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Investment Strategy

The Driehaus Multi-Asset Growth Economies Fund seeks to provide superior risk-adjusted returns and higher total return than the MSCI Emerging Markets Index over a full market cycle by investing across the emerging markets asset class. On a near-term basis, the fund seeks to provide superior risk-adjusted returns and higher total return than a blend of the MSCI Emerging Markets Index and the JPMorgan Global Bond Index Emerging Markets Global Diversified Unhedged. The fund generally invests long and short in emerging markets equities and debt as well as derivative securities.


Fund Facts

Inception Date: 4/10/2017
Ticker: DMAGX
Assets Under Management as of 4/30/2017: $23.5 million
Open to New Investors: Yes
Minimum Initial Investment: $10,000
Minimum Subsequent Investment: $2,000
Minimum IRA Investment: $2,000
Minimum Subsequent IRA Investment: $500
Distributions: Dividends and capital gains are distributed annually in December
Investment Vehicles: Mutual fund



Sources: Driehaus Capital Management LLC

Please consider the investment objectives, risks, fees and expenses of the Fund carefully prior to investing. The prospectus and summary prospectus contain this and other important information about the Fund. To obtain a copy of the prospectus/summary prospectus, please call us at (877) 779-0079.  Please read the prospectus and summary prospectus carefully before investing.

Driehaus Securities LLC, Distributor



Principal Risks

All investments, including those in mutual funds, have risks. No investment is suitable for all investors. The Fund is intended for long-term investors who can accept the risks involved in investing in foreign securities. Of course, there can be no assurance that the Fund will achieve its objective. You may lose money by investing in the Fund. Below are the main risks of investing in the Fund:

Market Risk
The Fund is subject to market risk, which is the possibility that the value of the Fund’s assets will fluctuate as the stock, bond or currency markets fluctuate. The value of the Fund’s investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events that affect large portions of the market. Stock markets tend to move in cycles, with periods of rising prices and periods of falling prices. These fluctuations are expected to have a substantial influence on the value of the Fund’s shares.

Foreign Securities and Currencies Risk
The Fund invests in foreign securities. Investing outside the U.S. involves different risks than domestic investments. The following risks may be associated with foreign investments: less liquidity; greater volatility; political instability; restrictions on foreign investment and repatriation of capital; less complete and reliable information about foreign companies; reduced government supervision of some foreign securities markets; lower responsiveness of foreign management to shareholder concerns; economic issues or developments in foreign countries; fluctuation in exchange rates of foreign currencies and risks of devaluation; imposition of foreign withholding and other taxes; dependence of emerging market companies upon commodities which may be subject to economic cycles; and emerging market risk such as limited trading volume, illiquidity, expropriation, devaluation or other adverse political or social developments. To the extent portfolio securities are issued by foreign issuers or denominated in foreign currencies, the Fund’s investment performance is affected by the strength or weakness of the U.S. dollar against these currencies. Generally, an increase in the value of the U.S. dollar against a foreign currency will reduce the value of a security denominated in that foreign currency, thereby decreasing the Fund’s overall net asset value. Currency rates in foreign countries may fluctuate significantly over short or long periods of time for a number of reasons, including changes in interest rates, imposition of currency controls and economic or political developments in the U.S. or abroad.

Emerging Market Risk
The Fund invests in and is otherwise exposed to emerging markets and therefore the risks described above for foreign securities are typically increased. Investments in securities of issuers located in such countries are speculative and subject to certain special risks. The small size, limited trading volume and relative inexperience of the securities markets in these countries may make the Fund’s investments in such countries illiquid and more volatile than investments in more developed countries, and the Fund may be required to establish special custodial or other arrangements before making investments in these countries. There may be little financial or accounting information available with respect to issuers located in these countries, and it may be difficult as a result to assess the value or prospects of an investment in such issuers.

Frontier Market Risk
In addition to the risks of investing in foreign securities and emerging markets, frontier market securities involve unique risks, such as exposure to economies less diverse and mature than those of the U.S. or more established foreign markets. Economic or political instability may cause larger price changes in frontier market securities than in securities of issuers based in more developed foreign countries, including securities of issuers in larger emerging markets. Frontier markets generally receive less investor attention than developed markets or larger emerging markets. These risks can result in the potential for extreme price volatility and illiquidity.

