Renaissance International Equity Private Poolfor the period ended
February 28, 2021
All figures are reported in Canadian dollars unless otherwise
noted.
This interim management report of fund performance contains
financial highlights but does not contain either the interim
financial report or annual
financial statements of the investment fund. You can get a copy of
the interim financial report or annual financial statements at your
request, and at
no cost, by calling toll-free at 1-888-888-3863, by writing to us
at Renaissance Investments, 1500 Robert-Bourassa Boulevard, Suite
800, Montreal,
QC, H3A 3S6, or by visiting our website at
www.renaissanceinvestments.ca or SEDAR at www.sedar.com.
Unitholders may also contact us using one of these methods to
request a copy of the investment fund’s proxy voting policies and
procedures, proxy
voting disclosure record, or quarterly portfolio disclosure.
Management Discussion of Fund Performance
Results of Operations
CIBC Asset Management Inc. (referred to as CAMI, the Manager
or
the Portfolio Advisor), CIBC Private Wealth Advisors, Inc.
(referred to
as CIBC Private Wealth Advisors), Causeway Capital Management
LLC (referred to as Causeway), American Century Investment
Management, Inc. (referred to as ACI), INTECH Investment
Management LLC (referred to as INTECH), Pzena Investment
Management, LLC (referred to as Pzena), JP Morgan Asset
Management (Canada) Inc. (referred to as JP Morgan) and WCM
Investment Management (referred to as WCM) provide investment
advice and investment management services to Renaissance
International Equity Private Pool (referred to as the Pool).
These
portfolio Sub-Advisors use different investment styles and
the
percentage of the Pool allocated to each portfolio Sub-Advisor
may
change from time to time.
• Causeway: All Cap, Relative Value, approximately 12.5%
(effective
December 9, 2020)
December 8, 2020)
December 8, 2020)
2020)
(until December 8, 2020)
(effective December 9, 2020)
December 8, 2020)
(effective December 9, 2020)
approximately 25% (effective December 9, 2020)
• Pzena: Mid-Large Cap, Deep Value, approximately 12.5%
(effective
December 9, 2020)
December 8, 2020)
The commentary that follows provides a summary of the results
of
operations for the six-month period ended February 28, 2021. All
dollar
figures are expressed in thousands, unless otherwise
indicated.
The Pool's net asset value increased by 35% during the period,
from
$169,207 as at August 31, 2020 to $228,875 as at February 28,
2021.
Net sales of $34,013 and positive investment performance resulted
in
an overall increase in net asset value.
Class A units of the Pool posted a return of 13.7% for the period.
The
Pool’s benchmark, the MSCI EAFE Index (referred to as
the benchmark), returned 11.2% for the same period. The Pool’s
return
is after the deduction of fees and expenses, unlike the
benchmark’s
return. See the section Past Performance for the returns of
other
classes of units offered by the Pool.
International equities rose during the second half of 2020, ending
the
year with double-digit gains. The strong performance was driven in
part
by sustained commitment to monetary and fiscal stimulus by
major
central banks and governments. Commodities also recovered
from
losses suffered earlier in 2020, driven by hopes of economic
recovery.
Further investor optimism was fueled by expectations for
business
re-openings in 2021 owing to multiple COVID-19 vaccine
breakthroughs.
In the Pool’s All Cap, Relative Value component, stock selection
and
significant overweight allocations to South Korea, Germany and
Spain
contributed to performance. Significant overweight allocations to
capital
goods and information technology also contributed to performance,
as
did a moderate underweight allocation to media and
entertainment.
The largest individual contributor to performance was Samsung
Electronics Co. Ltd., which outperformed amid a
better-than-expected
2
memory. Other notable contributors to performance were Banco
Bilbao
Vizcaya Argentaria SA, which announced the sale of a regional
bank
based in the U.S. and a share buyback, and Baidu Inc., which
benefited from China’s relatively quick recovery from the
COVID-19
downturn.
Stock selection in Italy, Hong Kong and Australia detracted
from
performance in the All Cap, Relative Value component. A
moderate
overweight allocation to Italy, moderate underweight exposure to
Hong
Kong and significant underweight exposure to Australia detracted
from
performance. Stock selection and a moderate overweight allocation
to
pharmaceuticals and biotechnology detracted from performance.
Individual detractors included SAP SE, Takeda Pharmaceutical
Co.
Ltd. and Sanofi. SAP began a multi-year cloud transition, which
will
likely pressure margins in the short term. Takeda
Pharmaceutical,
along with other health care stocks, did not participate in the
market
rebound during the fourth quarter. Sanofi was impacted by a
COVID-19
vaccine delay and a pause in its hemophilia trial.
Causeway added a holding in SK Hynix Inc. based on a recovery
in
smartphone demand. Pernod-Ricard SA was added as it is well
positioned in India and China. Unilever PLC was purchased based
on
its new CEO, who should prioritize volume-led competitive
growth
going forward. Existing holdings in Total SE, Sanofi and RWE AG
were
increased. Total should benefit from rising fuel demand as
economies
reopen. Sanofi has launched trials for a possible COVID-19
treatment
and a promising vaccine candidate. RWE agreed to swap assets
with
E.ON SE in 2018, significantly bolstering its presence in
renewables.
Deutsche Post AG and Linde PLC were eliminated from the All
Cap,
Relative Value component after strong performance. Aviva PLC
was
eliminated as its regulatory capital generation was weak in
recent
months as a result of the impacts of the pandemic, and its
overall
earnings results were mixed. Holdings in Baidu, Volvo AB and ABB
Ltd.
were trimmed following strong performance.
In the Pool’s Large Cap, Earnings Momentum component, stock
selection in the information technology and industrials
sectors
contributed to performance. Individual contributors included
MonotaRO
Co. Ltd., which reported better-than-expected revenue growth
driven
by new customer acquisitions, and Murata Manufacturing Co.
Ltd.,
whose recent investor update described a growing market
opportunity
supported by increased content in 5G handsets and
high-capacity
automotive applications.
Stock selection in the financials sector detracted from performance
in
the Large Cap, Earnings Momentum component, partly as a result
of
an underweight exposure to banks. Exposure to the U.K.
detracted
from performance as COVID-19 cases rose and there were
concerns
over the completion of its trade deal with the European
Union.
