Driehaus Emerging Markets Growth Fund
Schedule of Investments
March 31, 2020 (unaudited)
Number of Shares | Value (Note A) | |||||||
EQUITY SECURITIES — 92.5% | ||||||||
FAR EAST — 69.1% | ||||||||
China — 39.2% | ||||||||
AIA Group, Ltd. | 2,255,775 | $ | 20,199,655 | |||||
Alibaba Group Holding, Ltd. — SP ADR** | 462,727 | 89,991,147 | ||||||
Alibaba Health Information Technology, Ltd.** | 4,957,784 | 8,147,214 | ||||||
China International Capital Corp., Ltd. — H1 | 4,656,322 | 7,452,388 | ||||||
China Merchants Bank Co., Ltd. — H | 2,821,953 | 12,624,774 | ||||||
China Resources Cement Holdings, Ltd. | 16,690,461 | 19,608,387 | ||||||
Contemporary Amperex Technology Co., Ltd. — A | 665,355 | 11,220,088 | ||||||
Country Garden Services Holdings Co., Ltd. | 4,852,757 | 19,526,486 | ||||||
Foshan Haitian Flavouring & Food Co., Ltd. — A | 558,157 | 9,799,415 | ||||||
Galaxy Entertainment Group, Ltd. | 2,630,559 | 13,854,682 | ||||||
GDS Holdings, Ltd. — ADR** | 109,367 | 6,340,005 | ||||||
GSX Techedu, Inc. — ADR** | 348,901 | 14,779,446 | ||||||
JD.com, Inc. — ADR** | 619,016 | 25,070,148 | ||||||
Jiangsu Hengrui Medicine Co., Ltd. — A | 1,592,748 | 20,445,060 | ||||||
Kweichow Moutai Co., Ltd. — A | 70,715 | 10,989,643 | ||||||
Meituan Dianping — B** | 658,527 | 7,850,463 | ||||||
MTR Corp., Ltd. | 2,835,871 | 14,586,699 | ||||||
NetEase, Inc. — ADR | 58,992 | 18,934,073 | ||||||
New Oriental Education & Technology Group, Inc. — SP ADR** | 49,739 | 5,383,749 | ||||||
Ping An Healthcare and Technology Co., Ltd.1** | 1,584,122 | 14,586,373 | ||||||
Ping An Insurance Group Co. of China, Ltd. — H | 3,412,223 | 33,324,661 | ||||||
Shenzhou International Group Holdings, Ltd. | 713,957 | 7,489,456 | ||||||
Silergy Corp. | 215,006 | 6,973,871 | ||||||
Techtronic Industries Co., Ltd. | 1,510,557 | 9,591,896 | ||||||
Tencent Holdings, Ltd. | 2,161,225 | 106,824,194 | ||||||
Wuliangye Yibin Co., Ltd. — A | 506,822 | 8,152,727 | ||||||
Wuxi Biologics Cayman, Inc.1** | 1,272,278 | 16,242,956 | ||||||
Yonyou Network Technology Co., Ltd. — A | 2,225,536 | 12,535,922 | ||||||
Zhangzhou Pientzehuang Pharmaceutical Co. | 646,181 | 11,227,472 |
Number of Shares | Value (Note A) | |||||||
ZTO Express Cayman, Inc. — ADR | 250,227 | $ | 6,626,011 | |||||
|
| |||||||
570,379,061 | ||||||||
|
| |||||||
India — 8.9% | ||||||||
Asian Paints, Ltd. | 296,621 | 6,533,866 | ||||||
HDFC Bank, Ltd. — ADR | 603,871 | 23,224,879 | ||||||
Hindustan Unilever, Ltd. | 552,008 | 16,740,748 | ||||||
Housing Development Finance Corp., Ltd. | 398,756 | 8,606,888 | ||||||
ICICI Bank, Ltd. — SP ADR | 3,182,128 | 27,048,088 | ||||||
Indraprastha Gas, Ltd. | 740,660 | 3,811,728 | ||||||
Kotak Mahindra Bank, Ltd. | 388,514 | 6,631,474 | ||||||
Nestle India, Ltd. | 102,772 | 22,220,859 | ||||||
Reliance Industries, Ltd. | 992,635 | 14,474,833 | ||||||
|
| |||||||
129,293,363 | ||||||||
|
| |||||||
Taiwan — 7.9% | ||||||||
Accton Technology Corp. | 1,368,165 | 7,320,489 | ||||||
Airtac International Group | 692,698 | 10,214,032 | ||||||
Giant Manufacturing Co., Ltd. | 1,276,649 | 5,640,173 | ||||||
MediaTek, Inc. | 545,817 | 5,858,378 | ||||||
Parade Technologies, Ltd. | 382,995 | 8,094,877 | ||||||
Taiwan Semiconductor Manufacturing Co., Ltd. — SP ADR | 1,642,082 | 78,475,099 | ||||||
|
| |||||||
115,603,048 | ||||||||
|
| |||||||
South Korea — 6.6% | ||||||||
Kakao Corp. | 59,676 | 7,548,009 | ||||||
Macquarie Korea Infrastructure Fund | 1,374,235 | 12,204,208 | ||||||
NCSoft Corp. | 15,135 | 8,077,622 | ||||||
Samsung Electronics Co., Ltd. | 1,248,451 | 48,541,671 | ||||||
SK Hynix, Inc. | 296,503 | 20,044,804 | ||||||
|
| |||||||
96,416,314 | ||||||||
|
| |||||||
Singapore — 2.2% | ||||||||
Sea, Ltd. — ADR** | 243,678 | 10,797,372 | ||||||
Singapore Exchange, Ltd. | 1,879,243 | 12,103,176 | ||||||
Singapore Technologies Engineering, Ltd. | 3,882,483 | 8,494,201 | ||||||
|
| |||||||
31,394,749 | ||||||||
|
| |||||||
Indonesia — 1.6% | ||||||||
PT Bank Central Asia Tbk | 10,205,691 | 17,195,765 | ||||||
PT Bank Rakyat Indonesia Persero Tbk | 29,982,197 | 5,498,891 | ||||||
|
| |||||||
22,694,656 | ||||||||
|
| |||||||
Japan — 0.9% | ||||||||
Keyence Corp. | 43,091 | 13,854,298 | ||||||
Malaysia — 0.7% | ||||||||
Dialog Group BHD | 13,680,493 | 9,611,728 | ||||||
Philippines — 0.6% | ||||||||
BDO Unibank, Inc. | 4,254,138 | 8,599,677 | ||||||
Thailand — 0.5% | ||||||||
CP ALL PCL — NVDR | 3,882,708 | 7,177,546 | ||||||
|
| |||||||
Total FAR EAST | 1,005,024,440 | |||||||
|
| |||||||
EUROPE — 9.6% | ||||||||
Russia — 4.4% | ||||||||
Lukoil PJSC — SP ADR | 457,690 | 26,972,453 |
Driehaus Emerging Markets Growth Fund
Schedule of Investments
March 31, 2020 (unaudited)
Number of Shares | Value (Note A) | |||||||
MMC Norilsk Nickel PJSC — ADR | 553,948 | $ | 13,438,778 | |||||
Novatek PJSC — SP GDR | 81,918 | 9,288,936 | ||||||
Yandex NV — A** | 408,422 | 13,906,769 | ||||||
|
| |||||||
63,606,936 | ||||||||
|
| |||||||
Poland — 1.4% | ||||||||
CD Projekt SA | 284,557 | 19,597,846 | ||||||
Dino Polska SA1** | 35,671 | 1,387,570 | ||||||
|
| |||||||
20,985,416 | ||||||||
|
| |||||||
Netherlands — 1.4% | ||||||||
ASML Holding NV | 79,123 | 20,858,012 | ||||||
Greece — 0.9% | ||||||||
Hellenic Telecommunications Organization SA | 783,087 | 9,466,367 | ||||||
OPAP SA | 437,710 | 3,297,830 | ||||||
|
| |||||||
12,764,197 | ||||||||
|
| |||||||
Hungary — 0.9% | ||||||||
OTP Bank PLC | 434,311 | 12,457,918 | ||||||
Switzerland — 0.6% | ||||||||
Roche Holding AG | 28,231 | 9,083,099 | ||||||
|
| |||||||
Total EUROPE | 139,755,578 | |||||||
|
| |||||||
SOUTH AMERICA — 6.5% | ||||||||
Brazil — 5.1% | ||||||||
Afya, Ltd. — A** | 218,105 | 4,157,081 | ||||||
Arco Platform, Ltd. — A** | 55,150 | 2,330,639 | ||||||
B3 SA - Brasil Bolsa Balcao | 2,164,851 | 14,844,526 | ||||||
Itau Unibanco Holding SA — SP PREF ADR | 1,926,889 | 8,651,732 | ||||||
Lojas Renner SA | 1,332,228 | 8,617,267 | ||||||
Raia Drogasil SA | 736,770 | 14,363,619 | ||||||
StoneCo., Ltd. — A** | 252,546 | 5,497,926 | ||||||
Sul America SA | 754,828 | 4,943,476 | ||||||
Vale SA — SP ADR | 1,279,590 | 10,607,801 | ||||||
