LCMAX — Driehaus Active Income Fund
Data updated: 2020-11-25
LCMAX — Driehaus Active Income Fund. Money Market · $73.47M AUM · 1.40% expense ratio · -4.8% 1-yr return. Holdings, fees, performance and SEC filings.
LCMAX Fund Overview
LCMAX — Driehaus Active Income Fund is a US mutual fund managed by Driehaus Mutual Funds, categorised as Money Market. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Driehaus Mutual Funds
- Category: Money Market
- Assets under management: $73.47M
- 1-year return: -4.8%
- Ticker: LCMAX
- SEC CIK: 0001016073
- SEC series ID: S000025648
- Share class ID: C000076810
LCMAX Investment Objective and Strategy
Driehaus Active Income Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Driehaus Mutual Funds.
Investment objective
Driehaus Active Income Fund seeks current income and capital appreciation.
Principal investment strategy
The Fund is actively managed by taking both long and short positions in debt and equity securities and investing in derivatives (swaps, options and futures). The investment adviser uses techniques intended to provide absolute (positive) returns in various markets by employing strategies that exploit disparities or inefficiencies in markets. The Fund invests primarily in U.S. fixed-income and floating rate securities, including fixed and floating rate loans that have a senior right to repayment (“Senior Loans”). The Fund may invest in securities of both investment and non-investment (“junk”) grade credit quality and may invest in securities that have not been rated by a rating agency. The investment adviser is not constrained by ratings when selecting debt securities for investment.
The Fund may invest in debt securities of any maturity and does not attempt to maintain any pre-set average portfolio maturity or duration. The Fund seeks to target the annualized volatility of the Bloomberg Barclays U.S. Aggregate Bond Index, which tracks the U.S. investment grade fixed rate bond market. The Fund may invest in common and preferred stocks across all market capitalizations. The Fund may use derivatives to manage interest rate risk, as part of a hedging strategy (attempting to reduce risk by offsetting one investment position with another) or to speculate. In addition to investing in outright long and short positions, as part of its investment strategy, the Fund will engage in a variety of arbitrage trading strategies to seek to take advantage of relative value opportunities between two or more securities.
The Fund may hold a substantial position in cash and money market instruments. In managing the Fund, the investment adviser utilizes fundamental market analysis and macroeconomic analysis to identify investment opportunities. Fundamental market analysis includes an assessment of yield and credit quality differences among securities as well as demand and supply trends. Macroeconomic analysis includes an assessment of fiscal and monetary status and the anticipation of changes in global economies, markets, political conditions and other factors. Investment decisions may also be based on technical factors such as price momentum, market sentiment, and supply or demand imbalances. The Fund sells holdings for a variety of reasons, such as to adjust its average maturity or quality, to shift assets into better yielding securities, or to alter sector exposure.
LCMAX Performance
Total returns for LCMAX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | -4.8% |
LCMAX Risk Information
Risk metrics for LCMAX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 12.0%
LCMAX Costs and Fees
LCMAX costs about $140 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.40%
- Gross expense ratio: 1.40%
- Portfolio turnover: 55%
- Brokerage commissions: 2.09 bps of average net assets (SEC N-CEN)
LCMAX Cashflows
Over the 12 months to 2020-09, Driehaus Active Income Fund had net inflows of $338.37M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2020-09 | $14.76M |
| 2020-08 | $11.07M |
| 2020-07 | $8.31M |
| 2020-06 | $10.70M |
| 2020-05 | $20.15M |
| 2020-04 | $16.93M |
LCMAX Debt Constituents
No individual debt constituents are reported in Driehaus Active Income Fund's latest SEC N-PORT filing.
LCMAX Prospectus and SEC Filings
Official Driehaus Active Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2020-05-15
- Prospectus (485BPOS) — filed 2019-05-14
- Prospectus (485BPOS) — filed 2018-05-09
- Portfolio holdings (N-PORT) — filed 2020-11-25
- Portfolio holdings (N-PORT) — filed 2020-08-25
- Portfolio holdings (N-PORT) — filed 2020-06-01
- Annual census (N-CEN) — filed 2020-03-12
- Annual census (N-CEN) — filed 2019-03-12
Related Funds
Other Money Market funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.