Short Sale Risk
Short sales expose the Fund to the risk that it will be required to buy the security sold short (also known as
“covering” the short position) at a time when the security has appreciated in value, thus resulting in a loss to the Fund. The amount the Fund could lose on a short sale is theoretically unlimited (as compared to a long position, where the maximum loss is the amount invested). The use of short sales may also cause the Fund to have higher expenses than those of other funds due to the payment of dividends and interest, if any, in connection with the short position as well as the cost to borrow the security.

Main Risks of Derivatives
Derivative instruments (such as swaps, options, futures and forwards) often have risks similar to their underlying currency, security or index, in addition to other risks. The use of derivatives also involves risks different from, and possibly greater than, the risks associated with investing directly in the underlying assets. Derivatives can be highly volatile, illiquid and difficult to value, and there is a risk of imperfect correlation between the value of the derivative and the underlying instrument. Derivative instruments may give rise to leverage and losses on derivatives may substantially exceed the initial investment. When used for hedging, the change in value of the derivative may also not correlate specifically with the currency, security or other risk being hedged. Further, since the Fund may invest in derivatives for speculative purposes, losses from speculative positions in a derivative may be much greater than the derivative’s original cost and may be substantial. With over-the-counter derivatives, there is the risk that the other party to the transaction could default. Derivatives may be subject to pricing or “basis” risk, which exists when a particular derivative becomes extraordinarily expensive relative to historical prices or the prices of its corresponding instrument.

Deliverable and Non-Deliverable Foreign Currency Forwards and Options Risk.
Deliverable and non-deliverable foreign currency forward and options contracts involve the risk that anticipated currency movements will not be accurately predicted, which could result in losses on those contracts and additional transaction costs. The use of forward and options contracts could reduce performance if there are unanticipated changes in currency prices. Options on foreign currencies are affected by the factors that influence foreign exchange rates and investments generally. The Fund’s ability to establish and close out positions on foreign currency options is subject to the maintenance of a liquid secondary market, and there can be no assurance that a liquid secondary market will exist for a particular option at any specific time.

Options and Futures Contracts Risk. Participation in the options or futures markets involves investment risks and transaction costs to which the Fund would not be subject absent the use of these strategies. In particular, the loss from investing in futures contracts is potentially unlimited. If the Adviser’s prediction of movements in the underlying reference securities, interest rate or currency markets is inaccurate, the Fund could be in a worse position than if such strategies were not used. Risks inherent in the use of options, futures contracts and options on futures contracts include: (1) imperfect correlation between the price of options and futures contracts and options thereon and movements in the prices of the securities being hedged; (2) the fact that skills needed to use these strategies are different from those needed to select portfolio securities; and (3) the possible absence of a liquid secondary market for any particular instrument at any time.

Swaps Risk. Swaps can involve greater risks than direct investment in securities, because swaps may be leveraged and are subject to counterparty risk (e.g., the risk of a counterparty’s defaulting on the agreement), credit risk and pricing risk (i.e., swaps may be difficult to value). In addition, it may not be possible for the Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses. As a result of the Dodd-Frank Act, certain swap agreements may be cleared through a clearinghouse and traded on an exchange or swap execution facility. The regulation of swaps markets has increased over the last few years, and future regulation of the swaps markets may make swaps more costly, may limit the availability of swaps, or may otherwise adversely affect the value or performance of swaps. Any such adverse future developments could impair the effectiveness of the Fund’s swaps transactions and cause the Fund to lose value.

Sovereign Debt Obligation Risk
No established market may exist for many sovereign debt obligations. Reduced secondary market liquidity may have an adverse effect on the market price and the Fund’s ability to dispose of particular instruments when necessary to meet its liquidity requirements or in response to specific economic events such as a deterioration in the creditworthiness of the issuer. Reduced secondary market liquidity for certain sovereign debt obligations may also make it more difficult for the Fund to obtain accurate market quotations for the purpose of valuing its portfolio. Market quotations are generally available on many sovereign debt obligations only from a limited number of dealers and may not necessarily represent firm bids of those dealers or prices for actual sales.

