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DRIEHAUS CAPITAL MANAGEMENT LLC Buys 1, Sells 4 in 1st Quarter

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May 19, 2022
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DRIEHAUS CAPITAL MANAGEMENT LLC recently filed their 13F report for the first quarter of 2022, which ended on 2022-03-31.

The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.

Driehaus Capital Management LLC is an investment management firm based out of Chicago, Illinois. The company was established in 1982 by founder Richard Herman Driehaus, who continues to have an active role in the company acting as the company’s Chairmain, CIO, and director. Driehaus Capital Management conducts its research internally, utilizing a fundamental methodology to make its investment decisions. The company invests in the growth stocks of micro to large cap companies, utilizing a fundamental research based approach with bottom up stock picking. Driehaus Capital Management invests across a variety of sectors, focusing on companies that have diversified market capitalization and benchmarking its performance against various Russell and Morgan Stanley indices. The company invests most heavily in the information technology sector, which alone makes up over a quarter of its total asset allocations, and also invests in the consumer discretionary, health care, industrials, finance, and consumer staples sectors, among others to a lesser degree, in order of decreasing allocation. Driehaus Capital Management keeps its holdings for an average of 2.1 quarters and, in the most recent quarter, had a turnover rate of approximately 71.6%. The company now operates with 100 employees of which 40 are investment professionals. Driehaus Capital Management holds over $10.4 billion in total assets under management spread across 139 accounts, all of which are discretionary accounts. Although the company’s total number of accounts has been decreasing in recent years, its total assets under management has been increasing, growing significantly from $2.5 billion back in 2010 to well over four times that amount today. Driehaus Capital Management mainly caters to pooled investment vehicles, which alone makes up a third of its client base, and also provides to a variety of other clientele. The company offers a variety of mutual funds including its Active Income, Select Credit, Frontier Emerging Markets, and Event Driven funds.

As of the latest 13F report, the guru’s equity portfolio contained 377 stocks valued at a total of $8,144,000,000. The top holdings were TSM(4.85%), CCJ(1.80%), and RLAY(1.49%).

According to GuruFocus data, these were DRIEHAUS CAPITAL MANAGEMENT LLC’s top five trades of the quarter.

Calix Inc


DRIEHAUS CAPITAL MANAGEMENT LLC reduced their investment in NYSE:CALX by 1,445,986 shares. The trade had a 1.18% impact on the equity portfolio. During the quarter, the stock traded for an average price of $50.72.

On 05/19/2022, Calix Inc traded for a price of $34.3 per share and a market cap of $2,216,185,000. The stock has returned -13.07% over the past year.

GuruFocus gives the company a financial strength rating of 9 out of 10 and a profitability rating of 3 out of 10.

In terms of valuation, Calix Inc has a price-earnings ratio of 10.63, a price-book ratio of 3.85, a EV-to-Ebitda ratio of 27.10 and a price-sales ratio of 3.41.

The price-to-GF Value ratio is 1.13, earning the stock a GF Value rank of 3.

Grid Dynamics Holdings Inc


The guru sold out of their 2,895,907-share investment in NAS:GDYN. Previously, the stock had a 1.12% weight in the equity portfolio. Shares traded for an average price of $20.59 during the quarter.

On 05/19/2022, Grid Dynamics Holdings Inc traded for a price of $16.24 per share and a market cap of $1,089,116,000. The stock has returned -4.88% over the past year.

GuruFocus gives the company a financial strength rating of 8 out of 10 and a profitability rating of 5 out of 10.

In terms of valuation, Grid Dynamics Holdings Inc has a price-book ratio of 4.84, a EV-to-Ebitda ratio of 116.92 and a price-sales ratio of 4.31.

Vicor Corp


The guru sold out of their 738,149-share investment in NAS:VICR. Previously, the stock had a 0.96% weight in the equity portfolio. Shares traded for an average price of $90.19 during the quarter.

On 05/19/2022, Vicor Corp traded for a price of $58.22 per share and a market cap of $2,559,722,000. The stock has returned -23.13% over the past year.

GuruFocus gives the company a financial strength rating of 8 out of 10 and a profitability rating of 5 out of 10.

In terms of valuation, Vicor Corp has a price-earnings ratio of 56.53, a price-book ratio of 5.93, a price-earnings-to-growth (PEG) ratio of 0.75, a EV-to-Ebitda ratio of 40.73 and a price-sales ratio of 7.30.

The price-to-GF Value ratio is 0.61, earning the stock a GF Value rank of 8.

Newmont Corp


The guru established a new position worth 915,351 shares in NYSE:NEM, giving the stock a 0.89% weight in the equity portfolio. Shares traded for an average price of $67.53 during the quarter.

On 05/19/2022, Newmont Corp traded for a price of $63.88 per share and a market cap of $50,698,435,000. The stock has returned -8.51% over the past year.

GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 7 out of 10.

In terms of valuation, Newmont Corp has a price-earnings ratio of 48.75, a price-book ratio of 2.33, a price-earnings-to-growth (PEG) ratio of 3.19, a EV-to-Ebitda ratio of 14.73 and a price-sales ratio of 4.12.

The price-to-GF Value ratio is 0.93, earning the stock a GF Value rank of 6.

JD.com Inc


DRIEHAUS CAPITAL MANAGEMENT LLC reduced their investment in NAS:JD by 1,196,001 shares. The trade had a 0.85% impact on the equity portfolio. During the quarter, the stock traded for an average price of $68.1.

On 05/19/2022, JD.com Inc traded for a price of $51.2 per share and a market cap of $79,961,600,000. The stock has returned -24.39% over the past year.

GuruFocus gives the company a financial strength rating of 8 out of 10 and a profitability rating of 5 out of 10.

In terms of valuation, JD.com Inc has a price-book ratio of 2.49, a EV-to-Ebitda ratio of -267.61 and a price-sales ratio of 0.55.

The price-to-GF Value ratio is 0.57, earning the stock a GF Value rank of 4.


Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.

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