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Week ahead: IPO market still stuck in neutral
Analyst IPO Market Commentary
The IPO market remains in the doldrums this week, but the Renaissance IPO Index's 10% gain in the past two weeks suggests that the IPO train could start rolling again in March.
Second time's a charm
After a scrapped IPO attempt in June 2014,
) has shifted its business focus after discovering new indications for its immuno-oncology drug; it is looking to raise $66 million. Syndax most recently raised $80 million in an August 2015 Series C round.
) is set to raise $40 million and will be focused on acquiring an IT consulting business.
KLR Energy Acquisition
), which originally expected to price its $130 million offering last week, moved to day-to-day status. The KLR delay comes on the heels of Silver Run Acquisition’s successful IPO this past week.
Renaissance Capital's IPO Calendar - Week of 2/29/2016
KLR Energy Acquisition
Blank check company formed by KLR Group to acquire a US oil and gas E&P.
$14 - $16
Developing a therapy that enhances checkpoint immuno-oncology drugs.
Chardan Capital Markets
Blank check company formed to acquire an IT consulting business.
IPO Pipeline Update
While February is known to be slow for IPO pricings, it is unusually quiet as not a single company submitted an initial filing this past week.
) is still day-to-day.
The Renaissance IPO Indices are market cap weighted baskets of newly public companies. The Renaissance IPO Index is down 14% year-to-date, compared to -5% for the S&P 500. Renaissance Capital's IPO ETF (NYSE: IPO) tracks the index, and
top ETF holdings
include Synchrony Financial (
), Alibaba (
) and Citizens Financial Group (
). The Renaissance International IPO Index is down 12% year-to-date, compared to -8% for ACWX. Renaissance Capital’s International IPO ETF (NYSE: IPOS) tracks the index, and
top ETF Holdings
include NN Group and Recruit Holdings.
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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.
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Renaissance IPO Index® (IPOUSA)
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Risk Disclosure: Investments in the
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Renaissance International IPO ETF, symbol "IPOS"
(the "ETFs"), and the
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(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.
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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 or Nasdaq.
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