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Investment Strategy

The International Small Cap Growth Fund generally invests in companies based outside the United States and within the same market capitalization range at the time of investment as those included in the Morgan Stanley Capital International (MSCI) All Country World ex-USA Small Cap Growth Index.

 

Fund Facts

Inception Date: 9/17/2007*
Ticker: DRIOX
Assets Under Management as of 4/30/2017: $269 million
Open to New Investors: No
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
Separately managed account




Growth of $10,000 Since Inception (8/1/2002)**

as of 3/31/2017:

 


Sources: Driehaus Capital Management LLC, Morgan Stanley Capital International Inc., Lipper Investment Management

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 (800) 560-6111.  Please read the prospectus and summary prospectus carefully before investing.

Performance Disclosure
The performance data shown above represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Principal value and investment returns will fluctuate so that investors' shares, when redeemed, may be worth more or less than their original cost. The Fund will charge a redemption fee of 2.00% on shares held less than 60 days.

Performance data represents the rate that an investor would have earned (or lost) on an investment in the Funds (assuming reinvestment of all dividends and distributions). Average annual total return reflects annualized change.

Since Fund performance is subject to change after the month-end, please call (800) 560-6111 or view our daily NAVs for more current performance information.

*The Fund's predecessor limited partnership has an inception date of 8/1/2002.

**The Growth of $10,000 performance of the Driehaus International Small Cap Growth Fund includes the performance of the Fund's predecessor limited partnership, which is calculated from August 1, 2002, before the Fund commenced operations and succeeded to the assets of its predecessor on September 17, 2007. The predecessor limited partnership was not registered under the Investment Company Act of 1940, as amended ("1940 Act") and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the predecessor had been registered under the 1940 Act, its performance may have been adversely affected. The Fund's predecessor performance has been restated to reflect estimated expenses of the Fund. After-tax performance returns are not included for the predecessor limited partnerships. The predecessor was not a regulated investment company and therefore did not distribute current or accumulated earnings.

1The Morgan Stanley Capital International (MSCI) AC World ex USA Small Cap Growth Index is a market capitalization-weighted index designed to measure equity performance in global developed markets and emerging markets, excluding the U.S and is composed of stocks which are categorized as small capitalization stocks. Data is in US Dollars. The net dividend (ND) index is calculated with net dividend reinvestment. The gross dividend (GD) index is calculated with gross dividend reinvestment. The benchmark has changed from the MSCI AC World ex USA Small Cap Growth Index (GD) to the MSCI AC World ex USA Small Cap Growth Index (ND) because the net index is more commonly used industry wide and is more representative of the fund.

Driehaus Securities LLC, Distributor

 


Performance Disclosure

The performance data shown below represents past performance and does not guarantee future results. Current performance may be lower or higher than the performance data quoted. Principal value and investment returns will fluctuate so that investors' shares, when redeemed, may be worth more or less than their original cost. The Fund will charge a redemption fee of 2.00% on shares held less than 60 days.

Performance data represents the rate that an investor would have earned (or lost) on an investment in the Funds (assuming reinvestment of all dividends and distributions). Average annual total return reflects annualized change.

Since Fund performance is subject to change after the month-end, please call (800) 560-6111 or view our daily NAVs for more current performance information.

Month-End Performance as of 4/30/2017

Fund/Index MTH YTD 1 Year 3 Year 5 Year 10 Year Since Inception*
Driehaus International Small Cap Growth Fund1 5.73% 14.68% 10.85% 5.16% 8.90% 5.81% 15.25%
MSCI AC World ex USA Small Cap Growth Index (ND)2 3.57% 12.90% 10.57% 4.08% 7.22% 2.61% 2.74%
MSCI AC World ex USA Small Cap Growth Index (GD)2 3.61% 13.01% 10.86% 4.33% 7.49% 2.87% 2.99%


Calendar Quarter-End Performance as of 3/31/2017

Fund/Index QTR YTD 1 Year 3 Year 5 Year 10 Year Since Inception*
Driehaus International Small Cap Growth Fund1 8.47% 8.47% 4.84% 2.38% 7.88% 5.63% 14.90%
MSCI AC World ex USA Small Cap Growth Index (ND)2 9.01% 9.01% 8.94% 2.63% 6.49% 2.68% 9.58%
MSCI AC World ex USA Small Cap Growth Index (GD)2 9.07% 9.07% 9.22% 2.88% 6.76% 2.94% 9.87%



Annual Fund Operating Expenses3

 
Management Fee 1.50%
Other Expenses 0.22%
Total Annual Fund Operating Expenses 1.72%

 

 


Sources:  Driehaus Capital Management LLC, Morgan Stanley Capital International Inc., SS&C Inc.

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 (800) 560-6111.  Please read the prospectus and summary prospectus carefully before investing.

