| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 20.5% | 2.41% | 2.41% |
The Driehaus Micro Cap Growth strategy outperformed its benchmark by 665 basis points in Q1 2026, gaining 2.41% versus a 4.25% decline for the Russell Micro Cap Growth Index. The quarter was dominated by the Iran War which began February 28th, causing crude oil to nearly double from $65 to over $100 and creating significant market volatility. Technology holdings gained 30.7% driven by AI-related data center buildout benefiting semiconductor and optical equipment companies. Industrials contributed through strength in aerospace, defense, and electrical grid infrastructure. Energy outperformed as geopolitical tensions disrupted global supply chains. Key risks include the fragile US-Iran ceasefire, growing private credit stress, and weakening labor markets despite overall economic resilience. The strategy maintains overweight positions in industrials, energy, and materials while being underweight healthcare, technology, and financials. Small cap valuations remain appealing with robust earnings growth expected to continue outpacing large caps.
The Driehaus Micro Cap Growth strategy focuses on capitalizing on secular and cyclical growth opportunities in micro cap companies, particularly benefiting from AI-driven data center buildout, industrial capex cycles, and energy sector dynamics while navigating geopolitical risks and maintaining selective positioning across sectors.
The manager believes if the fog of war clears and the ceasefire proves sustainable, the market impact will be very positive. However, damaged Middle East energy infrastructure will continue to impact global supply. If peace prevails, the market will likely recover strongly. The macro data suggests the economy remains resilient and continues to grow nicely.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 14 2026 | 2026 Q1 | AAOI, LASR, PRAX, SIMO, WULF | AI, energy, growth, industrials, Iran War, Micro-Cap, private credit, technology | - | Driehaus Micro Cap Growth outperformed by 665bps in Q1 2026 despite Iran War volatility. AI-driven technology holdings surged 30.7% while energy benefited from geopolitical supply disruptions. Strategy maintains overweight industrials and energy positioning. Key risks include fragile ceasefire and private credit stress, but small cap fundamentals remain strong with attractive valuations. |
| Jan 14 2026 | 2025 Q4 | CRNX, EOSE, IAG, PRAX, WULF | AI, earnings, energy, growth, healthcare, materials, Micro Cap, small caps | - | Driehaus Micro Cap Growth delivered strong Q4 outperformance driven by healthcare and materials strength, with AI spending and improving small cap earnings fueling the broadening market rally. The strategy increased healthcare exposure while taking profits in materials. The manager maintains a bullish 2026 outlook supported by economic expansion and AI infrastructure investment despite potential supply chain and geopolitical risks. |
| Oct 14 2025 | 2025 Q3 | EOSE, LEU, PRCH, RSI, WULF | AI, Data centers, energy, growth, industrials, Micro Cap, small caps, technology | - | Driehaus Micro Cap Growth outperformed by 440bps in Q3 2025, capitalizing on AI-driven hyperscaler capex and small cap earnings acceleration. Portfolio positioned in industrials, technology, and energy companies benefiting from data center buildout and utility infrastructure spending. Fed easing cycle and strong earnings momentum support positive outlook despite labor market and regulatory headwinds. |
| Jul 11 2025 | 2025 Q2 | AGX, CRNX, HCI, ROAD, UTI | AI, growth, healthcare, industrials, infrastructure, Micro Cap, tariffs, technology | - | Driehaus Micro Cap gained 17.90% in Q2 despite tariff volatility, rotating from healthcare into industrials and AI infrastructure. The strategy capitalized on post-DeepSeek recovery in AI names while maintaining overweights in construction and energy themes. Outlook remains positive for second half assuming stable tariff policy, with Fed cuts and fiscal stimulus providing tailwinds. |
| Apr 17 2025 | 2025 Q1 | CRNX, HCI, OSW, RYTM, WGS | AI, Biotech, growth, healthcare, Micro Cap, tariffs, technology, Trade Policy | - | Driehaus Micro Cap Growth fell 18.23% in Q1 amid Trump tariff turmoil and AI infrastructure collapse. Strategy pivoted from technology to energy and financials while maintaining healthcare exposure despite regulatory concerns. Manager views current crisis as opportunity-creating for strong businesses positioned to emerge with market share gains once tariff uncertainty resolves through negotiations. |
