Driehaus Capital Portfolio
13F Holdings & Position Changes — Last filed May 15, 2026
13F Holdings & Position Changes — Last filed May 15, 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 (Q1 2026), the fund holds 314 positions worth $12.3B. This quarter they initiated 55 new positions and exited 521. Their largest holding is PRAX ($305.8M).
Driehaus initiated 55 new positions and increased 124 this quarter. Portfolio grew +482.1% to $12.3B. 1000 upcoming catalysts across holdings.
Portfolio Value (13F)
$12.3B
Holdings
314
Top 10 Concentration
16.2%
QoQ Change
+482.1%
Turnover
9.5%
Portfolio Value Trend
Be first to know when Driehaus Capital files next quarter
Get an email the moment new buys, exits, and conviction changes hit. Free 14-day trial.
| # | Ticker | Company | Change | Value | % of Portfolio | SI % Float ? | Trend |
|---|---|---|---|---|---|---|---|
| 1 | PRAX | Praxis Precision Medicines, Inc. | Increased | $305.8M | 2.49% | 12.8% | — |
| 2 | XENE | Xenon Pharmaceuticals Inc. | Decreased | $261.2M | 2.13% | 4.6% | — |
| 3 | CRNX | Crinetics Pharmaceuticals Inc. | Held | $232.3M | 1.89% | 14.3% | — |
| 4 | PL-WT | Planet Labs PBC | Decreased | $221.3M | 1.80% | — | — |
| 5 | FN | Fabrinet | Increased | $204.0M | 1.66% | 9.1% | — |
| 6 | APGE | Apogee Therapeutics Inc. | Decreased | $161.7M | 1.32% | 22.0% | — |
| 7 | LITE | Lumentum Holdings Inc. | Increased | $160.9M | 1.31% | 13.2% | — |
| 8 | BAP | Credicorp Ltd. | Decreased | $152.9M | 1.25% | — | — |
| 9 | FTAIN | FTAI Aviation Ltd. | Decreased | $142.0M | 1.16% | — | — |
| 10 | EWTX | Edgewise Therapeutics, Inc. | Increased↑2Q | $141.1M | 1.15% | 13.1% |
Share changes reflect active decisions. Value changes include price moves.
Track this fund’s next move
13F changes, conviction shifts, and catalyst alerts across all 20 specialist biotech funds — free Monday brief.
See all 314 holdings (you're viewing the top 10), plus 2 quarters of position history.
No charge for 14 days · Cancel anytime
Driehaus Capital held 314 biotech stocks in their 13F portfolio this quarter. Their top positions include PRAX, XENE, CRNX, PL-WT, FN. 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 $12.3B across 314 positions, with total assets under management of approximately $28B. Portfolio values are based on 13F filings with the SEC.
Driehaus Capital initiated 55 new positions this quarter, including DFTX, MEOH, TSEM, TNRSF, UMC and 50 more. They also increased 124 existing positions.
Driehaus Capital fully exited 521 positions this quarter, including BCC, DDOG, GENI, BRCB, DECK and 516 more. They also trimmed 131 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.
Track specialist biotech funds, insider signals, and AI analysis
Start 14-Day Free Trial