Average Annual Total Return

* “Since Inception” is calculated to include performance from the Fund’s predecessor limited partnership. (Inception Date: 8/1/2002)

1The average annual total returns of the Driehaus International Small Cap Growth Fund include the performance of the Fund's predecessor limited partnership, which is calculated from August 1, 2002 before the Fund commenced operations and succeeded to the assets of its predecessor on September 17, 2007. The predecessor limited partnership was not registered under the Investment Company Act of 1940, as amended ("1940 Act") and thus was not subject to certain investment and operational restrictions that are imposed by the 1940 Act. If the predecessor had been registered under the 1940 Act, the performance may have been adversely affected. The Fund's predecessor performance has been restated to reflect estimated expenses of the Fund. After-tax performance returns are not included for the predecessor limited partnership. The predecessor was not regulated investment companies and therefore did not distribute current or accumulated earnings.

2The Morgan Stanley Capital International (MSCI) AC World ex USA Small Cap Growth Index is a market capitalization-weighted index designed to measure equity performance in global developed markets and emerging markets, excluding the U.S and is composed of stocks which are categorized as small capitalization stocks. Data is in US Dollars. The net dividend (ND) index is calculated with net dividend reinvestment. The gross dividend (GD) index is calculated with gross dividend reinvestment. The benchmark has changed from the MSCI AC World ex USA Small Cap Growth Index (GD) to the MSCI AC World ex USA Small Cap Growth Index (ND) because the net index is more commonly used industry wide and is a more representative comparison versus the fund because it is presented net of foreign withholding taxes.

3Represents the Annual Fund Operating Expenses as disclosed in the current prospectus dated April 30, 2017.  It is important to understand that a decline in the Fund’s average net assets due to unprecedented market volatility or other factors could cause the Fund’s expense ratio for the current fiscal year to be higher than the expense information presented.

Important MSCI disclosures

Driehaus Securities LLC, Distributor

 

 


Portfolio Characteristics

as of 3/31/2017 | updated quarterly
  Fund Benchmark
Number of Holdings 106 2,340
Weighted Avg. Market Cap (M) $4,067 $2,254
Median Market Cap (M) $3,046 $869
Est. 3-5 Year EPS Growth 15.4% 15.2%
Active Share (3-year avg.)* 91.79 n/a
Market Cap Breakout
< $5 billion 68.2% 91.8%
> $5 billion 31.8% 8.2%
Risk-adjusted and Risk Characteristics (5-year period)
Annualized Alpha 1.74 n/a
Sharpe Ratio 0.29 0.19
Information Ratio 0.08 n/a
Beta 0.67 1.00
Standard Deviation 12.08 14.19
Tracking Error 8.81 0.00
R Squared 0.62 1.00

 

Sector Weightings

as of 3/31/2017 | updated quarterly
  Fund Benchmark
Consumer Discretionary 23.3% 17.5%
Consumer Staples 8.4% 9.1%
Energy 1.9% 2.9%
Financials 3.4% 5.8%
Health Care 7.0% 11.9%
Industrials 28.4% 21.3%
Information Technology 14.6% 15.0%
Materials 5.7% 8.9%
Real Estate 2.5% 5.2%
Telecommunication Services 1.1% 1.3%
Utilities 0.0% 1.2%
Cash 3.7% 0.0%

 

Country Weightings

as of 3/31/2017 | updated quarterly
  Fund Benchmark
Australia 1.3% 4.7%
Austria 3.8% 0.5%
Belgium 1.0% 1.2%
Canada 8.6% 7.1%
China 2.0% 2.8%
Denmark 2.9% 1.3%
Finland 3.2% 0.7%
France 4.9% 3.2%
Germany 6.2% 4.7%
Hong Kong 1.1% 3.5%
Indonesia 0.8% 0.6%
Ireland 0.7% 1.1%
Isle Of Man 2.8% 0.8%
Italy 4.1% 3.2%
Japan 19.9% 21.5%
Mexico 0.6% 0.7%
Netherlands 1.4% 1.5%
Norway 0.7% 0.8%
Panama 1.2% 0.0%
Philippines 0.3% 0.3%
Russia 1.0% 0.2%
South Africa 0.5% 1.2%
South Korea 1.5% 3.6%
Sweden 2.1% 4.4%
Switzerland 7.3% 2.9%
Taiwan 1.3% 3.8%
United Kingdom 13.4% 10.4%
United States 0.8% 0.5%
Cash 3.7% 0.0%

 

Top 5 Holdings**

as of 3/31/2017 | updated monthly
1. GKN plc 2.0%
2. Ams AG 1.7%
3. JD Sports Fashion Plc 1.5%
4. FLSmidth & Co. A/S 1.5%
5. Vesuvius Plc 1.5%

 

 


Sources: Driehaus Capital Management LLC, Factset Research Systems, Inc., eVestment Alliance
Benchmark: MSCI AC World ex USA Small Cap Growth Index
*Data is calculated monthly.
**Holdings subject to change.

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 (800) 560-6111.  Please read the prospectus and summary prospectus carefully before investing.

