Total reported value
$13.6B
Reporting period: 2026-03-31 · Number of holdings: 356
Driehaus Capital Management LLC disclosed 356 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $13.6B and a quarterly turnover rate of 64.6%.
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Trim TSM
-41.5% -$230.0M
Add FN
+62.3% $94.2M
Trim RYTM
-66.0% -$99.6M
Trim EOSE
+4.2% -$89.8M
Trim TMDX
-94.4% -$82.6M
Trim NTRA
-54.6% -$86.5M
Driehaus is executing a high-frequency momentum churn — slashing TSM and liquidating seven other positions while doubling down on FN, signaling a shift from mega-cap semiconductor exposure into mid-cap specialized tech/manufacturing. The extreme diversification (355 holdings, HHI 0.007) and perfect momentum score (100) reveal this portfolio is not built for conviction but for systematic alpha harvesting across a spectrum of trend-following trades.
The allocation — over 57% in Industrials and IT, with Consumer and Real Estate fading — reflects a heavy bet on continued capital goods and AI infrastructure cycles, but the rotation out of TSM suggests diminishing conviction in the semiconductor leader. This is a tactical macro read that the next leg of outperformance comes from supply chain specialists (FN) rather than the bellwethers, while the sellouts in HDB and EMBJ signal an explicit underweight to EM and financials. The opposing thesis: a synchronized slowdown in global manufacturing and tech capex would invalidate this whole-sector tilt, especially with zero diversification into defensives.
Driehaus’s 0.007 HHI and 355 holdings provide no single-stock shelter, but the real structural vulnerability is factor overcrowding: every position is selected on momentum (score 100/100), meaning the portfolio is essentially a leveraged bet on the continuation of recent price trends. When the momentum algorithm reverses — and it always does — the entire book will pivot in unison, amplified by the high turnover ratio (0.65) that forces constant portfolio churn in the worst possible liquidity conditions.
Compiled by AI from public 13F filings; reflects historical positioning only and carries no investment recommendation.
Showing top 355 holdings (of 356 total)
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 3.14% | -1.33% | -41.54% | |
| 2 | PRAX | Praxis Precision Medicines I | Stock-Other | 2.25% | — | +1.73% | |
| 3 | XENE | Xenon Pharmaceuticals INC | Stock-Other | 1.92% | +0.54% | -1.04% | |
| 4 | CRNX | Crinetics Pharmaceuticals In | Stock-Other | 1.71% | -0.31% | +0.13% | |
| 5 | PL | Planet Labs Pbc | Stock-Industrials | 1.63% | +0.49% | -6.97% | |
| 6 | FN | Fabrinet | Stock-Tech | 1.50% | +0.75% | +62.29% | |
| 7 | APGE | Apogee Therapeutics INC | Stock-Other | 1.19% | — | -12.04% | |
| 8 | LITE | Lumentum Holdings INC | Stock-Tech | 1.18% | — | -32.86% | |
