Driehaus Capital Management LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Driehaus Capital Management LLC reported 375 stock positions worth $12.1 billion. Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 5.1% of the portfolio, followed by Crinetics Pharmaceuticals (CRNX, 2.6%) and Icici Bank Ltd.-Spon ADR (IBN, 1.7%). Compared with Q3 2024, it opened 89 new positions, sold out of 84, added to 122 and reduced 152. The biggest buy was Astera Labs (ALAB, shares +16640%) and the biggest sale Transmedics (TMDX, shares −47%).
- Most Recent 13F
- Q2 2026
- Location
- Chicago, IL
- CIK
- 0000938206
- Portfolio Value
- $12.1B (Q4 2024)
- SEC Filing
- 0000938206-25-000009 ↗ filed Feb 14, 2025
Holdings Value
Holdings 375 stocks · $12.1B
| TSM Taiwan Semiconductor-SP ADR | 5.07% | 3,108,347 | $613.9M | Add +1.2% |
| CRNX Crinetics Pharmaceuticals Inc. | 2.59% | 6,141,014 | $314.0M | Add +4.3% |
| IBN Icici Bank Ltd.-Spon ADR | 1.68% | 6,808,904 | $203.3M | Add +2.0% |
| XENE Xenon Pharmaceuticals Inc. | 1.46% | 4,520,595 | $177.2M | Reduce -1.6% |
| ALAB Astera Labs Inc. | 1.45% | 1,324,330 | $175.4M | Add +16640.4% |
| MOD Modine Manufacturing Co. | 1.38% | 1,439,980 | $166.9M | Add +2.8% |
| CYBR Cyberark Software Ltd./Israel | 1.31% | 478,096 | $159.3M | Add +31.5% |
| FTAI Ftai Aviation Ltd. | 1.30% | 1,090,006 | $157.0M | Reduce -18.8% |
| NTRA Natera Inc. | 1.21% | 923,045 | $146.1M | Add +4.6% |
| CORZ Core Scientific Inc. | 1.19% | 10,264,204 | $144.2M | Add +112.1% |
| SMTC Semtech Corp. | 1.04% | 2,032,316 | $125.7M | Reduce -7.0% |
| GKOS Glaukos Corp. | 1.01% | 820,123 | $123.0M | Reduce -4.8% |
| FRPT Freshpet Inc. | 0.99% | 810,646 | $120.1M | Add +5.1% |
| SFM Sprouts Farmers Market Inc. | 0.99% | 942,785 | $119.8M | Add +5.2% |
| AXON Axon Enterprise Inc. | 0.99% | 201,035 | $119.5M | Reduce -51.9% |
| APGE Apogee Therapeutics Inc. | 0.97% | 2,605,310 | $118.0M | Add +2.8% |
| COHR Coherent Corp. | 0.96% | 1,230,125 | $116.5M | Reduce -18.7% |
| CCJ Cameco Corp. | 0.95% | 2,245,539 | $115.4M | Add +120.2% |
| FLS Flowserve Corp. | 0.90% | 1,888,917 | $108.7M | Add +307.1% |
| CW Curtiss-Wright Corp. | 0.85% | 291,582 | $103.5M | Add +3.0% |
| KNF Knife River Corp. | 0.82% | 983,212 | $99.9M | Add +3.7% |
| MNDY Monday.com Ltd. | 0.80% | 410,695 | $96.7M | Add +8.9% |
| CVNA Carvana Co. | 0.79% | 471,252 | $95.8M | Add +4.9% |
| PCVX Vaxcyte Inc. | 0.79% | 1,166,833 | $95.5M | Reduce -32.2% |
| SCCO Southern Copper Corp. | 0.77% | 1,028,848 | $93.8M | Add +26.8% |
| BAP Credicorp Ltd. | 0.77% | 506,493 | $92.9M | Add +23.6% |
