Driehaus Capital Management LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Driehaus Capital Management LLC reported 388 stock positions worth $10.4 billion. Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 4.3% of the portfolio, followed by Icici Bank Ltd.-Spon ADR (IBN, 2.1%) and Crinetics Pharmaceuticals (CRNX, 2.0%). Compared with Q4 2024, it opened 92 new positions, sold out of 79, added to 124 and reduced 143. The biggest buy was a new position in Guardant Health (GH) and the biggest sale Astera Labs (ALAB, shares −85%).
- Most Recent 13F
- Q2 2026
- Location
- Chicago, IL
- CIK
- 0000938206
- Portfolio Value
- $10.4B (Q1 2025)
- SEC Filing
- 0000938206-25-000012 ↗ filed May 15, 2025
Holdings Value
Holdings 388 stocks · $10.4B
| TSM Taiwan Semiconductor-SP ADR | 4.32% | 2,699,805 | $448.2M | Reduce -13.1% |
| IBN Icici Bank Ltd.-Spon ADR | 2.13% | 7,025,025 | $221.4M | Add +3.2% |
| CRNX Crinetics Pharmaceuticals Inc. | 2.02% | 6,239,902 | $209.3M | Add +1.6% |
| XENE Xenon Pharmaceuticals Inc. | 1.48% | 4,584,859 | $153.8M | Add +1.4% |
| SFM Sprouts Farmers Market Inc. | 1.43% | 971,380 | $148.3M | Add +3.0% |
| CYBR Cyberark Software Ltd./Israel | 1.40% | 430,974 | $145.7M | Reduce -9.9% |
| NTRA Natera Inc. | 1.29% | 944,584 | $133.6M | Add +2.3% |
| MELI MercadoLibre Inc. | 1.17% | 62,036 | $121.0M | Add +55.7% |
| AXON Axon Enterprise Inc. | 1.09% | 214,822 | $113.0M | Add +6.9% |
| YUMC Yum China Holdings Inc. | 1.06% | 2,120,086 | $110.4M | Add +53.5% |
| BRBR Bellring Brands Inc. | 1.05% | 1,461,515 | $108.8M | Add +19.4% |
| BAP Credicorp Ltd. | 1.03% | 574,504 | $106.9M | Add +13.4% |
| FTAI Ftai Aviation Ltd. | 1.02% | 952,968 | $105.8M | Reduce -12.6% |
| CRS Carpenter Technology | 1.00% | 572,946 | $103.8M | Add +79.2% |
| SCCO Southern Copper Corp. | 0.95% | 1,059,080 | $99.0M | Add +2.9% |
| KNF Knife River Corp. | 0.94% | 1,077,922 | $97.2M | Add +9.6% |
| GKOS Glaukos Corp. | 0.92% | 973,625 | $95.8M | Add +18.7% |
| LTH Life Time Group Holdings Inc. | 0.92% | 3,166,786 | $95.6M | Add +7.1% |
| EMBJ Embraer SA-Spon ADR | 0.91% | 2,047,845 | $94.6M | Reduce -7.1% |
| CW Curtiss-Wright Corp. | 0.86% | 282,655 | $89.7M | Reduce -3.1% |
| APGE Apogee Therapeutics Inc. | 0.84% | 2,339,563 | $87.4M | Reduce -10.2% |
| FLS Flowserve Corp. | 0.83% | 1,764,929 | $86.2M | Reduce -6.6% |
| CVLT Commvault Systems Inc. | 0.81% | 529,883 | $83.6M | Add +3.4% |
| SE Sea Ltd.-ADR | 0.80% | 637,544 | $83.2M | Add +2751.0% |
| GH Guardant Health Inc. | 0.79% | 1,933,086 | $82.3M | New |
| BROS Dutch Bros Inc. Class A | 0.79% | 1,320,807 | $81.5M | Add +3.0% |
| CCJ Cameco Corp. | 0.78% | 1,973,985 | $81.2M | Reduce -12.1% |
| ITUB Itau Unibanco H-Spon PRF ADR | 0.77% | 14,553,574 | $80.0M | Add +40.3% |
| ESTC Elastic NV | 0.76% | 880,454 | $78.4M | Add +1450.8% |
| LRN Stride Inc. | 0.75% | 613,820 | $77.6M | Add +12.3% |
