AMERICAN EXPRESS CO

**Signal Note: Driehaus Capital Initiates AXP Position** This $31.7M position in American Express (AXP) represents a notable departure from Driehaus Capital's core biotech mandate, suggesting either portfolio diversification or a tactical trade rather than a thematic biotech conviction. Without disclosed rationale, the timing and size warrant monitoring—Driehaus's growth orientation typically favors high-beta names, making a major fintech/payments position unusual unless tied to expected market rotation or specific macro thesis.