GRAHAM CORP

# Signal Note: Driehaus Capital initiates GHM position **What happened:** Driehaus Capital, a growth-focused fund with material biotech exposure, established a $22.8M position in Graham Corporation (GHM), a diversified industrial manufacturer with segments in aerospace, defense, and process equipment—notably *not* a direct biotech play. **Why it matters:** This signals either a strategic pivot toward industrial/aerospace exposure amid defense spending or potential M&A activity; however, without confirmed biotech-adjacent catalysts or pipeline developments, the rationale remains unclear and warrants monitoring for subsequent disclosure of investment thesis.