Driehaus Emerging Markets Small Cap Growth Fund
Name
As of 11/08/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
18.5%
1 yr return
26.4%
3 Yr Avg Return
0.8%
5 Yr Avg Return
11.3%
Net Assets
$123 M
Holdings in Top 10
27.5%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 1.37%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 178.00%
Redemption Fee 2.00%
Min Investment
Standard (Taxable)
$10,000
IRA
$2,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 11/08/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
DRESX - Profile
Distributions
- YTD Total Return 18.5%
- 3 Yr Annualized Total Return 0.8%
- 5 Yr Annualized Total Return 11.3%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 0.28%
- Dividend Yield 0.9%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameDriehaus Emerging Markets Small Cap Growth Fund
-
Fund Family NameDriehaus
-
Inception DateAug 22, 2011
-
Shares OutstandingN/A
-
Share ClassOther
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerChad Cleaver
Fund Description
The Fund uses a growth style of investment in equity securities, including common stocks and other equity securities of issuers. Under normal market conditions, the Fund invests substantially all (no less than 80%) of its net assets (plus the amount of borrowings for investment purposes) in small capitalization emerging markets companies. For purposes of the Fund, the investment adviser considers a company to be a small capitalization company if it is within the same market capitalization range at the time of investment as those included in the MSCI Emerging Markets Small Cap Index. For the avoidance of doubt, while the reference index is “float-adjusted,” meaning it excludes closely held and other shares unavailable to investors, the investment adviser does not consider a float-adjustment when determining the market capitalization of a company. As of March 31, 2024, approximately 97% of the MSCI Emerging Markets Small Cap Index consisted of companies with a market capitalization of less than $5 billion.
Emerging markets companies are (i) companies organized under the laws of an emerging market country or having securities which are traded principally on an exchange or over-the-counter in an emerging market country; or (ii) companies which, regardless of where organized or traded, have a significant amount of assets located in and/or derive a significant amount of their revenues from goods purchased or sold, investments made or services performed in or with emerging market countries. The Fund generally defines an “emerging market” as including, but not limited to, any of the countries or markets represented in the MSCI Emerging Markets Index, or any other country or market with similar emerging characteristics. There are also no specific limitations on the percentage of assets that may be invested in securities of issuers located in any one country at a given time; the Fund may invest significant assets in any single emerging market country. The Fund may invest in companies with limited or no operating histories. The Fund frequently and actively trades its portfolio securities.
Investment decisions for the Fund’s growth style of investing, for those companies with operating histories, are based on the determination that a company’s revenue and earnings growth can materially exceed market expectations and that a company possesses the ability to undergo an incrementally positive change in growth and earnings trajectories. These decisions involve evaluating fundamental factors, including the company’s business model, the competitive landscape, upcoming product introductions and recent and projected financial metrics. The evaluation of behavioral and macro factors represents significant aspects of the investment adviser’s philosophy and are integrated into the investment adviser’s bottom-up analysis on individual securities. The decision is also informed by the evaluation of technical or market factors, including price and volume trends, relative strength and institutional interest. To a lesser extent, the Fund’s investment adviser also utilizes macroeconomic or country-specific analyses to evaluate the sustainability of a company’s growth rate. The Fund sells holdings for a variety of reasons, including the deterioration of the earnings profile, the violation of specific technical thresholds, to shift into securities with more compelling risk/reward characteristics or to alter sector or country exposure.
