Driehaus US Micro Cap Equity Fund

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343.45
16 October 2025
ISIN
IE00BDB54W42
Currency
GBP
SFDR classification
Article 6
Benchmark
Russell Micro Cap PR USD
Category
US Small-Cap Equity
Investment Style
Small Growth
Fund Size
GBP1201m

INVESTMENT OBJECTIVES

The investment objective of the Fund is to achieve long-term capital growth.

The Fund’s Sub-Investment Manager, Driehaus Capital Management LLC, is a privately-held boutique asset management firm located in Chicago, USA. The firm was founded in 1982 and has USD 21.4 billion of assets under management.

The strategy primarily invests in US micro-capitalisation companies with good growth potential and with a market capitalisation within the same range at the time of investment as those included in the Russell Microcap® Growth Index. Investment decisions are based on the belief that fundamentally strong companies are more likely to generate strong earnings growth on a sustained basis and are more likely to experience positive earnings revisions. Investment decisions involve evaluating a company’s competitive position, industry dynamics, identifying potential growth catalysts and assessing the financial position of the relevant company.

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Key stats

The below shows the information for the share class selected in the drop down box directly below the name of the fund. You can use the drop down box to view information relating to other share classes listed in the fund. A full list of all currency share classes is available on request.

Investment Team LocationChicago, Illinois, USA
Active/PassiveActive with reference to a benchmark
BenchmarkRussell Micro Cap PR USD
Fund SizeGBP1201m
Fund Launch07 December 2016
Fund StatusClosed to all investors
Share Class Launch31 May 2018
Fund CurrencyUSD
Share Class CCYGBP
Management Fee1.10%
Min. InvestmentGBP20,000,000
Fund TypeUCITS
DomicileIreland
AdministratorBBH Fund Administration Services (Ireland) Ltd
DepositaryBBH Trustee Services (Ireland) Ltd
AuditorGrant Thornton
Dealing FrequencyDaily
SubscriptionsT+2
RedemptionsT+3
Risk Management
1234567
Lower RiskHigher Risk

Performance

As of 30 September 2025
to
Frequency
As of 16 October 2025
Fund 30.62 79.67 25.22 -24.80 6.06 33.48
Benchmark 16.28 15.88 19.44 -13.20 1.65 14.19
As of 16 October 2025
Fund 9.43 11.95 25.51 38.64 24.12 13.01 14.05 16.66
Benchmark 6.61 5.20 18.78 28.76 20.50 6.23 9.72 4.96

Past performance is no guide to future performance and the value of investment and income from them can fall as well as rise.

Driehaus US Small & Micro Cap Equity Funds - Q2 2025 Market Update

Top Ten Holdings

As of 31 August 2025
Name Sector Country Weight %
1 VSE Corp Industrials United States 2.4
2 Porch Group Inc Ordinary Shares - Class A Technology United States 2.2
3 TeraWulf Inc Financial Services United States 2.2
4 Construction Partners Inc Class A Industrials United States 2.1
5 Rush Street Interactive Inc Ordinary Shares - Class A Consumer Cyclical United States 2.0
6 Eos Energy Enterprises Inc Ordinary Shares Class A Industrials United States 2.0
7 Centrus Energy Corp Class A Energy United States 1.8
8 Arlo Technologies Inc Industrials United States 1.8
9 Uranium Energy Corp Energy United States 1.7
10 Coastal Financial Corp Financial Services United States 1.7

Exposure Breakdowns

As of 31 August 2025
Type Fund % Benchmark %
Communication Services 1.9 2.8
Consumer Discretionary 12.3 6.7
Consumer Staples 2.8 1.7
Energy 6.7 5.4
Financials 7.5 21.1
Health Care 23.0 24.2
Industrials 24.8 14.0
Information Technology 15.9 16.5
Materials 4.5 3.8
Real Estate 0 2.9
Utilities 0 0.8
Cash 0.5 0
Type Fund % Benchmark %
United States 92.1 98.7
Canada 2.4 0.1
United Kingdom 1.7 0.3
China 0.9 0
Netherlands 0.9 0
Iceland 0.8 0
Singapore 0.6 0.2
Israel 0.4 0.1
Cash 0.5 0
Type Fund % Benchmark %
Giant 0 0
Large 0 0
Medium 4.1 0
Small 26.1 0
Micro 69.8 0
ValueBlendGrowth
SmallMidLarge
  • Fund
  • Benchmark

Fund Manager

jeff james
Jeff James

Lead Portfolio Manager

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Michael Buck
Michael Buck

Portfolio Manager

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Prakash Vijayan
Prakash Vijayan

Assistant Portfolio Manager

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Funds to consider

US Small-Cap Equity
Driehaus US Small Cap Equity Fund

The investment objective of the Fund is to achieve long-term capital growth.

Global Emerging Markets Equity
Driehaus Emerging Markets Equity Fund

The investment objective of the Fund is to achieve long-term capital growth. The Fund’s Sub-Investment Manager, Driehaus Capital Management LLC, is a privately-held boutique asset management firm located in Chicago, USA. The firm was founded in 1982 and has USD 21.4 billion of assets under management.

Disclaimers

Heptagon Capital Limited, Heptagon Capital LLP and its Partners disclaim any and all liability relating to these materials, including, without limitation, any express or implied representations or warranties for statements or errors contained in, and omissions from, these materials. Certain assumptions have been made, and/or parameters set, in the preparation of these materials which have resulted in the returns detailed herein, and no representation or warranty is made that any returns indicated will be achieved. Changes to assumptions or parameters may have a material impact on the returns detailed. This document should not be considered an offer to buy or sell investments. Heptagon Capital Limited has issued this communication as investment manager for Heptagon Fund ICAV, and is licenced to conduct investment services by the Malta Financial Services Authority.

Heptagon Capital LLP, acting as Distributor, is authorised and regulated in the UK by the Financial Conduct Authority.

Representative and Paying Agent in Switzerland is Société Générale, Paris, Zurich branch, Talacker 50, PO Box 1928, 8021 Zurich, Switzerland. The prospectus, the key investor information document, the Articles and the annual and semi-annual reports are available free of charge from the Swiss representative.

The results given herein are based solely upon historical fund performance as gathered and supplied by Morningstar. That past performance has not been independently verified by either Heptagon Capital Limited or Heptagon Capital LLP. It is not intended to predict or depict the future performance of any investment. Past performance is not necessarily indicative of future returns.

The information contained herein is provided for informational purposes only, is not complete, and does not contain certain material information about the funds, including important disclosures and risk factors associated with an investment in the funds. Before making an investment in any fund, prospective investors are advised to thoroughly and carefully review the fund’s private placement memorandum with their financial, legal and tax advisors to determine whether an investment is suitable for them. An investment in these funds is not suitable for all investors.

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The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and S&P Global Market Intelligence (“S&P”) and is licensed for use by Heptagon Fund ICAV. Neither MSCI, S&P, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.