| BRBR Bellring Brands Inc. | 0.76% | 1,224,040 | $92.2M | Add +5.2% |
| CRDO Credo Technology Group Holdi | 0.74% | 1,329,724 | $89.4M | Reduce -46.9% |
| CAVA Cava Group Inc. | 0.71% | 760,097 | $85.7M | Add +5.1% |
| WVE Wave Life Sciences Ltd. | 0.69% | 6,712,449 | $83.0M | Add +14.6% |
| SITM Sitime Corp. | 0.68% | 385,325 | $82.7M | Add +24.3% |
| AAON Aaon Inc. | 0.67% | 693,407 | $81.6M | Add +5.5% |
| EMBJ Embraer SA-Spon ADR | 0.67% | 2,203,574 | $80.8M | Reduce -2.0% |
| CVLT Commvault Systems Inc. | 0.64% | 512,251 | $77.3M | Add +20.8% |
| ALKT Alkami Technology Inc. | 0.63% | 2,093,426 | $76.8M | Add +16.7% |
| SG Sweetgreen Inc. Class A | 0.63% | 2,390,289 | $76.6M | Reduce -30.0% |
| CR Crane Co. | 0.60% | 477,604 | $72.5M | Add +7.3% |
| RYTM Rhythm Pharmaceuticals Inc. | 0.60% | 1,290,975 | $72.3M | Reduce -0.7% |
| WULF Terawulf Inc. | 0.59% | 12,733,291 | $72.1M | Add +3.4% |
| EVR Evercore Inc. Class A | 0.58% | 252,732 | $70.1M | Add +4.9% |
| STRL Sterling Infrastructure Inc. | 0.57% | 408,287 | $68.8M | Reduce -16.1% |
| MELI MercadoLibre Inc. | 0.56% | 39,833 | $67.7M | Reduce -37.8% |
| FIX Comfort Systems USA Inc. | 0.56% | 159,010 | $67.4M | Reduce -22.3% |
| BROS Dutch Bros Inc. Class A | 0.55% | 1,281,818 | $67.1M | Reduce -22.5% |
| TCOM Trip.com Group Ltd.-ADR | 0.55% | 973,034 | $66.8M | Reduce -34.9% |
| YUMC Yum China Holdings Inc. | 0.55% | 1,381,026 | $66.5M | New |
| ROAD Construction Partners Inc. Class A | 0.55% | 751,205 | $66.5M | Reduce -9.7% |
| SHAK Shake Shack Inc. Class A | 0.55% | 511,166 | $66.3M | New |
| BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC | 0.54% | 3,578,894 | $65.9M | Add +47.3% |
| TEVA Teva Pharmaceutical-SP ADR | 0.54% | 2,986,111 | $65.8M | Reduce -17.3% |
| LTH Life Time Group Holdings Inc. | 0.54% | 2,955,669 | $65.4M | Add +5.2% |
| SYRE Spyre Therapeutics Inc. | 0.54% | 2,803,655 | $65.3M | Add +308.1% |
| QNST Quinstreet Inc. | 0.53% | 2,787,695 | $64.3M | Add +28.4% |
| VIST Vista Energy Sab DE CV | 0.53% | 1,185,669 | $64.2M | Add +10.9% |
| TTEK Tetra Tech Inc. | 0.53% | 1,603,928 | $63.9M | Reduce -11.3% |
| UEC Uranium Energy Corp. | 0.52% | 9,499,842 | $63.6M | Add +52.2% |
| NUVL Nuvalent Inc. Class A | 0.51% | 793,416 | $62.1M | Reduce -8.2% |
| KMPR Kemper Corp. | 0.51% | 934,571 | $62.1M | Add +17.0% |
| DRS Leonardo DRS Inc. | 0.51% | 1,920,298 | $62.0M | Reduce -10.9% |
| GGAL Grupo Financiero Galicia-ADR | 0.51% | 990,763 | $61.7M | Reduce -17.0% |
| SKWD Skyward Specialty Insurance | 0.51% | 1,215,672 | $61.4M | Reduce -1.6% |
