Cannae Holdings, Inc.

**Signal Note: Driehaus Capital initiates CNNE position** Driehaus' $6.5M entry into Cannae Holdings—a diversified holding company with significant healthcare/insurance exposure rather than a direct biotech play—signals conviction in its operational restructuring and portfolio optimization strategy. This move appears portfolio-diversification oriented rather than driven by a specific clinical catalyst, as Cannae's value proposition centers on its stake in Landry's Inc. and insurance ventures rather than drug development pipelines.