DRESX - Performance
Return Ranking - Trailing
Period | DRESX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 18.5% | -12.1% | 34.0% | 7.48% |
1 Yr | 26.4% | -6.6% | 43.9% | 11.00% |
3 Yr | 0.8%* | -14.0% | 11.4% | 22.55% |
5 Yr | 11.3%* | -4.7% | 11.9% | 0.65% |
10 Yr | 5.5%* | -2.0% | 6.9% | 13.28% |
* Annualized
Return Ranking - Calendar
Period | DRESX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 9.1% | -6.5% | 35.5% | 47.33% |
2022 | -21.2% | -50.1% | -2.4% | 25.65% |
2021 | 15.9% | -33.1% | 22.5% | 1.38% |
2020 | 32.7% | -22.1% | 80.1% | 12.34% |
2019 | 33.1% | -0.7% | 42.0% | 1.00% |
Total Return Ranking - Trailing
Period | DRESX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 18.5% | -12.1% | 34.0% | 7.48% |
1 Yr | 26.4% | -6.6% | 43.9% | 11.00% |
3 Yr | 0.8%* | -14.0% | 11.4% | 22.55% |
5 Yr | 11.3%* | -4.7% | 11.9% | 0.65% |
10 Yr | 5.5%* | -2.0% | 6.9% | 13.28% |
* Annualized
Total Return Ranking - Calendar
Period | DRESX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 10.3% | -2.7% | 42.0% | 56.60% |
2022 | -21.2% | -42.2% | 1.9% | 35.07% |
2021 | 15.9% | -32.5% | 33.1% | 4.60% |
2020 | 33.6% | -20.0% | 81.6% | 13.14% |
2019 | 33.7% | 2.3% | 42.0% | 1.33% |
NAV & Total Return History
DRESX - Holdings
Concentration Analysis
DRESX | Category Low | Category High | DRESX % Rank | |
---|---|---|---|---|
Net Assets | 123 M | 682 K | 103 B | 73.21% |
Number of Holdings | 84 | 9 | 7534 | 57.78% |
Net Assets in Top 10 | 32.5 M | 290 K | 23.8 B | 75.18% |
Weighting of Top 10 | 27.48% | 2.9% | 101.1% | 78.51% |
Top 10 Holdings
- Northern Inst Fds GOVT SELECT PT 5.91%
- FPT Corp. VND10000 3.79%
- HD Hyundai Electric Co Ltd. KRW5000 3.72%
- Vista Energy S.A.B. de C.V. SPON ADS EA REP 1 ORD SHS 2.40%
- Titagarh Rail Systems Ltd. INR2 2.15%
- ASPEED Technology Inc. TWD10 2.14%
- Hanwha Aerospace Co Ltd KRW5000 2.13%
- Gmr Airports Infrastructure Ltd. INR1 1.76%
- Cury Construtora E Incorporadora SA COM NPV 1.74%
- Lig Nex1 Co Ltd KRW5000 1.74%
Asset Allocation
Weighting | Return Low | Return High | DRESX % Rank | |
---|---|---|---|---|
Stocks | 94.25% | 0.00% | 107.82% | 79.94% |
Cash | 5.91% | -2.03% | 98.08% | 5.89% |
Preferred Stocks | 0.00% | 0.00% | 13.31% | 62.55% |
Other | 0.00% | -1.11% | 26.93% | 38.57% |
Convertible Bonds | 0.00% | 0.00% | 7.40% | 10.03% |
Bonds | 0.00% | 0.00% | 88.10% | 18.23% |
Stock Sector Breakdown
Weighting | Return Low | Return High | DRESX % Rank | |
---|---|---|---|---|
Consumer Cyclical | 18.70% | 0.00% | 48.94% | 8.81% |
Industrials | 15.70% | 0.00% | 43.53% | 5.54% |
Basic Materials | 14.45% | 0.00% | 30.03% | 5.11% |
Technology | 13.15% | 0.00% | 47.50% | 92.05% |
Financial Services | 9.78% | 0.00% | 48.86% | 96.31% |
Consumer Defense | 9.32% | 0.00% | 25.90% | 18.18% |
Energy | 5.84% | 0.00% | 24.80% | 26.42% |
Healthcare | 4.73% | 0.00% | 16.53% | 36.08% |
Real Estate | 4.35% | 0.00% | 17.15% | 9.09% |
Utilities | 3.20% | 0.00% | 39.12% | 18.04% |
Communication Services | 0.79% | 0.00% | 39.29% | 99.57% |
Stock Geographic Breakdown
Weighting | Return Low | Return High | DRESX % Rank | |
---|---|---|---|---|
Non US | 84.41% | 0.00% | 100.18% | 55.68% |
US | 9.84% | 0.00% | 100.95% | 49.23% |
DRESX - Expenses
Operational Fees
DRESX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 1.37% | 0.03% | 29.98% | 46.27% |
Management Fee | 1.10% | 0.00% | 2.00% | 90.73% |
12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
