Ulta Beauty, Inc.

**Signal Note: Driehaus Capital Initiates ULTA Position** This $14.3M position in Ulta Beauty by a growth-focused biotech-heavy fund is notable for what it *isn't*—a biotech play. The move suggests either (1) Driehaus is rotating biotech capital into high-growth consumer discretionary ahead of sector headwinds, or (2) sees ULTA as undervalued following recent weakness despite resilient beauty category fundamentals. Without accompanying biotech positions or sector commentary, the signal's relevance to biotech investors is limited unless part of a broader portfolio rebalancing away from current biotech valuations.