|
| |||||||
74,014,067 | ||||||||
|
| |||||||
Argentina — 1.4% | ||||||||
Globant SA** | 66,086 | 5,807,638 | ||||||
MercadoLibre, Inc.** | 28,562 | 13,954,822 | ||||||
|
| |||||||
19,762,460 | ||||||||
|
| |||||||
Total SOUTH AMERICA | 93,776,527 | |||||||
|
| |||||||
NORTH AMERICA — 5.3% | ||||||||
United States — 2.5% | ||||||||
NVIDIA Corp. | 55,229 | 14,558,364 | ||||||
The Estee Lauder Cos., Inc. — A | 71,795 | 11,439,815 | ||||||
The Procter & Gamble Co. | 91,087 | 10,019,570 | ||||||
|
| |||||||
36,017,749 | ||||||||
|
| |||||||
Canada — 1.5% | ||||||||
Barrick Gold Corp. | 383,340 | 7,022,789 | ||||||
Wheaton Precious Metals Corp. | 544,999 | 15,003,822 | ||||||
|
| |||||||
22,026,611 | ||||||||
|
| |||||||
Mexico — 1.3% | ||||||||
Fibra Uno Administracion SA de CV — REIT | 10,082,604 | 7,913,925 |
Number of Shares | Value (Note A) | |||||||
Wal-Mart de Mexico SAB de CV | 4,606,615 | $ | 10,853,144 | |||||
|
| |||||||
18,767,069 | ||||||||
|
| |||||||
Total NORTH AMERICA | 76,811,429 | |||||||
|
| |||||||
AFRICA — 1.6% | ||||||||
South Africa — 0.8% | ||||||||
Capitec Bank Holdings, Ltd. | 70,326 | 3,459,341 | ||||||
Clicks Group, Ltd. | 592,618 | 8,541,703 | ||||||
|
| |||||||
12,001,044 | ||||||||
|
| |||||||
Egypt — 0.8% | ||||||||
Commercial International Bank Egypt SAE | 3,032,821 | 11,247,530 | ||||||
|
| |||||||
Total AFRICA | 23,248,574 | |||||||
|
| |||||||
MIDDLE EAST — 0.4% | ||||||||
United Arab Emirates — 0.4% | ||||||||
Network International Holdings PLC1** | 1,283,069 | 6,238,799 | ||||||
|
| |||||||
Total MIDDLE EAST | 6,238,799 | |||||||
|
| |||||||
Total EQUITY SECURITIES | 1,344,855,347 | |||||||
|
| |||||||
TOTAL INVESTMENTS | 92.5% | $ | 1,344,855,347 | |||||
Other Assets In Excess Of Liabilities | 7.5% | 109,314,099 | ||||||
|
|
|
| |||||
NetAssets | 100.0% | $ | 1,454,169,446 | |||||
1 | 144A — This security was purchased pursuant to Rule 144A of the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. At March 31, 2020, these securities amounted to $45,908,086 or 3.2% of net assets. These 144A securities have not been deemed illiquid. |
** | Non-income producing security |
ADR — American Depository Receipt
NVDR —Non-Voting Depository Receipt
REIT — Real Estate Investment Trust
SP ADR — Sponsored American Depository Receipt
SP GDR — Sponsored Global Depository Receipt
SP PREF ADR — Sponsored Preferred American Depository Receipt
See accompanying Notes to Schedule of Investments.
Driehaus Emerging Markets Small Cap Growth Fund
Schedule of Investments
March 31, 2020 (unaudited)
Number of Shares | Value (Note A) | |||||||
EQUITY SECURITIES — 91.7% | ||||||||
FAR EAST — 70.6% | ||||||||
China — 35.9% | ||||||||
A-Living Services Co., Ltd. — H1 | 149,500 | $ | 716,974 | |||||
C&S Paper Co., Ltd. — A | 443,075 | 1,052,622 | ||||||
Changzhou Xingyu Automotive Lighting Systems Co., Ltd. — A | 24,900 | 292,077 | ||||||
China Meidong Auto Holdings, Ltd. | 338,000 | 523,961 | ||||||
China Resources Cement Holdings, Ltd. | 738,794 | 867,954 | ||||||
Chinasoft International, Ltd. | 452,000 | 233,204 | ||||||
GDS Holdings, Ltd. — ADR** | 17,549 | 1,017,316 | ||||||
GSX Techedu, Inc. — ADR** | 21,833 | 924,846 | ||||||
Hangzhou Tigermed Consulting Co., Ltd. — A | 56,132 | 502,620 | ||||||
Innovent Biologics, Inc.1** | 74,000 | 308,777 | ||||||
Jiajiayue Group Co., Ltd. — A | 134,870 | 613,210 | ||||||
Jiangsu Hengli Hydraulic Co., Ltd. — A | 67,920 | 580,587 | ||||||
Kingdee International Software Group Co., Ltd. | 539,000 | 708,970 | ||||||
Li Ning Co., Ltd. | 203,592 | 585,710 | ||||||
Maanshan Iron & Steel Co., Ltd. — H | 890,000 | 276,961 | ||||||
Pharmaron Beijing Co., Ltd. — H1** | 45,800 | 293,571 | ||||||
Ping An Healthcare and Technology Co., Ltd.1** | 194,100 | 1,787,246 | ||||||
Proya Cosmetics Co., Ltd. — A | 44,800 | 722,879 | ||||||
Shenzhen SC New Energy Technology Corp. — A | 74,900 | 485,207 | ||||||
Silergy Corp. | 21,000 | 681,151 | ||||||
SITC International Holdings Co., Ltd. | 248,000 | 230,841 | ||||||
Times China Holdings, Ltd. | 160,000 | 263,656 | ||||||
Wuxi Lead Intelligent Equipment Co., Ltd. — A | 138,400 | 723,057 | ||||||
Xinyi Glass Holdings, Ltd. | 380,000 | 433,909 | ||||||
Xinyi Solar Holdings, Ltd. | 782,000 | 433,851 | ||||||
Yihai International Holding, Ltd. | 90,157 | 679,107 | ||||||
Zhejiang Dingli Machinery Co., Ltd. — A | 53,898 | 431,084 | ||||||
Zoomlion Heavy Industry Science and Technology Co., Ltd. — H | 615,800 | 442,971 | ||||||
|
| |||||||
16,814,319 | ||||||||
|
| |||||||
Taiwan — 11.4% | ||||||||
Accton Technology Corp. | 147,000 | 786,537 | ||||||
Airtac International Group | 40,000 | 589,812 | ||||||
ASPEED Technology, Inc. | 19,000 | 647,230 | ||||||
Parade Technologies, Ltd. | 49,584 | 1,047,994 | ||||||
Realtek Semiconductor Corp. | 35,000 | 251,261 | ||||||
Sinbon Electronics Co., Ltd. | 181,000 | 745,099 |
Number of Shares | Value (Note A) | |||||||
Vanguard International Semiconductor Corp. | 167,000 | $ | 323,712 | |||||
Voltronic Power Technology Corp. | 13,000 | 270,164 | ||||||
Wiwynn Corp. | 29,509 | 678,509 | ||||||
|
| |||||||
5,340,318 | ||||||||
|
| |||||||
India — 10.0% | ||||||||
Aarti Industries, Ltd. | 44,435 | 450,105 | ||||||
Aarti Surfactants, Ltd.2,3** | 2,704 | 0 | ||||||
Aavas Financiers, Ltd.** | 26,052 | 412,345 | ||||||
Cholamandalam Investment and Finance Co., Ltd. | 179,462 | 362,221 | ||||||
Colgate-Palmolive India, Ltd. | 16,339 | 269,576 | ||||||
Embassy Office Parks REIT | 70,000 | 323,497 | ||||||
Gujarat Gas, Ltd. | 83,395 | 254,192 | ||||||
IndiaMart InterMesh, Ltd.1 | 18,415 | 467,623 | ||||||
Indraprastha Gas, Ltd. | 120,167 | 618,427 | ||||||
Info Edge India, Ltd. | 16,105 | 433,890 | ||||||
PI Industries, Ltd. | 15,452 | 239,721 | ||||||
Pidilite Industries, Ltd. | 20,068 | 359,574 | ||||||
Trent, Ltd. | 76,369 | 489,014 | ||||||
|
| |||||||
4,680,185 | ||||||||
|
| |||||||
Malaysia — 3.4% | ||||||||
Carlsberg Brewery Malaysia BHD | 35,900 | 206,270 | ||||||
Dialog Group BHD | 772,906 | 543,033 | ||||||
Hartalega Holdings BHD | 314,700 | 499,982 | ||||||
Heineken Malaysia BHD | 66,200 | 333,121 | ||||||