By investing in sovereign debt obligations, the Fund will be exposed to the direct or indirect consequences of political, social, and economic changes in various countries. Political changes in a country may affect the willingness of a foreign government to make or provide for timely payments of its obligations. The country’s economic status, as reflected in, among other things, its inflation rate, the amount of external debt and its gross domestic product, will also affect the government’s ability to honor its obligations.

Credit Risk
An issuer or guarantor of a debt security, or the counterparty to a derivatives or other contract, may be unable or unwilling to make timely payments of interest or principal, or to otherwise honor its obligations. The issuer or guarantor may default, causing a loss of the full principal amount of a security. The degree of risk for a particular security may be reflected in its credit rating. There is the possibility that the credit rating of a debt security may be downgraded after purchase, which may adversely affect the value of the security.

Allocation Risk
The Fund’s overall risk level will depend on the countries and market sectors in which the Fund is invested. Because the Fund may have significant weightings in a particular company, country, industry or market sector, the value of Fund shares may be affected by events that adversely affect that company, country, industry or market sector and may fluctuate more than that of a less focused fund.

High Rates of Turnover
It is anticipated that the Fund will experience high rates of portfolio turnover, which may result in payment by the Fund of above-average transaction costs and could result in the payment by shareholders of taxes on above-average amounts of realized investment gains, including net short-term capital gains, which are taxed as ordinary income for federal income tax purposes. To the extent the Fund engages in short sales (which are not included in calculating the portfolio turnover rate), the transaction costs incurred by the Fund are likely to be greater than the transaction costs incurred by a mutual fund that does not take short positions and has a similar portfolio turnover rate.

Exchange-Traded Funds Risk
The Fund may purchase shares of exchange-traded funds (“ETFs”). All ETFs are investment companies that are bought and sold on a securities exchange. An ETF generally represents a portfolio of securities designed to track a particular market index. The risks of owning shares of an ETF generally reflect the risks of owning the underlying securities the index is designed to track, although lack of liquidity in a particular ETF could result in it being more volatile than the underlying portfolio of securities and trading at a discount to its net asset value. ETFs also have management fees that are part of their costs, and the Fund will indirectly bear its proportionate share of these costs. An adverse effect of liquidity on ETF shares may lead to differences between the ETF’s net asset value and market value.

Liquidity Risk
When there is little or no active trading market for specific types of securities, it can become more difficult to sell the securities at or near their perceived value. In such a market, the value of such securities and the Fund’s share price may decrease. No active trading market may exist for some derivatives, bonds or equities. Certain securities may be subject to restrictions on resale. The inability to dispose of derivatives, bonds, ETFs or equities in a timely fashion could result in losses to the Fund.

Risks of Holding Cash or Similar Instruments
During periods when the Fund holds a substantial position in cash and money market instruments, the Fund will earn less income than it would if it invested in higher yielding securities. Holding a large cash position for an extended period of time may result in the Fund not achieving its investment objective.

Manager Risk
How the Adviser manages the Fund will impact the Fund’s performance. The Fund may lose money if the Adviser’s investment strategy does not achieve the Fund’s objective or the Adviser does not implement the strategy successfully.

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Please consider the investment objectives, risks, fees and expenses of the Fund carefully prior to investing. The prospectus and summary prospectus contain this and other im portant information about the Fund. To obtain a copy of the prospectus/summary prospectus, please call us at (877) 779-0079.  Please read the prospectus and summary prospectus carefully before investing.

Driehaus Securities LLC, Distributor


Photo of Chad Cleaver

Richard Thies

Lead Portfolio Manager

Richard Thies is the lead portfolio manager on the Driehaus Multi-Asset Growth Economies strategy and a portfolio manager for the Driehaus Emerging Markets Growth, Driehaus Emerging Markets Small Cap Growth and Driehaus Frontier Markets strategies. In this role, he is re­sponsible for idea generation, portfolio construction, security selection and investment research. Additionally, Mr. Thies provides comprehensive macroeconomic analysis to the firm’s investment management and research department, incorporating data releases, market expectations and government actions into forecasts for currencies, interest rates, sectors and market movements. Also, at the request of portfolio managers and analysts, he provides in-depth analysis of specific events and potential scenarios at the region, country and sector levels.