| Jan 11 2025 | 2024 Q4 | CLFD, ELF, PI, TMDX, XENE | Fed policy, growth, inflation, infrastructure, Micro Cap, Onshoring, Recession, small caps | - | Driehaus Micro Cap Growth underperformed significantly in 2022 but sees compelling opportunity at current recession-level valuations. Manager expects inflation to continue falling, enabling Fed policy normalization and multiple expansion. Key themes include onshoring manufacturing and $1 trillion federal infrastructure spending benefiting industrial companies. Small caps trade at second-largest discount to large caps in 40 years. |
| Oct 11 2024 | 2024 Q3 | ADMA, ALKT, CRNX, MOD, TMDX | AI, Biotechnology, Fed Cuts, growth, healthcare, Micro Cap, small caps, valuation | - | Small cap growth strategy capitalizing on historically cheap valuations and Fed rate cuts. Strong biotech performance offset by tech weakness in Q3. Manager sees compelling setup with small caps trading at deep discount to large caps, improving earnings outlook, and supportive macro environment. Key themes include AI infrastructure, reshoring, and clinical-stage biotechnology innovations. |
| Jul 18 2024 | 2024 Q2 | ARLO, CRNX, MOD, TMDX, TNDM | AI, growth, healthcare, industrials, inflation, Micro Cap, semiconductors, technology | - | Driehaus Micro Cap Growth significantly outperformed in Q2 through strong stock selection in healthcare, technology, and industrials. The strategy capitalizes on AI infrastructure buildout, reshoring trends, and medical device innovation while small caps trade at historic valuation discounts. Expected Fed rate cuts and improving small cap earnings support positive outlook for second half. |
| Apr 27 2024 | 2024 Q1 | CAMT, CRNX, FTAI, MOD, NVDA, SMCI, XENE | AI, Biotech, growth, healthcare, industrials, Micro Cap, semiconductors, technology | - | Driehaus Micro Cap Growth delivered 14.48% in Q1, outperforming by 788 basis points through broad-based sector strength. The strategy capitalizes on early-stage AI adoption across semiconductors, data centers, and industrial applications while maintaining diversified exposure to healthcare biotech and consumer discretionary. Strong earnings growth and reasonable valuations support continued outperformance in a constructive macro environment. |
| Jan 17 2024 | 2023 Q4 | CLFD, ELF, PI, TMDX, XENE | Fed policy, growth, inflation, infrastructure, Micro Cap, Onshoring, Recession, small caps | - | Driehaus Micro Cap Growth suffered in 2022's brutal market but sees compelling opportunity ahead. Inflation is peaking as money supply contracts and supply chains recover, setting stage for Fed policy normalization. Small caps trade at historically cheap valuations while positioned for onshoring and infrastructure spending tailwinds. Current uncertainty creates attractive entry points for quality growth companies. |
| Sep 30 2023 | 2023 Q3 | AEHR, ELF, FSLY, MOD, XENE | energy, growth, inflation, Micro Cap, Onshoring, semiconductors, small caps, Yields | - | Driehaus Micro Cap Growth outperformed in a yield-driven selloff, benefiting from AI-leveraged semiconductors, offshore energy services, and uranium exposure. Small caps trade at 40-year valuation discounts while positioned for secular themes like reshoring and energy transition. With inflation normalizing and Fed policy likely peaking, historical patterns suggest significant small cap outperformance ahead. |
| Mar 31 2023 | 2023 Q1 | AGYS, ELF, PI, TMDX, UBS, XENE | Banking Crisis, Fed policy, growth, healthcare, inflation, Micro Cap, Recession, technology | - | Driehaus Micro Cap Growth outperformed in Q1 2023 despite banking crisis volatility, benefiting from underweight financials and strong semiconductor performance. The strategy targets micro cap companies with growth inflections and market share gains, positioned for onshoring trends and federal infrastructure spending. Current valuations offer compelling long-term opportunities despite near-term recession risks. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIAI continues to be the major theme driving performance across multiple market sectors. The market has separated companies into AI beneficiaries versus those disrupted by AI. AI compute demand continues to exceed supply, giving confidence to the sustainability of hyperscaler capex data center buildout. |
Data Centers Cloud Semiconductors Hardware Capex |
EnergyThe Iran War dramatically impacted crude oil prices as WTI increased from $65 to over $100. Energy infrastructure damage in the Persian Gulf disrupted supply of crude oil, natural gas, aluminum and petrochemicals. The Strait of Hormuz closure blocked 20% of world crude oil from reaching global markets. |
Oil Natural Gas Geopolitical Supply Chain Infrastructure | |
Private CreditGrowing stress in private credit markets with elevated withdrawal requests from funds, especially from retail investors. Blue Owl Capital has been at the epicenter of these concerns. Credit crises often start as small cracks and grow larger than initially expected. |
Credit Stress Liquidity Withdrawals Systematic Risk Banking | |
