Summary

• The Driehaus Emerging Markets Growth Strategy gained 3.69%, net of fees, in the first quarter of 2026, outperforming the MSCI Emerging Markets Index by 386 basis points, as the index returned -0.17%.
• Industrials detracted on a relative basis and represented the weakest sector for the quarter.
• While March was a difficult month for emerging market returns, we continue to see the recent strength in emerging equities to be supported by strong demand trends.

Market Overview

The first quarter opened with a powerful risk-on tone and a notable shift toward broader, more globally balanced leadership: equities rose in January as Global and Emerging Markets (EM) outperformed domestic stocks, aided by a weaker U.S. dollar, strong

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