|
| |||||||
1,582,406 | ||||||||
|
| |||||||
South Korea — 3.2% | ||||||||
Douzone Bizon Co., Ltd. | 10,248 | 676,284 | ||||||
LEENO Industrial, Inc. | 7,695 | 469,463 | ||||||
NICE Information Service Co., Ltd. | 33,331 | 359,142 | ||||||
|
| |||||||
1,504,889 | ||||||||
|
| |||||||
Vietnam — 2.7% | ||||||||
FPT Corp. | 416,308 | 766,427 | ||||||
Military Commercial Joint Stock Bank | 805,374 | 488,081 | ||||||
|
| |||||||
1,254,508 | ||||||||
|
| |||||||
Singapore — 2.1% | ||||||||
Sea, Ltd. — ADR** | 22,536 | 998,570 | ||||||
Cambodia — 1.1% | ||||||||
NagaCorp, Ltd. | 516,403 | 522,752 | ||||||
Indonesia — 0.8% | ||||||||
PT Bank Tabungan Pensiunan Nasional Syariah Tbk** | 2,967,600 | 386,341 | ||||||
|
| |||||||
Total FAR EAST | 33,084,288 | |||||||
|
| |||||||
SOUTH AMERICA — 8.6% | ||||||||
Brazil — 7.3% | ||||||||
Arco Platform, Ltd. — A** | 12,590 | 532,053 | ||||||
Bradespar SA — Pref. | 62,200 | 347,744 | ||||||
Grupo SBF SA** | 91,100 | 423,758 | ||||||
Lojas Renner SA | 75,308 | 487,116 | ||||||
Magazine Luiza SA | 67,100 | 508,535 | ||||||
Notre Dame Intermedica Participacoes SA | 44,215 | 380,024 |
Driehaus Emerging Markets Small Cap Growth Fund
Schedule of Investments
March 31, 2020 (unaudited)
Number of Shares | Value (Note A) | |||||||
Raia Drogasil SA | 38,400 | $ | 748,623 | |||||
|
| |||||||
3,427,853 | ||||||||
|
| |||||||
Argentina — 0.7% | ||||||||
Globant SA** | 3,795 | 333,505 | ||||||
Chile — 0.6% | ||||||||
Sociedad Quimica y Minera de Chile SA — SP ADR | 12,126 | 273,441 | ||||||
|
| |||||||
Total SOUTH AMERICA | 4,034,799 | |||||||
|
| |||||||
EUROPE — 7.5% | ||||||||
Russia — 3.2% | ||||||||
Detsky Mir PJSC1 | 433,024 | 497,169 | ||||||
Evraz PLC | 122,976 | 351,849 | ||||||
Globaltrans Investment PLC — SP GDR | 66,509 | 349,087 | ||||||
TCS Group Holding PLC — GDR | 25,905 | 299,462 | ||||||
|
| |||||||
1,497,567 | ||||||||
|
| |||||||
Poland — 3.0% | ||||||||
CD Projekt SA | 9,683 | 666,882 | ||||||
Dino Polska SA1** | 18,687 | 726,907 | ||||||
|
| |||||||
1,393,789 | ||||||||
|
| |||||||
United Kingdom — 0.8% | ||||||||
KAZ Minerals PLC | 84,815 | 367,813 | ||||||
Czech Republic — 0.5% | ||||||||
Moneta Money Bank AS1 | 120,203 | 247,566 | ||||||
|
| |||||||
Total EUROPE | 3,506,735 | |||||||
|
| |||||||
AFRICA — 2.0% | ||||||||
South Africa — 1.1% | ||||||||
Clicks Group, Ltd. | 16,259 | 234,349 | ||||||
Sibanye Stillwater, Ltd.** | 205,912 | 259,844 | ||||||
|
| |||||||
494,193 | ||||||||
|
| |||||||
Egypt — 0.9% | ||||||||
Commercial International Bank Egypt SAE — GDR | 122,003 | 441,538 | ||||||
|
| |||||||
Total AFRICA | 935,731 | |||||||
|
| |||||||
NORTH AMERICA — 1.9% | ||||||||
Canada — 1.2% | ||||||||
B2Gold Corp. | 183,626 | 555,849 | ||||||
Mexico — 0.7% | ||||||||
Qualitas Controladora SAB de CV | 130,700 | 334,098 | ||||||
|
| |||||||
Total NORTH AMERICA | 889,947 | |||||||
|
| |||||||
MIDDLE EAST — 1.1% | ||||||||
United Arab Emirates — 1.1% | ||||||||
Network International Holdings PLC1** | 102,805 | 499,879 | ||||||
|
| |||||||
Total MIDDLE EAST | 499,879 | |||||||
|
| |||||||
Total EQUITY SECURITIES | 42,951,379 | |||||||
|
| |||||||
TOTAL INVESTMENTS | 91.7% | $ | 42,951,379 | |||||
Other Assets In Excess Of Liabilities | 8.3% | 3,878,536 | ||||||
|
|
|
| |||||
NetAssets | 100.0% | $ | 46,829,915 | |||||
1 | 144A — This security was purchased pursuant to Rule 144A of the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. At March 31, 2020, these securities amounted to $5,545,712 or 11.8% of net assets. These 144A securities have not been deemed illiquid, unless otherwise noted. |
2 | Pursuant to procedures adopted by Driehaus Mutual Funds’ (the “Trust”) Board of Trustees, this security has been determined to be illiquid by Driehaus Capital Management LLC, the Fund’s investment adviser. |
3 | Investments categorized as Level 3 pricing (See Note A in the Notes to Schedules of Investments). |
** | Non-income producing security |
ADR — American Depository Receipt
GDR — Global Depository Receipt
REIT — Real Estate Investment Trust
SP ADR — Sponsored American Depository Receipt
SP GDR — Sponsored Global Depository Receipt
See accompanying Notes to Schedule of Investments.
Driehaus International Small Cap Growth Fund
Schedule of Investments
March 31, 2020 (unaudited)
Number of Shares | Value (Note A) | |||||||
EQUITY SECURITIES — 92.4% | ||||||||
EUROPE — 56.3% | ||||||||
United Kingdom — 14.7% | ||||||||
Ashmore Group PLC | 213,509 | $ | 940,134 | |||||
Balfour Beatty PLC | 725,946 | 1,926,384 | ||||||
Bellway PLC | 24,146 | 639,674 | ||||||
ConvaTec Group PLC1 | 1,266,502 | 2,911,995 | ||||||
Cranswick PLC | 56,691 | 2,595,220 | ||||||
Electrocomponents PLC | 373,945 | 2,380,780 | ||||||
Endava PLC — SP ADR** | 44,528 | 1,565,604 | ||||||
Greggs PLC | 135,224 | 2,690,974 | ||||||
Intermediate Capital Group PLC | 50,773 | 560,388 | ||||||
JD Sports Fashion PLC | 168,190 | 941,986 | ||||||
QinetiQ Group PLC | 572,574 | 2,273,647 | ||||||
Serco Group PLC** | 2,004,778 | 3,027,701 | ||||||
Spirax-Sarco Engineering PLC | 22,790 | 2,287,950 | ||||||
Stock Spirits Group PLC | 439,251 | 874,396 | ||||||
The Weir Group PLC | 136,612 | 1,215,042 | ||||||
Vesuvius PLC | 377,140 | 1,510,265 | ||||||
|
| |||||||
28,342,140 | ||||||||
|
| |||||||
Germany — 9.8% | ||||||||
Duerr AG | 98,563 | 2,000,140 | ||||||
DWS Group GmbH & Co. KGaA1 | 66,501 | 1,614,551 | ||||||
HelloFresh SE** | 80,423 | 2,626,240 | ||||||
Hornbach Holding AG & Co. KGaA | 17,816 | 745,276 | ||||||
Puma SE | 38,271 | 2,248,618 | ||||||
Rheinmetall AG | 10,742 | 746,535 | ||||||
Scout24 AG1 | 38,564 | 2,305,316 | ||||||
TAG Immobilien AG | 102,047 | 2,006,909 | ||||||
TeamViewer AG** | 114,202 | 4,643,568 | ||||||
|
| |||||||
18,937,153 | ||||||||
|
| |||||||
Switzerland — 6.9% | ||||||||
Belimo Holding AG | 305 | 1,943,786 | ||||||
Comet Holding AG | 9,887 | 1,017,800 | ||||||
Galenica AG1 | 52,310 | 3,569,251 | ||||||
Softwareone Holding AG** | 111,814 | 2,152,689 | ||||||
Tecan Group AG | 15,605 | 4,673,771 | ||||||
|
| |||||||
13,357,297 | ||||||||
|
| |||||||
France — 4.3% | ||||||||
