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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q2 | Jul 11, 2025 | Driehaus Micro Cap Growth Strategy | 17.9% | -3.6% | AGX, CRNX, HCI, ROAD, UTI | AI, growth, healthcare, industrials, infrastructure, Micro Cap, tariffs, technology | AI 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. | View | |
| 2024 Q1 | Apr 27, 2024 | Driehaus Micro Cap Growth Strategy | 8.2% | 24.0% | CAMT, CRNX, FTAI, MOD, NVDA, SMCI, XENE | AI, Biotech, growth, healthcare, industrials, Micro Cap, semiconductors, technology | AI 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. | View | |
| 2025 Q1 | Apr 17, 2025 | Driehaus Micro Cap Growth Strategy | -18.2% | -18.2% | CRNX, HCI, OSW, RYTM, WGS | AI, Biotech, growth, healthcare, Micro Cap, tariffs, technology, Trade Policy | Trump 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%. | View | |
| 2025 Q1 | Apr 17, 2025 | Driehaus Small Cap Growth Fund | -16.6% | -16.6% | CRNX, CYBR, ERJ, NTRA, SFM | AI, Biotechnology, growth, healthcare, small caps, tariffs, Trade Policy, volatility | Trump announced reciprocal tariffs of at least 10% globally with rates up to 50% on 60 countries, causing extreme market volatility. After four days of sharp declines, Trump pivoted to a 90-day pause with 10% rates except China at 145%. The administration and trading partners are entering negotiations with potential for reduced tariff rates. | View | |
| 2026 Q1 | Apr 14, 2026 | Driehaus Small Cap Growth Fund | -0.3% | -0.3% | CRNX, FTAI, IDCC, OWL, PL, PRAX | AI, defense, energy, growth, Infrastructure Spending, Iran, private credit, small caps | View | ||
| 2024 Q3 | Oct 11, 2024 | Driehaus Small/Mid Cap Growth Fund | 3.1% | 24.0% | AXON, CRNX, CYBR, HEI, TMDX | AI, Biotechnology, earnings, growth, healthcare, industrials, rates, small caps | AI remains a powerful transformational theme with robust capex spending on data centers and infrastructure. Hyperscalers view AI as an existential threat to their business models and are increasing AI GPU cluster intelligence from current IQ levels of 100-120 to genius levels of 160+ and potentially 1,000. While 40% capex increases may decelerate in 2025-2026, AI infrastructure spending will remain strong. | View | |
| 2024 Q3 | Oct 11, 2024 | Driehaus Small Cap Growth Fund | 6.4% | 27.0% | AXON, CRNX, FTAI, PCVX, TMDX | AI, Biotech, growth, industrials, infrastructure, Rate Cuts, small caps | AI infrastructure spending by Hyperscalers remains robust with 40% capex increases in 2024. Manager views AI as existential threat driving continued investment in GPUs, servers, networking equipment and data centers. Expects spending to decelerate but remain strong through 2025-2026. | View | |
| 2024 Q3 | Oct 11, 2024 | Driehaus Micro Cap Growth Strategy | 8.2% | 24.0% | ADMA, ALKT, CRNX, MOD, TMDX | AI, Biotechnology, Fed Cuts, growth, healthcare, Micro Cap, small caps, valuation | AI 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. | View | |
| 2025 Q4 | Jan 14, 2026 | Driehaus Small Cap Growth Fund | 16.9% | 10.7% | BBIO, CRNX, CW, FN, GH, XBI | AI, Biotechnology, earnings, growth, healthcare, productivity, small caps | AI continues to be the dominant theme driving the market and economy. Demand for AI LLMs is going up exponentially, with demand by AI users and related demand for AI compute continuing to exceed supply. AI capex and data center spending are expected to remain strong as LLMs still need to increase dramatically in terms of intelligence. Small caps continue to outperform since the April bottom, with the Russell 2000 returning nearly 42.4% from the low. Small cap earnings have accelerated in 2025 and are improving on an absolute and relative basis, expected to outgrow large cap earnings in percentage terms over the next year. Healthcare displayed very strong relative performance with biotech/pharma holdings seeing standout gains driven by positive clinical trial results and clinical approvals. The biotech ETF is making a new four year high, representing a significant turnaround from being a laggard. Non-farm productivity surged in Q3, growing at an annual rate of 4.9%. Strong productivity in part driven by AI is boosting economic growth and positively impacting corporate earnings over the near-term, despite labor market stagnation. | View | |
