Driehaus Capital Management operates in a steady, responsible manner, earning an Above Average Parent rating.
The high-conviction boutique had USD 19.7 billion in assets under management as of Dec. 31, 2024, spread across 11 strategies. The bulk of its AUM has always been concentrated in its core areas of expertise, namely small- and micro-cap stocks and emerging markets, and more than half of the firm’s AUM rests with its institutional clients.
Driehaus has expanded beyond its core over its 50-plus-year history, with mixed success. A few fixed-income offerings, for example, produced unimpressive results and subsequently merged or liquidated, the last of which was in 2020. Ten-year-old Driehaus Event Driven, which holds both long and short equity positions as well as derivatives for hedging purposes, remains small but with solid performance over its lifetime. Driehaus recently launched two new strategies that target international and global large-cap stocks, though they ply the firm’s signature growth-oriented approach and are run by tenured portfolio managers.
More generally, the firm’s portfolio managers boast lengthy tenures and experience, with very few manager departures. Investment professionals often build their careers at Driehaus, and stability has improved in the analyst group. Driehaus also demonstrates a willingness to close funds to new investors before they become too bulky to manage effectively, which is critical for a firm that leans on small-cap strategies. A perpetual trust linked to founder Richard Driehaus’ estate owns the firm; while unusual, this secures the firm’s independence.
Note: This share class' Parent Pillar rating is analyst-driven, as its Branding Name, Driehaus (Branding Name ID: BN000008LL), is covered by Morningstar Manager Research.
United States