| ACVA Acv Auctions Inc. Class A | 0.51% | 2,837,165 | $61.3M | Add +128.5% |
| CWAN Clearwater Analytics HDS-A | 0.50% | 2,214,452 | $60.9M | Add +13.8% |
| ITGR Integer Holdings Corp. | 0.49% | 451,464 | $59.8M | Add +5.5% |
| SEPN Septerna Inc. | 0.49% | 2,589,553 | $59.3M | New |
| HCI Hci Group Inc. | 0.48% | 503,537 | $58.7M | Reduce -3.0% |
| HAPN Happen Inc. filed as LENDINGCLUB CORP | 0.48% | 3,588,799 | $58.1M | Add +229.1% |
| PLMR Palomar Holdings Inc. | 0.47% | 542,142 | $57.2M | Reduce -6.8% |
| WAL Western Alliance Bancorp | 0.47% | 685,010 | $57.2M | Add +5.1% |
| GLOB Globant SA | 0.47% | 265,380 | $56.9M | Add +4.1% |
| LRN Stride Inc. | 0.47% | 546,636 | $56.8M | Reduce -27.0% |
| VERX Vertex Inc. Class A | 0.47% | 1,063,711 | $56.7M | Add +5.1% |
| PBR Petroleo Brasileiro-Spon ADR | 0.47% | 4,400,224 | $56.6M | Reduce -6.4% |
| KYMR Kymera Therapeutics Inc. | 0.46% | 1,390,372 | $55.9M | Add +4.6% |
| GPCR Structure Therapeutics Inc. | 0.46% | 2,057,410 | $55.8M | Reduce -18.6% |
| NTNX Nutanix Inc. Class A | 0.46% | 902,630 | $55.2M | Add +9.4% |
| FSS Federal Signal Corp. | 0.45% | 595,980 | $55.1M | Reduce -29.6% |
| ALSN Allison Transmission Holding | 0.45% | 505,321 | $54.6M | Add +5.2% |
| GRAB Grab Holdings Ltd. Class A | 0.45% | 11,534,614 | $54.4M | New |
| CRS Carpenter Technology | 0.45% | 319,783 | $54.3M | Add +35.2% |
| MRUS Merus NV | 0.44% | 1,280,337 | $53.8M | Reduce -5.8% |
| WIX Wix.com Ltd. | 0.44% | 247,812 | $53.2M | Add +43.8% |
| MGNI Magnite Inc. | 0.44% | 3,318,493 | $52.8M | Reduce -2.9% |
| ITUB Itau Unibanco H-Spon PRF ADR | 0.42% | 10,373,676 | $51.5M | Reduce -35.5% |
| LAD Lithia Motors Inc. | 0.42% | 142,124 | $50.8M | Add +91.1% |
| FTI Technipfmc PLC | 0.40% | 1,687,435 | $48.8M | Add +19.5% |
| VRNS Varonis Systems Inc. | 0.40% | 1,084,651 | $48.2M | Reduce -19.6% |
| BOOT Boot Barn Holdings Inc. | 0.39% | 315,210 | $47.9M | Add +55.9% |
| JBTM JBT Marel Corp. filed as JOHN BEAN TECHNOLOGIES CORP | 0.39% | 373,921 | $47.5M | New |
| TMDX Transmedics Group Inc. | 0.39% | 760,841 | $47.4M | Reduce -47.2% |
| AGI Alamos Gold Inc. Class A | 0.39% | 2,549,393 | $47.0M | Add +2.1% |
| PTCT PTC Therapeutics Inc. | 0.39% | 1,041,059 | $47.0M | New |
| VCYT Veracyte Inc. | 0.39% | 1,183,766 | $46.9M | Add +226.8% |
| GPOR Gulfport Energy Corp. | 0.39% | 254,471 | $46.9M | Add +291.3% |
| PSN Parsons Corp. | 0.38% | 493,245 | $45.5M | Reduce -19.8% |
| GMED Globus Medical Inc. Class A | 0.37% | 545,744 | $45.1M | New |
