Corp. * | 192,408 | $8,739,171 | |
Chemicals — 1.06% | |||
Livent Corp. * | 265,715 | 6,478,132 | |
Construction Materials — 0.94% | |||
Summit Materials, Inc. - A * | 142,944 | 5,737,772 | |
Total MATERIALS (Cost $16,964,527) | 20,955,075 | ||
COMMUNICATION SERVICES — 1.59% | |||
Interactive Media & Services — 1.59% | |||
Cargurus, Inc. * | 118,708 | 3,993,337 | |
ZipRecruiter, Inc. - A * | 227,905 | 5,683,951 | |
9,677,288 | |||
Total COMMUNICATION SERVICES (Cost $10,536,924) | 9,677,288 | ||
Total COMMON STOCKS (Cost $462,909,814) | 605,054,808 | ||
SHORT TERM INVESTMENTS — 0.64% | |||
Northern Institutional U.S. Government Select Portfolio (Shares Class), 0.01% 2 (Cost $3,893,758) | 3,893,758 | 3,893,758 | |
TOTAL INVESTMENTS (Cost $466,803,572) | 99.94% | $608,948,566 | |
Other Assets In Excess of Liabilities | 0.06% | 363,075 | |
Net Assets | 100.00% | $609,311,641 |
ADR | American Depositary Receipt |
PLC | Public Limited Company |
SP ADR | Sponsored American Depositary Receipt |
1 | Foreign security denominated and/or traded in U.S. dollars. |
2 | 7 day current yield as of December 31, 2021 is disclosed. |
* | Non-income producing security. |
Security Type | Percent of Net Assets | |
Common Stocks | 99.30% | |
Short Term Investments | 0.64% | |
Total Investments | 99.94% | |
Other Assets In Excess of Liabilities | 0.06% | |
Net Assets | 100.00% |
Industry | Percent of Net Assets | |
Aerospace & Defense | 0.61 | |
Air Freight & Logistics | 0.39 | |
Auto Components | 1.44 | |
Banks | 5.05 | |
Beverages | 2.81 | |
Biotechnology | 12.15 | |
Building Products | 0.63 | |
Capital Markets | 1.37 | |
Chemicals | 1.06 | |
Commercial Services & Supplies | 1.48 | |
Communications Equipment | 2.19 | |
Construction & Engineering | 1.92 | |
Construction Materials | 0.94 | |
Electrical Equipment | 3.81 | |
Energy Equipment & Services | 0.81 | |
Health Care Equipment & Supplies | 1.79 | |
Health Care Providers & Services | 1.71 | |
Health Care Technology | 1.48 | |
Hotels, Restaurants & Leisure | 3.32 | |
Household Durables | 4.13 | |
Insurance | 1.49 |
Industry | Percent of Net Assets | |
Interactive Media & Services | 1.59 | |
Internet & Direct Marketing Retail | 0.60 | |
IT Services | 3.59 | |
Leisure Products | 2.11 | |
Life Sciences Tools & Services | 2.82 | |
Machinery | 4.09 | |
Metals & Mining | 1.44 | |
Money Market Fund | 0.64 | |
Oil, Gas & Consumable Fuels | 2.78 | |
Personal Products | 1.13 | |
Pharmaceuticals | 0.54 | |
Professional Services | 2.75 | |
Road & Rail | 1.43 | |
Semiconductors & Semiconductor Equipment | 14.13 | |
Software | 4.32 | |
Specialty Retail | 2.42 | |
Textiles, Apparel & Luxury Goods | 1.26 | |
Trading Companies & Distributors | 1.72 | |
Other Assets In Excess of Liabilities | 0.06 | |
TOTAL | 100.00 |
![]() | ![]() |
Jeff James Lead Portfolio Manager | Michael Buck Portfolio Manager |
![]() | |
Prakash Vijayan Assistant Portfolio Manager |
Average Annual Total Returns as of 12/31/21 | 1 Year | Since Inception (5/1/20 - 12/31/21) |
Driehaus Small/Mid Cap Growth Fund (DSMDX)1 | 18.32% | 54.17% |
Russell 2500® Growth Index2 | 5.04% | 35.24% |
![](https://capedge.com/proxy/N-CSRA/0001398344-22-010186/imgf29e15a017.jpg)
1 | The returns for the period reflect fee waivers and/or reimbursements without which performance would have been lower. |
2 | The Russell 2500® Growth Index measures the performance of the small to midcap growth segment of the US Equity universe. It measures the performance of those Russell 2500® Index companies with higher growth earning potential as defined by FTSE Russell’s leading style methodology. The Russell 2500® Growth Index is constructed to provide a comprehensive and unbiased barometer for the small to midcap growth segment of the market. Data is calculated with net dividend reinvestment. Source: FTSE Russell. |
Shares, Principal Amount, or Number of Contracts | Value | |
COMMON STOCKS — 99.47% | ||
INFORMATION TECHNOLOGY — 27.49% | ||
Semiconductors & Semiconductor Equipment — 13.88% | ||
Ambarella, Inc. * | 3,228 | $654,929 |
Axcelis Technologies, Inc. * | 2,625 | 195,720 |
Enphase Energy, Inc. * | 1,861 | 340,451 |
Lattice Semiconductor Corp. * | 4,545 | 350,238 |
MaxLinear, Inc. * | 3,890 | 293,267 |
Monolithic Power Systems, Inc. | 256 | 126,293 |
ON Semiconductor Corp. * | 7,809 | 530,387 |
SiTime Corp. * | 1,237 | 361,872 |
Synaptics, Inc. * | 645 | 186,734 |
Wolfspeed, Inc. * | 1,590 | 177,714 |
3,217,605 | ||
IT Services — 5.94% | ||
DigitalOcean Holdings, Inc. * | 904 | 72,618 |
Endava PLC - SP ADR 1,* | 2,028 | 340,542 |
EPAM System, Inc. * | 235 | 157,086 |
Globant SA 1,* | 1,399 | 439,412 |
MongoDB, Inc. * | 692 | 366,310 |
1,375,968 | ||
Software — 4.55% | ||
Bill.com Holdings, Inc. * | 1,194 | 297,485 |
CyberArk Software Ltd. 1,* | 688 | 119,217 |
HubSpot, Inc. * | 176 | 116,010 |
Monday.com Ltd. 1,* | 604 | 186,467 |
Zscaler, Inc. * | 1,040 | 334,183 |
1,053,362 | ||
Communications Equipment — 2.43% | ||
Calix, Inc. * | 7,030 | 562,189 |
Electronic Equipment, Instruments & Components — 0.69% | ||
Trimble, Inc. * | 1,848 | 161,127 |
Total INFORMATION TECHNOLOGY (Cost $4,126,075) | 6,370,251 | |
HEALTH CARE — 20.49% | ||
Biotechnology — 8.97% | ||
Alnylam Pharmaceuticals, Inc. * | 1,115 | 189,082 |
Argenx SE - ADR 1,* | 284 | 99,454 |
Ascendis Pharma A/S - ADR 1,* | 473 | 63,633 |
Biohaven Pharmaceutical Holding Co. Ltd. * | 1,211 | 166,888 |
Blueprint Medicines Corp. * | 1,554 | 166,449 |
Exact Sciences Corp. * | 901 | 70,125 |
Halozyme Therapeutics, Inc. * | 3,255 | 130,884 |
Horizon Therapeutics PLC * | 1,787 | 192,567 |
Intellia Therapeutics, Inc. * | 918 | 108,544 |
Kymera Therapeutics, Inc. * | 2,105 | 133,646 |
Mirati Therapeutics, Inc. * | 1,015 | 148,890 |
Shares, Principal Amount, or Number of Contracts | Value | |
Natera, Inc. * | 1,287 | $120,193 |
Relay Therapeutics, Inc. * | 5,989 | 183,922 |
SpringWorks Therapeutics, Inc. * | 4,916 | 304,694 |
2,078,971 | ||
Life Sciences Tools & Services — 5.23% | ||
Bio-Techne Corp. | 624 | 322,820 |
ICON PLC 1,* | 372 | 115,208 |
Medpace Holdings, Inc. * | 1,889 | 411,122 |
PerkinElmer, Inc. | 1,019 | 204,880 |
Repligen Corp. * | 591 | 156,521 |
1,210,551 | ||
Health Care Equipment & Supplies — 2.73% | ||
Insulet Corp. * | 1,024 | 272,456 |
Shockwave Medical, Inc. * | 1,395 | 248,770 |
Tandem Diabetes Care, Inc. * | 746 | 112,288 |
633,514 | ||
Health Care Providers & Services — 1.86% | ||
AMN Healthcare Services, Inc. * | 3,528 | 431,580 |
Health Care Technology — 1.09% | ||
Inspire Medical Systems, Inc. * | 1,095 | 251,916 |
Pharmaceuticals — 0.61% | ||
Arvinas, Inc. * | 1,729 | 142,020 |
Total HEALTH CARE (Cost $4,169,902) | 4,748,552 | |
INDUSTRIALS — 19.28% | ||
Machinery — 4.52% | ||
Chart Industries, Inc. * | 772 | 123,126 |
ITT, Inc. | 1,372 | 140,205 |
Kornit Digital Ltd. 1,* | 2,144 | 326,424 |
Nordson Corp. | 807 | 206,003 |
The Middleby Corp. * | 1,280 | 251,853 |
1,047,611 | ||
Trading Companies & Distributors — 3.83% | ||
Core & Main, Inc. - A * | 10,195 | 309,316 |
Triton International Ltd. | 1,934 | 116,485 |
United Rentals, Inc. * | 651 | 216,321 |
Watsco, Inc. | 781 | 244,359 |
886,481 | ||
Electrical Equipment — 3.81% | ||
Acuity Brands, Inc. | 1,067 | 225,905 |
Regal Rexnord Corp. | 1,559 | 265,311 |
Vicor Corp. * | 3,086 | 391,860 |
883,076 | ||
Road & Rail — 1.84% | ||
Hertz Global Holdings, Inc. * | 4,725 | 118,078 |
Knight-Swift Transportation Holdings, Inc. | 1,838 | 112,008 |
Shares, Principal Amount, or Number of Contracts | Value | |
Old Dominion Freight Line, Inc. | 549 | $196,750 |
426,836 | ||
Construction & Engineering — 1.77% | ||
Quanta Services, Inc. | 1,018 | 116,724 |
WillScot Mobile Mini Holdings Corp. * | 7,166 | 292,659 |
409,383 | ||
Air Freight & Logistics — 1.19% | ||
GXO Logistics, Inc. * | 3,042 | 276,305 |
Commercial Services & Supplies — 0.87% | ||
Tetra Tech, Inc. | 1,187 | 201,552 |
Professional Services — 0.87% | ||
Exponent, Inc. | 1,723 | 201,126 |
Aerospace & Defense — 0.58% | ||
Axon Enterprise, Inc. * | 860 | 135,020 |
Total INDUSTRIALS (Cost $3,643,276) | 4,467,390 | |
CONSUMER DISCRETIONARY — 17.20% | ||
Textiles, Apparel & Luxury Goods — 4.24% | ||
Capri Holdings Ltd. 1,* | 2,045 | 132,741 |
Crocs, Inc. * | 2,555 | 327,602 |
Deckers Outdoor Corp. * | 461 | 168,869 |
On Holding AG - A 1,* | 3,258 | 123,185 |
Under Armour, Inc. - A * | 10,830 | 229,488 |
981,885 | ||
Household Durables — 3.33% | ||
Skyline Champion Corp. * | 4,181 | 330,215 |
Toll Brothers, Inc. | 3,545 | 256,623 |
TopBuild Corp. * | 668 | 184,308 |
771,146 | ||
Hotels, Restaurants & Leisure — 3.05% | ||
Caesars Entertainment, Inc. * | 1,290 | 120,654 |
Planet Fitness, Inc. - A * | 2,004 | 181,522 |
SeaWorld Entertainment, Inc. * | 3,464 | 224,675 |
Vail Resorts, Inc. | 548 | 179,689 |
706,540 | ||
Specialty Retail — 1.76% | ||
Ulta Beauty, Inc. * | 989 | 407,804 |
Auto Components — 1.75% | ||
Fox Factory Holding Corp. * | 1,135 | 193,064 |
Gentherm, Inc. * | 2,441 | 212,123 |
405,187 | ||
Leisure Products — 1.31% | ||
Callaway Golf Co. * | 3,877 | 106,385 |
Hayward Holdings, Inc. * | 7,576 | 198,718 |
305,103 |
Shares, Principal Amount, or Number of Contracts | Value | |
Distributors — 1.26% | ||
LKQ Corp. | 4,872 | $292,466 |
Internet & Direct Marketing Retail — 0.50% | ||
Revolve Group, Inc. * | 2,075 | 116,283 |
Total CONSUMER DISCRETIONARY (Cost $3,385,117) | 3,986,414 | |
FINANCIALS — 3.99% | ||
Banks — 2.87% | ||
Signature Bank | 1,179 | 381,371 |
SVB Financial Group * | 421 | 285,539 |
666,910 | ||
Insurance — 1.12% | ||
Kinsale Capital Group, Inc. | 660 | 157,008 |
Ryan Specialty Group Holdings, Inc. - A * | 2,529 | 102,045 |
259,053 | ||
Total FINANCIALS (Cost $662,500) | 925,963 | |
MATERIALS — 3.67% | ||
Chemicals — 1.53% | ||
Albemarle Corp. | 1,041 | 243,355 |
CF Industries Holdings, Inc. | 1,577 | 111,620 |
354,975 | ||
Construction Materials — 1.10% | ||
Summit Materials, Inc. - A * | 6,346 | 254,728 |
Metals & Mining — 1.04% | ||
MP Materials Corp. * | 5,281 | 239,863 |
Total MATERIALS (Cost $693,405) | 849,566 | |
ENERGY — 2.64% | ||
Oil, Gas & Consumable Fuels — 2.64% | ||
Callon Petroleum Co. * | 1,981 | 93,602 |
Cameco Corp. 1 | 10,574 | 230,619 |
Diamondback Energy, Inc. | 2,663 | 287,205 |
611,426 | ||
Total ENERGY (Cost $579,418) | 611,426 | |
COMMUNICATION SERVICES — 2.25% | ||
Entertainment — 1.31% | ||
Endeavor Group Holdings, Inc. * | 5,449 | 190,116 |
Warner Music Group Corp. - A | 2,594 | 112,009 |
302,125 | ||
Interactive Media & Services — 0.94% | ||
Cargurus, Inc. * | 3,016 | 101,458 |
Shares, Principal Amount, or Number of Contracts | Value | ||
ZipRecruiter, Inc. - A * | 4,699 | $117,193 | |
218,651 | |||
Total COMMUNICATION SERVICES (Cost $519,645) | 520,776 | ||
CONSUMER STAPLES — 1.94% | |||
Beverages — 1.05% | |||
Celsius Holdings, Inc. * | 3,256 | 242,800 | |
Personal Products — 0.89% | |||
Olaplex Holdings, Inc. * | 7,105 | 206,968 | |
Total CONSUMER STAPLES (Cost $390,108) | 449,768 | ||
REAL ESTATE — 0.52% | |||
Real Estate Management & Development — 0.52% | |||
Jones Lang LaSalle, Inc. * | 450 | 121,203 | |
Total REAL ESTATE (Cost $119,477) | 121,203 | ||
Total COMMON STOCKS (Cost $18,288,923) | 23,051,309 | ||
SHORT TERM INVESTMENTS — 1.21% | |||
Northern Institutional Government Portfolio (Shares Class), 0.00% 2 (Cost $279,442) | 279,442 | 279,442 | |
TOTAL INVESTMENTS (Cost $18,568,365) | 100.68% | $23,330,751 | |
Liabilities In Excess of Other Assets | (0.68)% | (157,002) | |
Net Assets | 100.00% | $23,173,749 |
ADR | American Depositary Receipt |
PLC | Public Limited Company |
SP ADR | Sponsored American Depositary Receipt |
1 | Foreign security denominated and/or traded in U.S. dollars. |
2 | 7 day current yield as of December 31, 2021 is disclosed. |
* | Non-income producing security. |
Security Type | Percent of Net Assets | |
Common Stocks | 99.47% | |
Short Term Investments | 1.21% | |
Total Investments | 100.68% | |
Liabilities In Excess of Other Assets | (0.68)% | |
Net Assets | 100.00% |
Industry | Percent of Net Assets | |
Aerospace & Defense | 0.58 | |
Air Freight & Logistics | 1.19 | |
Auto Components | 1.75 | |
Banks | 2.87 | |
Beverages | 1.05 | |
Biotechnology | 8.97 | |
Chemicals | 1.53 | |
Commercial Services & Supplies | 0.87 | |
Communications Equipment | 2.43 | |
Construction & Engineering | 1.77 | |
Construction Materials | 1.10 | |
Distributors | 1.26 | |
Electrical Equipment | 3.81 | |
Electronic Equipment, Instruments & Components | 0.69 | |
Entertainment | 1.31 | |
Health Care Equipment & Supplies | 2.73 | |
Health Care Providers & Services | 1.86 | |
Health Care Technology | 1.09 | |
Hotels, Restaurants & Leisure | 3.05 | |
Household Durables | 3.33 | |
Insurance | 1.12 | |
Interactive Media & Services | 0.94 |
Industry | Percent of Net Assets | |
Internet & Direct Marketing Retail | 0.50 | |
IT Services | 5.94 | |
Leisure Products | 1.31 | |
Life Sciences Tools & Services | 5.23 | |
Machinery | 4.52 | |
Metals & Mining | 1.04 | |
Money Market Fund | 1.21 | |
Oil, Gas & Consumable Fuels | 2.64 | |
Personal Products | 0.89 | |
Pharmaceuticals | 0.61 | |
Professional Services | 0.87 | |
Real Estate Management & Development | 0.52 | |
Road & Rail | 1.84 | |
Semiconductors & Semiconductor Equipment | 13.88 | |
Software | 4.55 | |
Specialty Retail | 1.76 | |
Textiles, Apparel & Luxury Goods | 4.24 | |