| 9 | CW | Curtiss-wright CORP | Stock-Industrials | 1.13% | — | -1.72% | |
| 10 | BAP | Credicorp Ltd. | Stock-Financials | 1.12% | — | -4.52% | |
| 11 | FTAI | FTAI Aviation Ltd. | Stock-Industrials | 1.04% | — | -17.27% | |
| 12 | EWTX | Edgewise Therapeutics INC | Stock-Other | 1.04% | — | +6.84% | |
| 13 | GH | Guardant Health INC | Stock-Healthcare | 1.03% | -0.46% | -28.88% | |
| 14 | SYRE | Spyre Therapeutics INC | Stock-Other | 1.03% | — | -3.18% | |
| 15 | IDCC | Interdigital INC | Stock-Tech | 0.93% | — | +11.34% | |
| 16 | NXT | Nextpower Inc-cl A | Stock-Tech | 0.92% | +0.45% | +29.74% | |
| 17 | CRS | Carpenter Technology | Stock-Industrials | 0.91% | — | -21.78% | |
| 18 | COHR | Coherent CORP | Stock-Tech | 0.90% | — | +15.24% | |
| 19 | BE | Bloom Energy Corp- A | Stock-Industrials | 0.85% | +0.55% | +64.86% | |
| 20 | UEC | Uranium Energy CORP | Stock-Energy | 0.83% | — | -8.54% | |
| 21 | DFTX | Definium Therapeutics INC | Stock-Other | 0.82% | — | -9.57% | |
| 22 | IBN | Icici Bank Ltd-spon Adr | Stock-Financials | 0.81% | — | +4.76% | |
| 23 | CCJ | Cameco CORP | Stock-Energy | 0.81% | — | -33.50% | |
| 24 | MOD | Modine Manufacturing Co | Stock-Consumer Disc | 0.79% | — | +2.99% | |
| 25 | SEPN | Septerna INC | Stock-Other | 0.78% | — | -8.61% | |
| 26 | NU | Nu Holdings Ltd. | Stock-Financials | 0.77% | — | -5.42% | |
| 27 | LASR | Nlight INC | Stock-Other | 0.74% | +0.55% | +141.99% | |
| 28 | VIST | Vista Energy Sab De Cv | Stock-Other | 0.69% | +0.45% | +72.87% | |
| 29 | SRRK | Scholar Rock Holding CORP | Stock-Other | 0.69% | — | -1.67% | |
| 30 | VSEC | Vse CORP | Stock-Industrials | 0.69% | — | -2.13% | |
| 31 | SEI | Solaris Energy Infrastructur | Stock-Energy | 0.68% | — | +32.62% | |
| 32 | SAIA | Saia INC | Stock-Industrials | 0.67% | — | +76.10% | |
| 33 | EYE | National Vision Holdings INC | Stock-Other | 0.66% | — | -3.74% | |
| 34 | IMNM | Immunome INC | Stock-Other | 0.66% | — | +10.63% | |
| 35 | YUMC | Yum China Holdings INC | Stock-Consumer Disc | 0.66% | +0.66% | NEW | |
| 36 | FMX | Fomento Economico Mex-sp Adr | Stock-Other | 0.66% | — | +19.38% | |
| 37 | ROAD | Construction Partners Inc-a | Stock-Industrials | 0.65% | — | +14.54% | |
| 38 | WULF | Terawulf INC | Stock-Financials | 0.64% | — | +3.39% | |
| 39 | KYMR | Kymera Therapeutics INC | Stock-Other | 0.64% | — | -2.40% | |
| 40 | BBIO | Bridgebio Pharma INC | Stock-Healthcare | 0.63% | — | -31.79% | |
| 41 | SITM | Sitime CORP | Stock-Tech | 0.58% | -0.41% | -44.79% | |
| 42 | KRMN | Karman Holdings INC | Stock-Industrials | 0.58% | — | -27.88% | |
| 43 | GPCR | Structure Therapeutics INC | Stock-Other | 0.56% | — | -3.96% | |
| 44 | PTGX | Protagonist Therapeutics INC | Stock-Other | 0.56% | — | -34.41% | |
| 45 | MTDR | Matador Resources Co | Stock-Energy | 0.55% | +0.55% | NEW | |
