Summary

• The Driehaus Small/Mid Cap Growth strategy outperformed its benchmark, the Russell 2500 Growth Index, by approximately 450 basis points for the first quarter of 2026.
• The strategy gained 0.98% versus a decline of 3.52% for the Russell 2500 Growth, a gain of 2.04% for the Russell 2500, and a decline of 4.60% for the S&P 500.
• From a sector perspective, the top two contributing sectors on a relative basis for the quarter were information technology and industrials.

Market Overview

The March quarter started off well as January and February were strong opening months for the U.S. equity market. Key drivers of the market were favorable, including: strong economic growth, robust earnings (especially for small caps), the Federal Reserve's

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