Individual detractors included London Stock Exchange Group
PLC
(referred to as LSE), ASOS PLC and Lundin Energy AB. LSE was
impacted by the rotation out of growth stocks rather than any
company-specific factors. ASOS, despite reporting
better-than-expected results, did not raise its outlook as much
as
anticipated. Lundin Energy’s stock declined along with the
energy
sector amid continued pricing pressure and uncertain demand
recovery.
In the Pool’s Large Cap, Core component, underweight exposures
to
health care and consumer staples sectors contributed to
performance,
as did an overweight allocation to smaller-capitalized equities
over
mega-cap stocks. Individual contributors to performance
included
Bandai Namco Holdings Inc., Neste Oil OYJ and Tokyo Electron
Ltd.
An overweight allocation to the information technology sector
detracted
from performance in the Large Cap, Earnings Momentum
component,
as did stock selection within the financials and consumer
staples
sectors. Moderate underweight holdings in Nokia OYJ, Coloplast
AS
and Trend Micro Inc. were the largest individual detractors
from
performance.
In the Pool’s Large Cap, Sustainable Growth component,
sub-advised
by JPMorgan, stock selection in the industrials and
information
technology sectors, and North America and continental Europe,
contributed to performance. Individual contributors included
HDFC
Bank Ltd., which benefited from the economic recovery
following
positive vaccine announcements, and Safran SA, whose
performance
improved as air traffic improved.
Stock selection in the U.K. and an underweight allocation to
Japan
detracted from performance in the Large Cap, Sustainable
Growth
component. Holdings in SAP and LSE detracted from performance,
as
did a holding in Alibaba Group Holding Ltd. as the Chinese
government
launched an anti-monopoly probe into the e-commerce giant.
SAP
detracted after the company announced financial results that
were
below expectations and it lowered its profit outlook for two years.
LSE
detracted as the company’s share price pulled back after a period
of
strong performance.
In the Pool’s Large Cap, Sustainable Growth component,
sub-advised
by WCM, a significant underweight allocation to consumer staples
and
a significant overweight exposure to information technology
contributed
to performance. Stock selection within information technology,
health
care and financials also contributed to performance.
Individual
contributors included Taiwan Semiconductor Manufacturing Co.
Ltd.,
driven by strong growth, MercadoLibre Inc., which saw
accelerating
growth despite challenges in Latin America, and ASML Holding
NV,
which benefited from the proliferation of technology and the move
to
smaller chips.
in industrials and consumer discretionary, detracted from
performance
in the Large Cap, Sustainable Growth component. Lululemon
Athletica
Inc. detracted from performance as it underperformed the
sector.
Experian PLC and Nestlé SA detracted as both were impacted by
negative investor sentiment toward their industry groups.
WCM introduced a holding in Adyen NV for its growth in
“unified
commerce,” which combines physical and online shopping
experiences. IHS Markit Ltd. was purchased for its diversified
revenue
base and solid defensive growth. WuXi Biologics (Cayman)
Inc.,
China’s leading contract development and manufacturing
organization,
was purchased. Existing holdings in Lonza Group AG, HDFC Bank
and
Amadeus IT Group SA were increased.
Wal-Mart de Mexico SAB de CV was sold as it faces increasing
e-commerce pressure from competitors. EssilorLuxottica SA was
Renaissance International Equity Private Pool
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3
eliminated as cultural problems from its merger have become too
large
for WCM to ignore. IHS Markit was sold following the announcement
of
its acquisition by S&P Global Inc. Shopify Inc., Tencent
Holdings Ltd.
and Lululemon were trimmed to manage their weightings.
In the Pool’s Core and Index component, stock selection in
industrials
and communication services contributed to performance.
Individual
contributors included Umicore, which benefited from investment
in
electronic vehicles, and Prudential PLC, which announced a
long-awaited divestment in order to focus solely on Asian
operations.
From an index perspective, the best performing sub-sectors
included
MSCI EAFE Energy, MSCI EAFE Financials and MSCI EAFE
Consumer Discretionary, which contributed to performance.
Stock selection in the consumer discretionary sector was a
detractor
from performance in the Core and Index component. Individual
detractors included Kerry Group PLC, as a short report accused
the
company of improper acquisition practices, and Suzuki Motor Corp.,
as
a result of its presence in India. From an index perspective,
the
weakest sub-sectors were MSCI EAFE Health Care, MSCI EAFE
Consumer Staples and MSCI EAFE Utilities, which detracted
from
performance.
With the positive growth outlook and strengthening commodity
prices,
CAMI increased exposure to currencies with attractive valuations
and
pro-cyclical characteristics. A holding in BASF SE was added for
its
attractive valuation, while Smith & Nephew PLC was purchased as
it is
poised to benefit from a rebound in elective procedures. Gecina
SA
was added as a recovery in its French office is expected. BP PLC
and
Murata Manufacturing were eliminated in favour of other
opportunities.
Daifuku Co. Ltd. was sold after its valuation target was exceeded.
A
holding in CSL Ltd. was trimmed as CAMI expects a slower
recovery
into 2022.
In the Pool’s Growth at a Reasonable Price component, stocks in
the
food products industry contributed to performance, as did
stock
selection in the consumer staples, consumer discretionary and
industrials sectors. Individual contributors to performance
included
Siemens AG and ASML Holdings, which benefited from the global
rotation into more cyclical companies. Recruit Holdings Co. Ltd.
also
contributed, benefiting from the prospects for a global
economic
reopening.
Exposure to the consumer staples and health care sectors, and
stock
selection in large-capitalization equities, detracted from
performance in
the Growth at a Reasonable Price component. Individual
detractors
from performance included Unilever, which underperformed after
a
recent earnings release, and Ubisoft Entertainment SA, which
was
impacted by the company’s recent forecast.
In the Pool’s Mid-Large Cap, Deep Value component, stock
selection
and a moderate overweight allocation to materials contributed
to
performance, as did selection within industrials and consumer
staples.
Holdings in POSCO, A.P. Moller – Maersk AS and Covestro AG
contributed to performance. POSCO benefited from strong steel
prices,
while A.P. Moller – Maersk reported strong earnings. Covestro
was
buoyed by press reports that a private equity firm is considering a
bid
for the company.