| TBBB BBB Foods Inc. Class A | 0.37% | 1,567,285 | $44.3M | Add +17.4% |
| GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD | 0.36% | 1,845,623 | $43.9M | Add +195.6% |
| UPST Upstart Holdings Inc. | 0.36% | 708,450 | $43.6M | Add +54.6% |
| BMI Badger Meter Inc. | 0.34% | 192,598 | $40.9M | Add +34.9% |
Other holdings (6): bonds, preferreds, convertibles and warrants · $171K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| KDKRW Ares Acquisition Corp. II-28 | *W EXP 99/99/999 | 250,000 | $40K | No change |
| HYAC.WS Haymaker Acquisition Corp.-28 | *W EXP 05/31/202 | 249,999 | $35K | No change |
| PGYWW Pagaya Technologies Ltd. -27 | *W EXP 99/99/999 | 480,716 | $34K | No change |
| BAERW Wildfire New Pubco Inc.-27 | *W EXP 01/24/202 | 620,220 | $31K | No change |
| RVMDW Revolution Medicines Inc.-28 | *W EXP 12/17/202 | 135,000 | $20K | New |
| DYNCW Dynamix Corp. - 29 | *W EXP 10/25/202 | 450,000 | $11K | New |
Total filed on the 13F, all lines: $12.1B.
Portfolio Sells Q3 2024 → Q4 2024
| TMDX Transmedics Group Inc. | Reduce -47.2% | 0.39% | −1.55 |
| PCVX Vaxcyte Inc. | Reduce -32.2% | 0.79% | −0.90 |
| WING Wingstop Inc. | Sold out | 0.00% | −0.73 |
| EPI Wisdomtree India Earnings | Sold out | 0.00% | −0.72 |
| ASPN Aspen Aerogels Inc. | Sold out | 0.00% | −0.61 |
| MELI MercadoLibre Inc. | Reduce -37.8% | 0.56% | −0.57 |
| FN Fabrinet | Reduce -63.3% | 0.27% | −0.55 |
| ITUB Itau Unibanco H-Spon PRF ADR | Reduce -35.5% | 0.42% | −0.49 |
| GPCR Structure Therapeutics Inc. | Reduce -18.6% | 0.46% | −0.49 |
| BWIN Baldwin Insurance Group Inc./ | Sold out | 0.00% | −0.49 |
| ATI Ati Inc. | Sold out | 0.00% | −0.47 |
| SE Sea Ltd.-ADR | Reduce -96.2% | 0.02% | −0.45 |
| AXON Axon Enterprise Inc. | Reduce -51.9% | 0.99% | −0.45 |
| APPF Appfolio Inc. Class A | Sold out | 0.00% | −0.43 |
| SG Sweetgreen Inc. Class A | Reduce -30.0% | 0.63% | −0.41 |
| ESI Element Solutions Inc. | Sold out | 0.00% | −0.39 |
| TMO Thermo Fisher Scientific Inc. | Sold out | 0.00% | −0.36 |
| BFAM Bright Horizons Family Solut | Sold out | 0.00% | −0.31 |
| TNDM Tandem Diabetes Care Inc. | Sold out | 0.00% | −0.28 |
| MAX Mediaalpha Inc. Class A | Reduce -57.3% | 0.09% | −0.26 |
| VRNS Varonis Systems Inc. | Reduce -19.6% | 0.40% | −0.26 |
| OSCR Oscar Health Inc. Class A | Sold out | 0.00% | −0.25 |
| NUVL Nuvalent Inc. Class A | Reduce -8.2% | 0.51% | −0.25 |
| CTSH Cognizant Tech Solutions-A | Reduce -84.2% | 0.04% | −0.24 |
| VIV Telefonica Brasil-ADR | Reduce -87.3% | 0.02% | −0.24 |
| FTAI Ftai Aviation Ltd. | Reduce -18.8% | 1.30% | −0.23 |