Grid UpgradeIndustrial companies are benefitting from the utility capex cycle driving an upgrade and expansion of the US electrical grid. This is part of the broader AI infrastructure buildout supporting data center growth. |
Infrastructure Spending Utilities Electrical Equipment Capex Modernization | |
| 2025 Q4 |
Small CapsSmall-cap equities ended 2025 on a positive but volatile note with the Russell 2000 returning 2.2% in Q4. The manager expects a constructive outlook for small-cap equities entering 2026, particularly within value-oriented segments, driven by Federal Reserve monetary easing and improving earnings momentum. |
Russell 2000 Value Earnings Volatility |
ValueValue-oriented stocks remain attractively positioned with growth stocks continuing to trade at a meaningful premium. The manager believes periods of accelerating profits have historically favored value leadership, particularly within smaller-cap universes, with their portfolio trading at 12.2x forward earnings versus 15.0x for the Russell 2000 Value. |
Valuation Premium Earnings Leadership | |
RatesThe Federal Reserve's shift toward monetary easing represents an important inflection point for smaller companies, which tend to be more sensitive to changes in interest rates and credit conditions. Lower borrowing costs should support refinancing activity, capital investment, and margin recovery. |
Federal Reserve Monetary Policy Credit Refinancing | |
EarningsConsensus expectations point to meaningful acceleration in small-cap earnings in 2026, with growth projected in the low-to-mid teens and exceeding that of large-cap companies. This reflects easier year-over-year comparisons, improving operating leverage, and broadening demand across cyclical sectors. |
Growth Operating Leverage Cyclical Acceleration | |
UtilitiesStrong stock selection and favorable allocation made Utilities the largest contributor to relative performance for the quarter. Portland General Electric led gains, supported by regulatory clarity, steady rate base growth, and defensive characteristics that were rewarded as market volatility increased. |
Defensive Regulatory Rate Base Volatility | |
| 2025 Q3 |
AIAI continues to be the dominant theme driving the market and economy. Over the intermediate and long-term profit margins should expand as companies become more productive and efficient by using AI. The biggest beneficiaries continue to be companies levered to robust hyperscaler capex and data center buildout. |
Data Centers Hyperscaler Productivity Infrastructure Capex |
Data CentersHyperscaler capital expenditures are driving revenue and earnings growth for numerous companies. The rising level of hyperscaler capex over the next several years is fueling growth in technology and industrial sectors. Energy demand from AI and data center growth is driving dramatic rise in electricity consumption. |
Hyperscaler Capex Infrastructure Energy Demand Electricity | |
Energy TransitionGrowing utility capex trend driven by energy demand from AI and data center growth is fueling dramatic rise in electricity consumption. Companies in the MEI sectors - materials, energy, and industrials - are benefiting from this spending on utility infrastructure. |
Utility Capex Electricity Infrastructure MEI Sectors Power Demand | |
Small CapsSmall caps outperformed during the quarter and have outperformed since the April bottom. Small cap earnings are accelerating and exceeding expectations by the largest amount since early 2022. The Russell 2000 Growth index rose over 43% from the low, with micro caps leading at over 65%. |
Russell 2000 Earnings Growth Outperformance Recovery Micro Caps | |
SemiconductorsThe portfolio is overweight semiconductors as part of technology exposure. Many tech companies benefitted from strong earnings and rising level of AI infrastructure capex focused on data centers. Holdings include companies levered to data center buildout including semis and optical equipment suppliers. |
AI Infrastructure Data Center Optical Equipment Technology Capex | |
| 2025 Q2 |
AIAI infrastructure demand remains robust with hyperscalers continuing competitive AI battle. AI capex trends are driving strong data center demand and productivity gains. The strategy increased exposure to AI infrastructure companies during the quarter after reducing positions following DeepSeek concerns. |
Data Centers Infrastructure Semiconductors Cloud Automation |
Trade PolicyTrump's tariff policies dominated market sentiment with reciprocal tariffs causing severe stress before 90-day pause announcement. Market outlook depends on stable tariff policy with 10-20% rates considered manageable for continued economic growth. |
Tariffs Trade Policy Economic Growth Volatility | |
Infrastructure SpendingReshoring and infrastructure continue as sources of economic growth. The strategy holds exposure to companies in nuclear infrastructure, traditional infrastructure, and construction materials for infrastructure projects. |