Coface SA** | 270,419 | 1,717,171 | ||||||
Edenred | 24,400 | 1,012,588 | ||||||
Teleperformance | 9,341 | 1,934,680 | ||||||
Ubisoft Entertainment SA** | 22,873 | 1,671,812 | ||||||
Virbac SA** | 10,723 | 1,883,823 | ||||||
|
| |||||||
8,220,074 | ||||||||
|
| |||||||
Denmark — 3.5% | ||||||||
Ascendis Pharma AS — ADR** | 9,628 | 1,084,209 | ||||||
GN Store Nord AS | 27,570 | 1,222,402 | ||||||
Netcompany Group AS1** | 28,051 | 1,288,346 | ||||||
Royal Unibrew AS | 42,774 | 3,074,692 | ||||||
|
| |||||||
6,669,649 | ||||||||
|
| |||||||
Sweden — 3.4% | ||||||||
Bygghemma Group First AB** | 93,297 | 571,723 | ||||||
Getinge AB — B | 148,424 | 2,806,567 |
Number of Shares | Value (Note A) | |||||||
Tele2 AB — B | 230,951 | $ | 3,076,969 | |||||
|
| |||||||
6,455,259 | ||||||||
|
| |||||||
Netherlands — 2.9% | ||||||||
Alfen Beheer BV1** | 68,522 | 1,585,990 | ||||||
Argenx SE** | 11,565 | 1,522,323 | ||||||
BE Semiconductor Industries NV | 44,095 | 1,350,492 | ||||||
OCI NV** | 99,469 | 1,188,663 | ||||||
|
| |||||||
5,647,468 | ||||||||
|
| |||||||
Italy — 2.8% | ||||||||
DiaSorin SpA | 17,839 | 2,351,435 | ||||||
Leonardo SpA | 460,412 | 3,043,863 | ||||||
|
| |||||||
5,395,298 | ||||||||
|
| |||||||
Belgium — 2.1% | ||||||||
Barco NV | 6,992 | 1,068,323 | ||||||
Euronav NV | 266,274 | 3,030,680 | ||||||
|
| |||||||
4,099,003 | ||||||||
|
| |||||||
Luxembourg — 1.9% | ||||||||
B&M European Value Retail SA | 606,756 | 2,060,670 | ||||||
Befesa SA1 | 51,686 | 1,501,603 | ||||||
|
| |||||||
3,562,273 | ||||||||
|
| |||||||
Finland — 1.4% | ||||||||
Huhtamaki OYJ | 47,394 | 1,517,439 | ||||||
Tokmanni Group Corp. | 128,141 | 1,270,574 | ||||||
|
| |||||||
2,788,013 | ||||||||
|
| |||||||
Spain — 1.0% | ||||||||
Masmovil Ibercom SA** | 118,563 | 1,870,736 | ||||||
Turkey — 0.9% | ||||||||
Migros Ticaret AS** | 510,022 | 1,741,910 | ||||||
Russia — 0.7% | ||||||||
Globaltrans Investment PLC — SP GDR | 120,195 | 630,869 | ||||||
X5 Retail Group NV — GDR | 27,139 | 725,154 | ||||||
|
| |||||||
1,356,023 | ||||||||
|
| |||||||
Total EUROPE | 108,442,296 | |||||||
|
| |||||||
FAR EAST — 27.0% | ||||||||
Japan — 19.3% | ||||||||
ASKUL Corp. | 64,025 | 1,886,527 | ||||||
CKD Corp. | 171,849 | 2,316,351 | ||||||
Fujitec Co., Ltd. | 122,450 | 1,565,741 | ||||||
Harmonic Drive Systems, Inc. | 51,377 | 2,219,900 | ||||||
Hitachi High-Technologies Corp. | 29,033 | 2,144,727 | ||||||
Kobe Bussan Co., Ltd. | 57,386 | 2,255,305 | ||||||
Lasertec Corp. | 40,906 | 1,896,798 | ||||||
Minebea Mitsumi, Inc. | 109,454 | 1,616,685 | ||||||
MonotaRO Co., Ltd. | 83,020 | 2,193,507 | ||||||
Nabtesco Corp. | 43,670 | 998,941 | ||||||
Nichias Corp. | 62,330 | 1,156,591 | ||||||
Nihon Unisys, Ltd. | 61,118 | 1,630,217 | ||||||
SCSK Corp. | 56,705 | 2,508,739 | ||||||
Shimadzu Corp. | 83,680 | 2,183,900 | ||||||
Square Enix Holdings Co., Ltd. | 53,577 | 2,393,588 | ||||||
Sugi Holdings Co., Ltd. | 56,978 | 3,051,140 | ||||||
TechnoPro Holdings, Inc. | 31,250 | 1,458,459 |
Driehaus International Small Cap Growth Fund
Schedule of Investments
March 31, 2020 (unaudited)
Number of Shares | Value (Note A) | |||||||
THK Co., Ltd. | 42,223 | $ | 850,737 | |||||
Tokyo Tatemono Co., Ltd. | 197,955 | 2,096,674 | ||||||
Yokogawa Electric Corp. | 62,156 | 743,558 | ||||||
|
| |||||||
37,168,085 | ||||||||
|
| |||||||
Australia — 3.0% | ||||||||
Megaport, Ltd.** | 379,153 | 2,299,452 | ||||||
NEXTDC, Ltd.** | 619,425 | 3,366,968 | ||||||
|
| |||||||
5,666,420 | ||||||||
|
| |||||||
China — 2.1% | ||||||||
CIMC Enric Holdings, Ltd. | 480,319 | 195,240 | ||||||
Li Ning Co., Ltd. | 845,898 | 2,433,550 | ||||||
Ping An Healthcare and Technology Co., Ltd.1** | 160,325 | 1,476,250 | ||||||
|
| |||||||
4,105,040 | ||||||||
|
| |||||||
Taiwan — 1.6% | ||||||||
Eclat Textile Co., Ltd. | 114,028 | 902,688 | ||||||
Giant Manufacturing Co., Ltd. | 326,589 | 1,442,854 | ||||||
Hiwin Technologies Corp. | 121,838 | 801,365 | ||||||
|
| |||||||
3,146,907 | ||||||||
|
| |||||||
South Korea — 1.0% | ||||||||
Douzone Bizon Co., Ltd. | 28,168 | 1,858,857 | ||||||
|
| |||||||
Total FAR EAST | 51,945,309 | |||||||
|
| |||||||
NORTH AMERICA — 5.0% | ||||||||
Canada — 4.7% | ||||||||
Boardwalk REIT | 49,224 | 801,337 | ||||||
CAE, Inc. | 30,655 | 387,517 | ||||||
Empire Co., Ltd. — A | 47,493 | 929,072 | ||||||
Kinaxis, Inc.** | 36,996 | 2,862,570 | ||||||
Morneau Shepell, Inc. | 100,427 | 2,025,952 | ||||||
Parkland Fuel Corp. | 114,463 | 2,017,926 | ||||||
|
| |||||||
9,024,374 | ||||||||
|
| |||||||
Mexico — 0.3% | ||||||||
Grupo Cementos de Chihuahua SAB de CV | 196,386 | 579,494 | ||||||
|
| |||||||
Total NORTH AMERICA | 9,603,868 | |||||||
|
| |||||||
MIDDLE EAST — 2.1% | ||||||||
Israel — 1.2% | ||||||||
Nice, Ltd. — SP ADR** | 15,352 | 2,203,933 | ||||||
United Arab Emirates — 0.9% | ||||||||
Network International Holdings PLC1** | 373,422 | 1,815,728 | ||||||
|
| |||||||
Total MIDDLE EAST | 4,019,661 | |||||||
|
| |||||||
SOUTH AMERICA — 1.1% | ||||||||
Brazil — 1.1% | ||||||||
Rumo SA** | 337,872 | 1,279,675 | ||||||
Sul America SA | 125,306 | 820,647 | ||||||
|
| |||||||
Total SOUTH AMERICA | 2,100,322 | |||||||
|
| |||||||
AFRICA — 0.9% | ||||||||
South Africa — 0.9% | ||||||||
Clicks Group, Ltd. | 125,500 | 1,808,895 |
Value (Note A) | ||||||||
|
| |||||||
Total AFRICA | $ | 1,808,895 | ||||||
|
| |||||||
Total EQUITY SECURITIES | 177,920,351 | |||||||
|
| |||||||
TOTAL INVESTMENTS | 92.4% | $ | 177,920,351 | |||||
Other Assets In Excess Of Liabilities | 7.6% | 14,715,798 | ||||||
|
|
|
| |||||
Net Assets | 100.0% | $ | 192,636,149 | |||||
1 | 144A — This security was purchased pursuant to Rule 144A of the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. At March 31, 2020, these securities amounted to $18,069,030 or 9.4% of net assets. These 144A securities have not been deemed illiquid. |
** | Non-income producing security |
ADR — American Depository Receipt
GDR — Global Depository Receipt
REIT — Real Estate Investment Trust
SP ADR — Sponsored American Depository Receipt
SP GDR — Sponsored Global Depository Receipt
See accompanying Notes to Schedule of Investments.
