5/28/15


Ironshore, an international specialty property and casualty insurer, officially withdrew its plans for an initial public offering on Thursday. The company announced in early May that it would be acquired by Fosun International, the investment arm of China's largest conglomerate. Fosun had purchased a 20% stake in the IPO candidate in August 2014 for $464 million, and recently agreed to pay $1.84 billion for the remaining 80%. Another Bermuda-based specialty insurer, James River Group ([JRVR]), went public in December 2014 and ...more


Keywords: IRSH, JRVR

5/27/15


MultiVir, a biotech developing gene therapies for cancer, withdrew its plans for an initial public offering on Wednesday. The company had planned to raise $60 million but postponed its US IPO earlier this month. The Houston, TX-based company was founded in 2009 and had planned to list on the NASDAQ under the symbol [MVIR]. RBC Capital Markets was set to be the sole bookrunner on the deal....more


Keywords: MVIR, Biotech

5/27/15


Seres Therapeutics, which is developing therapies that replace beneficial bacteria to treat infections, filed on Wednesday with the SEC to raise up to $100 million in an initial public offering. Formerly known as Seres Health, the biotech is first targeting Clostridium difficile infection (CDI). March 2015 US IPO Summit Therapeutics ([SMMT]; +9%) also targets CDI, and May 2015 IPO OpGen ([OPGN]; -39%) is developing genetic tests that identify multi-drug resistant infections like CDI. The Cambridge, MA-based company, which ...more


Keywords: MCRB, Biotech, SMMT

5/26/15


Evolent Health, which offers health care providers a software platform for managing value-based care, announced terms for its IPO on Tuesday. The Arlington, VA-based company plans to raise $150 million by offering 10 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Evolent Health would command a fully diluted market value of $891 million. Health tech provider Inovalon ([INOV]) raised $600 million in its February IPO, and now trades just 2% above its offer price. Patient satisfaction survey ...more


Keywords: EVH, INOV

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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 based on the market capitalizations of 500 large companies whose common stock is publicly traded on the NYSE.

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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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