Driehaus Capital Management 13F: Cuts BAP Stake by $8.3M

Driehaus Capital Management trimmed its investment in Credicorp Ltd. (NYSE: BAP) by 4.5% during the recent quarter, according to its latest Form 13F filing with the Securities and Exchange Commission. The fund sold 21,314 shares during the period, leaving it with 450,730 shares of the financial services provider. The remaining position carried a reported value of $175,595,387 at the end of the reporting period. This backward-looking filing reflects the fund's holdings as of its reporting date, meaning its actual portfolio might have changed since then.

This move by Driehaus Capital Management represents a modest reduction in what remains a substantial position in the banking giant. Earlier in the year, Euro Pacific Asset Management initiated a brand-new stake in the company, showcasing continuing institutional interest in the Peru-based financial institution. In addition, Driehaus was active across multiple other holdings during the same reporting cycle, making adjustments that included trimming its positions in companies like Scholar Rock Holding Corporation and Kymera Therapeutics, while establishing a new position in Tower Semiconductor.

On Saturday, shares of Credicorp closed at $381.83, having established a 52-week low of $230.45 and a 52-week high of $413.25. The stock has been trading above its 50-day moving average of $383.21 and comfortably ahead of its 200-day moving average of $345.83. With a price-to-earnings ratio of 14.55 and a forward P/E ratio of 11.36, the stock has shown notable upward momentum over the past year. The company currently commands a market capitalization of roughly $30.97 billion.

Recent Earnings

Credicorp reported total revenue of $22,267,779,072 in its most recent financial period, achieving revenue growth of 12.0% year-over-year. The financial firm registered a strong net margin of 33.1% and a return on equity of 20.4%. Earnings per share came in at $26.80. Shareholders looking for updates on the lender's performance and profitability metrics can look forward to the company's next scheduled earnings release on November 9, 2026.

Dividend

Credicorp pays an annual dividend rate of $14.41 per share, which translates to a dividend yield of 3.77%. The company maintains a dividend payout ratio of 53.95%, demonstrating a consistent commitment to returning capital to its shareholders while retaining sufficient earnings to fund its operations and regional growth initiatives.

Analysts Set New Price Targets

Several research firms have recently updated their views on Credicorp. On September 16, 2026, JP Morgan upgraded the stock from its previous rating to an Overweight rating, raising its price target to $482.00 from $453.00. Earlier, on August 20, 2026, UBS maintained a Buy rating and increased its price target to $473.00 from $412.00. On July 16, 2026, Goldman Sachs maintained a Neutral rating on the stock, though it raised its price target to $374.00 from $329.00. Overall, the stock has a buy consensus rating among 14 analyst opinions, with a mean price target of $427.48.

About Credicorp

Credicorp is a financial services holding company headquartered in Lima, Peru. The firm offers a wide range of services, including regional banking, insurance, microfinance, and investment management, primarily across Peru, Colombia, Chile, and Bolivia. By adjusting its share count, Driehaus Capital Management has locked in some gains while keeping a major stake in this South American banking leader.

Next Steps

Investors will want to watch whether other major funds increase or decrease their exposure to Latin American financial services in the upcoming filing cycle. The next major catalyst for Credicorp will be its upcoming earnings release on November 9, 2026, which should provide a clearer picture of regional loan growth and interest margin trends.