| EME Emcor Group Inc. | Reduce -47.4% | 0.26% | −0.22 |
| FSS Federal Signal Corp. | Reduce -29.6% | 0.45% | −0.22 |
| MCY Mercury General Corp. | Sold out | 0.00% | −0.22 |
| HEI Heico Corp. | Reduce -50.5% | 0.17% | −0.22 |
| MTH Meritage Homes Corp. | Sold out | 0.00% | −0.22 |
| KFY Korn Ferry | Sold out | 0.00% | −0.21 |
| TCOM Trip.com Group Ltd.-ADR | Reduce -34.9% | 0.55% | −0.21 |
| LBPH Longboard Pharmaceuticals Inc. | Sold out | 0.00% | −0.21 |
| TTEK Tetra Tech Inc. | Reduce -11.3% | 0.53% | −0.20 |
| SDRL Seadrill Limited | Sold out | 0.00% | −0.20 |
| RXST Rxsight Inc. | Sold out | 0.00% | −0.20 |
| TOL Toll Brothers Inc. | Sold out | 0.00% | −0.20 |
| COHR Coherent Corp. | Reduce -18.7% | 0.96% | −0.19 |
| IBP Installed Building Products | Sold out | 0.00% | −0.19 |
| PAAS Pan American Silver Corp. | Reduce -42.9% | 0.20% | −0.18 |
| FSLR First Solar Inc. | Sold out | 0.00% | −0.18 |
| ONTO Onto Innovation Inc. | Sold out | 0.00% | −0.17 |
| ARLO Arlo Technologies Inc. | Reduce -57.3% | 0.10% | −0.17 |
| PSN Parsons Corp. | Reduce -19.8% | 0.38% | −0.17 |
| VITL Vital Farms Inc. | Reduce -60.6% | 0.11% | −0.17 |
| XYL Xylem Inc. | Sold out | 0.00% | −0.17 |
| ADMA Adma Biologics Inc. | Reduce -33.3% | 0.19% | −0.16 |
| BLBD Blue Bird Corp. | Reduce -50.4% | 0.10% | −0.15 |
| ENVX Enovix Corp. | Reduce -47.4% | 0.20% | −0.14 |
Portfolio Buys Q3 2024 → Q4 2024
| ALAB Astera Labs Inc. | Add +16640.4% | 1.45% | +1.44 |
| CORZ Core Scientific Inc. | Add +112.1% | 1.19% | +0.70 |
| FLS Flowserve Corp. | Add +307.1% | 0.90% | +0.69 |
| YUMC Yum China Holdings Inc. | New | 0.55% | +0.55 |
| SHAK Shake Shack Inc. Class A | New | 0.55% | +0.55 |
| CCJ Cameco Corp. | Add +120.2% | 0.95% | +0.53 |
| SEPN Septerna Inc. | New | 0.49% | +0.49 |
| TSM Taiwan Semiconductor-SP ADR | Add +1.2% | 5.07% | +0.49 |
| GRAB Grab Holdings Ltd. Class A | New | 0.45% | +0.45 |
| CYBR Cyberark Software Ltd./Israel | Add +31.5% | 1.31% | +0.40 |
| JBTM JBT Marel Corp. | New | 0.39% | +0.39 |
| PTCT PTC Therapeutics Inc. | New | 0.39% | +0.39 |
| GMED Globus Medical Inc. Class A | New | 0.37% | +0.37 |
| HAPN Happen Inc. | Add +229.1% | 0.48% | +0.37 |
| SYRE Spyre Therapeutics Inc. | Add +308.1% | 0.54% | +0.37 |
| ALK Alaska Air Group Inc. | New | 0.31% | +0.31 |
| GPOR Gulfport Energy Corp. | Add +291.3% | 0.39% | +0.30 |
| GTLS Chart Industries Inc. | New | 0.30% | +0.30 |
| RKLB Rocket Lab USA Inc. | New | 0.30% | +0.30 |
| ACVA Acv Auctions Inc. Class A | Add +128.5% | 0.51% | +0.29 |