TERMS: Active share represents the share of portfolio holdings that differ from the benchmark index holdings. Average drawdown is the arithmetic average of declines in value during a given period of time. Downside risk is a measure of the average deviations of a negative return series. A large downside risk implies that there have been large swings or volatility in the manager’s return series. Beta is a measure of a portfolio’s volatility. A beta of 1.00 implies perfect historical correlation of movement with the market. A higher beta manager will rise and fall more rapidly than the market, whereas a lower beta manager will rise and fall slower. Standard deviation is a measure of the average deviations of a return series from its mean; often used as a measure of portfolio volatility. A large standard deviation implies that there have been large swings or volatility in the manager’s return series. Tracking error measures of the amount of active risk that is being taken by a manager. Tracking error accounts for the deviation away from the benchmark and does not indicate in which direction it occurred, either positive or negative. Alpha is the measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the fund relative to the return of the benchmark index is a fund’s alpha. Sharpe ratio is calculated by finding the portfolio’s excess return and then dividing by the portfolio’s standard deviation. Information Ratio (IR) measures a portfolio manager’s ability to generate excess returns relative to a benchmark, but also attempts to identify the consistency of the investor. This ratio will identify if a manager has beaten the benchmark by a lot in a few months or a little every month. The higher the IR the more consistent a manager is and consistency is an ideal trait. R-Squared is a statistical measure that represents the percentage of a fund or security’s movements that can be explained by movements in a benchmark index. For fixed-income securities, the benchmark is the T-bill. For equities, the benchmark is the S&P 500.

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 stock prices overall will decline over short or long periods. 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.

Growth Stock Risk
Growth stocks are typically priced higher than other stocks, in relation to earnings and other measures, because investors believe they have more growth potential. This potential may or may not be realized and, if it is not realized, may result in a loss to the Fund. Growth stock prices also tend to be more volatile than the overall market.

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, 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 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.

Small-Sized Company Risk
The Fund invests in companies that are smaller, less established, with less liquid markets for their stock, and therefore may be riskier investments. While small-sized companies generally have the potential for rapid growth, the securities of these companies often involve greater risks than investments in larger, more established companies because small-sized companies may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. In addition, in many instances the securities of small-sized companies are traded only over-the-counter or on a regional securities exchange, and the frequency and volume of their trading is substantially less than is typical of larger companies. The value of securities of smaller, less well known issuers can be more volatile than that of larger issuers.

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.

Manager Risk
How the Fund’s investment adviser manages the Fund will impact the Fund’s performance. The Fund may lose money if the investment adviser’s investment strategy does not achieve the Fund’s objective or the investment 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 important information about the Fund. To obtain a copy of the prospectus/summary prospectus, please call us at (800) 560-6111.  Please read the prospectus and summary prospectus carefully before investing.

Driehaus Securities LLC, Distributor


Photo of David Mouser

David Mouser

Lead Portfolio Manager

David Mouser is the lead portfolio manager for the Driehaus International Small Cap Growth strategy. In his role as lead portfolio manager, he has final responsibility for the strategy’s portfolio construction, risk management and buy/sell decisions. He is also involved in daily tracking of the portfolio performance as well as macro-level trends and the market environment. Prior to being named lead portfolio manager, Mr. Mouser had co-portfolio manager and assistant portfolio manager responsibilities for the strategy and its predecessor limited partnership since 2005.

Mr. Mouser joined Driehaus Capital Management in 1999 as a global research associate and domestic research assistant. Prior to assuming portfolio management responsibilities he was an analyst on the Micro Cap Growth strategy and a long-short strategy. He received his B.S. in finance from the University of Dayton in 1999.



Daniel Burr

Portfolio Manager

Daniel Burr is portfolio manager for the Driehaus International Small Cap Growth strategy. In this role, he is responsible for idea generation, portfolio construction, security selection and investment research.

Mr. Burr began his career at First Manhattan Consulting Group as an analyst from 2000 to 2001. Prior to joining Driehaus in 2013, Mr. Burr worked at Oberweis Asset Management Inc. from 2008 to 2013 and left with the title of senior international equity analyst. He received his B.S. in applied economics and business management from Cornell University in 2000 and completed his MBA in 2006 with concentrations in finance and accounting from the University of Chicago Booth School of Business.


Photo of Ryan Carpenter

Ryan Carpenter

Assistant Portfolio Manager

Ryan Carpenter is the portfolio manager for the International Realty strategy. In his role as portfolio manager he is responsible for the strategy’s portfolio construction and buy/sell decisions. He is also involved in daily tracking of the portfolio performance as well as macro-level trends and the market environment. Mr. Carpenter is also the assistant portfolio manager for the International Small Cap Growth 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. Carpenter acts as a senior analyst focusing on developed small cap stocks within the consumer discretionary, consumer staples and financials sectors.

Mr. Carpenter began his career at Driehaus Capital Management as a research intern in 2005. He received his B.A. in finance from the University of Illinois at Chicago in 2007.

 

 

Driehaus Securities LLC, Distributor

 


Fund Literature

Fund Fact Sheet
Fund Commentary with Attribution
March 31, 2017
Global Market Outlook
December 2016
Fund Commentary Archive
Portfolio Holdings
March 31, 2017
Prospectus
April 30, 2017
Summary Prospectus
April 30, 2017
Statement of Additional Information
April 30, 2017
Annual Shareholder Report
December 31, 2016
Semi-Annual Shareholder Report
June 30, 2016
  XBRL File*
April 30, 2017

 

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Driehaus Securities LLC, Distributor