Prior to joining Driehaus Capital Management in 2011 as a macro analyst, Mr. Thies worked as an associate international economist covering emerging markets at The Northern Trust. During his time at The Northern Trust, Mr. Thies performed economic analysis, interest rate forecasts and country risk assessments for both internal and external use. In advance of his time at The Northern Trust, Richard worked in microfinance banking in sub-Saharan Africa with both the International Finance Corporation of the World Bank Group and Opportunity International. Mr. Thies received his Bachelor of Arts in international studies from Emory University in 2005 and his Master of Arts degree focused in international political economy from the University of Chicago in 2007.

Photo of Howard Schwab

Howard Schwab

Portfolio Manager

Howard Schwab is the lead portfolio manager for the Emerging Markets Growth strategy and a portfolio manager for the Emerging Markets Small Cap Growth and Multi-Asset Growth Economies strategies. In his role as lead portfolio manager, he has final 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 is also involved in analyzing macro-level trends and associated market risks. Mr. Schwab has been quoted in numerous financial outlets, including the Wall Street Journal, Morningstar.com and Smart Money. He has also appeared as a guest contributor on Bloomberg TV.

Mr. Schwab joined Driehaus Capital Management in 2001. During his tenure with Driehaus, in ad­dition to the responsibilities referenced above, Mr. Schwab was also the co-portfolio manager for the Driehaus Global Growth strategy from 2008 through 2010, and co-portfolio manager for the Driehaus International Small Cap Growth strategy from 2002 through 2014. He received his B.A. in economics from Denison University in 2001.

Photo of Chad Cleaver

Chad Cleaver, CFA

Portfolio Manager

Chad Cleaver is the lead portfolio manager for the Emerging Markets Small Cap Growth and Frontier Markets strategies and a portfolio manager for the Emerging Markets Growth and Multi-Asset Growth Economies strategies. In his role as lead portfolio manager, he has final 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 is also involved in daily tracking of the portfolio performance as well as macro-level trends and the market environment.

Mr. Cleaver began his career with the Board of Governors of the Federal Reserve System and joined Driehaus Capital Management in 2004. He received his A.B. in economics from Wabash College in 2000 and his MBA from the Kenan-Flagler Business School at the University of North Carolina at Chapel Hill in 2004. Mr. Cleaver is a CFA charterholder.

Photo of Chad Cleaver

Ayman Ahmed

Assistant Portfolio Manager

Ayman Ahmed is the assistant portfolio manager for the Driehaus Multi-Asset Growth Economies strategy. In his role as assistant portfolio manager, he is responsible for providing depth of leadership to the research team and identifying appropriate investment ideas relevant to the strategy. Additionally, Mr. Ahmed acts as a senior analyst responsible for macro research with a focus on currencies and interest rates for the emerging markets team. For the team’s hedged strategies, he is also responsible for idea genera­tion, structuring and executing trades across emerging markets, primarily through currency, index and interest rate hedges.

Before joining Driehaus Capital Management in 2015, Mr. Ahmed worked as a senior analyst and trader for Black River Asset Management in emerging markets, particularly in the Latin America, Middle East, North Africa/Sub-Saharan Africa regions. Within these regions, he analyzed and applied sovereign, corporate, local debt, bonds, swaps, and currency trades.

Mr. Ahmed received a B.S. in finance from the University of Minnesota.


Driehaus Securities LLC, Distributor

Fund Literature

March 17, 2017
Summary Prospectus
March 17, 2017
Statement of Additional Information
March 17, 2017
  XBRL File*
March 17, 2017
  Driehaus Multi-Asset Growth Economies Fund Supplement*
May 2, 2017


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Driehaus Securities LLC, Distributor