Summary

• Driehaus International Small Cap Growth Strategy declined 2.52% in Q1 2026, underperforming its benchmark by 162 basis points due to stock selection challenges.
• Strong contributions came from communication services and energy sectors, while information technology and materials detracted amid margin compression and cautious demand outlooks.
• Country positioning shifted with increased exposure to Japan, UK, Switzerland, Taiwan, and South Korea, while remaining underweight in India and emerging markets due to short-term headwinds.
• Despite geopolitical risks and volatile energy prices, I maintain a favorable outlook on European and Japanese markets, focusing on sectors benefiting from infrastructure and AI-driven demand.

Market Overview

They say history doesn't repeat, but it often rhymes. In markets it's widely held the four most dangerous words ever uttered are "this time it's different". Well, here we go again. This time last year it was tariffs and

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