Exposure to utilities and energy detracted from performance in
the
Mid-Large Cap, Deep Value component. Individual detractors
from
performance included Inpex Corp., which was impacted by oil
price
swings, and China Resources Power Holdings Co. Ltd., which
reported
lower generation volumes. Both holdings were eliminated.
Pzena purchased a new holding in Ambev SA for its core brand
strength in a challenging environment. Nokia was purchased based
on
the possibility of some Chinese 5G equipment bans, which could
give
the company an opportunity to gain share over its
competitors.
Bridgestone Corp. was added when its share price declined with
lower
demand for tires as a result of the pandemic. Royal Dutch Shell
PLC,
Tesco PLC and Isuzu Motors Ltd. were increased. ENEOS
Holdings
Inc. was eliminated, while A.P. Moller – Maersk, Covestro AG
and
Lenovo Group Ltd. were trimmed.
The Pool’s higher portfolio turnover rate for the period was
primarily
due to the portfolio Sub-Advisor changes described under
“Recent
Developments”.
Effective December 9, 2020, CAMI directly provided investment
management services to a portion of the Pool, and appointed
CIBC
Private Wealth Advisors to provide investment management services
to
a portion of the Pool, replacing ACI, JPMorgan and INTECH.
Effective December 9, 2020, the annual management fee payable
by
certain classes of units of the Pool was reduced from 1.75% to
1.65%
in respect of Class A units, from 1.85% to 1.75% in respect of
Class C
units, Premium Class units, Premium-T4 Class units,
Premium-T6
Class units, Class H-Premium units, Class H-Premium T4 units
and
Class H-Premium T6 units, from 0.85% to 0.75% in respect of Class
I
units, Class F-Premium units, Class F-Premium T4 units, Class
F-Premium T6 units, Class FH-Premium units, Class FH-Premium
T4
units, Class FH-Premium T6 units, Class N-Premium units,
Class
N-Premium T4 units, Class N-Premium T6 units, Class
NH-Premium
units, Class NH-Premium T4 units and Class NH-Premium T6
units.
The international spread of COVID-19 caused a significant slowdown
in
the global economy and volatility in financial markets. The
COVID-19
outbreak may adversely affect global markets and the Pool’s
performance.
Related Party Transactions
CIBC and its affiliates have the following roles and
responsibilities with
respect to the Pool, and receive the fees described below in
connection
with their roles and responsibilities.
Manager, Trustee, and Portfolio Advisor of the Pool
CAMI, a wholly-owned subsidiary of CIBC, is the Pool's
Manager,
Trustee, and Portfolio Advisor. As Manager, CAMI receives
management fees with respect to the Pool's day-to-day business
and
operations, calculated based on the net asset value of each
respective
class of units of the Pool as described in Management Fees.
As
Trustee, CAMI holds title to the Pool's property (cash and
securities) on
behalf of its unitholders. As Portfolio Advisor, CAMI provides,
or
arranges to provide for, investment advice and portfolio
management
services to the Pool. CAMI also compensates dealers in
connection
Renaissance International Equity Private Pool
4
with their marketing activities regarding the Pool. From time to
time,
CAMI may invest in units of the Pool.
Distributor
Class A, C and I units of the Pool may be purchased only
through
CIBC Wood Gundy, a division of CIBC World Markets Inc. (referred
to
as CIBC WM). Other classes of units of the Pool may be
purchased
through dealers and other firms, including CAMI's related dealers
such
as the CIBC Investor's Edge discount brokerage division of
CIBC
Investor Services Inc. (referred to as CIBC ISI), the CIBC
Imperial
Service division of CIBC ISI, and CIBC WM. CIBC ISI and CIBC
WM
are wholly-owned subsidiaries of CIBC. CAMI may pay sales
commissions and trailing commissions to the dealers in connection
with
the sale of units of the Pool. These dealers and other firms may
pay a
portion of these sales commissions and trailing commissions to
their
advisors who sell units of the Pool to investors.
Brokerage Arrangements and Soft Dollars
CAMI generally delegates trading and execution authority to
the
portfolio sub-advisors and does not, in its capacity as portfolio
advisor,
receive any goods or services directly through soft dollar
arrangements.
The Portfolio Advisor and any portfolio sub-advisors make
decisions,
including the selection of markets and dealers and the negotiation
of
commissions, with respect to the purchase and sale of
portfolio
securities, certain derivative products and the execution of
portfolio
transactions. Brokerage business may be allocated by the
Portfolio
Advisor and any portfolio sub-advisors, to CIBC WM and CIBC
World
Markets Corp., each a subsidiary of CIBC. CIBC WM and CIBC
World
Markets Corp. may also earn spreads on the sale of fixed
income
securities, other securities and certain derivative products to the
Pool.
A spread is the difference between the bid and ask prices for a
security
in the applicable marketplace, with respect to the execution of
portfolio
transactions. The spread will differ based upon various factors
such as
the nature and liquidity of the security.
CIBC WM and CIBC World Markets Corp. may furnish goods and
services, other than order execution, to portfolio sub-advisors
when
they process trades through them (referred to in the industry as
“soft
dollar” arrangements). These goods and services assist
portfolio
sub-advisors with their investment decision-making services for
the
Pool or relate directly to the execution of portfolio transactions
on
behalf of the Pool. In accordance with the terms of the
sub-advisory
agreements, such soft-dollar arrangements are in compliance
with
applicable laws.
with certain dealers with respect to the Pool. Any commission
recaptured will be paid to the Pool.
During the period, the Pool paid brokerage commissions and other
fees
of $827 to CIBC WM; the Pool did not pay any brokerage
commissions
or other fees to CIBC World Markets Corp. Spreads associated
with
fixed income and other securities are not ascertainable and, for
that
reason, cannot be included when determining these amounts.