Driehaus Micro Cap Growth Fund
Schedule of Investments
March 31, 2020 (unaudited)
Number of Shares | Value (Note A) | |||||||
EQUITY SECURITIES — 97.0% |
| |||||||
HEALTH CARE — 45.0% |
| |||||||
Biotechnology — 25.5% |
| |||||||
Apellis Pharmaceuticals, Inc.** | 53,031 | $ | 1,420,700 | |||||
Applied Therapeutics, Inc.** | 53,775 | 1,757,905 | ||||||
Argenx SE — ADR** | 26,707 | 3,518,113 | ||||||
Avrobio, Inc.** | 44,118 | 686,476 | ||||||
BELLUS Health, Inc.** | 57,438 | 573,231 | ||||||
Bioxcel Therapeutics, Inc.** | 29,430 | 657,761 | ||||||
Black Diamond Therapeutics, Inc.** | 51,795 | 1,292,285 | ||||||
Castle Biosciences, Inc.** | 58,073 | 1,731,156 | ||||||
Cytokinetics, Inc.** | 268,939 | 3,170,791 | ||||||
Dicerna Pharmaceuticals, Inc.** | 142,382 | 2,615,557 | ||||||
Eidos Therapeutics, Inc.** | 25,646 | 1,256,398 | ||||||
Forty Seven, Inc.** | 22,662 | 2,162,408 | ||||||
Global Blood Therapeutics, Inc.** | 45,255 | 2,312,078 | ||||||
Immunovant, Inc.** | 86,431 | 1,345,299 | ||||||
Kodiak Sciences, Inc.** | 42,280 | 2,016,756 | ||||||
Merus NV** | 104,883 | 1,269,084 | ||||||
Mirati Therapeutics, Inc.** | 12,861 | 988,625 | ||||||
Momenta Pharmaceuticals, Inc.** | 62,425 | 1,697,960 | ||||||
Natera, Inc.** | 94,305 | 2,815,947 | ||||||
Orchard Therapeutics PLC — ADR** | 119,306 | 898,374 | ||||||
Principia Biopharma, Inc.** | 43,680 | 2,593,718 | ||||||
SpringWorks Therapeutics, Inc.** | 77,922 | 2,103,894 | ||||||
Sutro Biopharma, Inc.** | 32,842 | 334,988 | ||||||
Turning Point Therapeutics, Inc.** | 35,051 | 1,565,378 | ||||||
Twist Bioscience Corp.** | 79,924 | 2,444,076 | ||||||
Xenon Pharmaceuticals, Inc.** | 62,874 | 712,991 | ||||||
Y-mAbs Therapeutics, Inc.** | 71,710 | 1,871,631 | ||||||
|
| |||||||
45,813,580 | ||||||||
|
| |||||||
Pharmaceuticals — 7.0% |
| |||||||
Avadel Pharmaceuticals PLC — ADR** | 73,504 | 583,622 | ||||||
Axsome Therapeutics, Inc.** | 41,635 | 2,449,387 | ||||||
Collegium Pharmaceutical, Inc.** | 56,367 | 920,473 | ||||||
IMARA, Inc.** | 25,077 | 401,984 | ||||||
Kala Pharmaceuticals, Inc.** | 90,073 | 791,742 | ||||||
MyoKardia, Inc.** | 66,450 | 3,115,176 | ||||||
Odonate Therapeutics, Inc.** | 72,410 | 1,999,240 | ||||||
Revance Therapeutics, Inc.** | 101,239 | 1,498,337 | ||||||
Tricida, Inc.** | 36,353 | 799,766 | ||||||
|
| |||||||
12,559,727 | ||||||||
|
| |||||||
Health Care Equipment & Supplies — 6.5% |
| |||||||
Alphatec Holdings, Inc.** | 275,052 | 948,929 | ||||||
OrthoPediatrics Corp.** | 88,465 | 3,506,753 | ||||||
SeaSpine Holdings Corp.** | 133,064 | 1,087,133 | ||||||
SI-BONE, Inc.** | 103,175 | 1,232,941 | ||||||
Tactile Systems Technology, Inc.** | 25,362 | 1,018,538 | ||||||
Tandem Diabetes Care, Inc.** | 41,110 | 2,645,429 |
Number of Shares | Value (Note A) | |||||||
Vapotherm, Inc.** | 62,852 | $ | 1,183,503 | |||||
|
| |||||||
11,623,226 | ||||||||
|
| |||||||
Health Care Technology — 3.5% |
| |||||||
Inspire Medical Systems, Inc.** | 58,280 | 3,513,118 | ||||||
Phreesia, Inc.** | 56,913 | 1,196,880 | ||||||
Schrodinger, Inc.** | 38,474 | 1,658,999 | ||||||
|
| |||||||
6,368,997 | ||||||||
|
| |||||||
Life Sciences Tools & Services — 1.3% |
| |||||||
NeoGenomics, Inc.** | 83,544 | 2,306,650 | ||||||
Health Care Providers & Services — 1.2% |
| |||||||
Fulgent Genetics, Inc.** | 111,213 | 1,196,652 | ||||||
PetIQ, Inc.** | 45,933 | 1,067,024 | ||||||
|
| |||||||
2,263,676 | ||||||||
|
| |||||||
Total HEALTH CARE | 80,935,856 | |||||||
|
| |||||||
INFORMATION TECHNOLOGY — 19.0% |
| |||||||
Information Technology Services — 9.4% |
| |||||||
Endava PLC — SP ADR** | 100,954 | 3,549,543 | ||||||
Fastly, Inc. — A** | 38,026 | 721,733 | ||||||
Grid Dynamics Holdings, Inc.** | 301,770 | 2,414,160 | ||||||
I3 Verticals, Inc. — A** | 124,676 | 2,380,065 | ||||||
Limelight Networks, Inc.** | 572,775 | 3,264,818 | ||||||
Perficient, Inc.** | 87,962 | 2,382,891 | ||||||
Repay Holdings Corp.** | 151,984 | 2,180,970 | ||||||
|
| |||||||
16,894,180 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 5.2% |
| |||||||
FormFactor, Inc.** | 52,987 | 1,064,509 | ||||||
Ichor Holdings, Ltd.** | 60,140 | 1,152,282 | ||||||
Inphi Corp.** | 44,435 | 3,517,919 | ||||||
Silicon Motion Technology Corp. — ADR | 27,997 | 1,026,370 | ||||||
SiTime Corp.** | 86,223 | 1,877,075 | ||||||
Ultra Clean Holdings, Inc.** | 50,570 | 697,866 | ||||||
|
| |||||||
9,336,021 | ||||||||
|
| |||||||
Software — 3.7% |
| |||||||
Everbridge, Inc.** | 21,774 | 2,315,883 | ||||||
Five9, Inc.** | 21,282 | 1,627,222 | ||||||
ShotSpotter, Inc.** | 24,935 | 685,214 | ||||||
SVMK, Inc.** | 62,983 | 850,900 | ||||||
Telaria, Inc.** | 203,964 | 1,223,784 | ||||||
|
| |||||||
6,703,003 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 0.7% |
| |||||||
nLight, Inc.** | 116,528 | 1,222,379 | ||||||
|
| |||||||
Total INFORMATION TECHNOLOGY | 34,155,583 | |||||||
|
| |||||||
INDUSTRIALS — 10.2% |
| |||||||
Electrical Equipment — 2.5% |
| |||||||
Plug Power, Inc.** | 543,028 | 1,922,319 | ||||||
TPI Composites, Inc.** | 63,410 | 937,200 | ||||||
Vicor Corp.** | 36,233 | 1,613,818 | ||||||
|
| |||||||
4,473,337 | ||||||||
|
| |||||||
Machinery — 1.9% |
| |||||||
Chart Industries, Inc.** | 32,733 | 948,602 | ||||||
Federal Signal Corp. | 31,683 | 864,312 | ||||||
Kornit Digital, Ltd.** | 32,908 | 819,080 |
Driehaus Micro Cap Growth Fund
Schedule of Investments
March 31, 2020 (unaudited)
Number of Shares | Value (Note A) | |||||||
Spartan Motors, Inc. | 67,281 | $ | 868,598 | |||||
|
| |||||||
3,500,592 | ||||||||
|
| |||||||
Building Products — 1.5% |
| |||||||
Gibraltar Industries, Inc.** | 49,608 | 2,129,175 | ||||||
Masonite International Corp.** | 5,720 | 271,414 | ||||||
Patrick Industries, Inc. | 8,716 | 245,443 | ||||||
|
| |||||||
2,646,032 | ||||||||
|
| |||||||
Construction & Engineering — 1.4% |
| |||||||
Arcosa, Inc. | 32,908 | 1,307,764 | ||||||
WillScot Corp.** | 111,038 | 1,124,815 | ||||||
|
| |||||||
2,432,579 | ||||||||
|
| |||||||
Commercial Services & Supplies — 1.1% |
| |||||||
Casella Waste Systems, Inc. — A** | 35,172 | 1,373,818 | ||||||
Mobile Mini, Inc. | 23,634 | 619,920 | ||||||
|
| |||||||
1,993,738 | ||||||||
|
| |||||||
Professional Services — 0.8% |
| |||||||
ICF International, Inc. | 22,092 | 1,517,720 | ||||||
Aerospace & Defense — 0.5% |
| |||||||
Vectrus, Inc.** | 22,638 | 937,440 | ||||||
Trading Companies & Distributors — 0.5% |
| |||||||
Rush Enterprises, Inc. — A | 28,325 | 904,134 | ||||||
|
| |||||||
Total INDUSTRIALS | 18,405,572 | |||||||
|
| |||||||
FINANCIALS — 9.6% |
| |||||||
Insurance — 7.5% |
| |||||||
BRP Group, Inc. — A** | 103,754 | 1,094,605 | ||||||
eHealth, Inc.** | 27,604 | 3,887,195 | ||||||
Goosehead Insurance, Inc. — A** | 35,445 | 1,581,910 | ||||||
James River Group Holdings, Ltd. | 21,840 | 791,482 | ||||||
Kinsale Capital Group, Inc. | 20,856 | 2,180,078 | ||||||
Palomar Holdings, Inc.** | 68,331 | 3,974,131 | ||||||
|
| |||||||
13,509,401 | ||||||||
|
