Fund Evaluator:
Driehaus International Small Cap Growth (DRIOX)
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Best Performing in Foreign Small/Mid Growth Over the Last Year
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Fund Details
Driehaus International Small Cap Growth Overview
Driehaus International Small Cap Growth (DRIOX) is an actively managed International Equity Foreign Small/Mid Growth fund. Driehaus launched the fund in 2007.
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 at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the equity securities of non-U.S. small capitalization companies.
About Driehaus International Small Cap Growth (DRIOX)
There are 4 members of the management team with an average tenure of 8.83 years: David Mouser (2007), Andrew Srichandra (2023), Daniel Burr (2014), Arthur Bidwill (2026). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI ACWI Ex USA NR USD index with a weighting of 100% and MSCI ACWI Ex USA Small Growth NR USD index with a weighting of 100%. Driehaus International Small Cap Growth has 122 securities in its portfolio. The top 10 holdings constitute 18.5% 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 International Small Cap Growth is part of the Equity global asset class and is within the International Equity fund group. Driehaus International Small Cap Growth has 97.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 1.8%. There is 97.5% 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 International Small Cap Growth has 0.7% of the portfolio in cash.
Assets Under Management
The fund has $306 million in total assets, which is below the $325 million average for the Foreign Small/Mid Growth 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.
DRIOX 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 International Small Cap Growth expense ratio is high compared to funds in the Foreign Small/Mid Growth category. Driehaus International Small Cap Growth has an expense ratio of 1.14%, which is 7% 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 International Small Cap Growth has a portfolio turnover rate of 100%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 65% for the Foreign Small/Mid Growth category.
Recently, in the month of August 2026, Driehaus International Small Cap Growth returned 5.0%, which earned it a grade of B, as the Foreign Small/Mid Growth category had an average return of 4.3%. 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 International Small Cap Growth has a trailing yield of 0.96%, which is below the 1.38% 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 International Small Cap Growth Grades
Year to date, the fund has returned 10.4%, 0.9 percentage points worse than the category, which translates into a grade of C. The fund has returned 13.5% over the past year (grade of B), 15.2% over the past three years (grade of B) and 3.7% per year over the past five years (grade of A) and 10.0% per year over the past 10 years (grade of A).
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DRIOX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DRIOX Return (NAV) | 5.0% | -3.0% | 13.5% | 15.2% | 3.7% | 10.0% |
| DRIOX Grade | B | F | B | B | A | A |
| +/- Category | 0.7% | -2.9% | 1.7% | 2.3% | 3.2% | 2.8% |
| Foreign Small/Mid Growth Avg | 4.3% | -0.1% | 11.8% | 12.9% | 0.5% | 7.2% |
| DRIOX Tax Cost Ratio | na | na | 0.4% | 0.4% | 2.0% | 2.1% |
DRIOX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DRIOX Return (NAV) | 10.4% | 28.9% | 3.2% | 12.0% | -24.4% | 12.5% | 29.7% | 30.4% | -16.9% | 41.4% | -6.2% |
| DRIOX Grade | C | B | B | D | B | C | B | B | C | A | F |
| +/- Category | -0.9% | 8.1% | 2.2% | -1.5% | 4.2% | 2.6% | 4.4% | 2.6% | -0.7% | 6.2% | -5.6% |
| Foreign Small/Mid Growth Avg | 11.3% | 20.8% | 0.9% | 13.4% | -28.6% | 9.9% | 25.4% | 27.8% | -16.2% | 35.3% | -0.7% |
| Risk Measures | |
| Standard Deviation: | 16.9% |
| Total Risk Index: | 1.39 - High |
| Category Risk Index: | 1.01 - Above Average |
| Category Risk Grade: | D (63% Rank) |
| Beta: | 1.17 |
| R-Squared: | 86% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 1.0% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $306 Mil |
| Fund Total Assets: | $ 306 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 100% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 19.0 years | |||
| Average Tenure: 8.8 years | |||
| Managers (Year): Mouser David (2007), Burr Daniel (2014), Srichandra Andrew (2023), Bidwill Arthur (2026) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 122 |
| % in Top 10 Holdings: | 18.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 97.5% |
Portfolio Allocation |
|
| Domestic Stock: | 1.8% |
| Foreign Stock: | 97.5% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.7% |
Purchase Information
| Fund Family: | Driehaus |
| Phone Number: | 800-560-6111 |
| Website: | www.driehaus.com |
| Status: | Open |
| Inception Date: | September 17, 2007 |
| 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 (%): | 1.14% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.23% |
| Share Class: | Driehaus International Small Cap Growth |
| Min. Subsequent Purchase: | $2,000 |
| Min. Subsequent IRA Purchase: | $ 500 |
