Cloudflare, Inc.

# Signal Note: Driehaus Growth Adds Cloudflare **Why it matters:** Driehaus Capital's entry into NET—a non-pharma infrastructure play—signals potential portfolio rotation away from biotech despite the fund's stated growth mandate and significant sector allocation. This $586K position in a cybersecurity/CDN provider may reflect caution on near-term biotech valuations or a broader rebalancing toward software-as-a-service exposure with more predictable cash flows.