Driehaus Capital Management LLC

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Driehaus Capital Management LLC reported 403 stock positions worth $12.5 billion. Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 4.6% of the portfolio, followed by Cameco (CCJ, 1.6%) and Icici Bank Ltd.-Spon ADR (IBN, 1.6%). Compared with Q1 2025, it opened 120 new positions, sold out of 105, added to 126 and reduced 142. The biggest buy was a new position in Credo Technology Group Holdi (CRDO) and the biggest sale an exit from Yum China (YUMC).

Most Recent 13F
Q2 2026
Location
Chicago, IL
CIK
0000938206
Portfolio Value
$12.5B (Q2 2025)
SEC Filing
0000938206-25-000037 ↗ filed Aug 14, 2025

Holdings Value

0$5.0B$10.0B$15.0B$20.0B Q1 2024: $10.0B Q1 2024 Q2 2024: $10.3B Q2 2024 Q3 2024: $11.6B Q3 2024 Q4 2024: $12.1B Q4 2024 Q1 2025: $10.4B Q1 2025 Q2 2025: $12.5B $12.5B Q2 2025 Q3 2025: $14.0B Q3 2025 Q4 2025: $14.7B Q4 2025 Q1 2026: $13.6B Q1 2026 Q2 2026: $17.3B Q2 2026

