DRIEHAUS CAPITAL MANAGEMENT LLC

Hedge Fund • Event Driven

DRIEHAUS CAPITAL MANAGEMENT LLC is an Event Driven Hedge Fund based in Chicago, IL led by Stephen Thomas Weber, reporting $19.8B in AUM as of Q3 2025 with TSM as the largest holding (4% allocation).

CEOStephen Thomas Weber

Portfolio Value: $13.9B
Positions: 419
Top Holding: TSM at 4.49%
Last Reported: Q3 2025

Address25 East Erie Street, Chicago, IL, 60611-2703, United States

Top Holdings

Largest long holdings in DRIEHAUS CAPITAL MANAGEMENT LLC's portfolio (15.6% of total portfolio)

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Holding	Sector	Position	Weight	Traded	Ownership	Owned Since
1 Taiwan Semiconductor Manufacturing Company TSM	Semiconductors Technology	$626.6M	4.49%	-$88.3M Sold	— 2.2M shares	Q4 2022 Held for 2y 11m
2 Crinetics Pharmaceuticals CRNX	Biotechnology Healthcare	$270.0M	1.94%	+$3.4M Bought	6.88% 6.5M shares	Q2 2020 Held for 5y 5m
3 Planet Labs PL	Aerospace & Defense Industrials	$186.6M	1.34%	+$107.9M Bought	4.67% 14.4M shares	Q2 2025 Held for 5 months
4 SiTime Corporation SITM	Semiconductors Technology	$173.3M	1.24%	+$22.4M Bought	2.21% 575.2K shares	Q2 2024 Held for 1y 5m
5 Xenon Pharmaceuticals XENE	Biotechnology Healthcare	$167.4M	1.20%	-$6.7M Sold	5.41% 4.2M shares	Q1 2020 Held for 5y 8m
6 IBN ICICI Bank IBN	Unknown Unknown	$162.0M	1.16%	-$15.3M Sold	— 5.4M shares	Q4 2022 Held for 2y 11m
7 Astera Labs, Inc. ALAB	Semiconductors Technology	$161.6M	1.16%	-$102.0M Sold	0.50% 825.3K shares	Q3 2024 Held for 1y 2m
8 Cameco CCJ	Uranium Energy	$146.5M	1.05%	-$76.8M Sold	0.40% 1.7M shares	Q1 2021 Held for 4y 8m
9 Curtiss-Wright CW	Aerospace & Defense Industrials	$146.0M	1.05%	-$4.0M Sold	0.71% 268.8K shares	Q1 2022 Held for 3y 8m
10 Rhythm Pharmaceuticals, Inc. RYTM	Biotechnology Healthcare	$139.7M	1.00%	+$11.5M Bought	2.08% 1.4M shares	Q3 2022 Held for 3y 2m

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Changes

Portfolio activity, position movements, and quarter-over-quarter changes in DRIEHAUS CAPITAL MANAGEMENT LLC's latest filing

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Market Value

$13.9B

Prior: $12.4B

Q/Q Change

+12.05%

+$1.5B

Net Flows % of MV

-13.89%

Turnover Ratio

26.31%

New Purchases

40 stocks

$567.2M

Added To

142 stocks

+$1.6B

Sold Out Of

100 stocks

$1.8B

Reduced Holdings

136 stocks

-$2.3B

Increased Positions

Position	Shares Δ	Change
1 Hut 8 Mining Corp. HUT	New	0 → 1.3M +$44.1M
2 Ouster OUST	New	0 → 1.5M +$41.2M
3 USA Rare Earth, Inc. Class A Common Stock USAR	New	0 → 2.3M +$39.6M
4 WYFI WhiteFiber, Inc. Ordinary Shares WYFI	New	0 → 1.4M +$37.1M
5 Amprius Technologies AMPX	New	0 → 3.1M +$32.5M

Decreased Positions

Position	Shares Δ	Change
1 Upstart Holdings, Inc. UPST	Sold	1.3M → 0 −$82.3M
2 Palomar Holdings, Inc. PLMR	Sold	474.9K → 0 −$73.3M
3 Leonardo DRS, Inc. DRS	Sold	1.6M → 0 −$72.7M
4 Arm Holdings ARM	Sold	437.8K → 0 −$70.8M
5 monday.com MNDY	Sold	202.2K → 0 −$63.6M