Administrative Fee | N/A | 0.01% | 0.85% | 38.97% |
Sales Fees
DRESX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 3.50% | 5.75% | N/A |
Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
DRESX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | 2.00% | 1.00% | 2.00% | 5.17% |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
DRESX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 178.00% | 0.00% | 189.00% | 98.10% |
DRESX - Distributions
Dividend Yield Analysis
DRESX | Category Low | Category High | DRESX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.92% | 0.00% | 9.74% | 74.05% |
Dividend Distribution Analysis
DRESX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Annual | Annually | Monthly | Annual |
Net Income Ratio Analysis
DRESX | Category Low | Category High | DRESX % Rank | |
---|---|---|---|---|
Net Income Ratio | 0.28% | -1.98% | 17.62% | 65.50% |
Capital Gain Distribution Analysis
DRESX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Dec 13, 2023 | $0.208 | OrdinaryDividend |
Dec 16, 2021 | $0.009 | OrdinaryDividend |
Dec 17, 2020 | $0.123 | OrdinaryDividend |
Dec 19, 2019 | $0.059 | OrdinaryDividend |
Dec 20, 2016 | $0.017 | OrdinaryDividend |
Dec 18, 2013 | $0.021 | OrdinaryDividend |
Dec 19, 2012 | $0.185 | OrdinaryDividend |
DRESX - Fund Manager Analysis
Managers
Chad Cleaver
Start Date
Tenure
Tenure Rank
Aug 22, 2011
10.78
10.8%
Chad Cleaver, CFA, is the Portfolio Manager for the Emerging Markets Small Cap Growth and Frontier Markets strategies and a portfolio manager for the Emerging Markets strategy. In his role, he has responsibility for the strategy's portfolio construction, risk management and buy/ sell decisions. In his role as portfolio manager, he is responsible for idea generation, portfolio construction, security selection and investment research. He began his career with the Board of Governors of the Federal Reserve System. He joined Driehaus in 2004 as an investment analyst prior to assuming assistant portfolio management responsibilities on May 1, 2008. Mr. Cleaver received his A.B. in Economics in 2000 from Wabash College. He earned his M.B.A. degree in 2004 from the Kenan-Flagler Business School at the University of North Carolina at Chapel Hill. Mr. Cleaver is a CFA charterholder.
Howard Schwab
Start Date
Tenure
Tenure Rank
Aug 22, 2011
10.78
10.8%
Howard Schwab is the lead portfolio manager for the Emerging Markets Growth strategy. In his role as lead portfolio manager, he is responsible for the strategy’s portfolio construction. Mr Schwab joined Driehaus Capital Management in 2001. He received his B.A. in Economics from Denison University in 2001.
Richard Thies
Start Date
Tenure
Tenure Rank
May 01, 2016
6.08
6.1%
Richard Thies began his career at the International Finance Corporation of the World Bank Group as a consultant for the gender entrepreneurship markets group in 2005. In 2008, Mr Thies worked for Opportunity International as a proposal writer. He then worked as an associate international economist for The Northern Trust in 2009. He joined Driehaus Capital Management as a macro analyst in 2011. He received his Bachelor of Arts in international studies from Emory University in 2005 and his Master of Arts degree focused on international political economy from the University of Chicago in 2007.
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.09 | 33.71 | 6.66 | 13.42 |