| GPOR Gulfport Energy Corp. | 0.75% | 420,890 | $77.5M | Add +65.4% |
| RYTM Rhythm Pharmaceuticals Inc. | 0.74% | 1,458,022 | $77.2M | Add +12.9% |
| PTCT PTC Therapeutics Inc. | 0.74% | 1,512,645 | $77.1M | Add +45.3% |
| PLMR Palomar Holdings Inc. | 0.74% | 559,156 | $76.6M | Add +3.1% |
| CR Crane Co. | 0.73% | 492,193 | $75.4M | Add +3.0% |
| HCI Hci Group Inc. | 0.73% | 504,084 | $75.2M | Add +0.1% |
| CWAN Clearwater Analytics HDS-A | 0.71% | 2,742,511 | $73.5M | Add +23.9% |
| CVNA Carvana Co. | 0.71% | 350,966 | $73.4M | Reduce -25.5% |
| COMP Compass Inc. Class A | 0.69% | 8,238,614 | $71.9M | Add +103.5% |
| NTNX Nutanix Inc. Class A | 0.63% | 936,210 | $65.4M | Add +3.7% |
| GMED Globus Medical Inc. Class A | 0.62% | 873,784 | $64.0M | Add +60.1% |
| SKWD Skyward Specialty Insurance | 0.61% | 1,198,397 | $63.4M | Reduce -1.4% |
| JBTM JBT Marel Corp. | 0.60% | 506,725 | $61.9M | Add +35.5% |
| AGI Alamos Gold Inc. Class A | 0.58% | 2,254,708 | $60.3M | Reduce -11.6% |
| ROAD Construction Partners Inc. Class A | 0.57% | 828,846 | $59.6M | Add +10.3% |
| ADMA Adma Biologics Inc. | 0.56% | 2,946,570 | $58.5M | Add +114.9% |
| EXLS Exlservice Holdings Inc. | 0.56% | 1,221,793 | $57.7M | New |
| QNST Quinstreet Inc. | 0.54% | 3,165,649 | $56.5M | Add +13.6% |
| KMPR Kemper Corp. | 0.54% | 843,136 | $56.4M | Reduce -9.8% |
| UPST Upstart Holdings Inc. | 0.54% | 1,215,237 | $55.9M | Add +71.5% |
| PAAS Pan American Silver Corp. | 0.54% | 2,151,187 | $55.6M | Add +77.2% |
| FTI Technipfmc PLC | 0.53% | 1,750,068 | $55.5M | Add +3.7% |
| MNDY Monday.com Ltd. | 0.53% | 227,906 | $55.4M | Reduce -44.5% |
| TCOM Trip.com Group Ltd.-ADR | 0.51% | 831,282 | $52.9M | Reduce -14.6% |
| MRUS Merus NV | 0.51% | 1,254,149 | $52.8M | Reduce -2.0% |
| TMDX Transmedics Group Inc. | 0.51% | 778,754 | $52.4M | Add +2.4% |
| PBR Petroleo Brasileiro-Spon ADR | 0.50% | 3,648,756 | $52.3M | Reduce -17.1% |
| BBIO Bridgebio Pharma Inc. | 0.50% | 1,500,558 | $51.9M | New |
| WVE Wave Life Sciences Ltd. | 0.50% | 6,358,599 | $51.4M | Reduce -5.3% |
| BEKE Ke Holdings Inc.-ADR filed as KE HLDGS INC | 0.49% | 2,549,683 | $51.2M | Reduce -28.8% |
| TVTX Travere Therapeutics Inc. | 0.48% | 2,767,693 | $49.6M | Add +24.8% |
| PAY Paymentus Holdings Inc. Class A | 0.48% | 1,897,552 | $49.5M | Add +152.3% |
| ONC Beone Medicines Ltd.-ADR filed as BEIGENE LTD | 0.47% | 180,956 | $49.3M | Add +1749.1% |
| GTLS Chart Industries Inc. | 0.47% | 340,198 | $49.1M | Add +77.7% |
| SRAD Sportradar Group AG-A | 0.47% | 2,247,753 | $48.6M | New |
| ALKT Alkami Technology Inc. | 0.46% | 1,827,805 | $48.0M | Reduce -12.7% |
| CAKE The Cheesecake Factory Inc. | 0.46% | 980,682 | $47.7M | New |
| GRAB Grab Holdings Ltd. Class A | 0.46% | 10,514,256 | $47.6M | Reduce -8.8% |
| PLNT Planet Fitness Inc. Class A | 0.45% | 479,945 | $46.4M | New |
