Summary

• The Driehaus Emerging Markets Small Cap Equity Strategy gained 6.38% in the first quarter of 2026, outperforming the MSCI Emerging Markets Small Cap Index by 712 basis points, as the Index returned -0.74%.
• Stock selection was the primary driver of outperformance, with the largest contributions coming from Industrials and Technology, alongside positive results from Energy and Materials.
• From a country standpoint, Taiwan, India, and Argentina were the largest contributors, while China, Saudi Arabia, and the United Arab Emirates were the largest detractors.

Market Overview

The first quarter of 2026 saw a resurgence in global market volatility, as conflict in the Middle East drove a sharp rise in energy prices. At the same time, questions around artificial intelligence (AI) disruption of the software

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