DRIEHAUS CAPITAL MANAGEMENT LLC
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it. Buying this fund's new positions the day each filing went public, over 32 quarters, returned +4.3% per quarter versus +2.7% from owning every 13F stock, beating that baseline in 62.5% of quarters (excess t = 3.07, statistically significant). Caveat: across all 5,072 funds we tested, past performance shows near-zero persistence (rank correlation −0.018) — with thousands of funds, some will look significant by chance alone.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 355 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| TSM | $427M | | TRIM |
| PRAX | $306M | | HOLD |
| XENE | $261M | | HOLD |
| CRNX | $232M | | HOLD |
| PL | $221M | | TRIM |
| FN | $204M | | ADD |
| APGE | $162M | | TRIM |
| LITE | $161M | | TRIM |
| CW | $154M | | HOLD |
| BAP | $153M | | TRIM |
| FTAI | $142M | | TRIM |
| EWTX | $141M | | ADD |
| GH | $141M | | TRIM |
| SYRE | $141M | | TRIM |
| IDCC | $126M | | ADD |
| NXT | $125M | | ADD |
| CRS | $124M | | TRIM |
| COHR | $123M | | ADD |
| BE | $115M | | ADD |
| UEC | $113M | | TRIM |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.