AGNICO EAGLE MINES LTD

**Signal Note: Driehaus Capital Initiates AEM Position** This signals an unusual move for a growth-focused biotech-allocated manager into a gold mining company, likely reflecting either a portfolio rebalancing toward inflation hedges or conviction on AEM's operational/M&A catalysts amid rising real rates. The $35.5M position size is material but not transformational for the fund, suggesting conviction rather than a thematic pivot away from biotech exposure. *Note: This appears to be a data error or portfolio diversification play—AEM is a precious metals miner, not a biotech holding, so biotech-specific catalysts are not applicable.*