Driehaus Capital Management LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Driehaus Capital Management LLC reported 418 stock positions worth $14.0 billion. Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 4.5% of the portfolio, followed by Crinetics Pharmaceuticals (CRNX, 1.9%) and Planet Labs PBC (PL, 1.3%). Compared with Q2 2025, it opened 113 new positions, sold out of 98, added to 142 and reduced 137. The biggest buy was Planet Labs PBC (PL, shares +137%) and the biggest sale Cyberark Software Ltd./Israel (CYBR, shares −100%).
- Most Recent 13F
- Q2 2026
- Location
- Chicago, IL
- CIK
- 0000938206
- Portfolio Value
- $14.0B (Q3 2025)
- SEC Filing
- 0000938206-25-000056 ↗ filed Nov 14, 2025
Holdings Value
Holdings 418 stocks · $14.0B
| TSM Taiwan Semiconductor-SP ADR | 4.49% | 2,243,388 | $626.6M | Reduce -12.3% |
| CRNX Crinetics Pharmaceuticals Inc. | 1.93% | 6,481,613 | $270.0M | Add +1.3% |
| PL Planet Labs PBC | 1.34% | 14,372,467 | $186.6M | Add +137.1% |
| SITM Sitime Corp. | 1.24% | 575,208 | $173.3M | Add +14.9% |
| XENE Xenon Pharmaceuticals Inc. | 1.20% | 4,169,114 | $167.4M | Reduce -3.8% |
| IBN Icici Bank Ltd.-Spon ADR | 1.16% | 5,359,266 | $162.0M | Reduce -8.7% |
| ALAB Astera Labs Inc. | 1.16% | 825,269 | $161.6M | Reduce -38.7% |
| CCJ Cameco Corp. | 1.05% | 1,747,262 | $146.5M | Reduce -34.4% |
| CW Curtiss-Wright Corp. | 1.05% | 268,835 | $146.0M | Reduce -2.6% |
| RYTM Rhythm Pharmaceuticals Inc. | 1.00% | 1,383,775 | $139.7M | Add +9.0% |
| FN Fabrinet | 0.98% | 373,436 | $136.2M | Add +30.0% |
| GH Guardant Health Inc. | 0.96% | 2,152,315 | $134.5M | Reduce -13.1% |
| CRDO Credo Technology Group Holdi | 0.91% | 877,110 | $127.7M | Reduce -40.1% |
| UEC Uranium Energy Corp. | 0.91% | 9,487,816 | $126.6M | Reduce -10.2% |
| STRL Sterling Infrastructure Inc. | 0.87% | 357,683 | $121.5M | Reduce -14.2% |
| CVLT Commvault Systems Inc. | 0.86% | 638,119 | $120.5M | Add +2.8% |
| CVNA Carvana Co. | 0.86% | 317,908 | $119.9M | Reduce -14.7% |
| AXON Axon Enterprise Inc. | 0.85% | 164,990 | $118.4M | Reduce -29.1% |
| BAP Credicorp Ltd. | 0.84% | 442,153 | $117.7M | Add +0.4% |
| IDCC Interdigital Inc. | 0.82% | 330,138 | $114.0M | Add +61.0% |
| ROAD Construction Partners Inc. Class A | 0.81% | 893,323 | $113.5M | Reduce -16.5% |
| KRMN Karman Holdings Inc. | 0.80% | 1,553,648 | $112.2M | Reduce -12.3% |
| LEU Centrus Energy Corp. Class A | 0.80% | 359,426 | $111.4M | Add +66.2% |
| HDB HDFC Bank Ltd.-ADR | 0.78% | 3,205,345 | $109.5M | Add +12.1% |
| FTAI Ftai Aviation Ltd. | 0.78% | 655,078 | $109.3M | Add +12.6% |