| 46 | MTSI | Macom Technology Solutions H | Stock-Tech | 0.55% | — | -30.13% | |
| 47 | ARWR | Arrowhead Pharmaceuticals In | Stock-Healthcare | 0.55% | — | -32.72% | |
| 48 | EOSE | Eos Energy Enterprises INC | Stock-Other | 0.54% | -0.57% | +4.20% | |
| 49 | COCO | Vita Coco Co Inc/the | Stock-Other | 0.54% | — | +50.23% | |
| 50 | FTI | TechnipFMC plc | Stock-Energy | 0.53% | — | -24.90% |
Performance for Q3 2026
+4.5%
Performance Last 4 Quarters
+43.6%
Based on 79% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 356 | $13.6B | 65 | |
| 2025-12-31 | 404 | $14.7B | 58 | |
| 2025-09-30 | 431 | $14.0B | 98 | |
| 2025-06-30 | 416 | $12.5B | 0 | |
| 2025-03-31 | 394 | $10.4B | 100 | |
| 2024-12-31 | 381 | $12.1B | 0 | |
| 2024-09-30 | 375 | $11.6B | 0 | |
| 2024-06-30 | 361 | $10.3B | 0 | |
| 2024-03-31 | 380 | $10.0B | 0 | |
| 2023-12-31 | 379 | $8.3B | 0 | |
| 2023-09-30 | 390 | $7.7B | 0 | |
| 2023-06-30 | 380 | $7.9B | 0 | |
| 2023-03-31 | 378 | $7.1B | 0 | |
| 2022-12-31 | 346 | $6.7B | 0 | |
| 2022-09-30 | 343 | $6.6B | 0 | |
| 2022-06-30 | 352 | $6.2B | 0 | |
| 2022-03-31 | 377 | $8.1B | 0 | |
| 2021-12-31 | 363 | $9.8B | 0 | |
| 2021-09-30 | 377 | $8.4B | 0 | |
| 2021-06-30 | 420 | $7.5B | 95 | |
| 2021-03-31 | 435 | $6.8B | 68 | |
| 2020-12-31 | 412 | $6.2B | 75 | |
| 2020-09-30 | 386 | $4.9B | 66 | |
| 2020-06-30 | 371 | $4.1B | 76 | |
| 2020-03-31 | 396 | $3.0B | 77 | |
| 2019-12-31 | 487 | $3.8B | 73 | |
| 2019-09-30 | 478 | $3.1B | 69 | |
| 2019-06-30 | 458 | $3.2B | 72 | |
| 2019-03-31 | 388 | $2.7B | 72 | |
| 2018-12-31 | 399 | $2.3B | 79 | |
| 2018-09-30 | 450 | $3.2B | 66 | |
| 2018-06-30 | 457 | $3.0B | 76 | |
| 2018-03-31 | 479 | $2.8B | 65 | |
| 2017-12-31 | 519 | $2.6B | 69 | |
| 2017-09-30 | 474 | $2.6B | 81 | |
| 2017-06-30 | 530 | $2.7B | 71 | |
| 2017-03-31 | 530 | $2.9B | 77 | |
| 2016-12-31 | 519 | $2.8B | 83 | |
| 2016-09-30 | 505 | $3.0B | 76 | |
| 2016-06-30 | 550 | $2.8B | 99 | |
| 2016-03-31 | 536 | $3.1B | 87 | |
| 2015-12-31 | 536 | $3.0B | 86 | |
| 2015-09-30 | 528 | $2.8B | 100 | |
| 2015-06-30 | 461 | $2.7B | 0 | |
| 2015-03-31 | 493 | $2.9B | 75 | |
| 2014-12-31 | 486 | $2.5B | 96 | |
| 2014-09-30 | 522 | $2.6B | 93 | |
| 2014-06-30 | 566 | $3.1B | 84 | |
| 2014-03-31 | 512 | $3.2B | 86 | |
| 2013-12-31 | 463 | $2.8B | 79 | |
| 2013-09-30 | 439 | $2.6B | 74 | |
| 2013-06-30 | 435 | $2.3B | 0 |
Driehaus Capital Management LLC's most significant position changes for 2026-03-31: Sold out: Hdfc Bank Ltd-adr (HDB); Sold out: Impinj INC (PI); Sold out: Weatherford International plc (WFRD); Sold out: Embraer Sa-spon Adr (EMBJ); Sold out: Carvana Co (CVNA).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | FN | Fabrinet | +0.8% | +62.29% | Add |
| 2 | LASR | Nlight INC | +0.6% | +141.99% | Add |
| 3 | BE | Bloom Energy Corp- A | +0.6% | +64.86% | Add |
