Fund Evaluator:
Driehaus Small Cap Growth Investor (DVSMX)
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Best Performing in Small Growth Over the Last Year
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Fund Details
Driehaus Small Cap Growth Investor Overview
Driehaus Small Cap Growth Investor (DVSMX) is an actively managed U.S. Equity Small Growth fund. Driehaus launched the fund in 2017.
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. Under normal market conditions, it invests at least 80% of its net assets (plus the amount of borrowings for investment purposes) in the equity securities of U.S. small-capitalization ("small cap") companies. The fund may invest in companies with limited or no operating histories.
About Driehaus Small Cap Growth Investor (DVSMX)
There are 3 members of the management team with an average tenure of 8.23 years: Jeffrey James (2017), Michael Buck (2017), Prakash Vijayan (2020). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Russell 3000 TR USD index with a weighting of 100% and Russell 2000 Growth TR USD index with a weighting of 100%. Driehaus Small Cap Growth Investor has 128 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 Small Cap Growth Investor is part of the Equity global asset class and is within the U.S. Equity fund group. Driehaus Small Cap Growth Investor has 4.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 93.1%. There is 4.4% 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 Small Cap Growth Investor has 2.6% of the portfolio in cash.
Assets Under Management
The fund has $151 million in total assets, which is below the $424 million average for the Small 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.
DVSMX 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 Small Cap Growth Investor expense ratio is high compared to funds in the Small Growth category. Driehaus Small Cap Growth Investor has an expense ratio of 0.93%, which is 21% lower than its category average, making the fund expense ratio grade a B. 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 Small Cap Growth Investor has a portfolio turnover rate of 152%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 78% for the Small Growth category.
Recently, in the month of August 2026, Driehaus Small Cap Growth Investor returned 0.6%, which earned it a grade of C, as the Small Growth category had an average return of 0.8%. 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 Small Cap Growth Investor has a trailing yield of 0.19%, which is above the 0.05% 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 Small Cap Growth Investor Grades
Year to date, the fund has returned 13.2%, 1.2 percentage points worse than the category, which translates into a grade of D. The fund has returned 28.6% over the past year (grade of A), 19.8% over the past three years (grade of A) and 6.5% per year over the past five years (grade of A).
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DVSMX 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 |
|
| DVSMX Return (NAV) | 0.6% | -4.8% | 28.6% | 19.8% | 6.5% | na |
| DVSMX Grade | C | F | A | A | A | na |
| +/- Category | -0.2% | -4.9% | 10.1% | 5.8% | 3.5% | na |
| Small Growth Avg | 0.8% | 0.1% | 18.5% | 14.0% | 3.0% | 11.1% |
| DVSMX Tax Cost Ratio | na | na | 0.1% | 0.2% | 1.3% | na |
DVSMX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DVSMX Return (NAV) | 13.2% | 16.7% | 27.4% | 18.9% | -34.1% | 21.1% | 63.8% | 40.2% | 3.3% | na | na |
| DVSMX Grade | D | A | A | B | F | A | A | A | A | na | na |
| +/- Category | -1.2% | 8.6% | 11.9% | 2.2% | -6.2% | 10.6% | 22.0% | 10.4% | 7.5% | na | na |
| Small Growth Avg | 14.4% | 8.0% | 15.5% | 16.7% | -27.9% | 10.5% | 41.8% | 29.9% | -4.1% | 24.1% | 10.2% |
| Risk Measures | |
| Standard Deviation: | 22.5% |
| Total Risk Index: | 1.85 - High |
| Category Risk Index: | 1.11 - High |
| Category Risk Grade: | F (83% Rank) |
| Beta: | 1.46 |
| R-Squared: | 70% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 0.2% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $1584 Mil |
| Fund Total Assets: | $ 152 Mil |
| Share Class Type: | Inv |
| Portfolio Turnover: | 152% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 9.0 years | |||
| Average Tenure: 8.2 years | |||
| Managers (Year): James Jeffrey (2017), Buck Michael (2017), Vijayan Prakash (2020) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 128 |
| % in Top 10 Holdings: | 18.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 4.4% |
Portfolio Allocation |
|
| Domestic Stock: | 93.1% |
| Foreign Stock: | 4.4% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.6% |
Purchase Information
| Fund Family: | Driehaus |
| Phone Number: | 800-560-6111 |
| Website: | www.driehaus.com |
| Status: | Closed |
| Inception Date: | August 21, 2017 |
| 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 (%): | 0.93% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.17% |
| Share Class: | Driehaus Small Cap Growth Institutional |
| Min. Subsequent Purchase: | $2,000 |
| Min. Subsequent IRA Purchase: | $ 500 |