| |||||||
Commercial Banks — 1.0% |
| |||||||
TriState Capital Holdings, Inc.** | 62,568 | 605,033 | ||||||
Triumph Bancorp, Inc.** | 49,455 | 1,285,830 | ||||||
|
| |||||||
1,890,863 | ||||||||
|
| |||||||
Thrifts & Mortgage Finance — 0.8% |
| |||||||
Meta Financial Group, Inc. | 64,799 | 1,407,434 | ||||||
Capital Markets — 0.3% |
| |||||||
Cohen & Steers, Inc. | 10,649 | 483,997 | ||||||
|
| |||||||
Total FINANCIALS | 17,291,695 | |||||||
|
| |||||||
CONSUMER DISCRETIONARY — 7.7% |
| |||||||
Household Durables — 2.0% |
| |||||||
Installed Building Products, Inc.** | 34,198 | 1,363,474 | ||||||
LGI Homes, Inc.** | 17,520 | 791,028 | ||||||
Skyline Champion Corp.** | 94,371 | 1,479,737 | ||||||
|
| |||||||
3,634,239 | ||||||||
|
| |||||||
Hotels, Restaurants & Leisure — 1.5% |
| |||||||
Papa John’s International, Inc. | 37,556 | 2,004,364 |
Number of Shares | Value (Note A) | |||||||
Wingstop, Inc. | 8,793 | $ | 700,802 | |||||
|
| |||||||
2,705,166 | ||||||||
|
| |||||||
Specialty Retail — 1.4% |
| |||||||
OneWater Marine, Inc.** | 69,261 | 529,847 | ||||||
Sonic Automotive, Inc. — A | 62,622 | 831,620 | ||||||
Sportsman’s Warehouse Holdings, Inc.** | 178,078 | 1,096,960 | ||||||
|
| |||||||
2,458,427 | ||||||||
|
| |||||||
Internet & Catalog Retail — 1.2% |
| |||||||
Fiverr International, Ltd.** | 40,957 | 1,030,888 | ||||||
The Rubicon Project, Inc.** | 198,377 | 1,100,992 | ||||||
|
| |||||||
2,131,880 | ||||||||
|
| |||||||
Diversified Consumer Services — 0.6% |
| |||||||
Aspen Group, Inc.** | 58,838 | 470,116 | ||||||
Universal Technical Institute, Inc.** | 122,302 | 727,697 | ||||||
|
| |||||||
1,197,813 | ||||||||
|
| |||||||
Automobiles — 0.4% |
| |||||||
Winnebago Industries, Inc. | 24,432 | 679,454 | ||||||
Textiles, Apparel & Luxury Goods — 0.3% |
| |||||||
Crocs, Inc.** | 34,176 | 580,650 | ||||||
Leisure Equipment & Products — 0.3% |
| |||||||
Malibu Boats, Inc. — A** | 17,137 | 493,374 | ||||||
|
| |||||||
Total CONSUMER DISCRETIONARY | 13,881,003 | |||||||
|
| |||||||
CONSUMER STAPLES — 3.2% |
| |||||||
Personal Products — 1.8% |
| |||||||
BellRing Brands, Inc. — A** | 106,838 | 1,821,588 | ||||||
elf Beauty, Inc.** | 145,444 | 1,431,169 | ||||||
|
| |||||||
3,252,757 | ||||||||
|
| |||||||
Food Products — 1.4% |
| |||||||
Freshpet, Inc.** | 38,474 | 2,457,334 | ||||||
|
| |||||||
Total CONSUMER STAPLES | 5,710,091 | |||||||
|
| |||||||
COMMUNICATION SERVICES — 1.8% |
| |||||||
Interactive Media & Services — 1.0% |
| |||||||
EverQuote, Inc. — A** | 64,667 | 1,697,509 | ||||||
Media — 0.5% |
| |||||||
Cardlytics, Inc.** | 27,101 | 947,451 | ||||||
Diversified Telecommunication Services — 0.3% |
| |||||||
Bandwidth, Inc. — A** | 8,454 | 568,870 | ||||||
|
| |||||||
Total COMMUNICATION SERVICES | 3,213,830 | |||||||
|
| |||||||
ENERGY — 0.3% |
| |||||||
Energy Equipment & Services — 0.3% |
| |||||||
Aspen Aerogels, Inc.** | 76,030 | 466,824 | ||||||
|
| |||||||
Total ENERGY | 466,824 | |||||||
|
| |||||||
UTILITIES — 0.2% |
| |||||||
Independent Power Producers & Energy Traders — 0.2% |
| |||||||
Sunnova Energy International, Inc.** | 36,801 | 370,586 | ||||||
|
| |||||||
Total UTILITIES | 370,586 | |||||||
|
| |||||||
Total EQUITY SECURITIES (Cost $152,006,733) | 174,431,040 | |||||||
|
|
Driehaus Micro Cap Growth Fund
Schedule of Investments
March 31, 2020 (unaudited)
Value (Note A) | ||||||||
TOTAL INVESTMENTS | 97.0% | $ | 174,431,040 | |||||
Other Assets In Excess Of Liabilities | 3.0% | 5,420,268 | ||||||
|
|
|
| |||||
Net Assets | 100.0% | $ | 179,851,308 | |||||
** | Non-income producing security |
ADR — American Depository Receipt
SP ADR — Sponsored American Depository Receipt
See accompanying Notes to Schedule of Investments.
Driehaus Small Cap Growth Fund
Schedule of Investments
March 31, 2020 (unaudited)
Number of Shares | Value (Note A) | |||||||
EQUITY SECURITIES — 96.3% | ||||||||
HEALTH CARE — 30.7% | ||||||||
Biotechnology — 16.3% | ||||||||
Apellis Pharmaceuticals, Inc.** | 45,252 | $ | 1,212,301 | |||||
Applied Therapeutics, Inc.** | 50,591 | 1,653,820 | ||||||
Argenx SE — ADR** | 23,068 | 3,038,748 | ||||||
Ascendis Pharma AS — ADR** | 19,567 | 2,203,440 | ||||||
Black Diamond Therapeutics, Inc.** | 42,111 | 1,050,669 | ||||||
Blueprint Medicines Corp.** | 14,663 | 857,492 | ||||||
Cytokinetics, Inc.** | 140,437 | 1,655,752 | ||||||
Dicerna Pharmaceuticals, Inc.** | 43,175 | 793,125 | ||||||
Eidos Therapeutics, Inc.** | 19,108 | 936,101 | ||||||
Global Blood Therapeutics, Inc.** | 39,454 | 2,015,705 | ||||||
Halozyme Therapeutics, Inc.** | 82,559 | 1,485,236 | ||||||
Kodiak Sciences, Inc.** | 20,251 | 965,973 | ||||||
Mirati Therapeutics, Inc.** | 10,713 | 823,508 | ||||||
Natera, Inc.** | 54,876 | 1,638,597 | ||||||
Orchard Therapeutics PLC — ADR** | 84,337 | 635,058 | ||||||
SpringWorks Therapeutics, Inc.** | 64,560 | 1,743,120 | ||||||
Turning Point Therapeutics, Inc.** | 28,807 | 1,286,521 | ||||||
|
| |||||||
23,995,166 | ||||||||
|
| |||||||
Health Care Technology — 3.9% |
| |||||||
Inspire Medical Systems, Inc.** | 42,880 | 2,584,806 | ||||||
Teladoc Health, Inc.** | 20,341 | 3,153,058 | ||||||
|
| |||||||
5,737,864 | ||||||||
|
| |||||||
Pharmaceuticals — 3.2% |
| |||||||
Axsome Therapeutics, Inc.** | 9,903 | 582,594 | ||||||
MyoKardia, Inc.** | 54,317 | 2,546,381 | ||||||
Reata Pharmaceuticals, Inc. — A** | 4,395 | 634,374 | ||||||
Revance Therapeutics, Inc.** | 62,622 | 926,806 | ||||||
|
| |||||||
4,690,155 | ||||||||
|
| |||||||
Life Sciences Tools & Services — 3.0% |
| |||||||
10X Genomics, Inc. — A** | 12,985 | 809,225 | ||||||
NeoGenomics, Inc.** | 69,839 | 1,928,255 | ||||||
Repligen Corp.** | 17,854 | 1,723,625 | ||||||
|
| |||||||
4,461,105 | ||||||||
|
| |||||||
Health Care Equipment & Supplies — 2.8% |
| |||||||
SI-BONE, Inc.** | 90,525 | 1,081,774 | ||||||
Tactile Systems Technology, Inc.** | 15,792 | 634,207 | ||||||
Tandem Diabetes Care, Inc.** | 36,398 | 2,342,211 | ||||||
|
| |||||||
4,058,192 | ||||||||
|
|
Number of Shares | Value (Note A) | |||||||
Health Care Providers & Services — 1.5% |
| |||||||
AMN Healthcare Services, Inc.** | 24,117 | $ | 1,394,204 | |||||
Guardant Health, Inc.** | 11,811 | 822,046 | ||||||
|
| |||||||
2,216,250 | ||||||||
|
| |||||||
Total HEALTH CARE | 45,158,732 | |||||||
|
| |||||||
INFORMATION TECHNOLOGY — 25.4% |
| |||||||
Information Technology Services — 8.7% |
| |||||||
CACI International, Inc. — A** | 6,592 | 1,391,901 | ||||||
Endava PLC — SP ADR** | 67,911 | 2,387,751 | ||||||
EPAM Systems, Inc.** | 5,204 | 966,175 | ||||||
Fastly, Inc. — A** | 31,289 | 593,865 | ||||||
Grid Dynamics Holdings, Inc.** | 214,561 | 1,716,488 | ||||||
I3 Verticals, Inc. — A** | 41,746 | 796,931 | ||||||
KBR, Inc. | 90,125 | 1,863,785 | ||||||
Limelight Networks, Inc.** | 165,613 | 943,994 | ||||||
Perficient, Inc.** | 41,462 | 1,123,206 | ||||||
Repay Holdings Corp.** | 66,508 | 954,390 | ||||||
|
| |||||||
12,738,486 | ||||||||
|
| |||||||
