Fund Evaluator:
Driehaus Emerging Markets Growth Inv (DREGX)
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Fund Details
Driehaus Emerging Markets Growth Inv Overview
Driehaus Emerging Markets Growth Inv (DREGX) is an actively managed International Equity Diversified Emerging Mkts fund. Driehaus launched the fund in 1997.
The investment seeks to maximize capital appreciation. The fund uses a growth style of investment in equity securities, including common stocks and other equity securities of issuers, and under normal market conditions, invests substantially all (no less than 80%) of its net assets (plus the amount of borrowings for investment purposes) in emerging markets companies. There are no specific limitations on the percentage of assets that may be invested in securities of issuers located in any one country at a given time; the fund may invest significant assets in any single emerging market country.
About Driehaus Emerging Markets Growth Inv (DREGX)
There are 3 members of the management team with an average tenure of 16.43 years: Chad Cleaver (2008), Richard Thies (2014), Howard Schwab (2007). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI EM NR USD index with a weighting of 100% and MSCI EM Growth NR USD index with a weighting of 100%. Driehaus Emerging Markets Growth Inv has 103 securities in its portfolio. The top 10 holdings constitute 38.4% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Driehaus Emerging Markets Growth Inv is part of the Equity global asset class and is within the International Equity fund group. Driehaus Emerging Markets Growth Inv has 93.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 2.5%. There is 93.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Driehaus Emerging Markets Growth Inv has 4.5% of the portfolio in cash.
Assets Under Management
The fund has $721 million in total assets, which is below the $1 billion average for the Diversified Emerging Mkts category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
DREGX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Driehaus Emerging Markets Growth Inv expense ratio is high compared to funds in the Diversified Emerging Mkts category. Driehaus Emerging Markets Growth Inv has an expense ratio of 1.15%, which is 1% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Driehaus Emerging Markets Growth Inv has a portfolio turnover rate of 137%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 68% for the Diversified Emerging Mkts category.
Recently, in the month of June 2026, Driehaus Emerging Markets Growth Inv returned 1.8%, which earned it a grade of A, as the Diversified Emerging Mkts category had an average return of 0.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Driehaus Emerging Markets Growth Inv has a trailing yield of 1.31%, which is below the 1.58% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Driehaus Emerging Markets Growth Inv Grades
Year to date, the fund has returned 29.2%, 3.5 percentage points better than the category, which translates into a grade of B. The fund has returned 49.4% over the past year (grade of B), 23.6% over the past three years (grade of B) and 7.5% per year over the past five years (grade of B) and 11.2% per year over the past 10 years (grade of B).
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DREGX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DREGX Return (NAV) | 1.8% | 24.6% | 49.4% | 23.6% | 7.5% | 11.2% |
| DREGX Grade | A | B | B | B | B | B |
| +/- Category | 1.6% | 2.6% | 5.3% | 1.7% | 1.1% | 1.5% |
| Diversified Emerging Mkts Avg | 0.2% | 22.0% | 44.1% | 21.9% | 6.4% | 9.7% |
| DREGX Tax Cost Ratio | na | na | 0.7% | 0.6% | 1.3% | 0.9% |
DREGX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DREGX Return (NAV) | 29.2% | 29.9% | 7.4% | 11.2% | -22.5% | -1.9% | 27.3% | 25.3% | -16.3% | 42.5% | 5.9% |
| DREGX Grade | B | D | B | C | C | C | B | B | C | A | D |
| +/- Category | 3.5% | -1.5% | 1.2% | -0.9% | 0.1% | -1.7% | 5.8% | 3.5% | 0.1% | 5.9% | -2.7% |
| Diversified Emerging Mkts Avg | 25.7% | 31.4% | 6.2% | 12.1% | -22.6% | -0.2% | 21.6% | 21.9% | -16.4% | 36.6% | 8.6% |
| Risk Measures | |
| Standard Deviation: | 15.9% |
| Total Risk Index: | 1.31 - Above Average |
| Category Risk Index: | 0.98 - Average |
| Category Risk Grade: | C (43% Rank) |
| Beta: | 1.02 |
| R-Squared: | 79% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 1.3% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $5093 Mil |
| Fund Total Assets: | $ 722 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 137% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 18.9 years | |||
| Average Tenure: 16.4 years | |||
| Managers (Year): Schwab Howard (2007), Cleaver Chad (2008), Thies Richard (2014) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 103 |
| % in Top 10 Holdings: | 38.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 93.0% |
Portfolio Allocation |
|
| Domestic Stock: | 2.5% |
| Foreign Stock: | 93.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 4.5% |
Purchase Information
| Fund Family: | Driehaus |
| Phone Number: | 800-560-6111 |
| Website: | www.driehaus.com |
| Status: | Open |
| Inception Date: | December 31, 1997 |
| Min. Initial Purchase: | $10,000 |
| Min. Initial IRA Purchase: | $2,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 1.15% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.16% |
| Share Class: | Driehaus Emerging Markets Growth Inv |
| Min. Subsequent Purchase: | $2,000 |
| Min. Subsequent IRA Purchase: | $ 500 |