| AVAV Aerovironment Inc. | 0.75% | 334,244 | $105.3M | Add +13.7% |
| WULF Terawulf Inc. | 0.74% | 9,006,964 | $102.9M | Add +168.5% |
| CR Crane Co. | 0.71% | 538,345 | $99.1M | Reduce -0.8% |
| LITE Lumentum Holdings Inc. | 0.71% | 607,082 | $98.8M | Reduce -22.8% |
| STNE Stoneco Ltd. Class A | 0.69% | 5,065,011 | $95.8M | Reduce -18.9% |
| MOD Modine Manufacturing Co. | 0.69% | 672,948 | $95.7M | Add +3.6% |
| NTRA Natera Inc. | 0.68% | 586,168 | $94.4M | Reduce -40.5% |
| PI Impinj Inc. | 0.67% | 514,500 | $93.0M | New |
| SEPN Septerna Inc. | 0.66% | 4,919,896 | $92.5M | Add +5.1% |
| BE Bloom Energy Corp. Class A | 0.66% | 1,087,724 | $92.0M | New |
| SCCO Southern Copper Corp. | 0.65% | 747,731 | $90.7M | Reduce -11.0% |
| VALE Vale SA-SP ADR | 0.64% | 8,186,514 | $88.9M | Add +97.5% |
| BBIO Bridgebio Pharma Inc. | 0.62% | 1,662,069 | $86.3M | Reduce -1.7% |
| APGE Apogee Therapeutics Inc. | 0.61% | 2,158,502 | $85.8M | Reduce -6.6% |
| KTOS Kratos Defense & Security | 0.60% | 911,297 | $83.3M | Reduce -51.5% |
| TMDX Transmedics Group Inc. | 0.59% | 738,158 | $82.8M | Reduce -13.6% |
| LOPE Grand Canyon Education Inc. | 0.59% | 377,134 | $82.8M | Add +16.1% |
| HCI Hci Group Inc. | 0.59% | 430,783 | $82.7M | Reduce -8.3% |
| RSI Rush Street Interactive Inc. | 0.59% | 4,033,625 | $82.6M | Add +82.5% |
| XMTR Xometry Inc. Class A | 0.58% | 1,497,085 | $81.5M | Add +105.4% |
| RKLB Rocket Lab Corp. | 0.58% | 1,678,106 | $80.4M | Reduce -5.0% |
| CLS Celestica Inc. | 0.56% | 318,472 | $78.5M | Reduce -32.5% |
| BOOT Boot Barn Holdings Inc. | 0.56% | 473,343 | $78.4M | Add +20.0% |
| PAAS Pan American Silver Corp. | 0.56% | 2,024,855 | $78.4M | Add +20.0% |
| CPA Copa Holdings SA Class A | 0.56% | 654,390 | $77.8M | Add +753.0% |
| ITUB Itau Unibanco H-Spon PRF ADR | 0.56% | 10,590,674 | $77.7M | Reduce -10.1% |
| TCOM Trip.com Group Ltd.-ADR | 0.55% | 1,021,881 | $76.8M | Add +87.2% |
| OLLI Ollie's Bargain Outlet Holdi | 0.55% | 597,777 | $76.8M | Reduce -2.2% |
| PTGX Protagonist Therapeutics Inc. | 0.54% | 1,139,854 | $75.7M | Add +50.4% |
| PAY Paymentus Holdings Inc. Class A | 0.54% | 2,469,073 | $75.6M | Reduce -2.9% |
| SRRK Scholar Rock Holding Corp. | 0.54% | 2,023,959 | $75.4M | Add +71.9% |
| EOSE Eos Energy Enterprises Inc. | 0.54% | 6,565,509 | $74.8M | Reduce -6.8% |
| ARWR Arrowhead Pharmaceuticals Inc. | 0.52% | 2,099,398 | $72.4M | New |
| AMSC American Superconductor Corp. | 0.52% | 1,218,944 | $72.4M | Add +45.1% |
| MELI MercadoLibre Inc. | 0.51% | 30,258 | $70.7M | Reduce -44.5% |
