Driehaus Capital Management LLC

Driehaus Capital Management LLC declares $3.9B in 65 of the 230 AI and semiconductor companies tracked on Silicon Floor, as of Jun 30, 2026 (Form 13F): 22.8% of its $17.3B 13F portfolio. Largest positions: TSMC (0.02% of the company) and Silicon Motion (2.3% of the company). Over time: $3.9B in 65 of these companies for Q2 2026, against $379.7M in 38 for Q4 2019 (13F values as filed). From Mar 31, 2026 to Jun 30, 2026, it bought $995.6M and sold $1.2B of these stocks, at the quarter's prices: a net sale of $241.6M; 15 new positions and 6 sold out.

Performance of its AI picks

The AI-stock portfolio Driehaus Capital Management LLC declared for Q2 2026 (Form 13F), held unchanged, returned -22.0% in Q3 2026 (SMH -7.1%), ranked 1761 of 1,783 active managers. Over the last 12 months, quarter after quarter: +54.7% (SMH +87.2%), ranked 140 of 1,359 active managers. Over three years, quarter after quarter: +283.7% (SMH +325.8%), ranked 38 of 783 active managers. Over five years, quarter after quarter: +285.6% (SMH +389.8%). Trades made during a quarter are not visible in 13F filings: this measures its declared picks, not the return of its funds.

Largest positions

1. TSMC (TSM) — $470.2M: 984,500 shares, 0.02% of the company, 2.7% of its portfolio (trimmed this quarter); held since Q4 2019 or earlier
2. Silicon Motion (SIMO) — $262.0M: 786,074 shares, 2.3% of the company, 1.5% of its portfolio (added this quarter); held since Q2 2025
3. Vicor (VICR) — $188.6M: 496,507 shares, 1.1% of the company, 1.1% of its portfolio (added this quarter); held since Q1 2026
4. Ultra Clean (UCTT) — $186.7M: 1.3M shares, 2.9% of the company, 1.1% of its portfolio (added this quarter); held since Q3 2025
5. TeraWulf (WULF) — $152.2M: 6.2M shares, 1.2% of the company, 0.88% of its portfolio (added this quarter); held since Q2 2025
6. Credo (CRDO) — $140.6M: 517,062 shares, 0.28% of the company, 0.81% of its portfolio (new position this quarter)
7. nLIGHT (LASR) — $138.3M: 2.0M shares, 3.4% of the company, 0.80% of its portfolio (added this quarter); held since Q4 2025
8. Onto Innovation (ONTO) — $134.2M: 354,650 shares, 0.72% of the company, 0.78% of its portfolio (added this quarter); held since Q3 2025
9. SiTime (SITM) — $128.3M: 172,133 shares, 0.57% of the company, 0.74% of its portfolio (trimmed this quarter); held since Q2 2024
10. Solaris Energy Infrastructure (SEI) — $127.5M: 1.6M shares, 2.1% of the company, 0.74% of its portfolio (trimmed this quarter); held since Q4 2024
11. Sterling Infrastructure (STRL) — $120.6M: 143,684 shares, 0.47% of the company, 0.70% of its portfolio (trimmed this quarter); held since Q2 2025
12. Bloom Energy (BE) — $118.1M: 390,259 shares, 0.13% of the company, 0.68% of its portfolio (trimmed this quarter); held since Q3 2025
13. Modine (MOD) — $112.9M: 422,646 shares, 0.80% of the company, 0.65% of its portfolio (trimmed this quarter); held since Q4 2022
14. Cadence (CDNS) — $110.2M: 293,693 shares, 0.11% of the company, 0.64% of its portfolio (new position this quarter)
15. Coherent (COHR) — $102.4M: 259,497 shares, 0.13% of the company, 0.59% of its portfolio (trimmed this quarter); held since Q1 2024

By sector

• Power, electrical & cooling — $969.7M, 25% of its AI holdings, 14 companies
• Chips & compute — $690.3M, 18% of its AI holdings, 8 companies
• Equipment & test — $606.0M, 15% of its AI holdings, 12 companies
• Interconnect — $417.3M, 11% of its AI holdings, 5 companies
• Neoclouds & data centers — $395.2M, 10% of its AI holdings, 10 companies
• Optics — $342.4M, 9% of its AI holdings, 5 companies
• Memory & storage — $314.7M, 8% of its AI holdings, 3 companies
• AI software — $141.7M, 4% of its AI holdings, 3 companies
• Servers & systems — $55.2M, 1% of its AI holdings, 1 company
• Cloud & AI giants — $9.1M, 0% of its AI holdings, 4 companies

Biggest changes this quarter

• trimmed Fabrinet (FN): -$209.7M at the quarter's price
• opened a position in Credo (CRDO): +$140.6M at the quarter's price
• trimmed Bloom Energy (BE): -$139.1M at the quarter's price
• trimmed TSMC (TSM): -$133.9M at the quarter's price
• trimmed Lumentum (LITE): -$125.5M at the quarter's price
• added to Vicor (VICR): +$116.6M at the quarter's price
• opened a position in Cadence (CDNS): +$110.2M at the quarter's price
• trimmed Coherent (COHR): -$101.3M at the quarter's price
• opened a position in Astera Labs (ALAB): +$94.0M at the quarter's price
• added to Silicon Motion (SIMO): +$92.0M at the quarter's price

Schedule 13D/G declarations

• Solaris Energy Infrastructure (SEI) — 13G filed Nov 14, 2025: 961,547 shares as of Sep 30, 2025, 2.2% as declared
• Solaris Energy Infrastructure (SEI) — 13G filed May 15, 2025: 2.0M shares as of Mar 31, 2025, 5.3% as declared

Other holders of this size

• ABN AMRO Bank N.V. — $3.9B in 62 of these companies
• Aware Super Pty Ltd as trustee of Aware Super — $3.9B in 62 of these companies
• Ethic Inc. — $3.9B in 153 of these companies
• Fundsmith LLP — $4.0B in 8 of these companies
• Williams Jones Wealth Management, LLC. — $3.9B in 77 of these companies
• Mirova US LLC — $4.0B in 16 of these companies
• Anther Capital Ltd — $3.9B in 18 of these companies
• WHITTIER TRUST CO — $4.0B in 115 of these companies

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