DMCRX Fees and Costs — Driehaus Micro Cap Growth Fund
Data updated: 2026-08-26
The net expense ratio is 1.37%: a 1.25% management fee plus 0.12% other expenses. This share class carries a redemption fee of 2.00%. In fiscal 2025 the fund paid $1.5M in broker commissions, 0.4105% of average net assets, and portfolio turnover was 142%.
DMCRX Fees and Expenses
Annual operating expenses and sales charges of DMCRX. Prospectus, as of April 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.25% |
| 12b-1 fee | — |
| Other expenses | 0.12% |
| Gross expense ratio | 1.37% |
| Fee waiver | — |
| Net expense ratio | 1.37% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 2.00% |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
DMCRX Costs Over Time
On $10,000 invested in DMCRX, assuming 5% a year before costs, total costs come to $1,096 over 5 years, cutting the return by 1.87% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 1.37%) | $144 | $445 | $766 |
| Trading costs (broker commissions) | $43 | $133 | $229 |
| Lost growth on money paid in costs | $0 | $29 | $101 |
| Total costs | $187 | $607 | $1,096 |
| Value after costs | $10,313 | $10,969 | $11,666 |
| Impact on return, per year | 1.87% | 1.87% | 1.87% |
DMCRX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending December 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.4105%
- Total broker commissions: $1.5M
- Bought from dealers (principal trades, not a cost): $442.1M
- Portfolio turnover (prospectus): 142%
- Securities lending: none during the year
DMCRX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| RAYMOND JAMES & ASSOCIATES, INC. | $163K | 20.44% |
| TD SECURITIES (USA) LLC | $101K | 12.68% |
| WILLIAM BLAIR & COMPANY, L.L.C. | $95K | 11.93% |
| PROOF SERVICES LLC | $85K | 10.70% |
| STIFEL, NICOLAUS & COMPANY, INCORPORATED | $70K | 8.72% |
| PIPER SANDLER & CO. | $67K | 8.39% |
| VIRTU AMERICAS LLC | $60K | 7.52% |
| RBC CAPITAL MARKETS, LLC | $56K | 6.96% |
| Compass Point Research & Trading, LLC | $51K | 6.45% |
| ROTH CAPITAL PARTNERS, LLC | $50K | 6.22% |
DMCRX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| The Northern Trust Company | $423.8M | 96.46% |
| J.P. Morgan Securities LLC | $2.6M | 0.60% |
| MORGAN STANLEY & CO. LLC | $2.5M | 0.58% |
| JEFFERIES LLC. | $2.2M | 0.50% |
| TRUIST SECURITIES, INC. | $1.9M | 0.43% |
| LEERINK PARTNERS LLC | $1.5M | 0.35% |
| BARCLAYS CAPITAL INC. | $1.3M | 0.28% |
| Oppenheimer & Co. Inc. | $1.2M | 0.27% |
| STIFEL, NICOLAUS & COMPANY, INCORPORATED | $1.2M | 0.27% |
| CANACCORD GENUITY LLC | $1.1M | 0.25% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.