| CORZ Core Scientific Inc. | 0.51% | 3,935,066 | $70.6M | Reduce -31.6% |
| TME Tencent Music Entertainm-ADR | 0.50% | 2,984,661 | $69.7M | Reduce -13.4% |
| PTCT PTC Therapeutics Inc. | 0.50% | 1,131,749 | $69.5M | Add +6.9% |
| CRS Carpenter Technology | 0.48% | 273,946 | $67.3M | Reduce -40.0% |
| WFRD Weatherford International PL | 0.47% | 964,181 | $66.0M | Add +85.6% |
| EYE National Vision Holdings Inc. | 0.47% | 2,256,000 | $65.9M | Add +128.3% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.46% | 4,016,759 | $64.3M | Add +27.9% |
| CVSA Covista Inc. filed as ADTALEM GLOBAL ED INC | 0.46% | 412,303 | $63.7M | Add +25.1% |
| FTI Technipfmc PLC | 0.45% | 1,577,454 | $62.2M | Reduce -3.4% |
| SRAD Sportradar Group AG-A | 0.44% | 2,280,929 | $61.4M | Reduce -25.0% |
| TARS Tarsus Pharmaceuticals Inc. | 0.44% | 1,031,041 | $61.3M | Add +17.6% |
| DAVE Dave Inc. | 0.44% | 307,038 | $61.2M | Add +60.0% |
| QBTS D-Wave Quantum Inc. | 0.43% | 2,443,818 | $60.4M | Add +102.0% |
| LRN Stride Inc. | 0.41% | 388,326 | $57.8M | Reduce -21.9% |
| FLS Flowserve Corp. | 0.40% | 1,062,377 | $56.5M | Reduce -6.5% |
| IBP Installed Building Products | 0.40% | 228,621 | $56.4M | New |
| AEM Agnico Eagle Mines Ltd. | 0.40% | 333,700 | $56.2M | Add +8681.6% |
| EMBJ Embraer SA-Spon ADR | 0.40% | 928,957 | $56.2M | Add +18.1% |
| VSEC Vse Corp. | 0.40% | 337,693 | $56.1M | Reduce -13.5% |
| MP MP Materials Corp. | 0.40% | 829,122 | $55.6M | New |
| ECG Everus Construction Group | 0.40% | 647,847 | $55.6M | New |
| HAPN Happen Inc. filed as LENDINGCLUB CORP | 0.40% | 3,648,498 | $55.4M | Reduce -8.4% |
| MDGL Madrigal Pharmaceuticals Inc. | 0.38% | 115,974 | $53.2M | New |
| KYMR Kymera Therapeutics Inc. | 0.38% | 939,094 | $53.2M | Add +0.6% |
| FSS Federal Signal Corp. | 0.38% | 444,585 | $52.9M | Add +0.3% |
| VC Visteon Corp. | 0.37% | 429,512 | $51.5M | New |
| SPXC SPX Technologies Inc. | 0.37% | 275,376 | $51.4M | Add +87.1% |
| PWR Quanta Services Inc. | 0.36% | 122,297 | $50.7M | Reduce -9.1% |
| ASTS Ast Spacemobile Inc. | 0.36% | 1,025,758 | $50.3M | Add +196.9% |
| ESE Esco Technologies Inc. | 0.35% | 234,292 | $49.5M | Reduce -17.6% |
| JBTM JBT Marel Corp. | 0.35% | 343,750 | $48.3M | Reduce -0.3% |
| HOOD Robinhood Markets Inc. Class A | 0.34% | 336,042 | $48.1M | Reduce -33.1% |
| COHR Coherent Corp. | 0.34% | 438,852 | $47.3M | Reduce -49.6% |
| MTSI Macom Technology Solutions H | 0.33% | 374,890 | $46.7M | Add +7.5% |
| GRAB Grab Holdings Ltd. Class A | 0.33% | 7,700,582 | $46.4M | Add +1910.0% |
