VAM Funds (LUX)
US MID CAP GROWTH FUND (UK£)
vam-funds.com tel +230 465 6860 fax + 230 465 0853
March 2015
FUND DETAILS AND DATA
INVESTMENT OBJECTIVE
Bloomberg Ticker / Sedol
VAMUMSA LX / B4JVCM7
STYLE MATRIX
The investment objective of the Fund is to achieve significant capital
appreciation over each full market cycle. To achieve this objective,
the Fund will invest in an unleveraged portfolio of equity and equityconvertible securities and cash or cash equivalents.
ISIN
LU0663727740
Dealing Day
Daily
Dividends
None: income accumulated within the Fund
PROFILE OF THE TYPICAL INVESTOR
The Fund is suitable for investors seeking long-term growth through capital appreciation and who want to
participate in the long-term growth of the US economy. It is also suitable for investors wishing to diversify their
investment portfolios, who are comfortable with and understand the risks of investing in the stock market, who
have an investment horizon of at least five to seven years, and who seek investment opportunities in the US
equity markets.
Launch Date
30th September 2011
Price (A shares) as of 31/03/2015
£148.61
Fund Size (All Share Classes)
£26.17 Million
Assets Under Management
(Underlying DCM Strategy)
$53.8 Million
CUMULATIVE PERFORMANCE (30/09/2011 to 31/03/2015)
VAM US Mid Cap Growth Fund (UK£): 48.61%
75.00
50.00
48.61%
Investment Manager
Driehaus Capital Management LLC, 25
East Erie Street, Chicago, Illinois 60611,
USA
25.00
0.00
-25.00
30/09/2011
30/05/2012
30/01/2013
30/09/2013
30/05/2014
31/03/2015
Management Company
VPB Finance S.A., 26, avenue de la
Liberté, L-1930 Luxembourg
Custodian
VP Bank (Luxembourg) S.A., 26, avenue de
la Liberté, L-1930 Luxembourg
FUND PERFORMANCE (Class A)
Cumulative
US Mid Cap Growth
Fund (UK£)
Advisory Company
VAM Advisory S.A., 26, avenue de la
Liberté, L-1930 Luxembourg
Mar
QTD
YTD
1 Year
2 Years
Since Inception
1.34%
6.32%
6.32%
4.94%
23.54%
48.61%
Legal Advisers
Elvinger, Hoss & Prussen, 2, Place Winston
Churchill, L-1340 Luxembourg
Auditors
Ernst & Young, 7, Parc d’Activité Syrdall,
Munsbach, L-5365 Luxembourg
Initial Charge
Maximum 5%
TOP 5 HOLDINGS as of 28/02/2015
SECTOR WEIGHTINGS
Fund
Charter Communications, Inc. Class A
3.70%
Crown Castle International Corp
3.28%
Dollar General Corporation
3.25%
AMERCO
3.17%
Jarden Corporation
3.06%
Fund
Consumer Discretionary
31.06%
Consumer Staples
6.58%
Financials
10.87%
Health Care
14.27%
Industrials
18.04%
Information Technology
8.37%
Materials
2.06%
Telecommunication Services
6.08%
Utilities
Total
2.67%
100.00%
The Fund is approved for Retail Investments in Singapore (restricted scheme), Sweden, South Africa, United Kingdom and
Luxembourg.
Annual Management Charge
2.25% per annum (for share classes A & B).
In addition, specific to share classes A and
B, a 15% performance fee may be earned
on growth in excess of a hurdle rate of 12%
per annum, subject to a high water mark
Minimum Direct Investment
A shares (retail)
£5,000 and £500 additions
VAM Funds (LUX)
US MID CAP GROWTH FUND (UK£)
vam-funds.com tel +230 465 6860 fax + 230 465 0853
March 2015
PORTFOLIO MANAGEMENT
Driehaus Capital Management LLC (Driehaus) is the Investment Manager of the Fund. Driehaus specialises in domestic US and non-US equity
investing, using an aggressive growth style, with the objective of capital appreciation. Based in Chicago, Illinois, USA, Driehaus has been a registered
investment adviser with the United States Securities and Exchange Commission since 1983.