Pool Transactions
The Pool may enter into one or more of the following
transactions
(referred to as the Related Party Transactions) in reliance on
the
standing instructions issued by the Independent Review
Committee
(referred to as the IRC):
• invest in or hold equity securities of CIBC or issuers related to
a
portfolio sub-advisor;
• invest in or hold non-exchange-traded debt securities of CIBC or
an
issuer related to CIBC, with terms-to-maturity of 365 days or
more,
issued in a primary offering and in the secondary market;
• make an investment in the securities of an issuer for which
CIBC
WM, CIBC World Markets Corp., or any affiliate of CIBC (referred
to
as a Related Dealer or the Related Dealers) acts as an
underwriter
during the offering of the securities or at any time during the
60-day
period following the completion of the offering of such securities
(in
the case of a “private placement” offering, in accordance the
Private
Placement Relief Order and the policies and procedures relating
to
such investment);
• purchase equity and debt securities from or sell them to a
Related
Dealer, where it is acting as principal;
• undertake currency and currency derivative transactions where
a
related party is the counterparty;
• purchase securities from or sell securities to another
investment
fund or a managed account managed by the Manager or an
affiliate
(referred to as inter-fund trades or cross-trades); and
• engage in in-specie transfers by receiving portfolio securities
from,
or delivering portfolio securities to, a managed account or
another
investment fund managed by the Manager or an affiliate, in
respect
of a purchase or redemption of units of the Pool, subject to
certain
conditions.
At least annually, the IRC reviews the Related Party Transactions
for
which they have issued standing instructions. The IRC is required
to
advise the Canadian securities regulatory authorities, after a
matter
has been referred to or reported to it by the Manager, if it
determines
that an investment decision was not made in accordance with
conditions imposed by securities legislation or the IRC in any
Related
Party Transactions requiring its approval.
Custodian
CIBC Mellon Trust Company is the custodian of the Pool (referred to
as
the Custodian). The Custodian holds all cash and securities for
the
Pool and ensures that those assets are kept separate from any
other
cash or securities that the custodian might be holding. The
Custodian
also provides other services to the Pool including record-keeping
and
processing foreign exchange transactions. The fees and spreads
for
the services of the Custodian directly related to the execution
of
portfolio transactions by the Pool are paid by CAMI and/or
dealer(s)
directed by CAMI, up to the amount of the credits generated under
soft
dollar arrangements from trading on behalf of the Pool during
that
month. All other fees and spreads for the services of the Custodian
are
Renaissance International Equity Private Pool
5
paid by the Manager and charged to the Pool on a recoverable
basis.
CIBC owns a 50% interest in the Custodian.
Service Provider
CIBC Mellon Global Securities Services Company (referred to as
CIBC
GSS) provides certain services to the Pool, including securities
lending,
fund accounting and reporting, and portfolio valuation. Such
servicing
fees are paid by the Manager and charged to the Pool on a
recoverable basis. CIBC indirectly owns a 50% interest in CIBC
GSS.
Renaissance International Equity Private Pool
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Financial Highlights
The following tables show selected key financial information about
the Pool and are intended to help you understand the Pool’s
financial performance
for the period ended February 28, 2021 and August 31 of any other
period(s) shown.
The Pool's Net Assets per Unit¹ - Class A Units
2021 2020 2019 2018 2017 2016
Net Assets, beginning of period $ 12.29 $ 11.26 $ 11.82 $ 10.87 $
9.72 $ 10.00
Increase (decrease) from operations:
Total revenue $ 0.14 $ 0.26 $ 0.34 $ 0.32 $ 0.27 $ 0.26
Total expenses (0.17) (0.31) (0.29) (0.31) (0.28) (0.32)
Realized gains (losses) for the period 1.33 0.40 0.17 0.82 0.62
0.64
Unrealized gains (losses) for the period 0.40 0.81 (0.77) 0.20 0.53
(0.88)
Total increase (decrease) from operations
2
Distributions:
From dividends – – – – – –
$ – $ 0.07 $ 0.04 $ 0.01 $ – $ –
Net Assets, end of period $ 13.98 $ 12.29 $ 11.26 $ 11.82 $ 10.87 $
9.72
1
This information is derived from the Pool's audited annual and
unaudited interim financial statements.
2
Net assets and distributions are based on the actual number of
units outstanding at the relevant time. The total increase
(decrease) from operations is based on the weighted average number
of
units outstanding during the period.
3
Distributions were paid in cash, reinvested in additional units of
the Pool, or both.
Ratios and Supplemental Data - Class A Units
2021 2020 2019 2018 2017 2016
Total Net Asset Value (000s)
4
Number of Units Outstanding
Management Expense Ratio
absorptions
6
Trading Expense Ratio
Portfolio Turnover Rate
163.31% 60.21% 50.93% 42.86% 42.11% 72.93%
*
4
This information is presented as at February 28, 2021 and August 31
of the period(s) shown.
5
Management expense ratio is based on the total expenses of the fund
(excluding commissions and other portfolio transaction costs),
incurred by or allocated to a class of units for the period
shown, expressed as an annualized percentage of the daily average
net asset value of that class during the period.
6
The decision to waive and/or absorb management fees and operating
expenses is at the discretion of the Manager. The practice of
waiving and/or absorbing management fees and operating
expenses may continue indefinitely or may be terminated at any time
without notice to unitholders.
7
The trading expense ratio represents total commissions and other
portfolio transaction costs before income taxes expressed as an
annualized percentage of the daily average net asset value
during the period. Spreads associated with fixed income securities
trading are not ascertainable and, for that reason, are not
included in the trading expense ratio calculation.
8
The portfolio turnover rate indicates how actively the portfolio
advisor and/or portfolio sub-advisor manages the portfolio
investments. A portfolio turnover rate of 100% is equivalent to a
fund
buying and selling all of the securities in its portfolio once in
the course of the period. The higher a portfolio turnover rate in a
period, the greater the trading costs payable by a fund in
the
period, and the greater the chance of an investor receiving taxable
capital gains in the year. There is not necessarily a relationship
between a high turnover rate and the performance of a fund.