| SEI Solaris Energy Infrastructur | 0.42% | 2,025,417 | $44.1M | Add +278.0% |
| SYRE Spyre Therapeutics Inc. | 0.42% | 2,717,312 | $43.8M | Reduce -3.1% |
| AR Antero Resources Corp. | 0.39% | 1,010,947 | $40.9M | Add +18.1% |
| GDS GDS Holdings Ltd. - ADR filed as GDS HLDGS LTD | 0.39% | 1,598,807 | $40.5M | Reduce -13.4% |
| WGS Genedx Holdings Corp. | 0.39% | 454,956 | $40.3M | Add +40.0% |
| HAPN Happen Inc. filed as LENDINGCLUB CORP | 0.39% | 3,897,322 | $40.2M | Add +8.6% |
| KTOS Kratos Defense & Security | 0.39% | 1,354,312 | $40.2M | Add +120.0% |
| VCYT Veracyte Inc. | 0.39% | 1,351,370 | $40.1M | Add +14.2% |
| PCVX Vaxcyte Inc. | 0.39% | 1,060,863 | $40.1M | Reduce -9.1% |
| GTLB Gitlab Inc. Class A | 0.39% | 850,548 | $40.0M | New |
| CFLT Confluent Inc. Class A | 0.39% | 1,704,089 | $39.9M | New |
| ARIS WATER SOLUTIONS INC-A | 0.38% | 1,244,691 | $39.9M | New |
| WAL Western Alliance Bancorp | 0.38% | 513,165 | $39.4M | Reduce -25.1% |
| WIX Wix.com Ltd. | 0.38% | 239,777 | $39.2M | Reduce -3.2% |
| ACVA Acv Auctions Inc. Class A | 0.37% | 2,722,170 | $38.4M | Reduce -4.0% |
| PODD Insulet Corp. | 0.37% | 145,802 | $38.3M | Add +46.0% |
| NUVL Nuvalent Inc. Class A | 0.36% | 531,210 | $37.7M | Reduce -33.0% |
| RNAM Avidity Biosciences Inc. | 0.36% | 1,270,931 | $37.5M | Add +3.5% |
| COHR Coherent Corp. | 0.36% | 569,087 | $37.0M | Reduce -53.7% |
| TARS Tarsus Pharmaceuticals Inc. | 0.36% | 717,853 | $36.9M | New |
| SKY Champion Homes Inc. | 0.35% | 387,439 | $36.7M | Add +1.9% |
| ESAB Esab Corp. | 0.35% | 312,574 | $36.4M | New |
| VALE Vale SA-SP ADR | 0.35% | 3,619,004 | $36.1M | New |
| UEC Uranium Energy Corp. | 0.34% | 7,369,282 | $35.2M | Reduce -22.4% |
| MP MP Materials Corp. | 0.33% | 1,404,667 | $34.3M | New |
| FRSH Freshworks Inc. Class A | 0.33% | 2,426,030 | $34.2M | New |
| GGAL Grupo Financiero Galicia-ADR | 0.33% | 628,057 | $34.2M | Reduce -36.6% |
| ESE Esco Technologies Inc. | 0.33% | 212,316 | $33.8M | New |
| VSEC Vse Corp. | 0.32% | 276,800 | $33.2M | Add +67.7% |
| TTWO Take-Two Interactive Softwre | 0.32% | 160,040 | $33.2M | New |
| EPI Wisdomtree India Earnings | 0.32% | 752,491 | $32.9M | New |
Other holdings (6): bonds, preferreds, convertibles and warrants · $362K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| DYNCW Dynamix Corp. - 29 | *W EXP 10/25/202 | 450,000 | $128K | No change |
| OACCW Oaktree Acquisition III -31 | *W EXP 09/01/203 | 180,000 | $122K | New |
| PGYWW Pagaya Technologies Ltd. -27 | *W EXP 99/99/999 | 480,716 | $65K | No change |
| BAERW Wildfire New Pubco Inc.-27 | *W EXP 01/24/202 | 620,220 | $33K | No change |
| CCIXW Churchill Capital Corp. I-29 | *W EXP 03/31/203 | 12,499 | $8K | New |
| RVMDW Revolution Medicines Inc.-28 | *W EXP 12/17/202 | 135,000 | $5K | No change |
Total filed on the 13F, all lines: $10.4B.