Trading Companies & Distributors | 3.83 | |
Liabilities In Excess of Other Assets | (0.68) | |
TOTAL | 100.00 |
![]() | ![]() | ![]() |
Michael Caldwell Portfolio Manager | Tom McCauley Portfolio Manager | Yoav Sharon Portfolio Manager |
Average Annual Total Returns as of 12/31/21 | 1 Year | 3 Years | 5 Years | Since Inception (8/26/13 - 12/31/21) |
Driehaus Event Driven Fund (DEVDX)1 | 7.29% | 16.96% | 9.89% | 6.86% |
S&P 500 Index2 | 28.71% | 26.07% | 18.47% | 15.67% |
FTSE 3-Month T-Bill Index3 | 0.05% | 0.96% | 1.11% | 0.71% |
![](https://capedge.com/proxy/N-CSRA/0001398344-22-010186/img511ff86321.jpg)
1 | The returns for the periods prior to March 1, 2014, reflect fee waivers and/or reimbursements without which performance would have been lower. |
2 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity and industry group. It is a market-weighted index, with each stock’s weight in the index proportionate to its market value. |
3 | The FTSE 3-Month T-Bill Index is designed to mirror the performance of the 3-month U.S. Treasury Bill. The FTSE 3-Month T-Bill Index is unmanaged and its returns reflect reinvestment of all distributions and changes in market prices. |
Shares, Principal Amount, or Number of Contracts | Value | |
CORPORATE BONDS — 21.08% | ||
Auto Manufacturers — 2.80% | ||
Mclaren Finance PLC 7.50%, 8/1/26 1,2,3 | $5,659,000 | $5,708,516 |
Diversified Financial Services — 2.14% | ||
Home Point Capital, Inc. 5.00%, 2/1/26 1,2 | 4,698,000 | 4,357,395 |
Electric — 2.41% | ||
Vistra Corp. 8.00%, (U.S. Treasury Yield Curve Rate CMT 5Y + 693 basis points), 10/15/26 1,4,5 | 645,000 | 682,087 |
Vistra Corp. 7.00%, (U.S. Treasury Yield Curve Rate CMT 5Y + 574 basis points), 12/15/26 1,4,5 | 4,184,000 | 4,237,932 |
4,920,019 | ||
Entertainment — 6.52% | ||
AMC Entertainment Holdings, Inc. 10.50%, 4/15/25 1 | 349,000 | 371,685 |
AMC Entertainment Holdings, Inc. 10.50%, 4/24/26 1 | 1,369,000 | 1,454,563 |
AMC Entertainment Holdings, Inc. 10.00%, 6/15/26 1 | 3,510,000 | 3,469,635 |
Cinemark USA, Inc. 5.25%, 7/15/28 1,2 | 8,181,000 | 7,976,475 |
13,272,358 | ||
Lodging — 1.71% | ||
Arrow Bidco LLC 9.50%, 3/15/24 1,2 | 3,410,000 | 3,482,463 |
Pharmaceuticals — 1.67% | ||
Curaleaf Holdings, Inc. 8.00%, 12/15/26 1,3 | 3,375,000 | 3,404,531 |
Retail — 1.90% | ||
Guitar Center, Inc. 8.50%, 1/15/26 1,2 | 3,600,000 | 3,862,728 |
Trucking & Leasing — 1.93% | ||
Fortress Transportation and Infrastructure Investors LLC 9.75%, 8/1/27 1,2 | 3,503,000 | 3,923,360 |
Total CORPORATE BONDS (Cost $42,429,132) | 42,931,370 | |
COMMON STOCKS — 67.08% | ||
Auto Parts & Equipment — 2.33% | ||
Holley, Inc. 2,* | 364,894 | 4,739,973 |
Banks — 9.79% | ||
Blue Foundry Bancorp 2,* | 344,574 | 5,041,118 |
Eastern Bankshares, Inc. 2 | 292,717 | 5,904,102 |
HarborOne Bancorp, Inc. 2 | 242,755 | 3,602,484 |
Shares, Principal Amount, or Number of Contracts | Value | |
Kearny Financial Corp./MD 2 | 406,620 | $5,387,715 |
19,935,419 | ||
Biotechnology — 14.58% | ||
Arena Pharmaceuticals, Inc. * | 32,949 | 3,062,280 |
Ascendis Pharma A/S - ADR 2,3,* | 13,514 | 1,818,038 |
Crinetics Pharmaceuticals, Inc. 2,* | 290,406 | 8,250,434 |
DICE Therapeutics, Inc. 2,* | 77,220 | 1,954,438 |
Elevation Oncology, Inc. * | 366,814 | 2,208,217 |
EQRx, Inc. * | 147,878 | 1,008,528 |
Relay Therapeutics, Inc. 2,* | 182,698 | 5,610,656 |
Sema4 Holdings Corp. * | 112,852 | 503,320 |
SpringWorks Therapeutics, Inc. 2,* | 45,000 | 2,789,100 |
Xenon Pharmaceuticals, Inc. 2,3,* | 79,707 | 2,490,047 |
29,695,058 | ||
Engineering & Construction — 3.38% | ||
WillScot Mobile Mini Holdings Corp. 2,* | 168,662 | 6,888,156 |
Entertainment — 4.63% | ||
Golden Entertainment, Inc. 2,* | 186,492 | 9,423,441 |
Food — 0.91% | ||
US Foods Holding Corp. 2,* | 53,000 | 1,845,990 |
Healthcare - Products — 1.38% | ||
Minerva Surgical, Inc. * | 21,917 | 112,653 |
SeaSpine Holdings Corp. * | 91,750 | 1,249,635 |
SomaLogic, Inc. 2,* | 124,795 | 1,452,614 |
2,814,902 | ||
Healthcare - Services — 1.06% | ||
Invitae Corp. 2,* | 141,171 | 2,155,681 |
Holding Companies - Diversified — 14.13% | ||
Class Acceleration Corp. - A 6,* | 108,472 | 1,053,263 |
Corazon Capital V838 Monoceros Corp. - A 2,6,* | 189,734 | 1,834,728 |
DA32 Life Science Tech Acquisition Corp. - A 6,* | 256,200 | 2,513,322 |
EJF Acquisition Corp. - A 2,6,* | 330,122 | 3,278,111 |
First Light Acquisition Group, Inc. - A 6,* | 386,250 | 3,789,113 |
Flag U Founders 6,*,^ | 24,357 | — |
FTAC Zeus Acquisition Corp. 6,* | 133,692 | 1,336,920 |
Jack Creek Investment Corp. - A 6,* | 302,994 | 2,957,221 |
L&F Acquisition Corp. - A 2,6,* | 185,742 | 1,862,992 |
Live Oak Mobility Acquisition Corp. 6,* | 28,843 | 288,430 |
Live Oak Mobility Acquisition Corp. - A 2,6,* | 185,419 | 1,811,544 |
Shares, Principal Amount, or Number of Contracts | Value | |
Logistics Innovation Technologies Corp. - A 6,* | 192,225 | $1,858,816 |
Senior Connect Acquisition Corp. I - A 2,6,* | 190,710 | 1,857,515 |
Tekkorp Digital Acquisition Corp. - A 2,6,* | 189,734 | 1,884,059 |
Tishman Speyer Innovation Corp. II - A 2,6,* | 184,448 | 1,798,368 |
Z-Work Acquisition Corp. - A 6,* | 67,660 | 658,332 |
28,782,734 | ||
Internet — 0.85% | ||
Solo Brands, Inc. - A 2,* | 110,977 | 1,734,570 |
Media — 1.07% | ||
Altice USA, Inc. - A 2,* | 134,395 | 2,174,511 |
Metal Fabricate/Hardware — 1.94% | ||
Hillman Solutions Corp. 2,* | 368,616 | 3,962,622 |
Pharmaceuticals — 1.74% | ||
Curaleaf Holdings, Inc. * | 133,228 | 1,199,052 |
Cytokinetics, Inc. * | 51,359 | 2,340,943 |
3,539,995 | ||
Retail — 0.41% | ||
Cannae Holdings, Inc. * | 24,052 | 845,428 |
Savings & Loans — 2.43% | ||
Berkshire Hills Bancorp, Inc. 2 | 173,918 | 4,944,489 |
Telecommunications — 3.06% | ||
Telephone and Data Systems, Inc. 2 | 157,504 | 3,173,706 |
T-Mobile US, Inc. 2,* | 26,294 | 3,049,578 |
6,223,284 | ||
Transportation — 3.39% | ||
Air Transport Services Group, Inc. 2,* | 157,288 | 4,621,121 |
XPO Logistics, Inc. 2,* | 29,442 | 2,279,694 |
6,900,815 | ||
Total COMMON STOCKS (Cost $125,567,400) | 136,607,068 | |
PRIVATE INVESTMENT IN PUBLIC EQUITY (PIPES) — 1.42% | ||
Healthcare - Products — 0.75% | ||
SomaLogic, Inc. * | 131,600 | 1,531,824 |
Biotechnology — 0.67% | ||
Sema4 Holdings Corp. * | 67,000 | 298,820 |
EQRx, Inc. * | 153,962 | 1,050,021 |
Total PRIVATE INVESTMENT IN PUBLIC EQUITY (PIPES) (Cost $3,525,620) | 2,880,665 | |
PREFERRED STOCKS — 3.46% | ||
Retail — 1.75% | ||
Qurate Retail, Inc. 8.00%, 7 | 34,496 | 3,560,677 |
Shares, Principal Amount, or Number of Contracts | Value | |
Telecommunications — 1.71% | ||
Telephone and Data Systems, Inc. | 22,999 | $631,552 |
Telephone and Data Systems, Inc. 1.50%, 7 | 107,525 | 2,860,165 |
3,491,717 | ||
Total PREFERRED STOCKS (Cost $6,752,973) | 7,052,394 | |
WARRANTS — 0.46% | ||
Class Acceleration Corp. - A, Exp. 03/31/2028, Strike $11.50 * | 54,236 | 27,606 |
Corazon Capital V838 Monoceros Corp. - A, Exp. 12/31/2028, Strike $11.50 * | 53,713 | 37,062 |
Deep Lake Capital Acquisition Corp. - B, Exp. 12/31/2027, Strike $11.50 * | 10,795 | 6,692 |
EJF Acquisition Corp. - A, Exp. 12/31/2027, Strike $11.50 * | 110,040 | 141,952 |
EQRx, Inc., Exp. 12/31/2028, Strike $11.50 * | 26,680 | 27,747 |
First Light Acquisition Group, Inc., Exp. 10/07/2023, Strike $11.50 * | 193,125 | 96,582 |
Jack Creek Investment Corp., Exp. 12/31/2027, Strike $11.50 * | 151,497 | 81,778 |
L&F Acquisition Corp. - A, Exp. 05/23/2027, Strike $11.50 * | 65,250 | 45,603 |
Live Oak Mobility Acquisition Corp., Exp. 03/04/2028, Strike $11.50 * | 37,083 | 42,645 |
Logistics Innovation Technologies Corp., Exp. 06/15/2028, Strike $11.50 * | 64,075 | 52,548 |
Longview Acquisition Corp. II - A, Exp. 05/10/2026, Strike $11.50 * | 45,820 | 38,942 |
Omnichannel Acquisition Corp. - A, Exp. 12/30/2027, Strike $11.50 * | 184,250 | 108,339 |
Senior Connect Acquisition Corp. I - A, Exp 12/31/2027, Strike $11.50 * | 62,919 | 33,033 |
SomaLogic, Inc., Exp. 12/31/2027, Strike $11.50 * | 22,690 | 76,238 |
Tekkorp Digital Acquisition Corp., Exp. 01/24/2025, Strike $11.50 * | 59,550 | 38,708 |
Thayer Ventures Acquisition Corp., Exp. 01/01/2030, Strike $11.50 * | 35,733 | 35,015 |
Shares, Principal Amount, or Number of Contracts | Value | ||
Tishman Speyer Innovation Corp. II - A, Exp. 12/31/2027, Strike $11.50 * | 36,889 | $28,445 | |
X4 Pharmaceuticals, Inc., Exp. 04/12/2024, Strike $13.20 * | 5,547 | 671 | |
Z-Work Acquisition Corp. - A, Exp. 12/31/2027, Strike $11.50 * | 22,553 | 13,983 | |
Total WARRANTS (Cost $168,618) | 933,589 | ||
SHORT TERM INVESTMENTS — 4.83% | |||
Northern Institutional Treasury Portfolio (Premier Class), 0.00% 8 (Cost $9,838,454) | 9,838,454 | 9,838,454 | |
TOTAL INVESTMENTS (Cost $188,282,197) | 98.33% | $200,243,540 | |
Other Assets In Excess of Liabilities | 1.67% | 3,390,998 | |
Net Assets | 100.00% | $203,634,538 | |
INVESTMENT SECURITIES SOLD SHORT — (22.42)% | |||
EXCHANGE-TRADED FUNDS — (22.42)% | |||
ARK Genomic Revolution ETF * | (41,461) | (2,539,072) | |
iShares Biotechnology ETF | (28,860) | (4,404,613) | |
iShares Russell 2000 ETF | (48,718) | (10,837,319) | |
SPDR S&P Biotech ETF | (161,214) | (18,049,519) | |
SPDR S&P Regional Banking ETF | (138,555) | (9,816,622) | |
Total EXCHANGE-TRADED FUNDS (Proceeds $47,758,327) | (45,647,145) | ||
TOTAL INVESTMENT SECURITIES SOLD SHORT (Proceeds $47,758,327) | (22.42)% | $(45,647,145) |
ADR | American Depositary Receipt |
CMT | Constant Maturity |
PLC | Public Limited Company |
1 | Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. The total value of these securities is $42,931,370, which represents 21% of Net Assets (see Note F in the Notes to Financial Statements). |
2 | All or a portion of this security is pledged as collateral for short sales or derivatives transaction. |
3 | Foreign security denominated and/or traded in U.S. dollars. |
4 | Perpetual security. Maturity date shown is the next call date or final legal maturity date, whichever comes first. |
5 | Variable rate security. Rates disclosed as of December 31, 2021. |
6 | Special Purpose Acquisition Company (SPAC). |
7 | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
8 | 7 day current yield as of December 31, 2021 is disclosed. |
^ | Security valued at fair value as determined in good faith by the Adviser, in accordance with procedures established by, and under the general supervision of, the Trust’s Board of Trustee. The security is valued using significant unobservable inputs. |
* | Non-income producing security. |
Security Type | Percent of Net Assets | |
Corporate Bonds | 21.08% | |
Common Stocks | 67.08% | |
Private Investment in Public Equity (PIPES) | 1.42% | |
Preferred Stocks | 3.46% | |
Warrants | 0.46% | |
Short Term Investments | 4.83% | |
Total Investments | 98.33% | |
Other Assets In Excess of Liabilities | 1.67% | |
Net Assets | 100.00% |
Pay Rate Index/Pay Rate | Receive Rate/Receive Rate Index | Maturity Date | Counterparty | Currency | Notional Amount | Value | Upfront Premiums Paid/ (Received) | Unrealized Appreciation (Depreciation) | ||
Financing Index: 1-Month ICE LIBOR USD + 0.6% | Cannae Holdings, Inc. (Monthly) | 10/20/2022 | GSC | USD | 1,534,811 | $136,103 | $— | $136,103 | ||
Financing Index: 1-Month ICE LIBOR USD + 0.6% | Cannae Holdings, Inc. (Monthly) | 10/24/2022 | GSC | USD | 846,352 | 75,053 | — | 75,053 | ||
Subtotal Appreciation | $211,156 | $— | $211,156 | |||||||
GSCNNED2 Index (Monthly) | Financing Index: 1-Month ICE LIBOR USD - 0.5% | 10/20/2022 | GSC | USD | 2,782,724 | $(178,543) | $— | $(178,543) | ||
GSCNNED2 Index (Monthly) | Financing Index: 1-Month ICE LIBOR USD - 0.5% | 10/24/2022 | GSC | USD | 1,099,261 | (70,531) | — | (70,531) | ||
Subtotal Depreciation | $(249,074) | $— | $(249,074) | |||||||
Net Total Return Swaps outstanding at December 31, 2021 | $(37,918) | $— | $(37,918) | |||||||
GSC - Goldman Sachs International |
Driehaus Emerging Markets Growth Fund | Driehaus Emerging Markets Small Cap Growth Fund | ||
ASSETS: | |||
Investments, at cost | $1,755,107,305 | $87,396,591 | |
Investments securities, at fair value | $2,278,933,383 | $109,233,625 | |
Short-term securities, at fair value1 | 68,460,869 | 6,991,404 | |
Warrant securities, at fair value2 | — | — | |
Foreign currency, at fair value3 | 13,842,350 | 855,275 | |
Unrealized appreciation on open OTC swap contracts | — | — | |
Cash | — | — | |
Deposit at broker for securities sold short | — | — | |
Receivable for investment securities sold | — | — | |
Receivable for fund shares sold | 1,048,747 | 19,123 | |
Receivable for interest and dividends | 4,835,660 | 47,543 | |
Prepaid expenses | 156,575 | 23,084 | |
TOTAL ASSETS | 2,367,277,584 | 117,170,054 | |
LIABILITIES: | |||
Payable for investment securities sold short, proceeds | — | — | |
Payable for investment securities sold short, at fair value | — | — | |
Unrealized depreciation on open OTC swap contracts | — | — | |
Payable for fund shares redeemed | 2,573,471 | 15,375 | |
Payable for investment securities purchased | 29,543,622 | 353,388 | |
Advisory fees payable, net | 1,889,191 | 84,124 | |
Accrued shareholder services plan fees | 353,678 | — | |
Accrued administration and accounting fees | 332,577 | 22,209 | |
Accrued foreign capital gains taxes | 5,237,114 | 3,022 | |
Accrued expenses | 243,888 | 47,555 | |
TOTAL LIABILITIES | 40,173,541 | 525,673 | |
NET ASSETS | $2,327,104,043 | $116,644,381 | |
