TAPESTRY, INC.

**Signal Note: Driehaus Capital initiates TPR position** Driehaus Capital's $30.5M entry into Tapestry (fashion/luxury goods) is notable given the fund's biotech-focused mandate, suggesting either portfolio diversification or conviction in TPR's operational turnaround under new leadership. However, without active clinical programs or near-term catalysts in TPR's business model, this represents a tactical position rather than biotech-specific alpha—investors should clarify whether this reflects sector rotation or a specific thesis on luxury goods recovery.