Holdings 403 stocks · $12.5B

TSM Taiwan Semiconductor-SP ADR 4.64% 2,559,401 $579.7M Reduce -5.2%
CCJ Cameco Corp. 1.58% 2,663,067 $197.7M Add +34.9%
IBN Icici Bank Ltd.-Spon ADR 1.58% 5,866,878 $197.4M Reduce -16.5%
AXON Axon Enterprise Inc. 1.54% 232,551 $192.5M Add +8.3%
CYBR Cyberark Software Ltd./Israel 1.48% 454,923 $185.1M Add +5.6%
CRNX Crinetics Pharmaceuticals Inc. 1.47% 6,400,025 $184.1M Add +2.6%
NTRA Natera Inc. 1.33% 985,105 $166.4M Add +4.3%
MELI MercadoLibre Inc. 1.14% 54,562 $142.6M Reduce -12.1%
XENE Xenon Pharmaceuticals Inc. 1.09% 4,335,648 $135.7M Reduce -5.4%
CRDO Credo Technology Group Holdi 1.08% 1,463,996 $135.6M New
CW Curtiss-Wright Corp. 1.08% 276,123 $134.9M Reduce -2.3%
GH Guardant Health Inc. 1.03% 2,475,613 $128.8M Add +28.1%
CRS Carpenter Technology 1.01% 456,674 $126.2M Reduce -20.3%
CVNA Carvana Co. 1.01% 372,785 $125.6M Add +6.2%
ALAB Astera Labs Inc. 0.97% 1,346,324 $121.7M Add +568.9%
TMDX Transmedics Group Inc. 0.92% 854,039 $114.4M Add +9.7%
ROAD Construction Partners Inc. Class A 0.91% 1,069,379 $113.7M Add +29.0%
HDB HDFC Bank Ltd.-ADR 0.88% 1,429,661 $109.6M New
CVLT Commvault Systems Inc. 0.87% 620,898 $108.2M Add +17.2%
SITM Sitime Corp. 0.85% 500,787 $106.7M Add +298.5%
CR Crane Co. 0.82% 542,743 $103.1M Add +10.3%
APGE Apogee Therapeutics Inc. 0.80% 2,310,755 $100.4M Reduce -1.2%
STNE Stoneco Ltd. Class A 0.80% 6,243,152 $100.1M New
BROS Dutch Bros Inc. Class A 0.80% 1,459,802 $99.8M Add +10.5%
BAP Credicorp Ltd. 0.79% 440,545 $98.5M Reduce -23.3%
CORZ Core Scientific Inc. 0.79% 5,749,758 $98.1M New
STRL Sterling Infrastructure Inc. 0.77% 416,820 $96.2M New
GPOR Gulfport Energy Corp. 0.76% 473,138 $95.2M Add +12.4%
KRMN Karman Holdings Inc. 0.71% 1,771,714 $89.2M Add +148.5%
KTOS Kratos Defense & Security 0.70% 1,876,904 $87.2M Add +38.6%
SRAD Sportradar Group AG-A 0.68% 3,041,901 $85.4M Add +35.3%
LTH Life Time Group Holdings Inc. 0.68% 2,802,694 $85.0M Reduce -11.5%
SCCO Southern Copper Corp. 0.68% 839,814 $85.0M Reduce -20.7%
FN Fabrinet 0.68% 287,189 $84.6M New
AVAV Aerovironment Inc. 0.67% 293,860 $83.7M New
PAY Paymentus Holdings Inc. Class A 0.67% 2,542,516 $83.3M Add +34.0%
UPST Upstart Holdings Inc. 0.66% 1,271,891 $82.3M Add +4.7%
OLLI Ollie's Bargain Outlet Holdi 0.64% 611,431 $80.6M New
RYTM Rhythm Pharmaceuticals Inc. 0.64% 1,269,952 $80.2M Reduce -12.9%
ITUB Itau Unibanco H-Spon PRF ADR 0.64% 11,779,163 $80.0M Reduce -19.1%
SKWD Skyward Specialty Insurance 0.64% 1,381,039 $79.8M Add +15.2%
COHR Coherent Corp. 0.62% 871,223 $77.7M Add +53.1%
NTNX Nutanix Inc. Class A 0.60% 983,493 $75.2M Add +5.0%
LITE Lumentum Holdings Inc. 0.60% 786,238 $74.7M New
CLS Celestica Inc. 0.59% 471,633 $73.6M New
PLMR Palomar Holdings Inc. 0.59% 474,922 $73.3M Reduce -15.1%
BBIO Bridgebio Pharma Inc. 0.58% 1,691,213 $73.0M Add +12.7%
DRS Leonardo DRS Inc. 0.58% 1,563,245 $72.7M Add +90.7%
LRN Stride Inc. 0.58% 497,342 $72.2M Reduce -19.0%
MRUS Merus NV 0.57% 1,366,244 $71.9M Add +8.9%
UEC Uranium Energy Corp. 0.57% 10,566,677 $71.9M Add +43.4%
HCI Hci Group Inc. 0.57% 470,056 $71.5M Reduce -6.8%
MOS The Mosaic Co. 0.57% 1,952,411 $71.2M Add +646.3%
ARM Arm Holdings PLC-ADR 0.57% 437,769 $70.8M Add +2166.2%
YMM Full Truck Alliance -SPN ADR 0.56% 5,947,088 $70.2M New
TME Tencent Music Entertainm-ADR 0.54% 3,444,934 $67.1M New
MGNI Magnite Inc. 0.54% 2,782,178 $67.1M Add +15.5%
FTAI Ftai Aviation Ltd. 0.54% 582,025 $67.0M Reduce -38.9%
SE Sea Ltd.-ADR 0.51% 400,765 $64.1M Reduce -37.1%
MOD Modine Manufacturing Co. 0.51% 649,794 $64.0M Add +166.1%
MNDY Monday.com Ltd. 0.51% 202,183 $63.6M Reduce -11.3%
SEI Solaris Energy Infrastructur 0.51% 2,244,374 $63.5M Add +10.8%
RKLB Rocket Lab Corp. 0.51% 1,766,780 $63.2M New
SFM Sprouts Farmers Market Inc. 0.50% 378,383 $62.3M Reduce -61.0%
ALKT Alkami Technology Inc. 0.49% 2,044,303 $61.6M Add +11.8%
LOPE Grand Canyon Education Inc. 0.49% 324,928 $61.4M Add +255.9%
PLNT Planet Fitness Inc. Class A 0.49% 559,498 $61.0M Add +16.6%
BOOT Boot Barn Holdings Inc. 0.48% 394,373 $59.9M Add +40.1%
FLS Flowserve Corp. 0.48% 1,136,637 $59.5M Reduce -35.6%
LOAR Loar Holdings Inc. 0.46% 670,439 $57.8M Add +91.2%
FTI Technipfmc PLC 0.45% 1,632,381 $56.2M Reduce -6.7%
LRCX Lam Research Corp. 0.45% 575,535 $56.0M New
GGAL Grupo Financiero Galicia-ADR 0.44% 1,095,098 $55.2M Add +74.4%
ESE Esco Technologies Inc. 0.44% 284,299 $54.5M Add +33.9%
PTCT PTC Therapeutics Inc. 0.41% 1,059,026 $51.7M Reduce -30.0%
GKOS Glaukos Corp. 0.41% 500,472 $51.7M Reduce -48.6%
DAVE Dave Inc. 0.41% 191,943 $51.5M Add +83.4%
AVPT Avepoint Inc. 0.41% 2,650,323 $51.2M Add +135.6%
VSEC Vse Corp. 0.41% 390,328 $51.1M Add +41.0%
PWR Quanta Services Inc. 0.41% 134,482 $50.8M Add +20.0%
MTSI Macom Technology Solutions H 0.40% 348,754 $50.0M New
SEPN Septerna Inc. 0.40% 4,680,431 $49.5M Add +49.9%
ONC Beone Medicines Ltd.-ADR 0.38% 198,203 $48.0M Add +9.5%
HAPN Happen Inc. filed as LENDINGCLUB CORP 0.38% 3,983,212 $47.9M Add +2.2%
PAAS Pan American Silver Corp. 0.38% 1,687,123 $47.9M Reduce -21.6%
FSS Federal Signal Corp. 0.38% 443,388 $47.2M Add +3.3%
HOOD Robinhood Markets Inc. Class A 0.38% 502,512 $47.1M Reduce -20.0%
IDCC Interdigital Inc. 0.37% 205,083 $46.0M New
ACVA Acv Auctions Inc. Class A 0.36% 2,801,374 $45.4M Add +2.9%
ADMA Adma Biologics Inc. 0.36% 2,477,013 $45.1M Reduce -15.9%
EMBJ Embraer SA-Spon ADR 0.36% 786,849 $44.8M Reduce -61.6%
KNF Knife River Corp. 0.35% 540,385 $44.1M Reduce -49.9%
AR Antero Resources Corp. 0.35% 1,094,099 $44.1M Add +8.2%
MIR Mirion Technologies Inc. 0.35% 2,007,888 $43.2M New
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.34% 3,140,324 $43.1M New
WVE Wave Life Sciences Ltd. 0.34% 6,531,519 $42.5M Add +2.7%
TTWO Take-Two Interactive Softwre 0.34% 173,591 $42.2M Add +8.5%
CVSA Covista Inc. filed as ADTALEM GLOBAL ED INC 0.34% 329,655 $41.9M New
PTGX Protagonist Therapeutics Inc. 0.34% 757,710 $41.9M Add +222.3%
SRRK Scholar Rock Holding Corp. 0.33% 1,177,515 $41.7M Add +129.1%

