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New Ways to Invest in IPOs - IPO ETFs
BI-LO/Winn-Dixie holding company Southeastern Grocers withdraws $500 million IPO
Southeastern Grocers, which operates about 825 grocery stores in the Southeast under the Winn-Dixie and BI-LO brands, withdrew its plans for an initial public offering on Tuesday. The company originally filed for a $500 million IPO in September 2013.
Southeastern Grocers serves key metropolitan areas in Florida, Georgia, Alabama, Louisiana, Mississippi, South Carolina, North Carolina and Tennessee and was the sixth largest conventional supermarket operator in the US based on number of stores at the time of its filing (685). The company's private equity backer, Lone Star Funds (100% stake), had begun a major middle-market grocery acquisition spree when it added Winn-Dixie to its BI-LO portfolio in 2012 for $560 million. In February 2014, it overcame a challenge from the FTC and was allowed to purchase 154 stores from Belgium-based Delhaize for $265 million.
Another LBO'd grocer, Smart and Final Stores (
; controlled by early May IPO Ares Management (
)), filed in June for an IPO that could raise $300 million. Initial public offerings from leveraged buyouts have generally underperformed in 2014.
The Jacksonville, FL-based company was founded in 1961 and booked $10.1 billion in sales for the 12 months ended September 30, 2013. It had planned to list on the NASDAQ under the symbol
. Citi, Credit Suisse, Deutsche Bank, William Blair and Wells Fargo Securities were set to be the joint bookrunners on the deal.
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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.
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.
is current value at which an asset or service can be bought or sold.
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.
Investments in the
Renaissance IPO ETF, symbol "IPO"
Renaissance International IPO ETF, symbol "IPOS"
(the “ETFs”), and the
Global IPO Fund, symbol "IPOSX"
(the “Mutual Fund”) are subject to investment risk, including possible loss of the principal amounts invested. The ETFs and the Mutual Fund (the “Funds”) invest in companies that have recently completed initial public offerings. These stocks are unseasoned equities lacking trading history, a track record of reporting to investors and widely available research coverage which many result in extreme price volatility. Due to a greater number of IPOs in certain segments, the Funds may also be subject to information technology and financial sector risk, small and mid-capitalization company risk, and, for the Renaissance International IPO ETF, emerging markets risk. The Funds may hold securities in the form of Depository Receipts, REITs, and Partnership Units which have greater risks than common shares. The strategies have high portfolio turnover and securities lending risks. The returns of the ETFs may not match the return of the respective indices. The ETFs are classified as non-diversified investment companies subject to concentration risk.
Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus and/or summary prospectus with this and other information, please visit
. Read the prospectus carefully before investing. Renaissance Capital Investments, Inc., distributor for the Mutual Fund. Foreside Fund Services, LLC, distributor for the ETFs, 1-866-486-6645.
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, or the
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