| 4 | XENE | Xenon Pharmaceuticals INC | +0.5% | -1.04% | Trim |
| 5 | PL | Planet Labs Pbc | +0.5% | -6.97% | Trim |
| 6 | VIST | Vista Energy Sab De Cv | +0.5% | +72.87% | Add |
| 7 | NXT | Nextpower Inc-cl A | +0.5% | +29.74% | Add |
| 8 | TDW | Tidewater INC | +0.4% | +412.43% | Add |
| 9 | UCTT | Ultra Clean Holdings INC | +0.4% | +134.19% | Add |
| 10 | UTI | Universal Technical Institut | +0.4% | +376.00% | Add |
| 11 | CRNX | Crinetics Pharmaceuticals In | -0.3% | +0.13% | Add |
| 12 | LEU | Centrus Energy Corp-class A | -0.3% | -80.37% | Trim |
| 13 | XMTR | Xometry Inc-a | -0.4% | -23.82% | Trim |
| 14 | REAL | Realreal Inc/the | -0.4% | -50.77% | Trim |
| 15 | SITM | Sitime CORP | -0.4% | -44.79% | Trim |
| 16 | GH | Guardant Health INC | -0.5% | -28.88% | Trim |
| 17 | WVE | Wave Life Sciences Ltd. | -0.5% | -17.48% | Trim |
| 18 | RMBS | Rambus INC | -0.5% | -81.77% | Trim |
| 19 | CPA | Copa Holdings, S.A. | -0.5% | -97.02% | Trim |
| 20 | NTRA | Natera INC | -0.6% | -54.57% | Trim |
| 21 | TMDX | Transmedics Group INC | -0.6% | -94.37% | Trim |
| 22 | EOSE | Eos Energy Enterprises INC | -0.6% | +4.20% | Add |
| 23 | RYTM | Rhythm Pharmaceuticals INC | -0.7% | -66.03% | Trim |
| 24 | TSM | Taiwan Semiconductor-sp Adr | -1.3% | -41.54% | Trim |
| 25 | HDB | Hdfc Bank Ltd-adr | — | EXIT | Sold out |
| 26 | PI | Impinj INC | — | EXIT | Sold out |
| 27 | WFRD | Weatherford International plc | — | EXIT | Sold out |
| 28 | EMBJ | Embraer Sa-spon Adr | — | EXIT | Sold out |
| 29 | CVNA | Carvana Co | — | EXIT | Sold out |
| 30 | YUMC | Yum China Holdings INC | — | NEW | New buy |
| 31 | AVAV | Aerovironment INC | — | EXIT | Sold out |
| 32 | TCOM | Trip.com Group Ltd-adr | — | EXIT | Sold out |
| 33 | MTDR | Matador Resources Co | — | NEW | New buy |
| 34 | PAY | Paymentus Holdings Inc-a | — | EXIT | Sold out |
| 35 | CAVA | Cava Group INC | — | NEW | New buy |
| 36 | CGON | Cg Oncology INC | — | NEW | New buy |
| 37 | HCI | Hci Group INC | — | EXIT | Sold out |
| 38 | BOOT | Boot Barn Holdings INC | — | EXIT | Sold out |
| 39 | ATEC | Alphatec Holdings INC | — | EXIT | Sold out |
| 40 | MEOH | Methanex CORP | — | NEW | New buy |
| 41 | TSEM | Tower Semiconductor Ltd. | — | NEW | New buy |
| 42 | AEIS | Advanced Energy Industries | — | NEW | New buy |
| 43 | KNX | Knight-swift Transportation | — | NEW | New buy |
| 44 | CRDO | Credo Technology Group Holding Ltd | — | EXIT | Sold out |
| 45 | GRAB | Grab Holdings Limited | — | EXIT | Sold out |
| 46 | MIR | Mirion Technologies INC | — | EXIT | Sold out |
| 47 | GKOS | Glaukos CORP | — | NEW | New buy |
| 48 | TS | Tenaris Sa-adr | — | NEW | New buy |
| 49 | 62C | Piper Sandler Cos | — | EXIT | Sold out |
| 50 | WGS | Genedx Holdings CORP | — | EXIT | Sold out |
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