| LTH Life Time Group Holdings Inc. | 0.33% | 1,675,467 | $46.2M | Reduce -40.2% |
| MIR Mirion Technologies Inc. | 0.33% | 1,987,869 | $46.2M | Reduce -1.0% |
| WVE Wave Life Sciences Ltd. | 0.33% | 6,298,060 | $46.1M | Reduce -3.6% |
| ADPT Adaptive Biotechnologies | 0.32% | 3,019,940 | $45.2M | Add +24.6% |
| PRCH Porch Group Inc. | 0.32% | 2,678,509 | $44.9M | Reduce -16.0% |
Other holdings (13): bonds, preferreds, convertibles and warrants · $1.3M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| PGYWW Pagaya Technologies Ltd. -27 | *W EXP 99/99/999 | 480,716 | $240K | No change |
| TACOW Berto Acquisition Corp. - 30 | *W EXP 05/01/203 | 226,724 | $159K | No change |
| OACCW Oaktree Acquisition III -31 | *W EXP 09/01/203 | 180,000 | $157K | No change |
| KFIIR K&F Growth Acquisition Corp. | RIGHT 08/29/2031 | 1,200,000 | $156K | No change |
| ATIIW Archimedes Tech-30 | *W EXP 10/15/202 | 400,000 | $140K | No change |
| HYAC.WS Haymaker Acquisition Corp.-28 | *W EXP 05/31/202 | 249,999 | $100K | No change |
| NHICW Newhold Investment Corp. - 30 | *W EXP 01/30/203 | 249,999 | $90K | No change |
| XRPNW Armada Acquisition Corp - A | *W EXP 05/21/203 | 74,999 | $71K | No change |
| GSHRW Gesher Acquisition Corp. I-30 | *W EXP 10/31/203 | 199,999 | $64K | No change |
| BAERW Wildfire New Pubco Inc.-27 | *W EXP 01/24/202 | 620,220 | $50K | No change |
| RVMDW Revolution Medicines Inc.-28 | *W EXP 12/17/202 | 135,000 | $41K | No change |
| BLUWW Blue Water Acquisition-CW26 | *W EXP 05/23/203 | 112,500 | $16K | No change |
| ISPOW Inspirato -CW30 | *W EXP 02/11/202 | 167,540 | $2K | No change |
Total filed on the 13F, all lines: $14.0B.
Portfolio Sells Q2 2025 → Q3 2025
| CYBR Cyberark Software Ltd./Israel | Reduce -99.7% | 0.01% | −1.48 |
| AXON Axon Enterprise Inc. | Reduce -29.1% | 0.85% | −0.69 |
| UPST Upstart Holdings Inc. | Sold out | 0.00% | −0.66 |
| NTRA Natera Inc. | Reduce -40.5% | 0.68% | −0.66 |
| MELI MercadoLibre Inc. | Reduce -44.5% | 0.51% | −0.63 |
| PLMR Palomar Holdings Inc. | Sold out | 0.00% | −0.59 |
| DRS Leonardo DRS Inc. | Sold out | 0.00% | −0.58 |
| ARM Arm Holdings PLC-ADR | Sold out | 0.00% | −0.57 |
| YMM Full Truck Alliance -SPN ADR | Reduce -95.2% | 0.03% | −0.54 |
| CCJ Cameco Corp. | Reduce -34.4% | 1.05% | −0.53 |
| CRS Carpenter Technology | Reduce -40.0% | 0.48% | −0.53 |
| BROS Dutch Bros Inc. Class A | Reduce -49.0% | 0.28% | −0.52 |
| NTNX Nutanix Inc. Class A | Reduce -82.8% | 0.09% | −0.51 |
| MNDY Monday.com Ltd. | Sold out | 0.00% | −0.51 |