Construction Nuclear Reshoring Economic Growth Materials | |
Energy TransitionPortfolio includes exposure to specialty batteries, nuclear infrastructure, and uranium mining and processing companies. Energy transition themes are represented across multiple sectors in the portfolio. |
Nuclear Uranium Battery Clean Energy Infrastructure | |
| 2025 Q1 |
Trade PolicyTrump announced reciprocal tariffs much higher than expected, with at least 10% on all countries globally and rates approaching 50% on 60 countries. The tariff formula defies conventional economics and violates existing free trade agreements. After market turmoil, Trump announced a 90-day pause with 10% rates except China at 145%. |
Tariffs Trade China Negotiations Policy |
AIThe debut of DeepSeek's lower cost Open Source AI Large Language Model on January 27th caused extreme selling in AI infrastructure stocks. This effectively ended the promising AI infrastructure investment theme as concerns rose about sustainability of AI capex growth and potential commoditization of LLMs. |
DeepSeek Infrastructure Capex Data Centers LLM | |
BiotechnologyHealthcare sector saw widespread multiple compression due to RFK Jr's controversial appointment as HHS Secretary. Despite FDA layoffs and regulatory concerns, biotech management teams report normal dialogue with FDA. Portfolio holdings have promising clinical stage therapies in obesity, epilepsy, diabetes, neurology, autoimmune diseases, and oncology. |
FDA RFK Jr Clinical Trials Drug Approval Regulation | |
OnshoringSince Covid, reshoring or the return of manufacturing has been accelerating, viewed as a sustainable multi-year theme. Trump wants to return manufacturing back to the U.S. after thousands of plants closed and millions of jobs disappeared following China's WTO entry in 2001. |
Manufacturing Reshoring Jobs Supply Chain Domestic | |
| 2024 Q4 |
InflationManager believes inflation will continue to fall as key drivers like excess money supply (M2 now negative year-over-year), excess savings, and supply chain issues have largely normalized. Fed policy response to inflation trajectory remains the key market driver. |
Fed Policy M2 Supply Chains Labor Markets Monetary Policy |
OnshoringMultiple decades of moving manufacturing overseas is being reversed due to Covid supply chain disruptions and China uncertainties. Companies are reshoring manufacturing and supply chains back to the US, creating opportunities for industrial companies. |
Manufacturing Supply Chains China Reshoring Industrial | |
Infrastructure SpendingMultiple federal stimulus programs worth over $1 trillion including infrastructure spending, Inflation Reduction Act, Rural Broadband programs, and Chips Act create opportunities for engineering & construction, automation, machinery, and renewable energy companies. |
Federal Stimulus Chips Act Rural Broadband Engineering Construction | |
Small CapsSmall cap valuations are at the second largest discount to large caps in 40 years and at levels consistent with past recessions. Current Russell 2000 forward P/E is well below long-term average, presenting opportunity despite challenging conditions. |
Valuations Russell 2000 Discount Recession Opportunity | |
| 2024 Q3 |
AIAI infrastructure spending by Hyperscalers remains robust despite concerns about ROI. The manager views AI as an existential threat to major tech companies, driving continued capex investment in GPUs, servers, networking equipment and data centers. While 40% capex growth may decelerate in 2025-2026, AI infrastructure spending should remain strong. |
Data Centers GPUs Infrastructure Capex Hyperscalers |
Small CapsSmall caps trade at historically deep discount to large caps, similar to early 2000s. Multiple factors support small cap outperformance including Fed rate cuts, improving earnings growth expectations, and historical tendencies for small caps to outperform in early years of bull markets. Valuation discount provides compelling opportunity. |
Valuation Russell 2000 Discount Outperformance Bull Market | |
BiotechnologyPortfolio holdings demonstrate promising clinical stage therapies with superior efficacy and safety across obesity, epilepsy, diabetes, neurology, autoimmune diseases, vaccines and oncology. Strong gains from vaccine company with best-in-class clinical data and other positions in oncology and orphan diseases. |
Clinical Trials Vaccines Oncology Orphan Diseases Drug Development | |
RatesFed began rate cutting cycle with 50 basis point reduction in September. Historical analysis shows small caps typically outperform large caps 6-12 months after first rate cut when cuts occur without recession. Current environment viewed as non-recessionary rate cutting cycle. |