Show all 403 holdings

Other holdings (13): bonds, preferreds, convertibles and warrants · $1.2M (not counted above)
SecurityClassShares / PrincipalValueChange
TACOW Berto Acquisition Corp. - 30 *W EXP 05/01/203 226,724$180KNew
DYNCW Dynamix Corp. - 29 *W EXP 10/25/202 450,000$162KNo change
ATIIW Archimedes Tech-30 *W EXP 10/15/202 400,000$154KNew
OACCW Oaktree Acquisition III -31 *W EXP 09/01/203 180,000$151KNo change
KFIIR K&F Growth Acquisition Corp. RIGHT 08/29/2031 1,200,000$150KNew
PGYWW Pagaya Technologies Ltd. -27 *W EXP 99/99/999 480,716$82KNo change
NHICW Newhold Investment Corp. - 30 *W EXP 01/30/203 249,999$80KNew
HYAC.WS Haymaker Acquisition Corp.-28 *W EXP 05/31/202 249,999$63KNew
GSHRW Gesher Acquisition Corp. I-30 *W EXP 10/31/203 199,999$62KNew
BAERW Wildfire New Pubco Inc.-27 *W EXP 01/24/202 620,220$48KNo change
RVMDW Revolution Medicines Inc.-28 *W EXP 12/17/202 135,000$36KNo change
XRPNW Armada Acquisition Corp - A *W EXP 05/21/203 74,999$20KNew
ISPOW Inspirato -CW30 *W EXP 02/11/202 167,540$2KNew

Total filed on the 13F, all lines: $12.5B.