| SFM Sprouts Farmers Market Inc. | Sold out | 0.00% | −0.50 |
| ALKT Alkami Technology Inc. | Sold out | 0.00% | −0.49 |
| MOS The Mosaic Co. | Reduce -80.0% | 0.10% | −0.47 |
| GPOR Gulfport Energy Corp. | Reduce -51.8% | 0.30% | −0.47 |
| LOAR Loar Holdings Inc. | Sold out | 0.00% | −0.46 |
| MRUS Merus NV | Reduce -87.0% | 0.12% | −0.46 |
| IBN Icici Bank Ltd.-Spon ADR | Reduce -8.7% | 1.16% | −0.42 |
| SKWD Skyward Specialty Insurance | Reduce -52.5% | 0.22% | −0.41 |
| GKOS Glaukos Corp. | Sold out | 0.00% | −0.41 |
| AVPT Avepoint Inc. | Sold out | 0.00% | −0.41 |
| LRCX Lam Research Corp. | Reduce -92.1% | 0.04% | −0.40 |
| ACVA Acv Auctions Inc. Class A | Sold out | 0.00% | −0.36 |
| ADMA Adma Biologics Inc. | Sold out | 0.00% | −0.36 |
| KNF Knife River Corp. | Sold out | 0.00% | −0.35 |
| ONC Beone Medicines Ltd.-ADR | Reduce -93.3% | 0.03% | −0.35 |
| LTH Life Time Group Holdings Inc. | Reduce -40.2% | 0.33% | −0.35 |
| TMDX Transmedics Group Inc. | Reduce -13.6% | 0.59% | −0.32 |
| CAVA Cava Group Inc. | Sold out | 0.00% | −0.32 |
| SE Sea Ltd.-ADR | Reduce -61.9% | 0.20% | −0.32 |
| AGI Alamos Gold Inc. Class A | Sold out | 0.00% | −0.32 |
| MGNI Magnite Inc. | Reduce -45.5% | 0.24% | −0.30 |
| EXLS Exlservice Holdings Inc. | Sold out | 0.00% | −0.29 |
| COHR Coherent Corp. | Reduce -49.6% | 0.34% | −0.28 |
| CORZ Core Scientific Inc. | Reduce -31.6% | 0.51% | −0.28 |
| BRBR Bellring Brands Inc. | Sold out | 0.00% | −0.28 |
| TWLO Twilio Inc. Class A | Sold out | 0.00% | −0.27 |
| AR Antero Resources Corp. | Reduce -64.7% | 0.09% | −0.26 |
| VRNA Verona Pharma Ltd. | Sold out | 0.00% | −0.26 |
| GGAL Grupo Financiero Galicia-ADR | Reduce -14.1% | 0.19% | −0.26 |
| CAKE The Cheesecake Factory Inc. | Sold out | 0.00% | −0.25 |
| ESAB Esab Corp. | Sold out | 0.00% | −0.25 |
| SLNO Soleno Therapeutics Inc. | Reduce -96.6% | 0.01% | −0.25 |
| SRAD Sportradar Group AG-A | Reduce -25.0% | 0.44% | −0.24 |
| MRX Marex UK Holdings Ltd. | Sold out | 0.00% | −0.24 |
| BV Brightview Holdings Inc. | Sold out | 0.00% | −0.23 |
| SEI Solaris Energy Infrastructur | Reduce -57.2% | 0.28% | −0.23 |
Portfolio Buys Q2 2025 → Q3 2025
| PL Planet Labs PBC | Add +137.1% | 1.34% | +1.04 |
| PI Impinj Inc. | New | 0.67% | +0.67 |
| BE Bloom Energy Corp. Class A | New | 0.66% | +0.66 |
| WULF Terawulf Inc. | Add +168.5% | 0.74% | +0.62 |
| ARWR Arrowhead Pharmaceuticals Inc. | New | 0.52% | +0.52 |
| CPA Copa Holdings SA Class A | Add +753.0% | 0.56% | +0.49 |
| LEU Centrus Energy Corp. Class A | Add +66.2% | 0.80% | +0.48 |