Federal Reserve Rate Cuts Monetary Policy Economic Cycle | |
OnshoringReshoring theme appears to have boosted the broader economy alongside infrastructure and AI investments. Portfolio benefits from positions in reshoring, infrastructure, commercial aerospace and data centers where AI is driving demand for various technologies and equipment. |
Reshoring Infrastructure Manufacturing Supply Chain | |
| 2024 Q2 |
AIThe strategy increased exposure to semiconductors and hardware companies benefiting from AI infrastructure buildout. Holdings range from semi cap equipment companies to semiconductor/component suppliers to data centers. The fundamental outlook for AI-related holdings and the industry has improved dramatically. |
Infrastructure Semiconductors Data Centers Hardware Buildout |
OnshoringReshoring remains a strong theme driving positive outlook for the industrials sector. The strategy maintains an overweight position in industrials at 20.9% versus 15.1% for the index, benefiting from this secular trend. |
Reshoring Manufacturing Industrials Supply Chain | |
CybersecurityCybersecurity remains a robust area within software as cyber-attacks continue to grow in number and sophistication. Several industries have been hard hit by high profile cyber-attacks that severely disrupted operations. |
Software Security Attacks Enterprise | |
Medical DevicesMedical device sub-industry contributed 159 basis points in relative outperformance. Holdings focused on ophthalmology, diabetes, and organ transplant markets performed well, with one innovative organ transplant company gaining 103% after reporting large quarterly earnings surprise. |
Healthcare Innovation Ophthalmology Diabetes Transplant | |
| 2024 Q1 |
AIAI holds tremendous potential to enhance productivity across industries through automation, analytics, and customer experience improvements. Enterprise adoption is growing rapidly with 45% piloting AI and significant investment planned. The manager views AI as early-stage with durable growth prospects, comparing it favorably to past technology cycles like the internet and cloud. |
Artificial Intelligence Data Centers Productivity Enterprise Software Automation |
Data CentersData center demand is expected to expand dramatically over the next five years, driven by AI applications. CoreWeave reports daily requests are absurd and the world is grossly underestimating demand. Over $250 billion annually expected to be spent on data center equipment, with Amazon planning $150 billion over the next decade. |
Infrastructure Cloud Computing AI Infrastructure Equipment Capacity | |
SemiconductorsSemiconductor companies have been among the strongest performers, with Nvidia growing earnings dramatically and becoming the third largest S&P 500 weighting. Super Micro Computer became the largest Russell 2000 weighting. The manager sees continued opportunities in networking and hardware companies benefiting from AI buildout. |
Chips Hardware AI Chips Networking Equipment | |
EnergyAI and data centers are introducing a new era of energy demand, with estimates of 2-5% annual electricity power load growth versus historical 0.4%. This has huge implications for natural gas, nuclear power, power generation, infrastructure and their supply chains. Energy companies, utilities and industrials all stand to benefit. |
Power Generation Natural Gas Nuclear Infrastructure Utilities | |
OnshoringReshoring of manufacturing back to the U.S. is cited as one of the reasons why a recession has been avoided and supports continued positive economic growth. The manager views reshoring as a strong theme supporting their industrial holdings. |
Manufacturing Supply Chain Domestic Production Industrial Reshoring | |
| 2023 Q4 |
InflationManager extensively analyzes inflation drivers including excess money supply, savings, supply chains, and labor shortages. Believes inflation will continue to fall as M2 money supply turns negative, excess savings decline, and supply chains recover. Views falling inflation as key catalyst for equity market recovery. |
M2 Fed Labor Supply Chain Monetary Policy |
OnshoringManager highlights the reversal of decades of overseas manufacturing due to Covid supply chain disruptions and China concerns. Companies are reshoring manufacturing and supply chains back to the US, creating opportunities for industrial companies. |
Manufacturing Supply Chain China Covid Industrials | |
Infrastructure SpendingMultiple federal stimulus programs worth over $1 trillion including infrastructure spending, Inflation Reduction Act, Rural Broadband programs, and Chips Act create significant opportunities for US companies across engineering, construction, automation, and clean energy sectors. |
Stimulus Broadband Chips Act Construction Clean Energy | |