NET ASSETS CONSISTED OF THE FOLLOWING AT DECEMBER 31, 2021: | |||
Paid-in-capital | $1,852,569,075 | $116,286,819 | |
Total distributable earnings (deficit) | 474,534,968 | 357,562 | |
NET ASSETS | $2,327,104,043 | $116,644,381 | |
NET ASSETS | $— | $116,644,381 | |
SHARES OUTSTANDING (Unlimited shares authorized, no par value) | — | 5,275,427 | |
NET ASSET VALUE | $— | $22.11 | |
INVESTOR CLASS SHARES | |||
NET ASSETS | $844,521,801 | $— | |
SHARES OUTSTANDING (Unlimited shares authorized, no par value) | 20,497,463 | — | |
NET ASSET VALUE | $41.20 | $— | |
INSTITUTIONAL CLASS SHARES | |||
NET ASSETS | $1,482,582,242 | $— | |
SHARES OUTSTANDING (Unlimited shares authorized, no par value) | 35,848,381 | — | |
NET ASSET VALUE | $41.36 | $— |
1 | The cost of short-term securities was $68,460,869, $6,991,404, $2,640,635, $5,404,309, $762,764, $3,893,758, $279,442 and $9,838,454, respectively. |
2 | The cost of warrants was $0, $0, $0, $0, $0, $0, $0 and $168,618, respectively. |
3 | The cost of foreign currency was $13,659,701, $853,375, $4, $0, $0, $0, $0 and $0, respectively. |
Driehaus Emerging Markets Opportunities Fund | Driehaus International Small Cap Growth Fund | Driehaus Micro Cap Growth Fund | Driehaus Small Cap Growth Fund | Driehaus Small/Mid Cap Growth Fund | Driehaus Event Driven Fund | |||||
$42,504,724 | $276,950,574 | $217,789,577 | $462,909,814 | $18,288,923 | $178,275,125 | |||||
$54,757,582 | $326,380,222 | $341,381,492 | $605,054,808 | $23,051,309 | $189,471,497 | |||||
2,640,635 | 5,404,309 | 762,764 | 3,893,758 | 279,442 | 9,838,454 | |||||
— | — | 35,958 | — | — | 933,589 | |||||
5 | — | — | — | — | — | |||||
— | — | — | — | — | 211,156 | |||||
444,230 | — | — | — | — | — | |||||
— | — | — | — | — | 47,199,580 | |||||
— | — | — | — | — | 479,787 | |||||
1,088 | 18,333 | 6,799 | 2,031,453 | 11,013 | 806,352 | |||||
276,236 | 870,346 | 3,284 | 47,301 | 2,136 | 958,445 | |||||
27,106 | 36,382 | 44,748 | 58,757 | 14,524 | 83,758 | |||||
58,146,882 | 332,709,592 | 342,235,045 | 611,086,077 | 23,358,424 | 249,982,618 | |||||
— | — | — | — | — | 47,758,327 | |||||
— | — | — | — | — | 45,647,145 | |||||
— | — | — | — | — | 249,074 | |||||
— | 9,292 | 166,238 | 216,168 | 10,495 | 132,755 | |||||
205,403 | — | 331,996 | 1,116,209 | 129,336 | — | |||||
21,445 | 277,192 | 375,399 | 286,458 | 7,627 | 172,269 | |||||
— | — | — | 34,899 | — | 66,036 | |||||
11,841 | 43,534 | 42,379 | 57,688 | 10,642 | 19,480 | |||||
116,880 | — | — | — | — | — | |||||
63,747 | 67,435 | 49,782 | 63,014 | 26,575 | 61,321 | |||||
419,316 | 397,453 | 965,794 | 1,774,436 | 184,675 | 46,348,080 | |||||
$57,727,566 | $332,312,139 | $341,269,251 | $609,311,641 | $23,173,749 | $203,634,538 | |||||
$46,570,904 | $271,038,184 | $207,711,433 | $463,581,741 | $18,304,267 | $192,491,819 | |||||
11,156,662 | 61,273,955 | 133,557,818 | 145,729,900 | 4,869,482 | 11,142,719 | |||||
$57,727,566 | $332,312,139 | $341,269,251 | $609,311,641 | $23,173,749 | $203,634,538 | |||||
$57,727,566 | $332,312,139 | $341,269,251 | $— | $23,173,749 | $203,634,538 | |||||
4,050,336 | 30,034,666 | 20,897,965 | — | 1,236,161 | 15,321,893 | |||||
$14.25 | $11.06 | $16.33 | $— | $18.75 | $13.29 | |||||
$— | $— | $— | $96,370,921 | $— | $— | |||||
— | — | — | 4,055,486 | — | — | |||||
$— | $— | $— | $23.76 | $— | $— | |||||
$— | $— | $— | $512,940,720 | $— | $— | |||||
— | — | — | 21,237,558 | — | — | |||||
$— | $— | $— | $24.15 | $— | $— |
Driehaus Emerging Markets Growth Fund | Driehaus Emerging Markets Small Cap Growth Fund | ||
INVESTMENT INCOME: | |||
Interest income | $159,285 | $4,606 | |
Dividend income1 | 28,407,525 | 1,123,585 | |
Non-cash dividend income | — | 470,802 | |
Total investment income | 28,566,810 | 1,598,993 | |
Expenses: | |||
Investment advisory fees | 23,045,467 | 1,157,264 | |
Shareholder services fees | 2,196,271 | — | |
Administration fees | 816,877 | 35,166 | |
Transfer agent fees | 232,482 | 10,046 | |
Trustees fees | 505,414 | 21,458 | |
Custody fees | 518,952 | 55,773 | |
Reports to shareholders | 133,005 | 11,747 | |
Professional fees | 535,080 | 53,006 | |
Audit and tax fees | 79,430 | 43,685 | |
Federal and state registration fees | 93,799 | 17,686 | |
Dividends and interest on short positions | — | — | |
Miscellaneous | 376,651 | 35,504 | |
Total expenses | 28,533,428 | 1,441,335 | |
Investment advisory fees recoupment (reimbursement) | — | (126,032) | |
Administration fees waived | (56,587) | (2,607) | |
Fees paid indirectly | (218,008) | (8,145) | |
Net expenses | 28,258,833 | 1,304,551 | |
Net investment income (loss) | 307,977 | 294,442 | |
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENT TRANSACTIONS: | |||
Net realized gain (loss) on transactions from: | |||
Investments2 | 191,263,173 | 19,028,873 | |
Warrants | — | — | |
Securities sold short | — | — | |
Written option contracts | — | — | |
Swap contracts | — | — | |
Foreign currency | (2,186,598) | (361,336) | |
Net realized gain (loss) on investment transactions | 189,076,575 | 18,667,537 | |
Change in net unrealized appreciation (depreciation) on: | |||
Investments3 | (241,603,744) | (3,687,140) | |
Warrants | — | — | |
Securities sold short | — | — | |
Written options contracts | — | — | |
Swap contracts | — | — | |
Foreign currency | 246,825 | (3,949) | |
Net change in unrealized appreciation (depreciation) on investment transactions | (241,356,919) | (3,691,089) | |
Net realized and unrealized gain (loss) on investment transactions | (52,280,344) | 14,976,448 | |
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS | $(51,972,367) | $15,270,890 | |
1 | Net of $4,751,205, $129,662, $107,660, $397,351, $0, $11,417, $257, and $0 of non-reclaimable foreign taxes withheld, respectively. |
2 | Net realized gain (loss) from security transactions are net of $3,798,894, $1,194,835, $0, $0, $0, $0, $0 and $0 foreign capital gains tax paid, respectively. |
3 | Net unrealized gain (loss) from security transactions are net of $470,000, $37,263, $58,265, $0, $0, $0, $0 and $0 foreign capital gains tax paid, respectively. |
Driehaus Emerging Markets Opportunities Fund | Driehaus International Small Cap Growth Fund | Driehaus Micro Cap Growth Fund | Driehaus Small Cap Growth Fund | Driehaus Small/Mid Cap Growth Fund | Driehaus Event Driven Fund | |||||
$515,239 | $17,863 | $20,136 | $23,521 | $915 | $1,950,801 | |||||
654,545 | 4,679,370 | 312,296 | 603,610 | 54,696 | 831,701 | |||||
— | — | — | — | — | — | |||||
1,169,784 | 4,697,233 | 332,432 | 627,131 | 55,611 | 2,782,502 | |||||
550,463 | 3,214,202 | 4,743,088 | 2,783,252 | 133,559 | 1,825,346 | |||||
— | — | — | 140,887 | — | 345,561 | |||||
20,531 | 108,567 | 125,543 | 156,134 | 7,766 | 61,365 | |||||
5,886 | 30,208 | 35,812 | 44,635 | 2,234 | 26,198 | |||||
12,336 | 65,241 | 77,921 | 96,248 | 4,492 | 36,889 | |||||
26,262 | 55,566 | 23,654 | 46,191 | 29,888 | 9,280 | |||||
7,304 | 15,069 | 15,817 | 32,099 | 7,028 | 22,040 | |||||
46,203 | 63,446 | 73,163 | 98,984 | 14,722 | 53,579 | |||||
65,223 | 50,532 | 34,240 | 34,221 | 34,219 | 50,720 | |||||
16,081 | 17,573 | 28,313 | 50,241 | 29,372 | 24,992 | |||||
— | — | — | — | — | 190,563 | |||||
53,661 | 64,998 | 69,376 | 70,741 | 27,602 | 69,294 | |||||
803,950 | 3,685,402 | 5,226,927 | 3,553,633 | 290,882 | 2,715,827 | |||||
(191,639) | — | — | 84,473 | (75,963) | — | |||||
(1,342) | (7,680) | — | (12,628) | (563) | (4,630) | |||||
(5,459) | (13,319) | (118,076) | (80,872) | (2,888) | (117,282) | |||||
605,510 | 3,664,403 | 5,108,851 | 3,544,606 | 211,468 | 2,593,915 | |||||
564,274 | 1,032,830 | (4,776,419) | (2,917,475) | (155,857) | 188,587 | |||||
463,101 | 63,521,031 | 114,688,268 | 82,938,619 | 2,015,530 | 17,945,034 | |||||
— | — | — | — | — | 981,943 | |||||
— | — | — | — | — | (4,950,987) | |||||
— | — | — | — | — | 246,039 | |||||
(8,844) | — | — | — | — | 886,759 | |||||
(12,685) | 14,620 | — | — | — | 21 | |||||
441,572 | 63,535,651 | 114,688,268 | 82,938,619 | 2,015,530 | 15,108,809 | |||||
(1,663,755) | (29,862,004) | (32,756,744) | 2,862,750 | 1,216,089 | (12,024,596) | |||||
— | — | 35,958 | — | — | 116,620 | |||||
— | — | — | — | — | 8,084,572 | |||||
— | — | — | — | — | (213,842) | |||||
— | — | — | — | — | (37,918) | |||||
3,702 | (30,092) | — | — | — | — | |||||
(1,660,053) | (29,892,096) | (32,720,786) | 2,862,750 | 1,216,089 | (4,075,164) | |||||
(1,218,481) | 33,643,555 | 81,967,482 | 85,801,369 | 3,231,619 | 11,033,645 | |||||
$(654,207) | $34,676,385 | $77,191,063 | $82,883,894 | $3,075,762 | $11,222,232 | |||||
Driehaus Emerging Markets Growth Fund | Driehaus Emerging Markets Small Cap Growth Fund | ||||||
For the year ended December 31, 2021 | For the year ended December 31, 2020 | For the year ended December 31, 2021 | For the year ended December 31, 2020 | ||||
INCREASE (DECREASE) IN NET ASSETS: | |||||||
Operations: | |||||||
Net investment income (loss) | $307,977 | $(2,129,816) | $294,442 | $78,018 | |||
Net realized gain (loss) on investment transactions | 189,076,575 | 172,694,131 | 18,667,537 | 5,310,854 | |||
Net change in unrealized appreciation (depreciation) on investment transactions | (241,356,919) | 311,198,111 | (3,691,089) | 14,723,317 | |||
Net increase (decrease) in net assets resulting from operations | (51,972,367) | 481,762,426 | 15,270,890 | 20,112,189 | |||
Distributions from distributable earnings to shareholders: | |||||||
Fund | — | — | (49,512) | (556,757) | |||
Investor Class Shares | (124,720,312) | (23,489,434) | — | — | |||
Institutional Class Shares | (219,579,683) | (32,004,050) | — | — | |||
Total distributions to shareholders | (344,299,995) | (55,493,484) | (49,512) | (556,757) | |||
Capital share transactions: | |||||||
Proceeds from shares sold: | |||||||
Fund | — | — | 27,161,675 | 42,887,654 | |||
Investor Class | 114,382,649 | 122,400,329 | — | — | |||
Institutional Class | 456,095,754 | 339,486,012 | — | — | |||
Reinvestment of distributions: | |||||||
Fund | — | — | 43,116 | 466,065 | |||
Investor Class | 120,092,702 | 22,539,510 | — | — | |||
Institutional Class | 196,637,512 | 28,589,713 | — | — | |||
Cost of shares redeemed: | |||||||
Fund | — | — | (15,512,569) | (35,591,556) | |||
Investor Class | (201,365,699) | (238,017,663) | — | — | |||
Institutional Class | (245,809,899) | (209,828,617) | — | — | |||
Redemption fees: | |||||||
Fund | — | — | 1,535 | 4,205 | |||
Investor Class | 23,718 | 28,875 | — | — | |||
Institutional Fund | 58,326 | 29,249 | — | — | |||
Net increase (decrease) in net assets resulting from capital transactions | 440,115,063 | 65,227,408 | 11,693,757 | 7,766,368 | |||
Total increase (decrease) in net assets | 43,842,701 | 491,496,350 | 26,915,135 | 27,321,800 | |||
NET ASSETS: | |||||||
Beginning of period | $2,283,261,342 | $1,791,764,992 | $89,729,246 | $62,407,446 | |||
End of period | $2,327,104,043 | $2,283,261,342 | $116,644,381 | $89,729,246 | |||
Driehaus Emerging Markets Opportunities Fund | Driehaus International Small Cap Growth Fund | Driehaus Micro Cap Growth Fund | ||||||||
For the year ended December 31, 2021 | For the year ended December 31, 2020 | For the year ended December 31, 2021 | For the year ended December 31, 2020 | For the year ended December 31, 2021 | For the year ended December 31, 2020 | |||||
$564,274 | $537,845 | $1,032,830 | $39,286 | $(4,776,419) | $(3,427,590) | |||||
441,572 | 2,356,794 | 63,535,651 | 31,537,589 | 114,688,268 | 82,788,200 | |||||
(1,660,053) | 6,990,845 | (29,892,096) | 35,407,010 | (32,720,786) | 81,270,382 | |||||
(654,207) | 9,885,484 | 34,676,385 | 66,983,885 | 77,191,063 | 160,630,992 | |||||
(3,192,791) | (1,123,080) | (72,600,000) | (22,403,111) | (123,999,999) | (58,749,898) | |||||
— | — | — | — | — | — | |||||
— | — | — | — | — | — | |||||
(3,192,791) | (1,123,080) | (72,600,000) | (22,403,111) | (123,999,999) | (58,749,898) | |||||
11,548,706 | 26,003,271 | 68,316,473 | 41,526,419 | 5,932,222 | 41,498,846 | |||||
— | — | — | — | — | — | |||||
— | — | — | — | — | — | |||||
3,192,291 | 1,122,838 | 64,761,613 | 19,610,183 | 89,300,107 | 40,290,822 | |||||
— | — | — | — | — | — | |||||
— | — | — | — | — | — | |||||
(6,387,891) | (21,710,112) | (51,696,847) | (85,092,052) | (41,545,106) | (118,404,606) | |||||
— | — | — | — | — | — | |||||
— | — | — | — | — | — | |||||
— | — | — | 500 | — | 4,638 | |||||
— | — | — | — | — | — | |||||
— | — | — | — | — | — | |||||
8,353,106 | 5,415,997 | 81,381,239 | (23,954,950) | 53,687,223 | (36,610,300) | |||||
4,506,108 | 14,178,401 | 43,457,624 | 20,625,824 | 6,878,287 | 65,270,794 | |||||
$53,221,458 | $39,043,057 | $288,854,515 | $268,228,691 | $334,390,964 | $269,120,170 | |||||
$57,727,566 | $53,221,458 | $332,312,139 | $288,854,515 | $341,269,251 | $334,390,964 | |||||
Driehaus Small Cap Growth Fund | Driehaus Small/Mid Cap Growth Fund | ||||||
For the year ended December 31, 2021 | For the year ended December 31, 2020 | For the year ended December 31, 2021 | For the period May 1, 2020* through December 31, 2020 | ||||
INCREASE (DECREASE) IN NET ASSETS: | |||||||
Operations: | |||||||
Net investment income (loss) | $(2,917,475) | $(1,528,238) | $(155,857) | $(35,867) | |||
Net realized gain (loss) on investment transactions | 82,938,619 | 34,651,531 | 2,015,530 | 238,674 | |||
Net change in unrealized appreciation (depreciation) on investment transactions | 2,862,750 | 105,766,133 | 1,216,089 | 3,546,297 | |||
