Driehaus Capital Portfolio
13F Holdings & Position Changes — Last filed Aug 14, 2026
13F Holdings & Position Changes — Last filed Aug 14, 2026
Growth-oriented investment firm founded by Richard Driehaus (d. 2021), now led by CEO Steve Weber. Michael Caldwell manages the healthcare/life sciences portfolio, applying growth-at-a-reasonable-price philosophy to biotech with a focus on companies with accelerating revenue growth and approaching commercial inflection points.
Driehaus Capital is a $28B biotech-focused hedge fund managed by Michael Caldwell (Healthcare PM). As of their latest 13F filing (Q2 2026), the fund holds 317 positions worth $15.6B. This quarter they initiated 40 new positions and exited 558. Their largest holding is DFTX ($322.0M).
Driehaus initiated 40 new positions and increased 163 this quarter. Portfolio grew +552.7% to $15.6B. 1000 upcoming catalysts across holdings.
Portfolio Value (13F)
$15.6B
Holdings
317
Top 10 Concentration
16.4%
QoQ Change
+552.7%
Turnover
6.8%
Portfolio Value Trend
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| # | Ticker | Company | Change | Value | % of Portfolio | SI % Float ? | Trend |
|---|---|---|---|---|---|---|---|
| 1 | DFTX | Definium Therapeutics, Inc. | Increased | $322.0M | 2.06% | 6.7% | — |
| 2 | PRAX | Praxis Precision Medicines, Inc. | Increased | $321.1M | 2.05% | 13.3% | — |
| 3 | XENE | Xenon Pharmaceuticals Inc. | Decreased | $266.7M | 1.70% | 5.9% | — |
| 4 | SIMO | Silicon Motion Technology Corp. | Increased | $262.0M | 1.68% | — | — |
| 5 | SYRE | Spyre Therapeutics, Inc. | Held | $248.5M | 1.59% | — | — |
| 6 | CRNX | Crinetics Pharmaceuticals Inc. | Increased | $241.9M | 1.55% | 7.3% | — |
| 7 | APGE | Apogee Therapeutics Inc. | Decreased | $231.0M | 1.48% | 7.3% | — |
| 8 | GH | Guardant Health Inc. | Held | $230.1M | 1.47% | — | — |
| 9 | PL-WT | Planet Labs PBC | Decreased↓2Q | $222.7M | 1.42% | — | |
| 10 | BAP | Credicorp Ltd. | Increased | $217.1M | 1.39% | — | — |
Share changes reflect active decisions. Value changes include price moves.
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Driehaus Capital held 317 biotech stocks in their 13F portfolio this quarter. Their top positions include DFTX, PRAX, XENE, SIMO, SYRE. The full holdings table is available on BiotechEdge with position sizes, quarter-over-quarter changes, and AI analysis.
Driehaus Capital's tracked biotech portfolio is worth $15.6B across 317 positions, with total assets under management of approximately $28B. Portfolio values are based on 13F filings with the SEC.
Driehaus Capital initiated 40 new positions this quarter, including CDNS, BAND, FLYW, FROG, AAMI and 35 more. They also increased 163 existing positions.
Driehaus Capital fully exited 558 positions this quarter, including DPZ, BMEA, BCC, NVT, ETN and 553 more. They also trimmed 96 existing positions.
Growth-oriented investment firm founded by Richard Driehaus (d. 2021), now led by CEO Steve Weber. Michael Caldwell manages the healthcare/life sciences portfolio, applying growth-at-a-reasonable-price philosophy to biotech with a focus on companies with accelerating revenue growth and approaching commercial inflection points.
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