Small CapsSmall cap valuations are at historically cheap levels, trading at the second largest discount to large caps in 40 years. Current valuations are consistent with past recession levels, presenting attractive opportunities despite challenging market conditions. |
Valuation Russell 2000 Discount Recession Opportunity | |
| 2023 Q3 |
InflationInflation remains the key factor to monitor with continued progress towards lower rates. The four primary Covid-related drivers of inflation have all normalized, and most CPI components continue to trend lower. Rent inflation is expected to moderate as real-time measurements show rents have already fallen due to new apartment unit growth. |
CPI Rent Fed Rates Normalization |
Small CapsSmall caps continue at their second largest discount to large caps over the past 40 years. The valuation difference remains very favorable for small caps, and history shows small caps typically materially outperform during the first five years of a new market cycle. Small caps typically lead off a market bottom and out of a recession by a wide margin. |
Valuation Russell Outperformance Cycle Premium | |
SemiconductorsSemiconductor and semiconductor capital equipment outperformance came from several holdings levered to AI and the adoption of silicon carbide in electric vehicles. The portfolio maintains exposure to semi-cap equipment companies positioned for these technological transitions. |
AI Silicon Carbide Equipment Electric Vehicles Technology | |
EnergyEnergy was the lone strong sector during the quarter as crude oil prices rebounded. The portfolio includes oil service companies levered to offshore and international markets seeing strength in spending and rising day rates, plus a uranium producer benefiting from multi-year highs in uranium prices. |
Oil Services Offshore Uranium Day Rates Crude Oil | |
OnshoringKey themes such as reshoring, infrastructure and construction for new manufacturing facilities are showing clear signs of strength. The portfolio maintains exposure to these structural trends through industrial holdings positioned for this multi-year theme. |
Manufacturing Infrastructure Construction Facilities Structural | |
| 2023 Q1 |
Credit StressRegional bank failures including Silicon Valley Bank and Signature Bank created a banking crisis in March. The crisis was driven by concentrated deposit bases, uninsured deposits, and forced treasury sales at losses rather than credit quality issues. Emergency Fed measures including deposit guarantees and the Bank Term Funding Program helped restore stability. |
Regional Banks Bank Failures Deposit Insurance Fed Policy Financial Stability |
SemiconductorsSemiconductor holdings performed strongly with 32.3% appreciation versus 27% for the index. Growth was driven by an RFID chip supplier beating earnings amid overwhelming demand and semiconductor capital equipment companies benefiting from increased silicon carbide adoption in electric vehicles. |
RFID Silicon Carbide Semi Equipment Electric Vehicles Chip Demand | |
OnshoringMultiple decades of overseas manufacturing are being reversed due to Covid supply chain disruptions and China uncertainties. Companies are reshoring manufacturing and supply chains back to the US, supported by over $1 trillion in federal programs including infrastructure spending, Inflation Reduction Act, Rural Broadband, and Chips Act. |
Supply Chain Manufacturing Federal Programs Infrastructure Chips Act | |
HomebuildersHomebuilders are increasingly attractive due to the nationwide housing shortage. Mortgage rates appear to have peaked with overall interest rates, incrementally improving home affordability and re-accelerating orders for builders. |
Housing Shortage Mortgage Rates Home Affordability Builder Orders Interest Rates |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| No Elevator Pitches found | ||||||||||
| TICKER | COMMENTARY |
|---|---|
| PRAX | Praxis Precision Medicines, Inc. is the largest holding at 2.8% of the strategy in the Health Care sector. |
| AAOI | Applied Optoelectronics, Inc. is the second largest holding at 2.5% in Information Technology. An optical component supply company was a top contributor as it reported strong earnings driven by growing AI data center buildouts. |
| WULF | TeraWulf Inc. is the third largest holding at 1.8% in Information Technology. |
| LASR | nLIGHT, Inc. is the fourth largest holding at 1.6% in Information Technology. |
| SIMO | Silicon Motion Technology Corporation Sponsored ADR is the fifth largest holding at 1.5% in Information Technology. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
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| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
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| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
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| No industry data available | |||
