8/24/16


Novan, a late-stage biotech developing nitric oxide based therapies for dermatologic indications, filed on Wednesday with the SEC to raise up to $60 million in an initial public offering. The Durham, NC-based company was founded in 2006 and plans to list on the Nasdaq under the symbol [NOVN]. Piper Jaffray is the sole bookrunner on the deal. No pricing terms were disclosed....more


Keywords: NOVN

8/23/16


Saban Capital Acquisition, a blank check company formed to acquire media, entertainment and communications assets, announced terms for its IPO on Tuesday. The Los Angeles, CA-based company plans to raise $200 million by offering 20 million shares at a price of $10. At the the proposed range, Saban Capital Acquisition would command a fully diluted market value of $250 million. The company's chairman will be Haim Saban, who founded and led Saban Entertainment from its 1988 inception, through its merger with Fox Kids Network, to its eventual ...more


Keywords: SCACU

8/22/16


The Trade Desk, which provides ad agencies with a real-time bidding platform for multi-channel online ads, filed on Monday with the SEC to raise up to $86 million in an initial public offering. The Ventura, CA-based company was founded in 2009 and booked $149 million in sales for the 12 months ended June 30, 2016. It plans to list on the Nasdaq under the symbol [TTD]. Citi, Jefferies, RBC Capital Markets, Needham & Co. and Raymond James are the joint bookrunners on the deal. No pricing terms were disclosed....more


Keywords: TTD

8/22/16


Bowie Resource Partners LP, a private equity-backed MLP with three underground coal mines in Utah, withdrew its plans for an initial public offering on Monday, citing market conditions. Its first and only public filing was in June 2015, with a proposed deal size of $100 million. Another coal-focused MLP, Foresight Energy LP ([FELP]), went public in June 2014 and currently trades about 80% below its offer price. The Louisville, KY-based company was formed in 2015 and had planned to list on the NYSE under the symbol [BRLP]. Citi, Morgan...more


Keywords: BRLP, FELP

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Performance Disclosure: Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. Investors should consider the investment objectives, risks, charges and expenses carefully before investing.

As stated in the Prospectus, the total annual operating expenses for the Fund was 3.48%. The Adviser has contractually agreed to keep net expenses from exceeding 2.50% of the Fund's average daily net assets for at least a year from the date of the Prospectus and for an indefinite period thereafter subject to annual re-approval of the agreement by the Board of Trustees.

An investor cannot invest directly in an index. Index returns do not represent Fund returns. The Index does not charge management fees or brokerage expenses, nor does the Index lend securities, and no revenues from securities lending were added to the performance shown.

Definitions: Net Asset Value (NAV) of the fund is calculated by dividing the total value of all the securities in its portfolio, less any liabilities, by the number of fund shares outstanding. Market Price is current value at which an asset or service can be bought or sold. Premium/Discount is provided to show the comparison of the daily net asset value (NAV) and the midpoint of the closing bid/ask for each of the funds. The Renaissance IPO Index® (IPOUSA) is a stock market index based upon a portfolio of U.S.-listed newly public companies that includes securities prior to their inclusion in core U.S. equity portfolios. The Renaissance International IPO Index® (IPOXUS) is a stock market index based upon a portfolio of newly public companies listed on non-U.S. exchanges. The S&P 500® Index (SPX) is a stock market index which includes 500 U.S. listed companies and seeks to capture approximately 80% coverage of available U.S. market capitalization.

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Definitions: The Renaissance IPO Index® is a stock market index based upon a portfolio of U.S.-listed newly public companies that includes securities prior to their inclusion in core U.S. equity portfolios. The S&P 500® Index is a stock market index based on the market capitalizations of 500 large companies whose common stock is publicly traded on the NYSE.

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