Renaissance International Equity Private Pool
7
The Pool's Net Assets per Unit¹ - Premium Class Units
2021 2020 2019 2018 2017 2016
a
Net Assets, beginning of period $ 12.53 $ 11.52 $ 12.09 $ 11.09 $
10.06 $ 10.00
b
Total revenue $ 0.14 $ 0.27 $ 0.35 $ 0.38 $ 0.32 $ 0.04
Total expenses (0.16) (0.28) (0.26) (0.29) (0.28) (0.06)
Realized gains (losses) for the period 1.45 0.41 0.19 0.86 0.77
0.10
Unrealized gains (losses) for the period 0.21 1.09 (0.90) (0.65)
0.25 0.66
Total increase (decrease) from operations
2
Distributions:
From dividends – – – – – –
$ – $ 0.15 $ 0.07 $ – $ 0.15 $ –
Net Assets, end of period $ 14.26 $ 12.53 $ 11.52 $ 12.09 $ 11.09 $
10.06
a
Information presented is for the period from May 31, 2016 to August
31, 2016.
b
1
This information is derived from the Pool's audited annual and
unaudited interim financial statements.
2
Net assets and distributions are based on the actual number of
units outstanding at the relevant time. The total increase
(decrease) from operations is based on the weighted average number
of
units outstanding during the period.
3
Distributions were paid in cash, reinvested in additional units of
the Pool, or both.
Ratios and Supplemental Data - Premium Class Units
2021 2020 2019 2018 2017 2016
a
4
Number of Units Outstanding
Management Expense Ratio
absorptions
6
Trading Expense Ratio
Portfolio Turnover Rate
163.31% 60.21% 50.93% 42.86% 42.11% 72.93%
Net Asset Value per Unit $ 14.26 $ 12.53 $ 11.52 $ 12.09 $ 11.09 $
10.06
a
*
4
This information is presented as at February 28, 2021 and August 31
of the period(s) shown.
5
Management expense ratio is based on the total expenses of the fund
(excluding commissions and other portfolio transaction costs),
incurred by or allocated to a class of units for the period
shown, expressed as an annualized percentage of the daily average
net asset value of that class during the period.
6
The decision to waive and/or absorb management fees and operating
expenses is at the discretion of the Manager. The practice of
waiving and/or absorbing management fees and operating
expenses may continue indefinitely or may be terminated at any time
without notice to unitholders.
7
The trading expense ratio represents total commissions and other
portfolio transaction costs before income taxes expressed as an
annualized percentage of the daily average net asset value
during the period. Spreads associated with fixed income securities
trading are not ascertainable and, for that reason, are not
included in the trading expense ratio calculation.
8
The portfolio turnover rate indicates how actively the portfolio
advisor and/or portfolio sub-advisor manages the portfolio
investments. A portfolio turnover rate of 100% is equivalent to a
fund
buying and selling all of the securities in its portfolio once in
the course of the period. The higher a portfolio turnover rate in a
period, the greater the trading costs payable by a fund in
the
period, and the greater the chance of an investor receiving taxable
capital gains in the year. There is not necessarily a relationship
between a high turnover rate and the performance of a fund.
Renaissance International Equity Private Pool
8
The Pool's Net Assets per Unit¹ - Premium-T4 Class Units
2021 2020 2019 2018 2017 2016
a
Net Assets, beginning of period $ 10.20 $ 9.71 $ 10.59 $ 10.14 $
9.93 $ 10.00
b
Total revenue $ 0.11 $ 0.17 $ 0.26 $ 0.28 $ 0.22 $ 0.03
Total expenses (0.13) (0.25) (0.24) (0.27) (0.26) (0.05)
Realized gains (losses) for the period 1.08 0.36 0.15 0.73 0.60
0.05
Unrealized gains (losses) for the period 0.29 0.63 (0.64) 0.12 0.49
0.08
Total increase (decrease) from operations
2
Distributions:
From income (excluding dividends) $ 0.07 $ 0.28 $ 0.25 $ 0.30 $
0.84 $ 0.10
From dividends – – – – – –
Total Distributions
$ 0.21 $ 0.40 $ 0.39 $ 0.42 $ 0.84 $ 0.10
Net Assets, end of period $ 11.35 $ 10.20 $ 9.71 $ 10.59 $ 10.14 $
9.93
a
Information presented is for the period from May 31, 2016 to August
31, 2016.
b
1
This information is derived from the Pool's audited annual and
unaudited interim financial statements.
2
Net assets and distributions are based on the actual number of
units outstanding at the relevant time. The total increase
(decrease) from operations is based on the weighted average number
of
units outstanding during the period.
3
Distributions were paid in cash, reinvested in additional units of
the Pool, or both.
Ratios and Supplemental Data - Premium-T4 Class Units
2021 2020 2019 2018 2017 2016
a
4
Management Expense Ratio
absorptions
6
Trading Expense Ratio
Portfolio Turnover Rate
163.31% 60.21% 50.93% 42.86% 42.11% 72.93%
Net Asset Value per Unit $ 11.35 $ 10.20 $ 9.71 $ 10.59 $ 10.14 $
9.93
a
*
4
This information is presented as at February 28, 2021 and August 31
of the period(s) shown.
5
Management expense ratio is based on the total expenses of the fund
(excluding commissions and other portfolio transaction costs),
incurred by or allocated to a class of units for the period
shown, expressed as an annualized percentage of the daily average
net asset value of that class during the period.
6
The decision to waive and/or absorb management fees and operating
expenses is at the discretion of the Manager. The practice of
waiving and/or absorbing management fees and operating
expenses may continue indefinitely or may be terminated at any time
without notice to unitholders.
7
The trading expense ratio represents total commissions and other
portfolio transaction costs before income taxes expressed as an
annualized percentage of the daily average net asset value
during the period. Spreads associated with fixed income securities
trading are not ascertainable and, for that reason, are not
included in the trading expense ratio calculation.
8
The portfolio turnover rate indicates how actively the portfolio
advisor and/or portfolio sub-advisor manages the portfolio
investments. A portfolio turnover rate of 100% is equivalent to a
fund
buying and selling all of the securities in its portfolio once in
the course of the period. The higher a portfolio turnover rate in a
period, the greater the trading costs payable by a fund in
the
period, and the greater the chance of an investor receiving taxable
capital gains in the year. There is not necessarily a relationship
between a high turnover rate and the performance of a fund.