Portfolio Sells Q4 2024 → Q1 2025
| ALAB Astera Labs Inc. | Reduce -84.8% | 0.12% | −1.33 |
| MOD Modine Manufacturing Co. | Reduce -83.0% | 0.18% | −1.20 |
| CORZ Core Scientific Inc. | Sold out | 0.00% | −1.19 |
| SMTC Semtech Corp. | Sold out | 0.00% | −1.04 |
| FRPT Freshpet Inc. | Sold out | 0.00% | −0.99 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -13.1% | 4.32% | −0.75 |
| CRDO Credo Technology Group Holdi | Sold out | 0.00% | −0.74 |
| COHR Coherent Corp. | Reduce -53.7% | 0.36% | −0.61 |
| WULF Terawulf Inc. | Sold out | 0.00% | −0.59 |
| AAON Aaon Inc. | Reduce -84.9% | 0.08% | −0.59 |
| STRL Sterling Infrastructure Inc. | Sold out | 0.00% | −0.57 |
| FIX Comfort Systems USA Inc. | Sold out | 0.00% | −0.56 |
| TEVA Teva Pharmaceutical-SP ADR | Reduce -99.4% | 0.00% | −0.54 |
| TTEK Tetra Tech Inc. | Sold out | 0.00% | −0.53 |
| VIST Vista Energy Sab DE CV | Reduce -95.1% | 0.03% | −0.50 |
| SITM Sitime Corp. | Reduce -67.4% | 0.19% | −0.50 |
| VERX Vertex Inc. Class A | Sold out | 0.00% | −0.47 |
| CAVA Cava Group Inc. | Reduce -61.6% | 0.24% | −0.46 |
| GLOB Globant SA | Reduce -94.8% | 0.02% | −0.45 |
| SG Sweetgreen Inc. Class A | Reduce -66.4% | 0.19% | −0.44 |
| PCVX Vaxcyte Inc. | Reduce -9.1% | 0.39% | −0.40 |
| VRNS Varonis Systems Inc. | Sold out | 0.00% | −0.40 |
| PSN Parsons Corp. | Sold out | 0.00% | −0.38 |
| SHAK Shake Shack Inc. Class A | Reduce -58.5% | 0.18% | −0.37 |
| BMI Badger Meter Inc. | Sold out | 0.00% | −0.34 |
| EVR Evercore Inc. Class A | Reduce -49.6% | 0.24% | −0.33 |
| SPXC SPX Technologies Inc. | Sold out | 0.00% | −0.32 |
| ALK Alaska Air Group Inc. | Sold out | 0.00% | −0.31 |
| ITRI Itron Inc. | Sold out | 0.00% | −0.31 |
| RKLB Rocket Lab USA Inc. | Sold out | 0.00% | −0.30 |
| FTAI Ftai Aviation Ltd. | Reduce -12.6% | 1.02% | −0.28 |
| EPAM Epam Systems Inc. | Reduce -97.2% | 0.01% | −0.27 |
| FN Fabrinet | Sold out | 0.00% | −0.27 |
| MNDY Monday.com Ltd. | Reduce -44.5% | 0.53% | −0.26 |
| PI Impinj Inc. | Sold out | 0.00% | −0.26 |
| EME Emcor Group Inc. | Sold out | 0.00% | −0.26 |
| CAMT Camtek Ltd. | Sold out | 0.00% | −0.26 |
| ITCI Intra-Cellular Therapies Inc. | Sold out | 0.00% | −0.25 |
| DRS Leonardo DRS Inc. | Reduce -57.3% | 0.26% | −0.25 |
| ALSN Allison Transmission Holding | Reduce -57.2% | 0.20% | −0.25 |
| GPCR Structure Therapeutics Inc. | Reduce -38.1% | 0.21% | −0.25 |
| CLH Clean Harbors Inc. | Sold out | 0.00% | −0.24 |
| ECG Everus Construction Group | Sold out | 0.00% | −0.24 |
| AVAV Aerovironment Inc. | Sold out | 0.00% | −0.24 |
| LAD Lithia Motors Inc. | Reduce -53.6% | 0.19% | −0.23 |
| SAIA Saia Inc. | Reduce -79.3% | 0.05% | −0.23 |
| NU Nu Holdings Ltd./Cayman Isl-A | Sold out | 0.00% | −0.23 |
| JANX Janux Therapeutics Inc. | Sold out | 0.00% | −0.23 |
| ANF Abercrombie & Fitch Co. Class A | Sold out | 0.00% | −0.21 |
| MOG.A Moog Inc. Class A | Sold out | 0.00% | −0.21 |
Portfolio Buys Q4 2024 → Q1 2025
| GH Guardant Health Inc. | New | 0.79% | +0.79 |
| SE Sea Ltd.-ADR | Add +2751.0% | 0.80% | +0.78 |
| ESTC Elastic NV | Add +1450.8% | 0.76% | +0.71 |