Software — 8.6% |
| |||||||
Alteryx, Inc. — A** | 10,413 | 991,005 | ||||||
Coupa Software, Inc.** | 4,984 | 696,414 | ||||||
Everbridge, Inc.** | 30,709 | 3,266,209 | ||||||
Five9, Inc.** | 26,454 | 2,022,673 | ||||||
Globant SA** | 4,150 | 364,702 | ||||||
Q2 Holdings, Inc.** | 12,001 | 708,779 | ||||||
RingCentral, Inc. — A** | 11,821 | 2,504,988 | ||||||
Smartsheet, Inc. — A** | 30,609 | 1,270,580 | ||||||
Telaria, Inc.** | 138,399 | 830,394 | ||||||
|
| |||||||
12,655,744 | ||||||||
|
| |||||||
Semiconductors & Semiconductor Equipment — 7.3% |
| |||||||
Cirrus Logic, Inc.** | 8,670 | 569,012 | ||||||
Enphase Energy, Inc.** | 13,574 | 438,304 | ||||||
FormFactor, Inc.** | 46,426 | 932,698 | ||||||
Ichor Holdings, Ltd.** | 38,121 | 730,398 | ||||||
Inphi Corp.** | 44,488 | 3,522,115 | ||||||
Lattice Semiconductor Corp.** | 62,547 | 1,114,588 | ||||||
Power Integrations, Inc. | 10,703 | 945,396 | ||||||
Silicon Motion Technology Corp. — ADR | 17,779 | 651,778 | ||||||
Synaptics, Inc.** | 21,210 | 1,227,423 | ||||||
Ultra Clean Holdings, Inc.** | 49,248 | 679,622 | ||||||
|
| |||||||
10,811,334 | ||||||||
|
| |||||||
Electronic Equipment, Instruments & Components — 0.8% |
| |||||||
Itron, Inc.** | 21,745 | 1,214,023 | ||||||
|
| |||||||
Total INFORMATION TECHNOLOGY | 37,419,587 | |||||||
|
| |||||||
INDUSTRIALS — 18.1% | ||||||||
Commercial Services & Supplies — 3.8% |
| |||||||
Casella Waste Systems, Inc. — A** | 16,481 | 643,748 | ||||||
Clean Harbors, Inc.** | 28,212 | 1,448,404 | ||||||
McGrath RentCorp | 25,450 | 1,333,071 | ||||||
MSA Safety, Inc. | 10,992 | 1,112,390 | ||||||
Tetra Tech, Inc. | 16,196 | 1,143,762 | ||||||
|
| |||||||
5,681,375 | ||||||||
|
|
Driehaus Small Cap Growth Fund
Schedule of Investments
March 31, 2020 (unaudited)
Number of Shares | Value (Note A) | |||||||
Aerospace & Defense — 3.4% |
| |||||||
Axon Enterprise, Inc.** | 35,704 | $ | 2,526,772 | |||||
Mercury Systems, Inc.** | 36,048 | 2,571,664 | ||||||
|
| |||||||
5,098,436 | ||||||||
|
| |||||||
Building Products — 3.3% |
| |||||||
Advanced Drainage Systems, Inc. | 29,211 | 859,972 | ||||||
Armstrong World Industries, Inc. | 9,204 | 730,982 | ||||||
Masonite International Corp.** | 14,678 | 696,471 | ||||||
Simpson Manufacturing Co., Inc. | 12,351 | 765,515 | ||||||
Trex Co., Inc.** | 22,254 | 1,783,436 | ||||||
|
| |||||||
4,836,376 | ||||||||
|
| |||||||
Professional Services — 2.8% |
| |||||||
Exponent, Inc. | 16,286 | 1,171,126 | ||||||
FTI Consulting, Inc.** | 24,402 | 2,922,628 | ||||||
|
| |||||||
4,093,754 | ||||||||
|
| |||||||
Electrical Equipment — 1.5% |
| |||||||
Generac Holdings, Inc.** | 14,698 | 1,369,413 | ||||||
Vicor Corp.** | 19,313 | 860,201 | ||||||
|
| |||||||
2,229,614 | ||||||||
|
| |||||||
Construction & Engineering — 1.5% |
| |||||||
Arcosa, Inc. | 25,590 | 1,016,947 | ||||||
WillScot Corp.** | 114,247 | 1,157,322 | ||||||
|
| |||||||
2,174,269 | ||||||||
|
| |||||||
Trading Companies & Distributors — 1.2% |
| |||||||
SiteOne Landscape Supply, Inc.** | 24,277 | 1,787,273 | ||||||
Machinery — 0.6% |
| |||||||
SPX Corp.** | 25,575 | 834,768 | ||||||
|
| |||||||
Total INDUSTRIALS | 26,735,865 | |||||||
|
| |||||||
CONSUMER DISCRETIONARY — 9.3% |
| |||||||
Household Durables — 2.4% |
| |||||||
LGI Homes, Inc.** | 12,875 | 581,306 | ||||||
Skyline Champion Corp.** | 70,448 | 1,104,625 | ||||||
Tempur-Sealy International, Inc.** | 23,068 | 1,008,302 | ||||||
TopBuild Corp.** | 11,267 | 807,168 | ||||||
|
| |||||||
3,501,401 | ||||||||
|
| |||||||
Specialty Retail — 1.8% |
| |||||||
Carvana Co.** | 7,067 | 389,321 | ||||||
Lithia Motors, Inc. — A | 8,700 | 711,573 | ||||||
Murphy USA, Inc.** | 8,021 | 676,652 | ||||||
National Vision Holdings, Inc.** | 43,954 | 853,587 | ||||||
|
| |||||||
2,631,133 | ||||||||
|
| |||||||
Textiles, Apparel & Luxury Goods — 1.7% |
| |||||||
Crocs, Inc.** | 62,552 | 1,062,758 | ||||||
Deckers Outdoor Corp.** | 10,543 | 1,412,762 | ||||||
|
| |||||||
2,475,520 | ||||||||
|
|
Number of Shares | Value (Note A) | |||||||
Hotels, Restaurants & Leisure — 1.5% |
| |||||||
Papa John’s International, Inc. | 31,568 | $ | 1,684,784 | |||||
Wingstop, Inc. | 7,187 | 572,804 | ||||||
|
| |||||||
2,257,588 | ||||||||
|
| |||||||
Distributors — 0.9% |
| |||||||
Pool Corp. | 6,637 | 1,305,962 | ||||||
Leisure Equipment & Products — 0.6% |
| |||||||
YETI Holdings, Inc.** | 48,554 | 947,774 | ||||||
Automobiles — 0.4% |
| |||||||
Winnebago Industries, Inc. | 20,162 | 560,705 | ||||||
|
| |||||||
Total CONSUMER DISCRETIONARY | 13,680,083 | |||||||
|
| |||||||
FINANCIALS — 7.2% | ||||||||
Insurance — 4.3% |
| |||||||
eHealth, Inc.** | 20,042 | 2,822,314 | ||||||
Kinsale Capital Group, Inc. | 16,536 | 1,728,508 | ||||||
Palomar Holdings, Inc.** | 30,365 | 1,766,028 | ||||||
|
| |||||||
6,316,850 | ||||||||
|
| |||||||
Capital Markets — 1.6% |
| |||||||
Cohen & Steers, Inc. | 13,724 | 623,756 | ||||||
Hamilton Lane, Inc. — A | 15,717 | 869,307 | ||||||
PJT Partners, Inc. — A | 20,966 | 909,715 | ||||||
|
| |||||||
2,402,778 | ||||||||
|
| |||||||
Commercial Banks — 0.9% |
| |||||||
Triumph Bancorp, Inc.** | 52,364 | 1,361,464 | ||||||
Thrifts & Mortgage Finance — 0.4% |
| |||||||
Meta Financial Group, Inc. | 22,843 | 496,150 | ||||||
|
| |||||||
Total FINANCIALS | 10,577,242 | |||||||
|
| |||||||
CONSUMER STAPLES — 3.0% | ||||||||
Food Products — 1.4% |
| |||||||
Freshpet, Inc.** | 32,697 | 2,088,357 | ||||||
Personal Products — 1.1% |
| |||||||
BellRing Brands, Inc. — A** | 46,211 | 787,898 | ||||||
elf Beauty, Inc.** | 85,441 | 840,739 | ||||||
|
| |||||||
1,628,637 | ||||||||
|
| |||||||
Food & Staples Retailing — 0.5% |
| |||||||
Grocery Outlet Holding, Corp.** | 18,838 | 646,897 | ||||||
|
| |||||||
Total CONSUMER STAPLES | 4,363,891 | |||||||
|
| |||||||
REAL ESTATE — 1.2% | ||||||||
Real Estate Investment Trust — 0.6% |
| |||||||
Rexford Industrial Realty, Inc. | 21,610 | 886,226 | ||||||
Real Estate Management & Development — 0.6% |
| |||||||
Redfin Corp.** | 57,253 | 882,841 | ||||||
|
| |||||||
Total REAL ESTATE | 1,769,067 | |||||||
|
|
Driehaus Small Cap Growth Fund
Schedule of Investments
March 31, 2020 (unaudited)
Number of Shares | Value (Note A) | |||||||
MATERIALS — 0.7% |
| |||||||
Paper & Forest Products — 0.7% |
| |||||||
Louisiana-Pacific Corp. | 62,382 | $ | 1,071,723 | |||||
|
| |||||||
Total MATERIALS | 1,071,723 | |||||||
|
| |||||||
COMMUNICATION SERVICES — 0.7% |
| |||||||
Entertainment — 0.7% |
| |||||||
Roku, Inc.** | 11,412 | 998,322 | ||||||
|
| |||||||
Total COMMUNICATION SERVICES | 998,322 | |||||||
|
| |||||||
Total EQUITY SECURITIES | 141,774,512 | |||||||
|
| |||||||
TOTAL INVESTMENTS | 96.3% | $ | 141,774,512 | |||||
Other Assets In Excess Of Liabilities | 3.7% | 5,428,729 | ||||||
|
|
|
| |||||
Net Assets | 100.0% | $ | 147,203,241 | |||||
** | Non-income producing security |
ADR — American Depository Receipt
SP ADR — Sponsored American Depository Receipt
See accompanying Notes to Schedule of Investments.
