CREDICORP LTD

**Signal Note: Driehaus BAP Initiation** Driehaus's $135.5M entry into Credicorp (BAP), a Peruvian financial holding company, represents a notable macro/EM positioning move rather than a biotech-specific catalyst—inconsistent with the fund's stated growth biotech focus. This suggests either portfolio rebalancing toward EM financial exposure or conviction on Peru's economic reopening; the position carries currency and regulatory risk unrelated to drug development or clinical catalysts.