The Fund employs the Driehaus Mid Cap Growth Strategy which purchases US-traded mid capitalisation stocks. The Strategy invests in companies with
market capitalisations generally between $2.5 billion and $15 billion at the time of purchase. The Strategy typically maintains a portfolio consisting of 45 to
80 holdings with position weights generally between 1% and 4%. As of 31st March 2015, Driehaus managed $53.80 Million in the Strategy, including assets
of the Fund. Josh Rubin is the Portfolio Manager of the Strategy.
INVESTMENT MANAGER'S REPORT
The VAM Funds (Lux) – US Mid Cap Growth Fund performance benefited from holdings in the consumer discretionary and financials sectors. Holdings in
the telecommunication services and health care sectors detracted from relative returns. At month end, the Fund was overweight the consumer discretionary
sector and underweight the information technology sector.
The holding that contributed the most to the Fund’s return during the month was Charter Communications, Inc. (ticker: CHTR). The company provides cable
services offering a range of entertainment, information and communications solutions to residential and commercial customers. Its share price rose after it
announced an agreement in place to purchase Bright House, a private cable operator. The deal would bring substantial subscriber numbers and the Street
has raised price targets for the company.
The holding that detracted most from the Fund’s return during the month was Pacira Pharmaceuticals, Inc. (ticker: PCRX). The holding company’s
subsidiary, of the same name, is a specialty pharmaceutical company focused on pharmaceutical products for use in hospitals and ambulatory surgery
centres. Early in the month, the company received a Complete Response Letter from the FDA regarding its nerve block indication on Exparel, causing its
share price to fall. However, Street analysts who have revisited Exparel's study data have not been able to locate any issues with the study or product.
Additionally, the company’s fundamentals remain strong and consensus opinion remains optimistic for the long term. The Manager maintains its conviction
in the stock and continues to hold the name in the portfolio.
MARKET CAP BREAKOUT
PERFORMANCE STATISTICS (Annualised 5 Years)
Fund
Number of Quarters Up
Number of Quarters Down
8
6
Standard Deviation
13.67
Beta
0.92
Sharpe Ratio
0.78
R2
0.53
$M
Fund
$10001 - Greater
60.62%
$5001 - $10000
22.66%
$1501 - $5000
16.72%
$501 - $1500
0.00%
$0 - $500
0.00%
PORTFOLIO CHARACTERISTICS
Fund
Weighted Average Market Cap ($M)
13,751
Median Market Cap ($M)
10,442
Number of Holdings
56
Sources: Lipper IM, Driehaus Capital Management LLC, FactSet Research Systems Inc., Morgan Stanley Capital International and Standard & Poor’s Global Industry Classification
Standard methodology to identify sector classifications. Performance numbers represent the performance of Class B Shares of VAM Managed Funds (Lux) – Driehaus Fund
as of 31/03/2015. Performance does not include the impact of any subscription fees, if applicable. The performance data shown above represents past performance and does
not guarantee future results. Current performance may be lower or higher than the performance data quoted. All rates of return include reinvested dividends and are net of all
management and performance fees. Fund holding information upon which the above percentage weighting and portfolio characteristic information is calculated was provided by
Driehaus Capital Management LLC (DCM) and is presented on a trade date basis of 31/03/2015. DCM is not the Custodian or Fund Administrator of the Fund and the information
has not been reconciled to the custodian’s portfolio statements. Pricing of securities varies depending on pricing sources and methodology. The Standard & Poor’s (“S&P”) 500
Index consists of 500 stocks chosen for market size, liquidity, and industry group. It is a market-weighted index (stock price times number of shares outstanding), with each stock’s
weight in the index proportionate to its market value.