Portfolio Sells Q1 2025 → Q2 2025

YUMC Yum China Holdings Inc. Sold out 0.00% −1.06
SFM Sprouts Farmers Market Inc. Reduce -61.0% 0.50% −0.93
BRBR Bellring Brands Inc. Reduce -59.0% 0.28% −0.77
ESTC Elastic NV Sold out 0.00% −0.76
CWAN Clearwater Analytics HDS-A Reduce -99.2% 0.00% −0.70
COMP Compass Inc. Class A Sold out 0.00% −0.69
GMED Globus Medical Inc. Class A Sold out 0.00% −0.62
KNF Knife River Corp. Reduce -49.9% 0.35% −0.58
IBN Icici Bank Ltd.-Spon ADR Reduce -16.5% 1.58% −0.56
EMBJ Embraer SA-Spon ADR Reduce -61.6% 0.36% −0.55
QNST Quinstreet Inc. Sold out 0.00% −0.54
KMPR Kemper Corp. Sold out 0.00% −0.54
GKOS Glaukos Corp. Reduce -48.6% 0.41% −0.51
PBR Petroleo Brasileiro-Spon ADR Sold out 0.00% −0.50
BEKE Ke Holdings Inc.-ADR Sold out 0.00% −0.49
FTAI Ftai Aviation Ltd. Reduce -38.9% 0.54% −0.48
TVTX Travere Therapeutics Inc. Sold out 0.00% −0.48
GTLS Chart Industries Inc. Sold out 0.00% −0.47
GRAB Grab Holdings Ltd. Class A Reduce -96.4% 0.02% −0.44
XENE Xenon Pharmaceuticals Inc. Reduce -5.4% 1.09% −0.40
VCYT Veracyte Inc. Sold out 0.00% −0.39
GTLB Gitlab Inc. Class A Sold out 0.00% −0.39
WAL Western Alliance Bancorp Sold out 0.00% −0.38
GDS GDS Holdings Ltd. - ADR Reduce -96.6% 0.01% −0.38
PCVX Vaxcyte Inc. Reduce -93.1% 0.02% −0.37
RNAM Avidity Biosciences Inc. Sold out 0.00% −0.36
FLS Flowserve Corp. Reduce -35.6% 0.48% −0.35
SKY Champion Homes Inc. Sold out 0.00% −0.35
MP MP Materials Corp. Sold out 0.00% −0.33
FRSH Freshworks Inc. Class A Sold out 0.00% −0.33
PTCT PTC Therapeutics Inc. Reduce -30.0% 0.41% −0.33
ROKU Roku Inc. Sold out 0.00% −0.32
AIT Applied Industrial Tech Inc. Sold out 0.00% −0.31
ITGR Integer Holdings Corp. Sold out 0.00% −0.30
SE Sea Ltd.-ADR Reduce -37.1% 0.51% −0.29
CFLT Confluent Inc. Class A Reduce -70.4% 0.10% −0.28
EPI Wisdomtree India Earnings Reduce -87.9% 0.03% −0.28
SCCO Southern Copper Corp. Reduce -20.7% 0.68% −0.27
AGI Alamos Gold Inc. Class A Reduce -34.2% 0.32% −0.27
JBTM JBT Marel Corp. Reduce -32.0% 0.33% −0.27
EXLS Exlservice Holdings Inc. Reduce -31.6% 0.29% −0.26
TCOM Trip.com Group Ltd.-ADR Reduce -34.3% 0.26% −0.25
EVR Evercore Inc. Class A Sold out 0.00% −0.24
BAP Credicorp Ltd. Reduce -23.3% 0.79% −0.24
WIX Wix.com Ltd. Reduce -55.5% 0.14% −0.24
LTH Life Time Group Holdings Inc. Reduce -11.5% 0.68% −0.24
MMSI Merit Medical Systems Inc. Sold out 0.00% −0.23
NUVL Nuvalent Inc. Class A Reduce -59.3% 0.13% −0.23
DOCU Docusign Inc. Sold out 0.00% −0.23
GSHD Goosehead Insurance Inc. Class A Sold out 0.00% −0.21