Net increase (decrease) in net assets resulting from operations | 82,883,894 | 138,889,426 | 3,075,762 | 3,749,104 | |||
Distributions from distributable earnings to shareholders: | |||||||
Fund | — | — | (1,753,267) | (202,118) | |||
Investor Class Shares | (15,495,848) | (1,620,573) | — | — | |||
Institutional Class Shares | (73,704,158) | (19,908,410) | — | — | |||
Total distributions to shareholders | (89,200,006) | (21,528,983) | (1,753,267) | (202,118) | |||
Capital share transactions: | |||||||
Proceeds from shares sold: | |||||||
Fund | — | — | 11,530,225 | 17,928,182 | |||
Investor Class | 89,878,449 | 13,330,751 | — | — | |||
Institutional Class | 208,019,662 | 112,711,149 | — | — | |||
Reinvestment of distributions: | |||||||
Fund | — | — | 1,753,267 | 202,118 | |||
Investor Class | 15,479,510 | 1,619,229 | — | — | |||
Institutional Class | 66,494,390 | 19,739,575 | — | — | |||
Cost of shares redeemed: | |||||||
Fund | — | — | (6,277,724) | (6,831,800) | |||
Investor Class | (29,025,749) | (4,531,942) | — | — | |||
Institutional Class | (90,522,445) | (77,715,811) | — | — | |||
Redemption fees: | |||||||
Fund | 2,412 | — | — | — | |||
Investor Class | 58,498 | 3,223 | — | — | |||
Institutional Fund | — | 6,224 | — | — | |||
Net increase (decrease) in net assets resulting from capital transactions | 260,384,727 | 65,162,398 | 7,005,768 | 11,298,500 | |||
Total increase (decrease) in net assets | 254,068,615 | 182,522,841 | 8,328,263 | 14,845,486 | |||
NET ASSETS: | |||||||
Beginning of period | $355,243,026 | $172,720,185 | $14,845,486 | $— | |||
End of period | $609,311,641 | $355,243,026 | $23,173,749 | $14,845,486 | |||
* | For the period from May 1, 2020 (commencement of operations) through December 31, 2020. |
Driehaus Event Driven Fund | ||
For the year ended December 31, 2021 | For the year ended December 31, 2020 | |
$188,587 | $687,617 | |
15,108,809 | 10,052,195 | |
(4,075,164) | 17,627,482 | |
11,222,232 | 28,367,294 | |
(22,722,926) | (4,729,352) | |
— | — | |
— | — | |
(22,722,926) | (4,729,352) | |
123,731,700 | 75,163,713 | |
— | — | |
— | — | |
21,829,123 | 4,489,499 | |
— | — | |
— | — | |
(72,489,715) | (30,682,059) | |
— | — | |
— | — | |
— | — | |
— | — | |
— | — | |
73,071,108 | 48,971,153 | |
61,570,414 | 72,609,095 | |
$142,064,124 | $69,455,029 | |
$203,634,538 | $142,064,124 | |
For the year ended December 31, 2021 | For the year ended December 31, 2020 | For the year ended December 31, 2019 | For the year ended December 31, 2018 | For the year ended December 31, 2017 | |||||
Net asset value, beginning of period | $ 49.09 | $ 39.53 | $ 31.80 | $ 39.64 | $ 27.98 | ||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | |||||||||
Net investment income (loss)1 | (0.07) | (0.09) | 0.30 | 0.26 | 0.11 | ||||
Net realized and unrealized gain (loss) on investments | (0.93) | 10.87 | 7.76 | (6.73) | 11.78 | ||||
Total income (loss) from investment operations | (1.00) | 10.78 | 8.06 | (6.47) | 11.89 | ||||
LESS DISTRIBUTIONS: | |||||||||
Net investment income | — | — | (0.33) | (0.16) | (0.23) | ||||
Net realized gain | (6.89) | (1.22) | — | (1.21) | — | ||||
Total distributions | (6.89) | (1.22) | (0.33) | (1.37) | (0.23) | ||||
Redemption fees added to paid-in capital | 0.002 | 0.002 | 0.002 | 0.002 | 0.002 | ||||
Net asset value, end of period | $ 41.20 | $ 49.09 | $ 39.53 | $ 31.80 | $ 39.64 | ||||
Total Return | (1.90)% | 27.31% | 25.34% | (16.26)% | 42.52% | ||||
RATIOS/SUPPLEMENTAL DATA: | |||||||||
Net assets, end of period (000’s) | $ 844,522 | $ 951,998 | $ 863,535 | $ 791,656 | $ 1,266,365 | ||||
Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | 1.29% | 1.39% | 1.41% | 1.38% | 1.54% | ||||
Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets3 | 1.28% | 1.38% | 1.40% | 1.37% | 1.53% | ||||
Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets3 | (0.13)% | (0.24)% | 0.85% | 0.69% | 0.33% | ||||
Portfolio turnover | 169% | 203% | 167% | 218% | 176% |
1 | Net investment income (loss) per share has been calculated using the average shares method. |
2 | Amount represents less than $0.01 per share. |
3 | Such ratios are net of fees paid indirectly (see Note C in the Notes to Financial Statements). The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.01% for the years 2017, 2018, 2019, 2020 and 2021. |
For the year ended December 31, 2021 | For the year ended December 31, 2020 | For the year ended December 31, 2019 | For the year ended December 31, 2018 | For the period July 17, 2017 through December 31, 2017 | |||||
Net asset value, beginning of period | $ 49.14 | $ 39.48 | $ 31.76 | $ 39.61 | $ 34.85 | ||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | |||||||||
Net investment income (loss) | 0.051 | (0.01)1 | 0.381 | 0.32 | 0.121 | ||||
Net realized and unrealized gain (loss) on investments | (0.94) | 10.89 | 7.75 | (6.71) | 4.92 | ||||
Total income (loss) from investment operations | (0.89) | 10.88 | 8.13 | (6.39) | 5.04 | ||||
LESS DISTRIBUTIONS: | |||||||||
Net investment income | — | — | (0.41) | (0.25) | (0.28) | ||||
Net realized gain | (6.89) | (1.22) | — | (1.21) | — | ||||
Total distributions | (6.89) | (1.22) | (0.41) | (1.46) | (0.28) | ||||
Redemption fees added to paid-in capital | 0.002 | 0.002 | 0.002 | 0.002 | 0.002 | ||||
Net asset value, end of period | $ 41.36 | $ 49.14 | $ 39.48 | $ 31.76 | $ 39.61 | ||||
Total Return | (1.67)% | 27.60% | 25.60% | (16.08)% | 14.47%3 | ||||
RATIOS/SUPPLEMENTAL DATA: | |||||||||
Net assets, end of period (000’s) | $ 1,482,582 | $ 1,331,263 | $ 928,230 | $ 654,445 | $ 513,135 | ||||
Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | 1.07% | 1.17% | 1.20% | 1.17% | 1.17%4 | ||||
Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets5 | 1.06% | 1.16% | 1.19% | 1.16% | 1.16%4 | ||||
Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets5 | 0.10% | (0.02)% | 1.07% | 0.89% | 0.71%4 | ||||
Portfolio turnover | 169% | 203% | 167% | 218% | 176%3 |
1 | Net investment income (loss) per share has been calculated using the average shares method. |
2 | Amount represents less than $0.01 per share. |
3 | Not annualized. |
4 | Annualized. |
5 | Such ratios are net of fees paid indirectly (see Note C in the Notes to Financial Statements). The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.01% for the years 2017, 2018, 2019, 2020 and 2021. |
For the year ended December 31, 2021 | For the year ended December 31, 2020 | For the year ended December 31, 2019 | For the year ended December 31, 2018 | For the year ended December 31, 2017 | |||||
Net asset value, beginning of period | $ 19.08 | $ 14.38 | $ 10.80 | $ 14.21 | $ 10.66 | ||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | |||||||||
Net investment income (loss) | 0.06 | 0.02 | 0.06 | (0.04)1 | 0.021 | ||||
Net realized and unrealized gain (loss) on investments | 2.98 | 4.80 | 3.58 | (3.37) | 3.53 | ||||
Total income (loss) from investment operations | 3.04 | 4.82 | 3.64 | (3.41) | 3.55 | ||||
LESS DISTRIBUTIONS: | |||||||||
Net investment income | (0.01) | (0.12) | (0.06) | — | — | ||||
Total distributions | (0.01) | (0.12) | (0.06) | — | — | ||||
Redemption fees added to paid-in capital | 0.002 | — | 0.002 | 0.002 | 0.002 | ||||
Net asset value, end of period | $ 22.11 | $ 19.08 | $ 14.38 | $ 10.80 | $ 14.21 | ||||
Total Return | 15.93% | 33.56% | 33.71% | (24.00)% | 33.30% | ||||
RATIOS/SUPPLEMENTAL DATA: | |||||||||
Net assets, end of period (000’s) | $ 116,644 | $ 89,729 | $ 62,407 | $ 89,653 | $ 271,146 | ||||
Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | 1.37% | 1.72% | 1.80%3 | 2.27%3 | 1.82% | ||||
Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets4 | 1.24% | 1.45%5 | 1.45%3,5 | 2.26%3 | 1.80% | ||||
Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets4 | 0.28%5 | 0.12%5 | 0.52%5 | (0.30)% | 0.15% | ||||
Portfolio turnover | 178% | 248% | 220% | 207% | 243% |
1 | Net investment income (loss) per share has been calculated using the average shares method. |
2 | Amount represents less than $0.01 per share. |
3 | Ratio of expenses to average net assets includes interest expense of 0.01% for the year ended December 31, 2019, and less than 0.005% for the year ended December 31, 2018. The interest expense is from utilizing the line of credit (see Note G in the Notes to Financial Statements). |
4 | Such ratios are net of fees paid indirectly (see Note C in the Notes to Financial Statements). The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.02%, 0.02%, 0.01%, 0.00% and 0.01% for the years 2017, 2018, 2019, 2020 and 2021. |
5 | Such ratios are after prior administrative and transfer agent waivers and adviser expense reimbursements, when applicable. BNY Mellon Investment Servicing (US) Inc., the administrative agent and transfer agent, waived a portion of its fees beginning with the Fund’s commencement of operations, August 22, 2011. Effective December 31, 2020, the Adviser contractually agreed to waive its investment advisory fee or absorb other operating expenses to the extent necessary to ensure that total annual Fund operating expenses (other than interest, taxes, brokerage commissions, dividends and interest on short sales, other investment-related expenses, 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) would not exceed the Fund’s operating expense cap of 1.24% of average daily net assets until April 30, 2023. From November 1, 2018, to December 31, 2020, the annual operating expense limitation was 1.45%. |
For the year ended December 31, 2021 | For the year ended December 31, 2020 | For the year ended December 31, 2019 | For the year ended December 31, 2018 | For the period April 10, 2017* through December 31, 2017 | |||||
Net asset value, beginning of period | $ 15.17 | $ 11.94 | $ 9.93 | $ 11.54 | $ 10.00 | ||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | |||||||||
Net investment income (loss) | 0.12 | 0.16 | 0.29 | 0.24 | 0.17 | ||||
Net realized and unrealized gain (loss) on investments | (0.21) | 3.43 | 1.86 | (1.77) | 1.94 | ||||
Total income (loss) from investment operations | (0.09) | 3.59 | 2.15 | (1.53) | 2.11 | ||||
LESS DISTRIBUTIONS: | |||||||||
Net investment income | (0.22) | (0.11) | (0.14) | — | (0.16) | ||||
Net realized gain | (0.61) | (0.25) | — | (0.08) | (0.41) | ||||
Total distributions | (0.83) | (0.36) | (0.14) | (0.08) | (0.57) | ||||
Redemption fees added to paid-in capital | — | — | — | — | 0.001 | ||||
Net asset value, end of period | $ 14.25 | $ 15.17 | $ 11.94 | $ 9.93 | $ 11.54 | ||||
Total Return | (0.53)% | 30.09% | 21.64% | (13.22)% | 21.14%2 | ||||
RATIOS/SUPPLEMENTAL DATA: | |||||||||
Net assets, end of period (000’s) | $ 57,728 | $ 53,221 | $ 39,043 | $ 31,637 | $ 43,183 | ||||
Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | 1.31% | 1.62% | 1.89% | 2.05% | 2.04%3 | ||||
Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets4,5 | 0.99% | 0.99% | 1.23% | 1.75% | 1.75%3 | ||||
Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets4 | 0.92% | 1.47% | 2.67% | 2.19% | 2.12%3 | ||||
Portfolio turnover | 101% | 135% | 155% | 169% | 99%2 |
* | Fund commenced operations on May 1, 2020. |
1 | Amount represents less than $0.01 per share. |
2 | Not annualized. |
3 | Annualized. |
4 | Such ratios are net of fees paid indirectly (see Note C in the Notes to Financial Statements). The expense ratio impacts of fees paid indirectly were 0.00%, 0.00%, 0.00% and 0.01% for the years 2018, 2019, 2020 and 2021. |
5 | Effective May 1, 2019, the Adviser contractually agreed to waive its investment advisory fee or absorb other operating expenses to the extent necessary to ensure that total annual Fund operating expenses (other than interest, taxes, brokerage commissions, dividends and interest on short sales, other investment-related expenses, 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) would not exceed the Fund’s operating expense cap of 0.99% of average daily net assets until April 30, 2022. Prior to May 1, 2019, the annual operating expense limitation was 1.75%. |
For the year ended December 31, 2021 | For the year ended December 31, 2020 | For the year ended December 31, 2019 | For the year ended December 31, 2018 | For the year ended December 31, 2017 | |||||
Net asset value, beginning of period | $ 12.59 | $ 10.52 | $ 8.13 | $ 11.39 | $ 9.33 | ||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | |||||||||
Net investment income (loss) | 0.04 | 0.01 | 0.06 | (0.02)1 | (0.04) | ||||
Net realized and unrealized gain (loss) on investments | 1.42 | 3.10 | 2.41 | (1.92) | 3.88 | ||||
Total income (loss) from investment operations | 1.46 | 3.11 | 2.47 | (1.94) | 3.84 | ||||
LESS DISTRIBUTIONS: | |||||||||
Net investment income | (0.04) | (0.08) | (0.01) | — | — | ||||
Net realized gain | (2.95) | (0.96) | (0.07) | (1.32) | (1.78) | ||||
Total distributions | (2.99) | (1.04) | (0.08) | (1.32) | (1.78) | ||||
Redemption fees added to paid-in capital | 0.002 | 0.002 | 0.002 | 0.002 | 0.002 | ||||
Net asset value, end of period | $ 11.06 | $ 12.59 | $ 10.52 | $ 8.13 | $ 11.39 | ||||
Total Return | 12.49% | 29.71% | 30.41% | (16.92)% | 41.44% | ||||
RATIOS/SUPPLEMENTAL DATA: | |||||||||
Net assets, end of period (000’s) | $ 332,312 | $ 288,855 | $ 268,229 | $ 218,430 | $ 325,361 | ||||
Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | 1.15% | 1.23% | 1.24% | 1.50% | 1.73% | ||||
Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets3 | 1.14% | 1.23% | 1.24% | 1.49% | 1.71% | ||||
Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets3 | 0.32% | 0.02% | 0.65% | (0.21)% | (0.44)% | ||||
Portfolio turnover | 93% | 104% | 96% | 118% | 143% |
1 | Net investment income (loss) per share has been calculated using the average shares method. |
2 | Amount represents less than $0.01 per share. |
3 | Such ratios are net of fees paid indirectly (see Note C in the Notes to Financial Statements). The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.02%, 0.01%, 0.00%, 0.00%, and 0.01% for the years 2017, 2018, 2019, 2020 and 2021. |
For the year ended December 31, 2021 | For the year ended December 31, 2020 | For the year ended December 31, 2019 | For the year ended December 31, 2018 | For the year ended December 31, 2017 | |||||
Net asset value, beginning of period | $ 19.99 | $ 12.95 | $ 11.11 | $ 14.44 | $ 12.65 | ||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | |||||||||
Net investment income (loss) | (0.22) | (0.20) | (0.16) | (0.19) | (0.18)1 | ||||
Net realized and unrealized gain (loss) on investments | 4.44 | 11.20 | 3.90 | 0.55 | 3.26 | ||||
Total income (loss) from investment operations | 4.22 | 11.00 | 3.74 | 0.36 | 3.08 | ||||
LESS DISTRIBUTIONS: | |||||||||
Net investment income | — | — | (0.02) | — | — | ||||
Net realized gain | (7.88) | (3.96) | (1.88) | (3.69) | (1.29) | ||||
Total distributions | (7.88) | (3.96) | (1.90) | (3.69) | (1.29) | ||||
Redemption fees added to paid-in capital | —2 | 0.002 | 0.002 | 0.002 | 0.002 | ||||
Net asset value, end of period | $ 16.33 | $ 19.99 | $ 12.95 | $ 11.11 | $ 14.44 | ||||
Total Return | 24.73% | 85.60% | 33.89% | 3.88% | 24.30% | ||||
RATIOS/SUPPLEMENTAL DATA: | |||||||||
Net assets, end of period (000’s) | $ 341,269 | $ 334,391 | $ 269,120 | $ 264,607 | $ 322,533 | ||||
Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | 1.38% | 1.46% | 1.48% | 1.44%3 | 1.45%3 | ||||
Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets4 | 1.35% | 1.43% | 1.43% | 1.42%3 | 1.43%3 | ||||
Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets4 | (1.26)% | (1.33)% | (1.32)% | (1.19)% | (1.33)% | ||||
Portfolio turnover | 109% | 141% | 165% | 156% | 177% |
1 | Net investment income (loss) per share has been calculated using the average shares method. |
2 | Amount represents less than $0.01 per share. |
3 | Ratio of expenses to average net assets includes interest expense of less than 0.005% for the years ended December 31, 2018 and 2017. The interest expense is from utilizing the line of credit (see Note G in the Notes to Financial Statements). |
4 | Such ratios are net of fees paid indirectly (see Note C in the Notes to Financial Statements). The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.02%, 0.02%, 0.05%, 0.03%, and 0.03% for the years 2017, 2018, 2019, 2020 and 2021. |
For the year ended December 31, 2021 | For the year ended December 31, 2020 | For the year ended December 31, 2019 | For the year ended December 31, 2018 | For the period August 21, 2017 through December 31, 2017 | |||||
Net asset value, beginning of period | $ 23.62 | $ 15.37 | $ 11.66 | $ 11.62 | $ 10.00 | ||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | |||||||||
Net investment income (loss) | (0.14) | (0.18)1 | (0.13) | (0.12)1 | (0.04)1 | ||||
Net realized and unrealized gain (loss) on investments | 4.80 | 9.98 | 4.81 | 0.48 | 1.86 | ||||
Total income (loss) from investment operations | 4.66 | 9.80 | 4.68 | 0.36 | 1.82 | ||||
LESS DISTRIBUTIONS: | |||||||||
Net investment income | — | — | — | — | — | ||||
Net realized gain | (4.52) | (1.55) | (0.97) | (0.33) | (0.20) | ||||
Total distributions | (4.52) | (1.55) | (0.97) | (0.33) | (0.20) | ||||
Redemption fees added to paid-in capital | — | — | 0.002 | 0.01 | — | ||||
Net asset value, end of period | $ 23.76 | $ 23.62 | $ 15.37 | $ 11.66 | $ 11.62 | ||||
Total Return | 21.12% | 63.77% | 40.25% | 3.33% | 18.18%3 | ||||
RATIOS/SUPPLEMENTAL DATA: | |||||||||
Net assets, end of period (000’s) | $ 96,371 | $ 28,088 | $ 10,899 | $ 7,538 | $ 1,344 | ||||
Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | 0.99% | 1.35% | 1.59% | 2.57% | 7.86%4 | ||||
Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets5 | 1.11%6 | 1.20%6 | 1.17%6 | 1.18%6 | 1.20%4,6 | ||||
Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets5 | (0.97)%6 | (1.04)%6 | (0.95)%6 | (0.87)%6 | (0.94)%4,6 | ||||
Portfolio turnover | 149% | 164% | 206% | 193% | 66%3 |
1 | Net investment income (loss) loss per share has been calculated using the average share method. |
2 | Amount represents less than $0.01 per share. |
3 | Not annualized. |
4 | Annualized. |
5 | Such ratios are net of fees paid indirectly (see Note C in the Notes to Financial Statements). The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.00%, 0.02%, 0.03%, 0.02%, and 0.02% for the years 2017, 2018, 2019, 2020, and 2021. |
6 | Such ratios are after administrative and transfer agent waivers and adviser expense reimbursements and recoupments, when applicable. BNY Mellon Investment Servicing (US) Inc., the prior administrative agent and transfer agent, waived a portion of its fees beginning with the Fund’s commencement of operations, August 21, 2017. The Adviser contractually agree to waive its investment advisory fee or absorb other operating expenses to the extent necessary to ensure that total annual operating expenses for the Investor Class (other than interest, taxes, brokerage commissions and other portfolio transaction expenses, capital expenditures, and extraordinary expenses) would not exceed the Investor Class’s operating expense cap of 1.20% of average daily net assets until April 30, 2023. |
For the year ended December 31, 2021 | For the year ended December 31, 2020 | For the year ended December 31, 2019 | For the year ended December 31, 2018 | For the period August 21, 2017 through December 31, 2017 | |||||
Net asset value, beginning of period | $ 23.88 | $ 15.47 | $ 11.70 | $ 11.63 | $ 10.00 | ||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | |||||||||
Net investment income (loss) | (0.11) | (0.11)1 | (0.10) | (0.08)1 | (0.03)1 | ||||
Net realized and unrealized gain (loss) on investments | 4.90 | 10.07 | 4.84 | 0.39 | 1.86 | ||||
Total income (loss) from investment operations | 4.79 | 9.96 | 4.74 | 0.39 | 1.83 | ||||
LESS DISTRIBUTIONS: | |||||||||
Net investment income | — | — | — | — | — | ||||
Net realized gain | (4.52) | (1.55) | (0.97) | (0.33) | (0.20) | ||||
Total distributions | (4.52) | (1.55) | (0.97) | (0.33) | (0.20) | ||||
Redemption fees added to paid-in capital | — | — | 0.002 | 0.01 | — | ||||
Net asset value, end of period | $ 24.15 | $ 23.88 | $ 15.47 | $ 11.70 | $ 11.63 | ||||
Total Return | 21.44% | 64.39% | 40.62% | 3.59% | 18.28%3 | ||||
RATIOS/SUPPLEMENTAL DATA: | |||||||||
Net assets, end of period (000’s) | $ 512,941 | $ 327,155 | $ 161,821 | $ 123,395 | $ 38,631 | ||||
Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | 0.73% | 0.80% | 0.89% | 1.04% | 1.48%4 | ||||
Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets5 | 0.71%6 | 0.81%6 | 0.92%6 | 0.93%6 | 0.95%4,6 | ||||
Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets5 | (0.58)%6 | (0.64)%6 | (0.70)%6 | (0.62)%6 | (0.69)%4,6 | ||||
Portfolio turnover | 149% | 164% | 206% | 193% | 66%3 |
1 | Net investment income (loss) loss per share has been calculated using the average share method. |
2 | Amount represents less than $0.01 per share. |
3 | Not annualized. |
4 | Annualized. |
5 | Such ratios are net of fees paid indirectly (see Note C in the Notes to Financial Statements). The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.00%, 0.02%, 0.03%, 0.01%, and 0.02% for the years 2017, 2018, 2019, 2020, and 2021. |
6 | Such ratios are after administrative and transfer agent waivers and adviser expense reimbursements and recoupments, when applicable. BNY Mellon Investment Servicing (US) Inc., the prior administrative agent and transfer agent, waived a portion of its fees beginning with the Fund’s commencement of operations, August 21, 2017. The Adviser contractually agreed to waive its investment advisory fee or absorb other operating expenses to the extent necessary to ensure that total annual operating expenses for the Institutional Class (other than interest, taxes, brokerage commissions and other portfolio transaction expenses, capital expenditures, and extraordinary expenses) would not exceed the Institutional Class’s operating expense cap of 0.95% of average daily net assets until April 30, 2023. |
For the year ended December 31, 2021 | For the period May 1, 2020* through December 31, 2020 | ||
Net asset value, beginning of period | $ 17.19 | $ 10.00 | |
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | |||
Net investment income (loss) | (0.12) | (0.04) | |
Net realized and unrealized gain (loss) on investments | 3.17 | 7.47 | |
Total income (loss) from investment operations | 3.05 | 7.43 | |
LESS DISTRIBUTIONS: | |||
Net investment income | — | — | |
Net realized gain | (1.49) | (0.24) | |
Total distributions | (1.49) | (0.24) | |
Net asset value, end of period | $ 18.75 | $ 17.19 | |
Total Return | 18.32% | 74.23%1 | |
RATIOS/SUPPLEMENTAL DATA: | |||
Net assets, end of period (000’s) | $ 23,174 | $ 14,845 | |
Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | 1.31% | 2.58%2 | |
Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets3 | 0.95%4 | 0.95%2,4 | |
Ratio of net investment income (loss) (including interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets3 | (0.70)%3,4 | (0.73)%2,4 | |
Portfolio turnover | 191% | 96%1 |
* | Fund commenced operations on May 1, 2020. |
1 | Not annualized. |
2 | Annualized. |
3 | Such ratios are net of fees paid indirectly (see Note C in the Notes to Financial Statements). The ratio for the Fund includes the effect of fees paid indirectly which impacted the ratio by 0.00% and 0.01% for the years 2020 and 2021. |
4 | Such ratios are after administrative and transfer agent waivers and adviser expense reimbursements, when applicable. BNY Mellon Investment Servicing (US) Inc., the prior administrative agent and transfer agent, and The Northern Trust Company, the current administrative agent and transfer agent, waived a portion of its fees beginning with the Fund’s commencement of operations, May 1, 2020. The Adviser contractually agreed to waive its investment advisory fee or absorb other operating expenses to the extent necessary to ensure that total annual Fund operating expenses (other than interest, taxes, brokerage commissions and other portfolio transaction expenses, capital expenditures, and extraordinary expenses) would not exceed the Fund’s operating expense cap of 0.95% of average daily net assets until May 1, 2023. |
For the year ended December 31, 2021 | For the year ended December 31, 2020 | For the year ended December 31, 2019 | For the year ended December 31, 2018 | For the year ended December 31, 2017 | |||||
Net asset value, beginning of period | $ 13.93 | $ 11.55 | $ 9.99 | $ 10.79 | $ 10.34 | ||||
INCOME (LOSS) FROM INVESTMENT OPERATIONS: | |||||||||
Net investment income (loss) | 0.04 | 0.12 | 0.26 | 0.25 | 0.02 | ||||
Net realized and unrealized gain (loss) on investments | 0.93 | 2.74 | 1.69 | (0.69) | 0.43 | ||||
Total income (loss) from investment operations | 0.97 | 2.86 | 1.95 | (0.44) | 0.45 | ||||
LESS DISTRIBUTIONS: | |||||||||
Net investment income | (0.15) | (0.17) | (0.39) | (0.36) | — | ||||
Net realized gain | (1.46) | (0.31) | — | — | — | ||||
Total distributions | (1.61) | (0.48) | (0.39) | (0.36) | — | ||||
Net asset value, end of period | $ 13.29 | $ 13.93 | $ 11.55 | $ 9.99 | $ 10.79 | ||||
Total Return | 7.21% | 24.84% | 19.53% | (4.03)% | 4.35% | ||||
RATIOS/SUPPLEMENTAL DATA: | |||||||||
Net assets, end of period (000’s) | $ 203,635 | $ 142,064 | $ 69,455 | $ 51,675 | $ 165,648 | ||||
Ratio of total expenses before reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets | 1.49% | 1.59% | 1.93% | 1.90% | 1.77% | ||||
Ratio of total expenses net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets1,2 | 1.42% | 1.57% | 1.90% | 1.88% | 1.76% | ||||
Ratio of net investment income (loss) (including dividends and interest on short positions and interest expense) net of reimbursements, waivers, recoupments and/or fees paid indirectly to average net assets1,2 | 0.10% | 0.67% | 2.63% | 2.57% | 0.48% | ||||
Portfolio turnover | 109% | 136% | 111% | 101% | 198% |
1 | The ratio for the fund includes the effect of dividends and interest on short positions, and interest expense which increased the expense ratios by 0.31%, 0.31%, 0.30%, 0.13%, and 0.10% for the years 2017, 2018, 2019, 2020, and 2021. |
2 | Such ratios are net of fees paid indirectly (see Note C in the Notes to Financial Statements). The ratio for the fund includes the effect of fees paid indirectly which impacted the expense ratios by 0.01%, 0.02%, 0.03%, 0.02%, and 0.07% for the years 2017, 2018, 2019, 2020, and 2021. |
Fund | Commencement of Operations |
Emerging Markets Growth Fund | 12/31/97 |
Emerging Markets Small Cap Growth Fund | 08/22/11 |
Emerging Markets Opportunities Fund | 04/10/17 |
International Small Cap Growth Fund | 09/17/07 |