| CRNX Crinetics Pharmaceuticals Inc. | Add +1.3% | 1.93% | +0.46 |
| IDCC Interdigital Inc. | Add +61.0% | 0.82% | +0.45 |
| IBP Installed Building Products | New | 0.40% | +0.40 |
| AEM Agnico Eagle Mines Ltd. | Add +8681.6% | 0.40% | +0.40 |
| MP MP Materials Corp. | New | 0.40% | +0.40 |
| ECG Everus Construction Group | New | 0.40% | +0.40 |
| SITM Sitime Corp. | Add +14.9% | 1.24% | +0.39 |
| XMTR Xometry Inc. Class A | Add +105.4% | 0.58% | +0.39 |
| MDGL Madrigal Pharmaceuticals Inc. | New | 0.38% | +0.38 |
| VC Visteon Corp. | New | 0.37% | +0.37 |
| RYTM Rhythm Pharmaceuticals Inc. | Add +9.0% | 1.00% | +0.36 |
| RSI Rush Street Interactive Inc. | Add +82.5% | 0.59% | +0.33 |
| THO Thor Industries Inc. | New | 0.32% | +0.32 |
| GRAB Grab Holdings Ltd. Class A | Add +1910.0% | 0.33% | +0.32 |
| HUT Hut 8 Corp. | New | 0.32% | +0.32 |
| VALE Vale SA-SP ADR | Add +97.5% | 0.64% | +0.31 |
| FN Fabrinet | Add +30.0% | 0.98% | +0.30 |
| OUST Ouster Inc. | New | 0.30% | +0.30 |
| TCOM Trip.com Group Ltd.-ADR | Add +87.2% | 0.55% | +0.29 |
| QBTS D-Wave Quantum Inc. | Add +102.0% | 0.43% | +0.29 |
| EYE National Vision Holdings Inc. | Add +128.3% | 0.47% | +0.29 |
| SITE Siteone Landscape Supply Inc. | New | 0.29% | +0.29 |
| USAR USA Rare Earth Inc. | New | 0.28% | +0.28 |
| LIVN Livanova PLC | New | 0.28% | +0.28 |
| AMSC American Superconductor Corp. | Add +45.1% | 0.52% | +0.27 |
| SEPN Septerna Inc. | Add +5.1% | 0.66% | +0.27 |
| WYFI Whitefiber Inc. | New | 0.27% | +0.27 |
| WFRD Weatherford International PL | Add +85.6% | 0.47% | +0.26 |
| FTAI Ftai Aviation Ltd. | Add +12.6% | 0.78% | +0.25 |
| TNL Travel + Leisure Co. | New | 0.24% | +0.24 |
| AMPX Amprius Technologies Inc. | New | 0.23% | +0.23 |
| ASTS Ast Spacemobile Inc. | Add +196.9% | 0.36% | +0.23 |
| SMTC Semtech Corp. | New | 0.23% | +0.23 |
| IESC Ies Holdings Inc. | New | 0.23% | +0.23 |
| VRNS Varonis Systems Inc. | New | 0.23% | +0.23 |
| AMBA Ambarella Inc. | New | 0.23% | +0.23 |
| HBM Hudbay Minerals Inc. | New | 0.22% | +0.22 |
| MYRG MYR Group Inc./Delaware | Add +236.1% | 0.31% | +0.22 |
| QFIN Qfin Holdings Inc.-ADR | New | 0.21% | +0.21 |
| SNEX Stonex Group Inc. | Add +232.6% | 0.31% | +0.21 |
| EVLV Evolv Technologies Holdings | New | 0.21% | +0.21 |
| PTGX Protagonist Therapeutics Inc. | Add +50.4% | 0.54% | +0.21 |
| SRRK Scholar Rock Holding Corp. | Add +71.9% | 0.54% | +0.21 |
Notes & Other Activity Q2 2025 → Q3 2025
| DYNCW Dynamix Corp. - 29 | *W EXP 10/25/202 | Sold out | 450,000 | $162Kbefore 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 |