| MELI MercadoLibre Inc. | Add +55.7% | 1.17% | +0.61 |
| EXLS Exlservice Holdings Inc. | New | 0.56% | +0.56 |
| CRS Carpenter Technology | Add +79.2% | 1.00% | +0.55 |
| YUMC Yum China Holdings Inc. | Add +53.5% | 1.06% | +0.51 |
| BBIO Bridgebio Pharma Inc. | New | 0.50% | +0.50 |
| COMP Compass Inc. Class A | Add +103.5% | 0.69% | +0.50 |
| SRAD Sportradar Group AG-A | New | 0.47% | +0.47 |
| CAKE The Cheesecake Factory Inc. | New | 0.46% | +0.46 |
| ONC Beone Medicines Ltd.-ADR | Add +1749.1% | 0.47% | +0.46 |
| IBN Icici Bank Ltd.-Spon ADR | Add +3.2% | 2.13% | +0.46 |
| PLNT Planet Fitness Inc. Class A | New | 0.45% | +0.45 |
| SFM Sprouts Farmers Market Inc. | Add +3.0% | 1.43% | +0.44 |
| GTLB Gitlab Inc. Class A | New | 0.39% | +0.39 |
| CFLT Confluent Inc. Class A | New | 0.39% | +0.39 |
| ARIS WATER SOLUTIONS INC-A | New | 0.38% | +0.38 |
| LTH Life Time Group Holdings Inc. | Add +7.1% | 0.92% | +0.38 |
| ADMA Adma Biologics Inc. | Add +114.9% | 0.56% | +0.37 |
| GPOR Gulfport Energy Corp. | Add +65.4% | 0.75% | +0.36 |
| TARS Tarsus Pharmaceuticals Inc. | New | 0.36% | +0.36 |
| PTCT PTC Therapeutics Inc. | Add +45.3% | 0.74% | +0.36 |
| ESAB Esab Corp. | New | 0.35% | +0.35 |
| VALE Vale SA-SP ADR | New | 0.35% | +0.35 |
| ITUB Itau Unibanco H-Spon PRF ADR | Add +40.3% | 0.77% | +0.35 |
| PAAS Pan American Silver Corp. | Add +77.2% | 0.54% | +0.33 |
| MP MP Materials Corp. | New | 0.33% | +0.33 |
| FRSH Freshworks Inc. Class A | New | 0.33% | +0.33 |
| ESE Esco Technologies Inc. | New | 0.33% | +0.33 |
| TTWO Take-Two Interactive Softwre | New | 0.32% | +0.32 |
| EPI Wisdomtree India Earnings | New | 0.32% | +0.32 |
| ROKU Roku Inc. | New | 0.32% | +0.32 |
| RELY Remitly Global Inc. | New | 0.32% | +0.32 |
| NXT Nextpower Inc. | New | 0.31% | +0.31 |
| SEI Solaris Energy Infrastructur | Add +278.0% | 0.42% | +0.30 |
| TGTX TG Therapeutics Inc. | New | 0.29% | +0.29 |
| BRBR Bellring Brands Inc. | Add +19.4% | 1.05% | +0.29 |
| CORT Corcept Therapeutics Inc. | New | 0.29% | +0.29 |
| GTES Gates Industrial Corp. UK Ltd. | Add +4976.3% | 0.29% | +0.28 |
| LRN Stride Inc. | Add +12.3% | 0.75% | +0.28 |
| PAY Paymentus Holdings Inc. Class A | Add +152.3% | 0.48% | +0.27 |
| PLMR Palomar Holdings Inc. | Add +3.1% | 0.74% | +0.27 |
| BAP Credicorp Ltd. | Add +13.4% | 1.03% | +0.26 |
| KTOS Kratos Defense & Security | Add +120.0% | 0.39% | +0.25 |
| ALKS Alkermes PLC | New | 0.25% | +0.25 |
| AROC Archrock Inc. | New | 0.24% | +0.24 |
| GMED Globus Medical Inc. Class A | Add +60.1% | 0.62% | +0.24 |
| HCI Hci Group Inc. | Add +0.1% | 0.73% | +0.24 |
| AXSM Axsome Therapeutics Inc. | New | 0.24% | +0.24 |
Notes & Other Activity Q4 2024 → Q1 2025
| OACCW Oaktree Acquisition III -31 | *W EXP 09/01/203 | New | 180,000 | $122K |
| KDKRW Ares Acquisition Corp. II-28 | *W EXP 99/99/999 | Sold out | 250,000 | $40Kbefore exit |
| HYAC.WS Haymaker Acquisition Corp.-28 | *W EXP 05/31/202 | Sold out | 249,999 | $35Kbefore exit |
| CCIXW Churchill Capital Corp. I-29 | *W EXP 03/31/203 | New | 12,499 | $8K |
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 |