| TVTX Travere Therapeutics Inc. | Add +608.1% | 0.32% | +0.28 |
| VCYT Veracyte Inc. | Add +226.8% | 0.39% | +0.28 |
| EPAM Epam Systems Inc. | New | 0.28% | +0.28 |
| WVE Wave Life Sciences Ltd. | Add +14.6% | 0.69% | +0.27 |
| CAMT Camtek Ltd. | New | 0.26% | +0.26 |
| GDS GDS Holdings Ltd. - ADR | Add +195.6% | 0.36% | +0.25 |
| NTRA Natera Inc. | Add +4.6% | 1.21% | +0.24 |
| ECG Everus Construction Group | New | 0.24% | +0.24 |
| JANX Janux Therapeutics Inc. | New | 0.23% | +0.23 |
| SITM Sitime Corp. | Add +24.3% | 0.68% | +0.23 |
| LAD Lithia Motors Inc. | Add +91.1% | 0.42% | +0.22 |
| PAY Paymentus Holdings Inc. Class A | New | 0.20% | +0.20 |
| UPST Upstart Holdings Inc. | Add +54.6% | 0.36% | +0.20 |
| KRUS Kura Sushi USA Inc. Class A | New | 0.20% | +0.20 |
| UEC Uranium Energy Corp. | Add +52.2% | 0.52% | +0.19 |
| WIX Wix.com Ltd. | Add +43.8% | 0.44% | +0.19 |
| SRRK Scholar Rock Holding Corp. | New | 0.18% | +0.18 |
| QNST Quinstreet Inc. | Add +28.4% | 0.53% | +0.17 |
| NCLH Norwegian Cruise Line Holdin | New | 0.16% | +0.16 |
| GDYN Grid Dynamics Holdings Inc. | New | 0.16% | +0.16 |
| PAYO Payoneer Global Inc. | New | 0.16% | +0.16 |
| BRBR Bellring Brands Inc. | Add +5.2% | 0.76% | +0.15 |
| AR Antero Resources Corp. | Add +118.5% | 0.25% | +0.15 |
| ALKT Alkami Technology Inc. | Add +16.7% | 0.63% | +0.15 |
| COCO The Vita Coco Co. Inc. | Add +77.3% | 0.26% | +0.14 |
| PRIM Primoris Services Corp. | New | 0.14% | +0.14 |
| RDDT Reddit Inc. Class A | Add +3.7% | 0.24% | +0.14 |
| SFM Sprouts Farmers Market Inc. | Add +5.2% | 0.99% | +0.14 |
| INOD Innodata Inc. | New | 0.14% | +0.14 |
| XMTR Xometry Inc. Class A | New | 0.14% | +0.14 |
Notes & Other Activity Q3 2024 → Q4 2024
| RVMDW Revolution Medicines Inc.-28 | *W EXP 12/17/202 | New | 135,000 | $20K |
| DYNCW Dynamix Corp. - 29 | *W EXP 10/25/202 | New | 450,000 | $11K |
| CLDWW Calidi Biotherapeutics -CW23 | *W EXP 03/14/202 | Sold out | 750,000 | $9Kbefore exit |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 353 | $17.3B | TSM, DFTX, PRAX, XENE, SIMO |
| Q1 2026 | 354 | $13.6B | TSM, PRAX, XENE, CRNX, PL |
| Q4 2025 | 385 | $14.7B | TSM, CRNX, PRAX, GH, XENE |
| Q3 2025 | 418 | $14.0B | TSM, CRNX, PL, SITM, XENE |
| Q2 2025 | 403 | $12.5B | TSM, CCJ, IBN, AXON, CYBR |
| Q1 2025 | 388 | $10.4B | TSM, IBN, CRNX, XENE, SFM |
| Q4 2024 | 375 | $12.1B | TSM, CRNX, IBN, XENE, ALAB |
| Q3 2024 | 370 | $11.6B | TSM, CRNX, TMDX, IBN, PCVX |
| Q2 2024Amended | 361 | $10.3B | TSM, CRNX, TMDX, CCJ, IBN |
| Q1 2024 | 380 | $10.0B | TSM, SMCI, CRNX, XENE, CAMT |