Driehaus Mutual Funds
Notes to Schedules of Investments (unaudited)
A. Portfolio Valuation:
Equity securities and exchange-traded options are valued at the last sale price as of the close of the primary exchange or other designated time. Equity certificates are valued at the last sale price of the underlying security as of the close of the primary exchange. Investments initially valued in currencies other than the U.S. dollar are converted to the U.S. dollar using exchange rates obtained from an independent pricing service. In addition, if quotations are not readily available, if the values have been materially affected by events occurring after the closing of a foreign market, or if there has been a movement in the U.S. market that exceeds a certain threshold, assets may be valued at fair value as determined in good faith by or under the direction of the Trust’sBoard of Trustees. Events that may materially affect asset values that could cause a fair value determination include, but are not limited to: corporate announcements relating to a specific security; natural and other disasters which may impact an entire market or region; and political and other events which may be global or impact a particular country or region. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. To the extent utilized, securities would be considered level 2 or Level 3 in the hierarchy described below.
Each Fund is subject to fair value accounting standards that define fair value, establish the framework for measuring fair value and provide a three-level hierarchy for fair valuation based upon the inputs to the valuation as of the measurement date. The three levels of the fair value hierarchy are as follows:
Level 1 — quoted prices in active markets for identical securities
Level 2 — significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
Level 3 — significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
The summary of the Funds’ investments that are measured at fair value by level within the fair value hierarchy as of March 31, 2020 is as follows:
Fund | Total Value at March 31, 2020 | Level 1 Quoted Price | Level 2 Significant Observable Inputs | Level 3 Significant Unobservable Inputs | ||||||||||||
Driehaus Emerging Markets Growth Fund | ||||||||||||||||
Equity Securities: | ||||||||||||||||
Africa | $ | 23,248,574 | $ | — | $ | 23,248,574 | $ | — | ||||||||
Europe | 139,755,578 | 27,345,547 | 112,410,031 | — | ||||||||||||
Far East | 1,005,024,440 | 306,670,017 | 698,354,423 | — | ||||||||||||
Middle East | 6,238,799 | — | 6,238,799 | — | ||||||||||||
North America | 76,811,429 | 76,811,429 | — | — | ||||||||||||
South America | 93,776,527 | 93,776,527 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 1,344,855,347 | $ | 504,603,520 | $ | 840,251,827 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Driehaus Emerging Markets Small Cap Growth Fund | ||||||||||||||||
Equity Securities: | ||||||||||||||||
Africa | $ | 935,731 | $ | 259,844 | $ | 675,887 | $ | — | ||||||||
Europe | 3,506,735 | 299,462 | 3,207,273 | — | ||||||||||||
Far East | 33,084,288 | 2,940,732 | 30,143,556 | 0 | ||||||||||||
Middle East | 499,879 | — | 499,879 | — | ||||||||||||
North America | 889,947 | 889,947 | — | — | ||||||||||||
South America | 4,034,799 | 4,034,799 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 42,951,379 | $ | 8,424,784 | $ | 34,526,595 | $ | 0 | ||||||||
|
|
|
|
|
|
|
|
Driehaus Mutual Funds
Notes to Schedules of Investments (unaudited)
Driehaus International Small Cap Growth Fund | ||||||||||||||||
Equity Securities: | ||||||||||||||||
Africa | $ | 1,808,895 | $ | — | $ | 1,808,895 | $ | — | ||||||||
Europe | 108,442,296 | 4,160,078 | 104,282,218 | — | ||||||||||||
Far East | 51,945,309 | — | 51,945,309 | — | ||||||||||||
Middle East | 4,019,661 | 2,203,933 | 1,815,728 | — | ||||||||||||
North America | 9,603,868 | 9,603,868 | — | — | ||||||||||||
South America | 2,100,322 | 2,100,322 | — | — | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Investments | $ | 177,920,351 | $ | 18,068,201 | $ | 159,852,150 | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Driehaus Micro Cap Growth Fund | ||||||||||||||||
Investments in Securities* | $ | 174,431,040 | $ | 174,431,040 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
| |||||||||
Driehaus Small Cap Growth Fund | ||||||||||||||||
Investments in Securities* | $ | 141,774,512 | $ | 141,774,512 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
* | See Schedule of Investments for industry breakout. |
At March 31, 2020, the Driehaus Emerging Markets Small Cap Growth Fund held a Level 3 investment in Aarti Surfactants, Ltd. The shares were received as part of aspin-off inmid-September, 2019, but were not trading as of March 31, 2020 and were valued at $0.
The Funds used observable inputs in their valuation methodologies whenever they were available and deemed reliable.
When fair value pricing is employed, the prices of securities used by a Fund to calculate its net asset value may differ from closing prices for the same securities, which means that a Fund may value those securities higher or lower than another fund that does not employ fair value. In addition, the fair value price may differ materially from the value a Fund may ultimately realize.
For additional information regarding the Funds’ policy for valuation of investments or other significant accounting policies, please refer to the Funds’ most recent Semi-Annual or Annual Report.
B. Foreign Currency Spot Contracts
The Funds enter into foreign currency spot contracts to facilitate transactions in foreign currency denominated securities. These spot contracts are typically open for 2 to 5 days, depending on the settlement terms of the underlying security transaction. On March 31, 2020, the Funds had foreign currency spot contracts outstanding under which they are obligated to exchange currencies at specified future dates.
C. Equity Certificates
The Funds may invest in equity certificates, which allow the Fundsto participate in the appreciation (depreciation) of the underlying security without actually owning the underlying security. These derivative instruments are purchased pursuant to an agreement with a financial institution and are valued at a calculated market price based on the value of the underlying security in accordance with the agreement. These equity certificates are subject to the credit risk of the issuing financial institution. There is nooff-balance sheet risk associated with equity certificates and the Funds’ potential loss is limited to the purchase price of the securities. The Funds are exposed to credit risk associated with the counterparty to the transaction, which is monitored by the Funds’ management on a periodic basis. A Fund’s equity certificates are not subject to any master netting agreement. As of March 31, 2020, the Funds had no outstanding equity certificates.