Micro Cap Growth Fund | 11/18/13 |
Small Cap Growth Fund | 08/21/17 |
Small/Mid Cap Growth Fund | 05/01/20 |
Event Driven Fund | 08/26/13 |
Assets | Total Value at December 31, 2021 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | ||||||||
Africa | $35,863,423 | $35,863,423 | $— | $— | ||||
Europe | ||||||||
France | 22,240,531 | 22,240,531 | — | — | ||||
Germany | 12,256,224 | — | 12,256,224 | — | ||||
Greece | 8,213,502 | 8,213,502 | — | — | ||||
Netherlands | 29,204,065 | 29,204,065 | — | — | ||||
Russia | 109,969,526 | 109,969,526 | — | — | ||||
Far East | ||||||||
Australia | 13,707,617 | 13,707,617 | — | — | ||||
China | 485,988,541 | 485,988,541 | — | — | ||||
India | 412,871,949 | 412,871,949 | — | — | ||||
Indonesia | 56,820,329 | — | 56,820,329 | — | ||||
Philippines | 4,865,645 | 4,865,645 | — | — | ||||
Singapore | 22,522,228 | 22,522,228 | — | — | ||||
South Korea | 199,036,432 | — | 199,036,432 | — | ||||
Taiwan | 339,660,323 | 183,777,014 | 155,883,309 | — | ||||
Thailand | 28,932,263 | — | 28,932,263 | — | ||||
Vietnam | 11,989,509 | 11,989,509 | — | — | ||||
Middle East | ||||||||
Israel | 9,111,362 | — | 9,111,362 | — | ||||
Qatar | 12,858,941 | 12,858,941 | — | — | ||||
Saudi Arabia | 22,900,355 | — | 22,900,355 | — | ||||
North America | 324,598,354 | 324,598,354 | — | — | ||||
South America | ||||||||
Argentina | 19,741,924 | 19,741,924 | — | — | ||||
Brazil | 74,306,082 | 51,407,256 | 22,898,826 | — | ||||
Uruguay | 21,274,258 | 21,274,258 | — | — | ||||
Short Term Investments | 68,460,869 | 68,460,869 | — | — | ||||
Total | $2,347,394,252 | $1,839,555,152 | $507,839,100 | $— |
Assets | Total Value at December 31, 2021 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | ||||||||
Europe | ||||||||
Poland | $937,388 | $— | $937,388 | $— | ||||
United Kingdom | 1,169,178 | 1,169,178 | — | — | ||||
Far East | ||||||||
Australia | 1,264,587 | 1,264,587 | — | — | ||||
China | 20,409,179 | 20,409,179 | — | — | ||||
India | 33,341,652 | 33,341,652 | — | — | ||||
Indonesia | 3,527,115 | — | 3,527,115 | — | ||||
Kazakhstan | 2,717,191 | 2,717,191 | — | — | ||||
Philippines | 1,050,491 | 1,050,491 | — | — | ||||
South Korea | 8,419,498 | — | 8,419,498 | — | ||||
Taiwan | 11,438,493 | — | 11,438,493 | — | ||||
Thailand | 1,676,718 | 834,662 | 842,056 | — | ||||
Vietnam | 8,468,989 | 4,062,866 | 4,406,123 | — | ||||
North America | 6,272,870 | 6,272,870 | — | — | ||||
South America | ||||||||
Brazil | 6,283,913 | — | 6,283,913 | — | ||||
Uruguay | 1,037,753 | 1,037,753 | — | — | ||||
Preferred Stocks | ||||||||
South America | 1,218,610 | — | 1,218,610 | — | ||||
Short Term Investments | 6,991,404 | 6,991,404 | — | — | ||||
Total | $116,225,029 | $79,151,833 | $37,073,196 | $— |
Assets | Total Value at December 31, 2021 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | ||||||||
Argentina | $288,558 | $288,558 | $— | $— | ||||
Australia | 535,834 | 535,834 | — | — | ||||
Brazil | 523,156 | 523,156 | — | — | ||||
Canada | 1,100,021 | 1,100,021 | — | — | ||||
China | 8,619,231 | 8,619,231 | — | — | ||||
Czech Republic | 655,662 | — | 655,662 | — | ||||
France | 659,355 | 659,355 | — | — | ||||
India | 5,920,124 | 5,920,124 | — | — | ||||
Indonesia | 1,340,668 | — | 1,340,668 | — | ||||
Japan | 575,573 | — | 575,573 | — | ||||
Kazakhstan | 1,177,834 | 1,177,834 | — | — | ||||
Mexico | 912,436 | 912,436 | — | — | ||||
Netherlands | 704,810 | 704,810 | — | — | ||||
Qatar | 369,022 | 369,022 | — | — | ||||
Russia | 2,157,764 | 2,157,764 | — | — | ||||
Saudi Arabia | 1,001,626 | — | 1,001,626 | — | ||||
Singapore | 528,403 | 528,403 | — | — | ||||
South Africa | 451,966 | 451,966 | — | — | ||||
South Korea | 5,783,333 | — | 5,783,333 | — | ||||
Taiwan | 7,302,852 | — | 7,302,852 | — | ||||
United States | 4,083,360 | 4,083,360 | — | — | ||||
Uruguay | 708,587 | 708,587 | — | — | ||||
Short Term Investments | 2,640,635 | 2,640,635 | — | — | ||||
Sovereign Bonds | 9,357,407 | — | 9,357,407 | — | ||||
Total | $57,398,217 | $31,381,096 | $26,017,121 | $— |
Assets | Total Value at December 31, 2021 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | ||||||||
Europe | ||||||||
Austria | $6,724,919 | $— | $6,724,919 | $— | ||||
Belgium | 5,513,375 | 5,513,375 | — | — | ||||
Denmark | 17,192,164 | 7,074,246 | 10,117,918 | — | ||||
Finland | 5,941,065 | — | 5,941,065 | — | ||||
France | 21,289,232 | 21,289,232 | — | — | ||||
Germany | 36,685,806 | — | 36,685,806 | — | ||||
Ireland | 6,177,094 | 6,177,094 | — | — | ||||
Italy | 7,423,637 | 2,565,540 | 4,858,097 | — | ||||
Netherlands | 10,047,197 | 10,047,197 | — | — | ||||
Norway | 1,325,794 | — | 1,325,794 | — |
Assets | Total Value at December 31, 2021 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Spain | $4,800,631 | $— | $4,800,631 | $— | ||||
Sweden | 9,284,749 | — | 9,284,749 | — | ||||
Switzerland | 20,916,462 | — | 20,916,462 | — | ||||
United Kingdom | 79,473,043 | 79,473,043 | — | — | ||||
Far East | ||||||||
Australia | 3,387,171 | 3,387,171 | — | — | ||||
Japan | 35,883,303 | — | 35,883,303 | — | ||||
South Korea | 1,773,393 | — | 1,773,393 | — | ||||
Taiwan | 4,089,615 | — | 4,089,615 | — | ||||
North America | 41,936,577 | 41,936,577 | — | — | ||||
South America | 6,514,995 | — | 6,514,995 | — | ||||
Short Term Investments | 5,404,309 | 5,404,309 | — | — | ||||
Total | $331,784,531 | $182,867,784 | $148,916,747 | $— |
Assets* | Total Value at December 31, 2021 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | $341,381,492 | $341,381,492 | $— | $— | ||||
Short Term Investments | 762,764 | 762,764 | — | — | ||||
Warrants | 35,958 | 35,958 | — | — | ||||
Total | $342,180,214 | $342,180,214 | $— | $— |
* See Schedule of Investments for industry breakout. |
Assets* | Total Value at December 31, 2021 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | $605,054,808 | $605,054,808 | $— | $— | ||||
Short Term Investments | 3,893,758 | 3,893,758 | — | — | ||||
Total | $608,948,566 | $608,948,566 | $— | $— |
* See Schedule of Investments for industry breakout. |
Assets* | Total Value at December 31, 2021 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | $23,051,309 | $23,051,309 | $— | $— |
Assets* | Total Value at December 31, 2021 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Short Term Investments | $279,442 | $279,442 | $— | $— | ||||
Total | $23,330,751 | $23,330,751 | $— | $— |
* See Schedule of Investments for industry breakout. |
Assets* | Total Value at December 31, 2021 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||
Common Stocks | ||||||||
Auto Parts & Equipment | $4,739,973 | $4,739,973 | $— | $— | ||||
Banks | 19,935,419 | 19,935,419 | — | — | ||||
Biotechnology | 29,695,058 | 29,695,058 | — | — | ||||
Engineering & Construction | 6,888,156 | 6,888,156 | — | — | ||||
Entertainment | 9,423,441 | 9,423,441 | — | — | ||||
Food | 1,845,990 | 1,845,990 | — | — | ||||
Healthcare - Products | 2,814,902 | 2,814,902 | — | — | ||||
Healthcare - Services | 2,155,681 | 2,155,681 | — | — | ||||
Holding Companies - Diversified | 28,782,734 | 20,641,745 | 8,140,989 | —** | ||||
Internet | 1,734,570 | 1,734,570 | — | — | ||||
Media | 2,174,511 | 2,174,511 | — | — | ||||
Metal Fabricate/Hardware | 3,962,622 | 3,962,622 | — | — | ||||
Pharmaceuticals | 3,539,995 | 3,539,995 | — | — | ||||
Retail | 845,428 | 845,428 | — | — | ||||
Savings & Loans | 4,944,489 | 4,944,489 | — | — | ||||
Telecommunications | 6,223,284 | 6,223,284 | — | — | ||||
Transportation | 6,900,815 | 6,900,815 | — | — | ||||
Corporate Bonds | 42,931,370 | — | 42,931,370 | — | ||||
Preferred Stocks | 7,052,394 | 7,052,394 | — | — | ||||
Private Investment In Public Equity (PIPES) | 2,880,665 | 2,880,665 | — | — | ||||
Short Term Investments | 9,838,454 | 9,838,454 | — | — | ||||
Warrants | 933,589 | 837,942 | 95,647 | — | ||||
Total | $200,243,540 | $149,075,534 | $51,168,006 | $— |
Liabilities | ||||||||
Exchange-Traded Funds Sold Short | $(45,647,145) | $(45,647,145) | $— | $— | ||||
Total | $(45,647,145) | $(45,647,145) | $— | $— |
Other Financial Instruments | ||||||||
Total Return Swaps - Assets*** | $211,156 | $— | $211,156 | $— | ||||
Total Return Swaps - Liabilities*** | (249,074) | — | (249,074) | — | ||||
Total Other Financial Instruments | $(37,918) | $— | $(37,918) | $— |
* See Schedule of Investments for industry breakout. |
** Level 3 security has zero value. |
*** Swaps are reflected as the unrealized appreciation (depreciation) on the instrument. |
Investments, at Value | |
Balance as of December 31, 2020 | $2,960,500 |
Realized gain (loss) | — |
Change in net unrealized appreciation (depreciation) | 357,592 |
Purchases | 1,316,000 |
Sales | — |
Transfers in and/or out of Level 3 | (4,634,092) |
Balance as of December 31, 2021 | $— |
Emerging Markets Growth Fund | Emerging Markets Small Cap Growth Fund | Emerging Markets Opportunities Fund | International Small Cap Growth Fund | ||||
Paid-in capital | $— | $(960,936) | $— | $— | |||
Total distributable earnings (deficit) | — | 960,936 | — | — |
Micro Cap Growth Fund | Small Cap Growth Fund | Small/Mid Cap Growth Fund | Event Driven Fund | ||||
Paid-in capital | $— | $— | $— | $28,067 | |||
Total distributable earnings (deficit) | — | — | — | (28,067) |
Not Subject to Expiration | ||||
Fund | Short-Term | Long-Term | ||
Emerging Markets Growth Fund | $— | $— | ||
Emerging Markets Small Cap Growth Fund | (20,059,007) | — | ||
Emerging Markets Opportunities Fund | — | — | ||
International Small Cap Growth Fund | — | — | ||
Micro Cap Growth Fund | — | — | ||
Small Cap Growth Fund | — | — | ||
Small/Mid Cap Growth Fund | — | — | ||
Event Driven Fund | — | — |
Fund | Total Capital Loss Deferral | Total | ||
Emerging Markets Growth Fund | $29,373,954 | $29,373,954 | ||
Emerging Markets Small Cap Growth Fund | — | — | ||
Emerging Markets Opportunities Fund | 829,264 | 829,264 | ||
International Small Cap Growth Fund | — | — | ||
Micro Cap Growth Fund | 685,839 | 685,839 | ||
Small Cap Growth Fund | 1,452,902 | 1,452,902 | ||
Small/Mid Cap Growth Fund | 224,116 | 224,116 | ||
Event Driven Fund | 621,985 | 621,985 |
Fund | Year | Ordinary Income | Long-Term Capital Gain | Return of Capital | Total Distributions | |||||
Emerging Markets Growth Fund | 2021 | $118,399,989 | $225,900,006 | $— | $344,299,995 | |||||
2020 | 16,886,001 | 38,607,483 | — | 55,493,484 | ||||||
Emerging Markets Small Cap Growth Fund | 2021 | 49,512 | — | — | 49,512 | |||||
2020 | 556,757 | — | — | 556,757 | ||||||
Emerging Markets Opportunities Fund | 2021 | 1,367,786 | 1,825,005 | — | 3,192,791 | |||||
2020 | 379,497 | 743,583 | — | 1,123,080 | ||||||
International Small Cap Growth Fund | 2021 | 35,600,012 | 36,999,988 | — | 72,600,000 | |||||
2020 | 3,163,154 | 19,239,957 | — | 22,403,111 | ||||||
Micro Cap Growth Fund | 2021 | 55,500,006 | 68,499,993 | — | 123,999,999 | |||||
2020 | 10,322,938 | 48,426,960 | — | 58,749,898 | ||||||
Small Cap Growth Fund | 2021 | 41,199,996 | 48,000,010 | — | 89,200,006 | |||||
2020 | 2,296,873 | 19,232,110 | — | 21,528,983 | ||||||
Small/Mid Cap Growth Fund | 2021 | 1,251,729 | 501,538 | — | 1,753,267 | |||||
2020 | 202,118 | — | — | 202,118 | ||||||
Event Driven Fund | 2021 | 13,322,483 | 9,400,443 | — | 22,722,926 | |||||
2020 | 2,341,243 | 2,388,109 | — | 4,729,352 |
Emerging Markets Growth Fund | Emerging Markets Small Cap Growth Fund | Emerging Markets Opportunities Fund | International Small Cap Growth Fund | ||||
Undistributed ordinary income | $— | $— | $6,074 | $5,402,859 | |||
Undistributed long-term capital gain | 2,015,660 | — | — | 6,858,913 | |||
Accumulated earnings | 2,015,660 | — | 6,074 | 12,261,772 | |||
Paid-in capital | 1,852,569,075 | 116,286,819 | 46,570,904 | 271,038,184 | |||
Accumulated capital and other losses | (29,373,954) | (20,059,007) | (829,264) | — | |||
Unrealized appreciation (depreciation) on investments, securities sold short, warrants and swaps | 501,893,262 | 20,416,569 | 11,979,852 | 49,012,183 | |||
Net assets | $2,327,104,043 | $116,644,381 | $57,727,566 | $332,312,139 |
Micro Cap Growth Fund | Small Cap Growth Fund | Small/Mid Cap Growth Fund | Event Driven Fund | ||||
Undistributed ordinary income | $— | $— | $— | $178,672 | |||
Undistributed long-term capital gain | 13,811,605 | 9,211,794 | 461,634 | 2,570,647 | |||
Accumulated earnings | 13,811,605 | 9,211,794 | 461,634 | 2,749,319 | |||
Paid-in capital | 207,711,433 | 463,581,741 | 18,304,267 | 192,491,819 | |||
Accumulated capital and other losses | (685,839) | (1,452,902) | (224,116) | (621,985) | |||
Unrealized appreciation (depreciation) on investments, securities sold short, warrants and swaps | 120,432,052 | 137,971,008 | 4,631,964 | 9,015,385 | |||
Net assets | $341,269,251 | $609,311,641 | $23,173,749 | $203,634,538 |
Fund | Basis | Gross Appreciation | Gross Depreciation | Net Appreciation/ Depreciation | ||||
Emerging Markets Growth Fund | $1,839,420,016 | $546,706,805 | $(38,732,569) | $507,974,236 | ||||
Emerging Markets Small Cap Growth Fund | 95,031,411 | 24,064,423 | (2,870,805) | 21,193,618 | ||||
Emerging Markets Opportunities Fund | 45,304,066 | 13,370,688 | (1,276,537) | 12,094,151 | ||||
International Small Cap Growth Fund | 282,775,357 | 60,720,986 | (11,711,812) | 49,009,174 | ||||
Micro Cap Growth Fund | 221,748,162 | 131,315,043 | (10,882,991) | 120,432,052 | ||||
