Driehaus Event Driven Fund
DEVDX
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- Driehaus Event Driven Fund (DEVDX) is an open-end mutual fund managed by Driehaus Capital Management LLC that seeks superior risk-adjusted returns with low correlations to major asset classes and lower volatility than the S&P 500 Index through event-driven strategies exploiting inefficiencies in U.S. and foreign equity and debt markets. The fund employs long/short positions across core strategies including risk arbitrage on mergers and acquisitions, event-driven equity targeting activism, spin-offs, IPOs, and leveraged buyouts, event-driven credit in high-yield bonds, refinancings, and change-of-control opportunities, as well as portfolio hedges; it invests opportunistically in equities, bonds, derivatives such as credit default swaps and total return swaps, and other securities mispriced due to corporate actions like bankruptcies, restructurings, and special situations. Domiciled in the United States and available primarily to U.S. investors, the fund operates globally with exposure to U.S. stocks (39%), U.S. bonds (20%), cash (22%), non-U.S. securities, and other assets, targeting institutional and individual clients with a minimum initial investment of $10,000. Launched on August 26, 2013, and headquartered at 25 E. Erie Street in Chicago, Illinois, the fund is actively managed by a team led by Portfolio Managers Michael Caldwell (since inception), Yoav Sharon (since 2015), Tom McCauley, with overall firm assets under management of $19.7 billion as of December 31, 2024. Driehaus Capital Management, an independent boutique investment adviser founded by Richard Driehaus, oversees the strategy as part of its multi-asset alternative offerings. In 2024, the fund delivered a total return of 3.07%, driven by gains in event-driven credit (3.16%) and risk arbitrage (0.78%), offset by losses in event-driven equity (-0.25%) and hedges (-0.76%), with top contributors including a private investment in public equity (PIPE) in industrials and a life sciences position, while detractors featured regional bank and gaming investments maintained for 2025 catalysts. As of year-end 2024, assets under management stood at $223 million for the fund and $450 million for the strategy, with gross/net exposures of 93.69%/57.26%, S&P 500 beta of 0.27, and YTD volatility at 42% of the index. The firm anticipates robust 2025 opportunities from surging M&A volumes, shareholder activism, high-yield issuance, and IPO reopenings amid a favorable regulatory environment.