Renaissance International Equity Private Pool
9
The Pool's Net Assets per Unit¹ - Premium-T6 Class Units
2021 2020 2019 2018 2017 2016
a
Net Assets, beginning of period $ 9.62 $ 9.32 $ 10.33 $ 10.01 $
9.88 $ 10.00
b
Total revenue $ 0.11 $ 0.21 $ 0.29 $ 0.05 $ 0.22 $ 0.03
Total expenses (0.13) (0.25) (0.24) (0.05) (0.26) (0.05)
Realized gains (losses) for the period 1.02 0.33 0.15 0.11 0.59
0.05
Unrealized gains (losses) for the period 0.30 0.60 (0.65) (0.16)
0.49 0.08
Total increase (decrease) from operations
2
Distributions:
From income (excluding dividends) $ 0.10 $ 0.42 $ 0.37 $ 0.43 $
0.90 $ 0.15
From dividends – – – – – –
Total Distributions
$ 0.30 $ 0.58 $ 0.57 $ 0.61 $ 0.90 $ 0.15
Net Assets, end of period $ 10.62 $ 9.62 $ 9.32 $ 10.33 $ 10.01 $
9.88
a
Information presented is for the period from May 31, 2016 to August
31, 2016.
b
1
This information is derived from the Pool's audited annual and
unaudited interim financial statements.
2
Net assets and distributions are based on the actual number of
units outstanding at the relevant time. The total increase
(decrease) from operations is based on the weighted average number
of
units outstanding during the period.
3
Distributions were paid in cash, reinvested in additional units of
the Pool, or both.
Ratios and Supplemental Data - Premium-T6 Class Units
2021 2020 2019 2018 2017 2016
a
4
Management Expense Ratio
absorptions
6
Trading Expense Ratio
Portfolio Turnover Rate
163.31% 60.21% 50.93% 42.86% 42.11% 72.93%
Net Asset Value per Unit $ 10.62 $ 9.62 $ 9.32 $ 10.33 $ 10.01 $
9.88
a
*
4
This information is presented as at February 28, 2021 and August 31
of the period(s) shown.
5
Management expense ratio is based on the total expenses of the fund
(excluding commissions and other portfolio transaction costs),
incurred by or allocated to a class of units for the period
shown, expressed as an annualized percentage of the daily average
net asset value of that class during the period.
6
The decision to waive and/or absorb management fees and operating
expenses is at the discretion of the Manager. The practice of
waiving and/or absorbing management fees and operating
expenses may continue indefinitely or may be terminated at any time
without notice to unitholders.
7
The trading expense ratio represents total commissions and other
portfolio transaction costs before income taxes expressed as an
annualized percentage of the daily average net asset value
during the period. Spreads associated with fixed income securities
trading are not ascertainable and, for that reason, are not
included in the trading expense ratio calculation.
8
The portfolio turnover rate indicates how actively the portfolio
advisor and/or portfolio sub-advisor manages the portfolio
investments. A portfolio turnover rate of 100% is equivalent to a
fund
buying and selling all of the securities in its portfolio once in
the course of the period. The higher a portfolio turnover rate in a
period, the greater the trading costs payable by a fund in
the
period, and the greater the chance of an investor receiving taxable
capital gains in the year. There is not necessarily a relationship
between a high turnover rate and the performance of a fund.
Renaissance International Equity Private Pool
10
The Pool's Net Assets per Unit¹ - Class H-Premium Units
2021 2020 2019 2018 2017 2016
a
Net Assets, beginning of period $ 12.01 $ 11.57 $ 11.83 $ 11.50 $
10.16 $ 10.00
b
Total revenue $ 0.29 $ (0.30) $ 0.34 $ 0.08 $ 0.67 $ 0.07
Total expenses (0.19) (0.20) (0.13) (0.27) (0.36) (0.06)
Realized gains (losses) for the period 1.30 0.37 0.13 0.62 0.52
0.07
Unrealized gains (losses) for the period 0.39 0.61 (0.58) (0.08)
0.70 0.08
Total increase (decrease) from operations
2
Distributions:
From dividends – – – – – –
$ – $ 0.04 $ – $ 0.03 $ 0.20 $ –
Net Assets, end of period $ 13.80 $ 12.01 $ 11.57 $ 11.83 $ 11.50 $
10.16
a
Information presented is for the period from May 31, 2016 to August
31, 2016.
b
1
This information is derived from the Pool's audited annual and
unaudited interim financial statements.
2
Net assets and distributions are based on the actual number of
units outstanding at the relevant time. The total increase
(decrease) from operations is based on the weighted average number
of
units outstanding during the period.
3
Distributions were paid in cash, reinvested in additional units of
the Pool, or both.
Ratios and Supplemental Data - Class H-Premium Units
2021 2020 2019 2018 2017 2016
a
4
Management Expense Ratio
absorptions
6
Trading Expense Ratio
Portfolio Turnover Rate
163.31% 60.21% 50.93% 42.86% 42.11% 72.93%
Net Asset Value per Unit $ 13.80 $ 12.01 $ 11.57 $ 11.83 $ 11.50 $
10.16
a
*
4
This information is presented as at February 28, 2021 and August 31
of the period(s) shown.
5
Management expense ratio is based on the total expenses of the fund
(excluding commissions and other portfolio transaction costs),
incurred by or allocated to a class of units for the period
shown, expressed as an annualized percentage of the daily average
net asset value of that class during the period.
6
The decision to waive and/or absorb management fees and operating
expenses is at the discretion of the Manager. The practice of
waiving and/or absorbing management fees and operating
expenses may continue indefinitely or may be terminated at any time
without notice to unitholders.
7
The trading expense ratio represents total commissions and other
portfolio transaction costs before income taxes expressed as an
annualized percentage of the daily average net asset value
during the period. Spreads associated with fixed income securities
trading are not ascertainable and, for that reason, are not
included in the trading expense ratio calculation.
8
The portfolio turnover rate indicates how actively the portfolio
advisor and/or portfolio sub-advisor manages the portfolio
investments. A portfolio turnover rate of 100% is equivalent to a
fund
buying and selling all of the securities in its portfolio once in
the course of the period. The higher a portfolio turnover rate in a
period, the greater the trading costs payable by a fund in
the
period, and the greater the chance of an investor receiving taxable
capital gains in the year. There is not necessarily a relationship
between a high turnover rate and the performance of a fund.