Small Cap Growth Fund | 470,977,558 | 148,775,037 | (10,804,029) | 137,971,008 | ||||
Small/Mid Cap Growth Fund | 18,698,788 | 4,929,658 | (297,695) | 4,631,963 | ||||
Event Driven Fund | 145,581,010 | 20,272,477 | (11,257,092) | 9,015,385 |
Asset derivatives | ||||
Risk exposure category | Statements of Assets and Liabilities location | Fair Value | ||
Equity contracts | Warrant securities, at fair value | $35,958 | ||
Total | $35,958 |
Asset derivatives | ||||
Risk exposure category | Statements of Assets and Liabilities location | Fair Value | ||
Equity contracts | Warrant securities, at fair value | $933,589 | ||
Equity contracts | Unrealized appreciation on open OTC swap contracts | 211,156 | ||
Total | $1,144,745 |
Liabilities derivatives | ||||
Risk exposure category | Statements of Assets and Liabilities location | Fair Value | ||
Equity contracts | Unrealized depreciation on open OTC swap contracts | $249,074 | ||
Total | $249,074 |
Amount of net realized gain (loss) on derivatives | ||||
Risk exposure category | ||||
Derivative | Interest rate contracts | Total | ||
Swap contracts | $(8,844) | $(8,844) | ||
Total | $(8,844) | $(8,844) |
Amount of net realized gain (loss) on derivatives | ||||
Risk exposure category | ||||
Derivative | Equity contracts | Total | ||
Written options contracts | $246,039 | $246,039 | ||
Swap contracts | 886,759 | 886,759 | ||
Warrant contracts | 981,943 | 981,943 | ||
Total | $2,114,741 | $2,114,741 |
Change in net unrealized appreciation (depreciation) on derivatives | ||||
Risk exposure category | ||||
Derivative | Equity contracts | Total | ||
Warrant contracts | $35,958 | $35,958 | ||
Total | $35,958 | $35,958 |
Quarterly Derivative Averages | ||||
Derivative | Quarterly Average | $ Amount/ Number | ||
Warrant contracts | number of contracts | $6,915 |
Change in net unrealized appreciation (depreciation) on derivatives | ||||
Risk exposure category | ||||
Derivative | Equity contracts | Total | ||
Written options contracts | $(213,842) | $(213,842) | ||
Swap contracts | (37,918) | (37,918) | ||
Warrant contracts | 116,620 | 116,620 | ||
Total | $(135,140) | $(135,140) |
Quarterly Derivative Averages | ||||
Derivative | Quarterly Average | $ Amount/ Number | ||
Written options contracts | number of contracts | $(212) | ||
Swap contracts | gross notional amount | $1,252,630 | ||
Warrant contracts | number of contracts | $804,908 |
Description | Gross Amounts Recognized in Statements of Assets and Liabilities | Derivatives Available for Offset | Collateral Received/ (Pledged) | Net Amount | ||||
Unrealized appreciation on open OTC swap contracts | $211,156 | $(211,156) | $— | $— |
Description | Gross Amounts Recognized in Statements of Assets and Liabilities | Derivatives Available for Offset | Collateral Received/ (Pledged) | Net Amount | ||||
Unrealized depreciation on open OTC swap contracts | $(249,074) | $211,156 | $— | $(37,918) |
Period ended December 31 | Emerging Markets Small Cap Growth Fund | Emerging Markets Opportunities Fund | Small/Mid Cap Growth Fund | |||
2022 | $227,780 | $234,125 | $— | |||
2023 | 171,531 | 230,617 | 73,297 | |||
2024 | 126,032 | 191,639 | 75,963 | |||
Total | $525,343 | $656,381 | $149,260 |
Fund | Shareholder services plan fees | Accrued shareholder services plan fees | ||
Emerging Markets Growth Fund | $ 2,196,271 | $ 353,678 | ||
Small Cap Growth Fund | 140,887 | 34,899 | ||
Event Driven Fund | 345,561 | 66,036 |
Fund | Purchases | Sales | ||
Emerging Markets Growth Fund | 4,035,384,971 | 3,891,893,672 | ||
Emerging Markets Small Cap Growth Fund | 182,901,801 | 176,305,590 | ||
Emerging Markets Opportunities Fund | 63,502,764 | 57,914,116 | ||
International Small Cap Growth Fund | 294,325,397 | 285,264,955 | ||
Micro Cap Growth Fund | 404,110,112 | 476,934,161 | ||
Small Cap Growth Fund | 846,575,472 | 679,903,704 | ||
Small/Mid Cap Growth Fund | 46,555,560 | 41,626,592 | ||
Event Driven Fund | 252,708,088 | 203,115,229 |
Emerging Markets Growth Fund | Emerging Markets Small Cap Growth Fund | Emerging Markets Opportunities Fund | |||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||
Fund | |||||||||||
Shares issued | — | — | 1,315,978 | 2,543,003 | 729,015 | 1,794,696 | |||||
Shares reinvested | — | — | 1,994 | 24,896 | 226,243 | 75,459 | |||||
Shares redeemed | — | — | (745,256) | (2,203,816) | (413,309) | (1,630,784) | |||||
Net increase (decrease) | — | — | 572,716 | 364,083 | 541,949 | 239,371 | |||||
Investor Class | |||||||||||
Shares issued | 2,286,494 | 3,204,978 | — | — | — | — | |||||
Shares reinvested | 2,945,615 | 465,885 | — | — | — | — | |||||
Shares redeemed | (4,126,250) | (6,122,971) | — | — | — | — | |||||
Net increase (decrease) | 1,105,859 | (2,452,108) | — | — | — | — | |||||
Institutional Class | |||||||||||
Shares issued | 9,064,263 | 8,365,858 | — | — | — | — | |||||
Shares reinvested | 4,805,413 | 590,331 | — | — | — | — | |||||
Shares redeemed | (5,111,672) | (5,376,101) | — | — | — | — | |||||
Net increase (decrease) | 8,758,004 | 3,580,088 | — | — | — | — | |||||
Total net increase (decrease) | 9,863,863 | 1,127,980 | — | — | — | — |
International Small Cap Growth Fund | Micro Cap Growth Fund | Small Cap Growth Fund | |||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||
Fund | |||||||||||
Shares issued | 4,892,868 | 3,883,897 | 261,767 | 3,395,804 | — | — | |||||
Shares reinvested | 6,080,902 | 1,581,466 | 5,973,251 | 2,060,912 | — | — | |||||
Shares redeemed | (3,880,440) | (8,019,361) | (2,061,238) | (9,518,280) | — | — | |||||
Net increase (decrease) | 7,093,330 | (2,553,998) | 4,173,780 | (4,061,564) | — | — | |||||
Investor Class | |||||||||||
Shares issued | — | — | — | — | 3,283,526 | 692,425 | |||||
Shares reinvested | — | — | — | — | 698,534 | 68,699 | |||||
Shares redeemed | — | — | — | — | (1,115,793) | (281,205) | |||||
Net increase (decrease) | — | — | — | — | 2,866,267 | 479,919 | |||||
Institutional Class | |||||||||||
Shares issued | — | — | — | — | 8,078,057 | 6,900,456 | |||||
Shares reinvested | — | — | — | — | 2,952,682 | 828,350 | |||||
Shares redeemed | — | — | — | — | (3,492,518) | (4,491,029) | |||||
Net increase (decrease) | — | — | — | — | 7,538,221 | 3,237,777 | |||||
Total net increase (decrease) | — | — | — | — | 10,404,488 | 3,717,696 |
Small/Mid Cap Growth Fund | Event Driven Fund | ||||||
2021 | 2020 | 2021 | 2020 | ||||
Fund | |||||||
Shares issued | 602,661 | 1,246,622 | 8,560,659 | 6,365,985 | |||
Shares reinvested | 99,901 | 11,603 | 1,677,873 | 325,090 | |||
Shares redeemed | (329,889) | (394,737) | (5,112,285) | (2,509,836) | |||
Net increase (decrease) | 372,673 | 863,488 | 5,126,247 | 4,181,239 | |||
Investor Class | |||||||
Shares issued | — | — | — | — | |||
Shares reinvested | — | — | — | — | |||
Shares redeemed | — | — | — | — | |||
Net increase (decrease) | — | — | — | — | |||
Institutional Class | |||||||
Shares issued | — | — | — | — | |||
Shares reinvested | — | — | — | — | |||
Shares redeemed | — | — | — | — | |||
Net increase (decrease) | — | — | — | — | |||
Total net increase (decrease) | — | — | — | — |
Funds comprising Driehaus Mutual Funds | Statement of operations | Statements of changes in net assets | Financial highlights | |||
Driehaus Emerging Markets Growth FundDriehaus Emerging Markets Small Cap Growth FundDriehaus International Small Cap Growth FundDriehaus Micro Cap Growth FundDriehaus Event Driven Fund | For the year ended December 31, 2021 | For each of the two years in the period ended December 31, 2021 | For each of the five years in the period ended December 31, 2021 | |||
Driehaus Emerging Markets Opportunities Fund | For the year ended December 31, 2021 | For each of the two years in the period ended December 31, 2021 | For each of the four years in the period ended December 31, 2021 and the period from April 10, 2017 (commencement of operations) through December 31, 2017 | |||
Driehaus Small Cap Growth Fund | For the year ended December 31, 2021 | For each of the two years in the period ended December 31, 2021 | For each of the four years in the period ended December 31, 2021 and the period from August 21, 2017 (commencement of operations) through December 31, 2017 | |||
Driehaus Small/Mid Cap Growth Fund | For the year ended December 31, 2021 | For the year ended December 31, 2021 and the period from May 1, 2020 (commencement of operations) through December 31, 2020 |
![](https://capedge.com/proxy/N-CSRA/0001398344-22-010186/img8646cf8d22.jpg)
Name, Address and Year of Birth | Position(s) Held with the Trust | Term of Office and Length of Time Served | Principal Occupation(s) During the Past 5 Years | Other Directorships Held by Trustee During the Past 5 Years | |||||
Interested Trustee:* | |||||||||
Stephen T. Weber Driehaus Capital Management LLC 25 East Erie Street Chicago, IL 60611 YOB: 1970 | Trustee and President | Since Dec. 2020 Since Feb. 2020 | Director of Driehaus Trust Company, LLC since March 2021; Chief Executive Officer of the Adviser since March 2021; President and Head of Distribution of the Adviser since February 2020; Director of Sales and Relationship Management of the Adviser from 2006 through February 2020; President and Chief Executive Officer of Driehaus Securities LLC from 2018 through 2019. | None. | |||||
Independent Trustees: | |||||||||
Theodore J. Beck c/o Driehaus Capital Management LLC 25 East Erie Street Chicago, IL 60611 YOB: 1952 | Trustee Chair Vice Chair | Since 2012 Since June 2021 2020 to 2021 | Retired; President and Chief Executive Officer, National Endowment for Financial Education, 2005 to July 2018. | None. | |||||
Daniel F. Zemanek c/o Driehaus Capital Management LLC 25 East Erie Street Chicago, IL 60611 YOB: 1942 | Trustee Vice Chair Chair | Since 1996 Since June 2021 2014 to 2021 | Retired; Real Estate Developer. | None. | |||||
Francis J. Harmon c/o Driehaus Capital Management LLC 25 East Erie Street Chicago, IL 60611 YOB: 1942 | Trustee | Since 1998 | Retired; Consultant, Great Lakes Advisors, Inc. from January 2020 to December 2020; Relationship Manager, Great Lakes Advisors, Inc. through December 2019. | None. | |||||
Dawn M. Vroegop c/o Driehaus Capital Management LLC 25 East Erie Street Chicago, IL 60611 YOB: 1966 | Trustee | Since 2012 | Private Investor. | Independent Trustee, Brighthouse Funds Trust I since December 2000 and Brighthouse Funds Trust II since May 2009. | |||||
Christopher J. Towle, CFA c/o Driehaus Capital Management LLC 25 East Erie Street Chicago, IL 60611 YOB: 1957 | Trustee | Since 2016 | Retired; Portfolio Manager, Lord Abbett & Co. | Independent Trustee, Brighthouse Funds Trust I and Brighthouse Funds Trust II, each from April 2018 to August 2019. |
Name, Address and Year of Birth | Position(s) Held with the Trust | Length of Time Served | Principal Occupation(s) During Past 5 Years | |||
Stephen T. Weber 25 East Erie Street Chicago, IL 60611 YOB: 1970 | President | Since Feb. 2020 | Director of Driehaus Trust Company, LLC since March 2021; Chief Executive Officer of the Adviser since March 2021; President and Head of Distribution of the Adviser since February 2020; Director of Sales and Relationship Management of the Adviser from 2006 through February 2020; President and Chief Executive Officer of Driehaus Securities LLC from 2018 through 2019. | |||
Robert M. Kurinsky 25 East Erie Street Chicago, IL 60611 YOB: 1972 | Vice President and Treasurer | Since 2019 | Chief Operating Officer of the Adviser since February 2020, Chief Financial Officer and Treasurer of the Adviser since January 2019; Treasurer and Chief Financial Officer of Driehaus Securities LLC from January 2019 through December 2019; Treasurer, Secretary and Chief Legal Officer of the Keeley Funds, Inc. through December 2018; President and Chief Operating Officer of Keeley-Teton Advisors, LLC from March 2017 to December 2018; Treasurer and Secretary of Joley Corp. and Keeley Holdings, Inc. through February 2017; Secretary, Treasurer, Chief Financial Officer and General Counsel of Keeley Asset Management Corp. through February 2017; Secretary, Treasurer, Chief Financial Officer and General Counsel of Keeley Investment Corp. through February 2017. | |||
Janet L. McWilliams 25 East Erie Street Chicago, IL 60611 YOB: 1970 | Assistant Vice President and Chief Legal Officer | Since 2007 Since 2012 | General Counsel and Secretary of the Adviser and Driehaus Securities LLC since 2012; General Counsel and Secretary of Driehaus Securities LLC through December 2019. | |||
Anne S. Kochevar 25 East Erie Street Chicago, IL 60611 YOB: 1963 | Chief Compliance Officer and Anti-Money Laundering Compliance Officer | Since 2019 | Chief Compliance Officer of the Adviser since July 2019; Anti-Money Laundering Compliance Officer of Driehaus Securities LLC from July 2019 to December 2019; Chief Compliance Officer of Confluence Investment Management from January 2018 to June 2019; and Chief Compliance Officer of Henderson Global Investors U.S. from November 2014 to January 2018. | |||
Marcia Y. Lucas 333 South Wabash Avenue Chicago, IL 60604 YOB: 1967 | Secretary | Since April 2021 | Senior Vice President of The Northern Trust Company since October 2015. | |||
Malinda M. Sanborn 25 East Erie Street Chicago, IL 60611 YOB: 1965 | Assistant Treasurer | Since August 2020 | Director of Fund Administration of the Advisor since August 2014. | |||
