IES Holdings, Inc.

# Signal Note: Driehaus Initiates $30M Position in IESC **Signal:** Growth-focused Driehaus Capital's $30M entry into IES Holdings signals conviction in the company's nearterm catalysts, likely tied to clinical trial readouts or regulatory milestones in its pipeline. The position size (~77k shares at $390/share valuation) indicates meaningful conviction despite IESC's historically lower institutional ownership in growth portfolios. Key to monitor: upcoming data releases, FDA interactions, and whether this reflects broader sector rotation into undervalued biotech development-stage assets.