Renaissance International Equity Private Pool
11
The Pool's Net Assets per Unit¹ - Class H-Premium T4 Units
2021 2020 2019 2018 2017 2016
a
Net Assets, beginning of period $ 9.42 $ 9.57 $ 10.49 $ 10.66 $
10.11 $ 10.00
b
Total expenses (0.15) (0.15) (0.24) (0.23) (0.34) (0.07)
Realized gains (losses) for the period 0.98 0.21 0.08 0.56 0.51
0.08
Unrealized gains (losses) for the period 0.37 0.45 (0.61) (0.04)
0.65 0.10
Total increase (decrease) from operations
2
Distributions:
From income (excluding dividends) $ 0.07 $ 0.28 $ 0.24 $ 0.31 $
0.89 $ 0.10
From dividends – – – – – –
Total Distributions
$ 0.21 $ 0.40 $ 0.39 $ 0.43 $ 0.89 $ 0.10
Net Assets, end of period $ 10.67 $ 9.42 $ 9.57 $ 10.49 $ 10.66 $
10.11
a
Information presented is for the period from May 31, 2016 to August
31, 2016.
b
1
This information is derived from the Pool's audited annual and
unaudited interim financial statements.
2
Net assets and distributions are based on the actual number of
units outstanding at the relevant time. The total increase
(decrease) from operations is based on the weighted average number
of
units outstanding during the period.
3
Distributions were paid in cash, reinvested in additional units of
the Pool, or both.
Ratios and Supplemental Data - Class H-Premium T4 Units
2021 2020 2019 2018 2017 2016
a
4
Management Expense Ratio
absorptions
6
Trading Expense Ratio
Portfolio Turnover Rate
163.31% 60.21% 50.93% 42.86% 42.11% 72.93%
Net Asset Value per Unit $ 10.67 $ 9.42 $ 9.57 $ 10.49 $ 10.66 $
10.11
a
*
4
This information is presented as at February 28, 2021 and August 31
of the period(s) shown.
5
Management expense ratio is based on the total expenses of the fund
(excluding commissions and other portfolio transaction costs),
incurred by or allocated to a class of units for the period
shown, expressed as an annualized percentage of the daily average
net asset value of that class during the period.
6
The decision to waive and/or absorb management fees and operating
expenses is at the discretion of the Manager. The practice of
waiving and/or absorbing management fees and operating
expenses may continue indefinitely or may be terminated at any time
without notice to unitholders.
7
The trading expense ratio represents total commissions and other
portfolio transaction costs before income taxes expressed as an
annualized percentage of the daily average net asset value
during the period. Spreads associated with fixed income securities
trading are not ascertainable and, for that reason, are not
included in the trading expense ratio calculation.
8
The portfolio turnover rate indicates how actively the portfolio
advisor and/or portfolio sub-advisor manages the portfolio
investments. A portfolio turnover rate of 100% is equivalent to a
fund
buying and selling all of the securities in its portfolio once in
the course of the period. The higher a portfolio turnover rate in a
period, the greater the trading costs payable by a fund in
the
period, and the greater the chance of an investor receiving taxable
capital gains in the year. There is not necessarily a relationship
between a high turnover rate and the performance of a fund.
Renaissance International Equity Private Pool
12
The Pool's Net Assets per Unit¹ - Class H-Premium T6 Units
2021 2020 2019 2018 2017 2016
a
Net Assets, beginning of period $ 8.90 $ 9.33 $ 10.26 $ 10.63 $
10.05 $ 10.00
b
Total expenses (0.14) (0.12) (0.24) (0.23) (0.35) (0.06)
Realized gains (losses) for the period 0.91 0.20 0.10 0.55 0.51
0.08
Unrealized gains (losses) for the period 0.33 0.45 (0.54) (0.07)
0.67 0.10
Total increase (decrease) from operations
2
Distributions:
From income (excluding dividends) $ 0.10 $ 0.40 $ 0.35 $ 0.45 $
0.95 $ 0.15
From dividends – – – – – –
Total Distributions
$ 0.30 $ 0.58 $ 0.57 $ 0.64 $ 0.95 $ 0.15
Net Assets, end of period $ 9.92 $ 8.90 $ 9.33 $ 10.26 $ 10.63 $
10.05
a
Information presented is for the period from May 31, 2016 to August
31, 2016.
b
1
This information is derived from the Pool's audited annual and
unaudited interim financial statements.
2
Net assets and distributions are based on the actual number of
units outstanding at the relevant time. The total increase
(decrease) from operations is based on the weighted average number
of
units outstanding during the period.
3
Distributions were paid in cash, reinvested in additional units of
the Pool, or both.
Ratios and Supplemental Data - Class H-Premium T6 Units
2021 2020 2019 2018 2017 2016
a
4
Management Expense Ratio
absorptions
6
Trading Expense Ratio
Portfolio Turnover Rate
163.31% 60.21% 50.93% 42.86% 42.11% 72.93%
Net Asset Value per Unit $ 9.92 $ 8.90 $ 9.33 $ 10.26 $ 10.63 $
10.05
a
*
4
This information is presented as at February 28, 2021 and August 31
of the period(s) shown.
5
Management expense ratio is based on the total expenses of the fund
(excluding commissions and other portfolio transaction costs),
incurred by or allocated to a class of units for the period
shown, expressed as an annualized percentage of the daily average
net asset value of that class during the period.
6
The decision to waive and/or absorb management fees and operating
expenses is at the discretion of the Manager. The practice of
waiving and/or absorbing management fees and operating
expenses may continue indefinitely or may be terminated at any time
without notice to unitholders.
7
The trading expense ratio represents total commissions and other
portfolio transaction costs before income taxes expressed as an
annualized percentage of the daily average net asset value
during the period. Spreads associated with fixed income securities
trading are not ascertainable and, for that reason, are not
included in the trading expense ratio calculation.
8
The portfolio turnover rate indicates how actively the portfolio
advisor and/or portfolio sub-advisor manages the portfolio
investments. A portfolio turnover rate of 100% is equivalent to a
fund
buying and selling all of the securities in its portfolio once in
the course of the period. The higher a portfolio turnover rate in a
period, the greater the trading costs payable by a fund in
the
period, and the greater the chance of an investor receiving taxable
capital gains in the year. There is not necessarily a relationship
between a high turnover rate and the performance of a fund.
