DNSMX Fees and Costs — Driehaus Small Cap Growth Fund, Institutional Share Class
Data updated: 2026-08-26
The net expense ratio is 0.69%: a 0.60% management fee plus 0.09% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $1.9M in broker commissions, 0.1807% of average net assets, and portfolio turnover was 152%.
DNSMX Fees and Expenses
Annual operating expenses and sales charges of DNSMX. Prospectus, as of April 30, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.60% |
| 12b-1 fee | — |
| Other expenses | 0.09% |
| Gross expense ratio | 0.69% |
| Fee waiver | — |
| Net expense ratio | 0.69% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
DNSMX Costs Over Time
On $10,000 invested in DNSMX, assuming 5% a year before costs, total costs come to $546 over 5 years, cutting the return by 0.91% 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 0.69%) | $72 | $226 | $393 |
| Trading costs (broker commissions) | $19 | $59 | $103 |
| Lost growth on money paid in costs | $0 | $14 | $50 |
| Total costs | $91 | $300 | $546 |
| Value after costs | $10,409 | $11,276 | $12,217 |
| Impact on return, per year | 0.91% | 0.91% | 0.91% |
DNSMX 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): 0.1807%
- Total broker commissions: $1.9M
- Bought from dealers (principal trades, not a cost): $1.4B
- Portfolio turnover (prospectus): 152%
- Securities lending: none during the year
DNSMX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| RAYMOND JAMES & ASSOCIATES, INC. | $215K | 20.71% |
| TD SECURITIES (USA) LLC | $156K | 15.09% |
| WILLIAM BLAIR & COMPANY, L.L.C. | $136K | 13.08% |
| PROOF SERVICES LLC | $88K | 8.53% |
| STIFEL, NICOLAUS & COMPANY, INCORPORATED | $84K | 8.10% |
| PIPER SANDLER & CO. | $81K | 7.78% |
| JEFFERIES LLC. | $78K | 7.54% |
| ROBERT W. BAIRD CO.INCORPORATED | $76K | 7.38% |
| Oppenheimer & Co. Inc. | $66K | 6.39% |
| Needham & Company, LLC | $56K | 5.39% |
DNSMX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| The Northern Trust Company | $1.3B | 97.09% |
| JEFFERIES LLC. | $14.1M | 1.02% |
| MORGAN STANLEY & CO. LLC | $8.2M | 0.59% |
| LEERINK PARTNERS LLC | $6.5M | 0.47% |
| GOLDMAN SACHS & CO. LLC | $5.2M | 0.38% |
| ROBERT W. BAIRD CO.INCORPORATED | $2.9M | 0.21% |
| PIPER SANDLER & CO. | $1.6M | 0.11% |
| UBS SECURITIES LLC | $1.5M | 0.11% |
| Citigroup Global Markets Inc. | $203K | 0.01% |
Driehaus Small Cap Growth Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| DNSMX | Institutional Share Class | 0.69% | none |
| DVSMX | Investor Share Class | 0.93% | none |
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.