| 2025 Q4 | Jan 14, 2026 | Driehaus Micro Cap Growth Strategy | 9.1% | 30.5% | CRNX, EOSE, IAG, PRAX, WULF | AI, earnings, energy, growth, healthcare, materials, Micro Cap, small caps | AI continues to be the dominant theme driving the market and economy. Demand for AI LLMs is going up exponentially, with demand by AI users and related demand for AI compute continuing to exceed supply. AI capex and data center spending are expected to remain strong, creating opportunities in semiconductors, data center equipment, commodities, energy, power and grid related supply vendors. Small caps continue to outperform since the April bottom, with micro caps leading the market. Small cap earnings have accelerated in 2025 and are improving on an absolute and relative basis, expected to outgrow large cap earnings in percentage terms over the next year. The market has been broadening out with multiple key sectors and industries making new all-time highs. The strategy maintains exposure to energy transition themes including uranium related holdings, energy storage companies like Eos Energy Enterprises, and renewable energy infrastructure. AI infrastructure projects are driving increased power demands, creating opportunities in power generation, grid equipment, and energy storage solutions. Healthcare, including biotech, performed much better during the quarter and second half of the year. Biotech/pharma holdings saw standout gains driven by positive clinical trial results, clinical approvals, breakthrough therapy designations, and an acquisition during the quarter. The biotech ETF is making a new four year high. The strategy saw continued strength in various rare earth elements and critical mineral companies as well as precious metal miners. Materials holdings rose significantly, though exposure was reduced by taking profits in several REE and critical mineral holdings as they advanced sharply in price. AI infrastructure projects are growing in size and AI data centers are becoming much larger with growing power demands. The strategy has exposure to AI related data centers and reduced exposure to emerging new AI data center operators. Demand for AI compute continues to exceed supply, supporting the data center investment theme. | View | |
| 2025 Q4 | Jan 14, 2026 | Driehaus Small/Mid Cap Growth Fund | 1.8% | 10.0% | CRNX, CVNA, GH, NTRA, PWR, XBI | AI, Biotechnology, energy, growth, healthcare, industrials, small caps, technology | AI continues to be the dominant theme driving the market and economy. Demand for AI LLMs is going up exponentially, with demand by AI users and related demand for AI compute continuing to exceed supply. AI capex and data center spending are expected to remain strong as LLMs still need to increase dramatically in terms of intelligence. Small caps continue to outperform since the April bottom, with the Russell 2000 returning nearly 42.4% from the low. Small cap earnings have accelerated in 2025 and are improving on an absolute and relative basis, expected to outgrow large cap earnings in percentage terms over the next year. Healthcare displayed very strong relative performance during the quarter, with biotech/pharma holdings seeing standout gains driven by positive clinical trial results and clinical approvals. The biotech ETF is making a new four year high as the sector broadly performed much better. AI capex and data center spending are expected to remain strong due to exponential demand growth for AI LLMs. However, a key risk involves potential delays in completing data centers from shortages in power generation, the grid and equipment, resulting in project postponements. Energy contributed positively with outperformance coming from strength in oil service and uranium miners. The portfolio maintains an overweight position in energy versus the benchmark, with exposure increasing during the quarter. | View | |
| 2024 Q2 | Jul 18, 2024 | Driehaus Micro Cap Growth Strategy | 8.2% | 24.0% | ARLO, CRNX, MOD, TMDX, TNDM | AI, growth, healthcare, industrials, inflation, Micro Cap, semiconductors, technology | The 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. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|
| No pitches found. | |||||||||
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
|---|---|---|---|---|---|---|---|---|
| No investor data available. | ||||||||