Portfolio Buys Q1 2025 → Q2 2025

CRDO Credo Technology Group Holdi New 1.08% +1.08
HDB HDFC Bank Ltd.-ADR New 0.88% +0.88
ALAB Astera Labs Inc. Add +568.9% 0.97% +0.86
STNE Stoneco Ltd. Class A New 0.80% +0.80
CCJ Cameco Corp. Add +34.9% 1.58% +0.80
CORZ Core Scientific Inc. New 0.79% +0.79
STRL Sterling Infrastructure Inc. New 0.77% +0.77
FN Fabrinet New 0.68% +0.68
AVAV Aerovironment Inc. New 0.67% +0.67
SITM Sitime Corp. Add +298.5% 0.85% +0.67
OLLI Ollie's Bargain Outlet Holdi New 0.64% +0.64
LITE Lumentum Holdings Inc. New 0.60% +0.60
CLS Celestica Inc. New 0.59% +0.59
YMM Full Truck Alliance -SPN ADR New 0.56% +0.56
ARM Arm Holdings PLC-ADR Add +2166.2% 0.57% +0.55
TME Tencent Music Entertainm-ADR New 0.54% +0.54
RKLB Rocket Lab Corp. New 0.51% +0.51
MOS The Mosaic Co. Add +646.3% 0.57% +0.50
KRMN Karman Holdings Inc. Add +148.5% 0.71% +0.48
AXON Axon Enterprise Inc. Add +8.3% 1.54% +0.45
LRCX Lam Research Corp. New 0.45% +0.45
TMDX Transmedics Group Inc. Add +9.7% 0.92% +0.41
MTSI Macom Technology Solutions H New 0.40% +0.40
IDCC Interdigital Inc. New 0.37% +0.37
MIR Mirion Technologies Inc. New 0.35% +0.35
NU Nu Holdings Ltd./Cayman Isl-A New 0.34% +0.34
LOPE Grand Canyon Education Inc. Add +255.9% 0.49% +0.34
CVSA Covista Inc. New 0.34% +0.34
ROAD Construction Partners Inc. Class A Add +29.0% 0.91% +0.34
MOD Modine Manufacturing Co. Add +166.1% 0.51% +0.33
DAVE Dave Inc. Add +83.4% 0.41% +0.33
ODD Oddity Tech Ltd. Class A New 0.33% +0.33
DRS Leonardo DRS Inc. Add +90.7% 0.58% +0.32
RBRK Rubrik Inc. Class A New 0.31% +0.31
KTOS Kratos Defense & Security Add +38.6% 0.70% +0.31
CVNA Carvana Co. Add +6.2% 1.01% +0.30
PL Planet Labs PBC New 0.30% +0.30
AGX Argan Inc. New 0.28% +0.28
MGNI Magnite Inc. Add +15.5% 0.54% +0.27
COHR Coherent Corp. Add +53.1% 0.62% +0.27
VRNA Verona Pharma Ltd. New 0.26% +0.26
AVPT Avepoint Inc. Add +135.6% 0.41% +0.25
MRX Marex UK Holdings Ltd. New 0.24% +0.24
GH Guardant Health Inc. Add +28.1% 1.03% +0.24
UEC Uranium Energy Corp. Add +43.4% 0.57% +0.24
FIX Comfort Systems USA Inc. New 0.23% +0.23
PTGX Protagonist Therapeutics Inc. Add +222.3% 0.34% +0.23
LEU Centrus Energy Corp. Class A Add +39.5% 0.32% +0.22
LOAR Loar Holdings Inc. Add +91.2% 0.46% +0.22
SEPN Septerna Inc. Add +49.9% 0.40% +0.22

Notes & Other Activity Q1 2025 → Q2 2025

TACOW Berto Acquisition Corp. - 30 *W EXP 05/01/203 New 226,724 $180K
ATIIW Archimedes Tech-30 *W EXP 10/15/202 New 400,000 $154K
KFIIR K&F Growth Acquisition Corp. RIGHT 08/29/2031 New 1,200,000 $150K
NHICW Newhold Investment Corp. - 30 *W EXP 01/30/203 New 249,999 $80K
HYAC.WS Haymaker Acquisition Corp.-28 *W EXP 05/31/202 New 249,999 $63K
GSHRW Gesher Acquisition Corp. I-30 *W EXP 10/31/203 New 199,999 $62K
XRPNW Armada Acquisition Corp - A *W EXP 05/21/203 New 74,999 $20K
CCIXW Churchill Capital Corp. I-29 *W EXP 03/31/203 Sold out 12,499 $8Kbefore exit
ISPOW Inspirato -CW30 *W EXP 02/11/202 New 167,540 $2K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 353$17.3BTSM, DFTX, PRAX, XENE, SIMO
Q1 2026 354$13.6BTSM, PRAX, XENE, CRNX, PL
Q4 2025 385$14.7BTSM, CRNX, PRAX, GH, XENE
Q3 2025 418$14.0BTSM, CRNX, PL, SITM, XENE
Q2 2025 403$12.5BTSM, CCJ, IBN, AXON, CYBR
Q1 2025 388$10.4BTSM, IBN, CRNX, XENE, SFM
Q4 2024 375$12.1BTSM, CRNX, IBN, XENE, ALAB
Q3 2024 370$11.6BTSM, CRNX, TMDX, IBN, PCVX
Q2 2024Amended 361$10.3BTSM, CRNX, TMDX, CCJ, IBN
Q1 2024 380$10.0BTSM, SMCI, CRNX, XENE, CAMT