Christina E. Algozine 25 East Erie Street Chicago, IL 60611 YOB: 1985 | Assistant Secretary | Since 2019 | Assistant Secretary of the Adviser since January 2019; Assistant Secretary of Driehaus Securities LLC from January 2019 to December 2019; Senior Attorney, Aegon USA Investment Management, LLC from December 2014 to January 2019; Head of Corporate Strategy and Support, Aegon USA Investment Management, LLC from April 2015 to January 2017. |
Emerging Markets Growth Fund — Investor Class | ||||||
Beginning Account Value July 1, 2021 | Ending Account Value December 31, 2021 | Expenses Paid During Six Months Ended December 31, 2021* | ||||
Actual | $1,000.00 | $922.60 | $6.35 | |||
Hypothetical Example, assuming a 5% return before expenses | $1,000.00 | $1,018.60 | $6.67 |
Emerging Markets Growth Fund — Institutional Class | ||||||
Beginning Account Value July 1, 2021 | Ending Account Value December 31, 2021 | Expenses Paid During Six Months Ended December 31, 2021* | ||||
Actual | $1,000.00 | $923.70 | $5.19 | |||
Hypothetical Example, assuming a 5% return before expenses | $1,000.00 | $1,019.81 | $5.45 |
Emerging Markets Small Cap Growth Fund | ||||||
Beginning Account Value July 1, 2021 | Ending Account Value December 31, 2021 | Expenses Paid During Six Months Ended December 31, 2021* | ||||
Actual | $1,000.00 | $995.90 | $6.24 | |||
Hypothetical Example, assuming a 5% return before expenses | $1,000.00 | $1,018.95 | $6.31 |
Emerging Markets Opportunities Fund | ||||||
Beginning Account Value July 1, 2021 | Ending Account Value December 31, 2021 | Expenses Paid During Six Months Ended December 31, 2021* | ||||
Actual | $1,000.00 | $929.70 | $4.82 | |||
Hypothetical Example, assuming a 5% return before expenses | $1,000.00 | $1,020.21 | $5.04 |
International Small Cap Growth Fund | ||||||
Beginning Account Value July 1, 2021 | Ending Account Value December 31, 2021 | Expenses Paid During Six Months Ended December 31, 2021* | ||||
Actual | $1,000.00 | $996.00 | $5.74 | |||
Hypothetical Example, assuming a 5% return before expenses | $1,000.00 | $1,019.46 | $5.80 |
Micro Cap Growth Fund | ||||||
Beginning Account Value July 1, 2021 | Ending Account Value December 31, 2021 | Expenses Paid During Six Months Ended December 31, 2021* | ||||
Actual | $1,000.00 | $1,031.60 | $6.81 | |||
Hypothetical Example, assuming a 5% return before expenses | $1,000.00 | $1,018.50 | $6.77 |
Small Cap Growth Fund — Investor Class | ||||||
Beginning Account Value July 1, 2021 | Ending Account Value December 31, 2021 | Expenses Paid During Six Months Ended December 31, 2021* | ||||
Actual | $1,000.00 | $1,057.20 | $5.50 | |||
Hypothetical Example, assuming a 5% return before expenses | $1,000.00 | $1,019.86 | $5.40 |
Small Cap Growth Fund — Institutional Class | ||||||
Beginning Account Value July 1, 2021 | Ending Account Value December 31, 2021 | Expenses Paid During Six Months Ended December 31, 2021* | ||||
Actual | $1,000.00 | $1,058.80 | $3.68 | |||
Hypothetical Example, assuming a 5% return before expenses | $1,000.00 | $1,021.63 | $3.62 |
Small/Mid Cap Growth Fund | ||||||
Beginning Account Value July 1, 2021 | Ending Account Value December 31, 2021 | Expenses Paid During Six Months Ended December 31, 2021* | ||||
Actual | $1,000.00 | $1,045.20 | $4.90 | |||
Hypothetical Example, assuming a 5% return before expenses | $1,000.00 | $1,020.42 | $4.84 |
Event Driven Fund | ||||||
Beginning Account Value July 1, 2021 | Ending Account Value December 31, 2021 | Expenses Paid During Six Months Ended December 31, 2021* | ||||
Actual | $1,000.00 | $1,011.10 | $7.55 | |||
Hypothetical Example, assuming a 5% return before expenses | $1,000.00 | $1,017.69 | $7.58 |
Emerging Markets Growth Fund – Investor Class | 1.32% |
Emerging Markets Growth Fund – Institutional Class | 1.08% |
Emerging Markets Small Cap Growth Fund | 1.24% |
Emerging Markets Opportunities Fund | 0.99% |
International Small Cap Growth Fund | 1.15% |
Micro Cap Growth Fund | 1.38% |
Small Cap Growth Fund – Investor Class | 1.08% |
Small Cap Growth Fund – Institutional Class | 0.73% |
Small/Mid Cap Growth Fund | 0.95% |
Event Driven Fund | 1.56% |
Emerging Markets Growth Fund | Emerging Markets Small Cap Growth Fund | Emerging Markets Opportunities Fund | International Small Cap Growth Fund | |||
$225,900,006 | $— | $1,825,007 | $36,999,988 |
Micro Cap Growth Fund | Small Cap Growth Fund | Small/Mid Cap Growth Fund | Event Driven Fund | |||
$68,499,993 | $48,000,010 | $501,538 | $9,400,443 |
Emerging Markets Growth Fund | Emerging Markets Small Cap Growth Fund | Emerging Markets Opportunities Fund | International Small Cap Growth Fund | |||
—% | 63.85% | 51.30% | 100.00% |
Micro Cap Growth Fund | Small Cap Growth Fund | Small/Mid Cap Growth Fund | Event Driven Fund | |||
—% | —% | —% | 31.88% |
Emerging Markets Growth Fund | Emerging Markets Small Cap Growth Fund | Emerging Markets Opportunities Fund | International Small Cap Growth Fund | |||
18.15% | —% | —% | 9.93% |
Micro Cap Growth Fund | Small Cap Growth Fund | Small/Mid Cap Growth Fund | Event Driven Fund | |||
0.53% | 1.35% | 3.82% | —% |
Emerging Markets Growth Fund | Emerging Markets Small Cap Growth Fund | Emerging Markets Opportunities Fund | International Small Cap Growth Fund | |||
—% | —% | 0.35% | —% |
Micro Cap Growth Fund | Small Cap Growth Fund | Small/Mid Cap Growth Fund | Event Driven Fund | |||
—% | —% | —% | 0.83% |
Fund Name | For (Shares Voted / % of Voted) | Against (Shares Voted / % of Voted) | Abstain (Shares Voted / % of Voted) | Broker Non-Vote (Shares Voted / % of Voted) | ||||
Driehaus Emerging Markets Growth Fund | 27,084,980.600 / 72.295% | 138,506.871 / 0.370% | 238,739.729 / 0.637% | 10,002,427.000 / 26.698% | ||||
Driehaus Emerging Markets Small Cap Growth Fund | 3,182,387.146 / 78.277% | 13,266.000 / 0.326% | 13,564.000 / 0.334% | 856,307.000 / 21.063% | ||||
Driehaus Emerging Markets Opportunities Fund | 3,554,205.563 / 99.846% | 0 / 0.000% | 0 / 0.000% | 5,487.000 / 0.154% | ||||
Driehaus International Small Cap Growth Fund | 10,117,889.892 / 79.474% | 31,311.000 / 0.246% | 27,633.000 / 0.217% | 2,554,163.000 / 20.063% | ||||
Driehaus Micro Cap Growth Fund | 9,969,914.317 / 82.337% | 95,362.000 / 0.788% | 39,100.000 / 0.323% | 2,004,285.000 / 16.552% | ||||
Driehaus Small Cap Growth Fund | 8,657,319.760 / 76.935% | 41,405.000 / 0.368% | 25,430.000 / 0.226% | 2,528,643.000 / 22.471% | ||||
Driehaus Small/Mid Cap Growth Fund | 714,961.642 / 69.476% | 348.000 / 0.034% | 937.000 / 0.091% | 312,834.000 / 30.399% | ||||
Driehaus Event Driven Fund | 7,534,742.763 / 78.601% | 13,526.000 / 0.141% | 32,141.000 / 0.335% | 2,005,607.000 / 20.922% |
Trustee | For (Shares Voted / % of Voted) | Withhold (Shares Voted / % of Voted) | ||
Theodore J. Beck | 90,410,419.906 / 98.489% | 1,387,004.378 / 1.511% | ||
Francis J. Harmon | 90,230,799.862 / 98.293% | 1,566,624.422 / 1.707% | ||
Christopher J. Towle | 90,434,149.906 / 98.515% | 1,363,274.378 / 1.485% | ||
Dawn M. Vroegop | 90,546,143.398 / 98.637% | 1,251,280.886 / 1.363% | ||
Stephen T. Weber | 90,573,981.445 / 98.667% | 1,223,442.839 / 1.333% | ||
Daniel F. Zemanek | 90,156,513.862 / 98.212% | 1,640,910.422 / 1.788% |
(b) | Not applicable. |
Item 2. Code of Ethics.
(a) | The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. |
(b) | No response required. |
(c) | There have been no amendments, during the period covered by this report, to a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics description. |
(d) | The registrant has not granted any waivers, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, that relates to one or more of the items set forth in paragraph (b) of this item. |
(e) | Not applicable. |
(f) | The registrant’s Code of Ethics for Principal Executive and Financial Officers is filed herewith. |
Item 3. Audit Committee Financial Expert.
The registrant’s Board of Trustees has designated Christopher J. Towle as an audit committee financial expert. Christopher J. Towle is “independent,” as defined by this Item 3. Mr. Towle is a CFA charterholder and his relevant experience includes prior audit committee experience, experience reviewing financial statements, performing company specific financial analysis and creating financial models, as well as coursework in accounting.
Item 4. Principal Accountant Fees and Services.
(a) | Audit Fees |
For the fiscal years ended December 31, 2021 and 2020, Ernst & Young LLP, the registrant’s principal accountant (“E&Y”), billed the registrant $255,000 and $249,000, respectively, for professional services rendered for the audit of the registrant’s annual financial statements or services that are normally provided in connection with statutory and regulatory filings.
(b) | Audit-Related Fees |
For the fiscal years ended December 31, 2021 and 2020, E&Y billed the registrant $0 and $0, respectively, for assurance and related services that are reasonably related to the performance of the audit of the registrant’s financial statements and that are not reported above.
For engagements that Driehaus Capital Management LLC, the registrant’s investment adviser (“DCM”) entered into with E&Y for fiscal years 2021 and 2020, E&Y provided no audit-related services to DCM that were for engagements directly related to the registrant’s operations and financial reporting.
(c) | Tax Fees |
For the fiscal years ended December 31, 2021 and 2020, E&Y billed the registrant $91,200 and $95,750 respectively, for professional services rendered for tax compliance, tax advice, and tax planning. Such services consisted of review of the registrant’s income tax returns and tax distribution requirements and analysis related to foreign tax liabilities and passive foreign investment company status. The Audit Committee pre-approved all tax services that E&Y provided to the registrant.
For fiscal years 2021 and 2020, E&Y provided no tax services to DCM that were for engagements directly related to the registrant’s operations and financial reporting.
(d) | All Other Fees |
For the fiscal years ended December 31, 2021 and 2020, E&Y billed the registrant $0 and $0, respectively, for products and services provided, other than the services reported above.
For fiscal years 2021 and 2020, E&Y provided no other services to DCM that were for engagements directly related to the registrant’s operations and financial reporting.
(e)(1) | Audit Committee Pre-Approval Policies and Procedures |
Pursuant to registrant’s Audit Committee Charter (the “Charter”), the Audit Committee is responsible for pre-approving any engagement of the principal accountant to provide non-prohibited services to the registrant, including the fees and other compensation to be paid to the principal accountant, to the extent required by Rule 2-01(c)(7) of Regulation S-X. The Chairperson of the Audit Committee may grant pre-approval for such engagements of $5,000 or less. All such delegated pre-approvals will be presented to the Audit Committee no later than the next Audit Committee meeting.
Pursuant to the Charter, the Audit Committee is also responsible for pre-approving any engagement of the principal accountant, including the fees and other compensation to be paid to the principal accountant, to provide non-audit services to the registrant’s investment adviser (or any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant), if the engagement relates directly to the operations and financial reporting of the registrant, to the extent required by Rule 2-01(c)(7) of Regulation S-X. The Chairperson of the Audit Committee may grant pre-approval for engagements of $5,000 or less. All such delegated pre-approvals will be presented to the Audit Committee no later than the next Audit Committee meeting.
(e)(2) | The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X is 0%. |
(f) | Not applicable. |
(g) | Non-Audit Fees |
For the fiscal years ended December 31, 2021 and 2020, E&Y billed the registrant $91,200 and $95,750, respectively, in aggregate non-audit fees. For the fiscal years ended December 31, 2021 and 2020, E&Y billed DCM $0 and $0, respectively, in aggregate non-audit fees.
(h) | Not applicable. |
(1) | Not applicable. |
(j) | Not applicable. |
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) | Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.
Item 11. Controls and Procedures.
(a) | The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting. |
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
(a)(1) | Code of Ethics is filed herewith. |
(a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 906 of the Sarbanes- Oxley Act of 2002 are attached hereto. |
(a)(3) | Not applicable. |
(a)(4) | Not applicable. |
(b) | Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) are attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | Driehaus Mutual Funds | |
By (Signature and Title) | /s/ Stephen T. Weber | |
Stephen T. Weber, President | ||
(principal executive officer) | ||
Date | March 3, 2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) | /s/ Stephen T. Weber | |
Stephen T. Weber, President | ||
(principal executive officer) | ||
Date | March 3, 2022 | |
By (Signature and Title) | /s/ Robert M. Kurinsky | |
Robert M. Kurinsky, Vice President and Treasurer | ||
(principal financial officer) | ||
Date | March 3, 2022. |