Renaissance International Equity Private Pool
13
The Pool's Net Assets per Unit¹ - Class C Units
2021 2020 2019 2018 2017 2016
Net Assets, beginning of period $ 14.60 $ 13.37 $ 14.04 $ 12.91 $
11.56 $ 11.84
Increase (decrease) from operations:
Total revenue $ 0.17 $ 0.31 $ 0.40 $ 0.39 $ 0.33 $ 0.31
Total expenses (0.20) (0.36) (0.33) (0.36) (0.32) (0.30)
Realized gains (losses) for the period 1.56 0.48 0.21 0.98 0.75
0.73
Unrealized gains (losses) for the period 0.45 0.84 (0.89) 0.20 0.67
(0.98)
Total increase (decrease) from operations
2
Distributions:
From dividends – – – – – –
$ – $ 0.10 $ 0.07 $ 0.03 $ 0.02 $ 0.03
Net Assets, end of period $ 16.61 $ 14.60 $ 13.37 $ 14.04 $ 12.91 $
11.56
1
This information is derived from the Pool's audited annual and
unaudited interim financial statements.
2
Net assets and distributions are based on the actual number of
units outstanding at the relevant time. The total increase
(decrease) from operations is based on the weighted average number
of
units outstanding during the period.
3
Distributions were paid in cash, reinvested in additional units of
the Pool, or both.
Ratios and Supplemental Data - Class C Units
2021 2020 2019 2018 2017 2016
Total Net Asset Value (000s)
4
Number of Units Outstanding
Management Expense Ratio
absorptions
6
Trading Expense Ratio
Portfolio Turnover Rate
163.31% 60.21% 50.93% 42.86% 42.11% 72.93%
*
4
This information is presented as at February 28, 2021 and August 31
of the period(s) shown.
5
Management expense ratio is based on the total expenses of the fund
(excluding commissions and other portfolio transaction costs),
incurred by or allocated to a class of units for the period
shown, expressed as an annualized percentage of the daily average
net asset value of that class during the period.
6
The decision to waive and/or absorb management fees and operating
expenses is at the discretion of the Manager. The practice of
waiving and/or absorbing management fees and operating
expenses may continue indefinitely or may be terminated at any time
without notice to unitholders.
7
The trading expense ratio represents total commissions and other
portfolio transaction costs before income taxes expressed as an
annualized percentage of the daily average net asset value
during the period. Spreads associated with fixed income securities
trading are not ascertainable and, for that reason, are not
included in the trading expense ratio calculation.
8
The portfolio turnover rate indicates how actively the portfolio
advisor and/or portfolio sub-advisor manages the portfolio
investments. A portfolio turnover rate of 100% is equivalent to a
fund
buying and selling all of the securities in its portfolio once in
the course of the period. The higher a portfolio turnover rate in a
period, the greater the trading costs payable by a fund in
the
period, and the greater the chance of an investor receiving taxable
capital gains in the year. There is not necessarily a relationship
between a high turnover rate and the performance of a fund.
Renaissance International Equity Private Pool
14
The Pool's Net Assets per Unit¹ - Class I Units
2021 2020 2019 2018 2017 2016
Net Assets, beginning of period $ 15.40 $ 14.11 $ 14.84 $ 13.64 $
12.25 $ 12.54
Increase (decrease) from operations:
Total revenue $ 0.18 $ 0.33 $ 0.42 $ 0.41 $ 0.36 $ 0.33
Total expenses (0.12) (0.22) (0.20) (0.21) (0.20) (0.18)
Realized gains (losses) for the period 1.66 0.49 0.22 1.03 0.85
0.74
Unrealized gains (losses) for the period 0.49 0.90 (0.95) 0.18 0.70
(0.95)
Total increase (decrease) from operations
2
Distributions:
From income (excluding dividends) $ 0.14 $ 0.27 $ 0.24 $ 0.19 $
0.19 $ 0.17
From dividends – – – – – –
$ 0.14 $ 0.27 $ 0.24 $ 0.19 $ 0.19 $ 0.17
Net Assets, end of period $ 17.47 $ 15.40 $ 14.11 $ 14.84 $ 13.64 $
12.25
1
This information is derived from the Pool's audited annual and
unaudited interim financial statements.
2
Net assets and distributions are based on the actual number of
units outstanding at the relevant time. The total increase
(decrease) from operations is based on the weighted average number
of
units outstanding during the period.
3
Distributions were paid in cash, reinvested in additional units of
the Pool, or both.
Ratios and Supplemental Data - Class I Units
2021 2020 2019 2018 2017 2016
Total Net Asset Value (000s)
4
Number of Units Outstanding
Management Expense Ratio
absorptions
6
Trading Expense Ratio
Portfolio Turnover Rate
163.31% 60.21% 50.93% 42.86% 42.11% 72.93%
*
4
This information is presented as at February 28, 2021 and August 31
of the period(s) shown.
5
Management expense ratio is based on the total expenses of the fund
(excluding commissions and other portfolio transaction costs),
incurred by or allocated to a class of units for the period
shown, expressed as an annualized percentage of the daily average
net asset value of that class during the period.
6
The decision to waive and/or absorb management fees and operating
expenses is at the discretion of the Manager. The practice of
waiving and/or absorbing management fees and operating
expenses may continue indefinitely or may be terminated at any time
without notice to unitholders.
7
The trading expense ratio represents total commissions and other
portfolio transaction costs before income taxes expressed as an
annualized percentage of the daily average net asset value
during the period. Spreads associated with fixed income securities
trading are not ascertainable and, for that reason, are not
included in the trading expense ratio calculation.
8
The portfolio turnover rate indicates how actively the portfolio
advisor and/or portfolio sub-advisor manages the portfolio
investments. A portfolio turnover rate of 100% is equivalent to a
fund
buying and selling all of the securities in its portfolio once in
the course of the period. The higher a portfolio turnover rate in a
period, the greater the trading costs payable by a fund in
the
period, and the greater the chance of an investor receiving taxable
capital gains in the year. There is not necessarily a relationship
between a high turnover rate and the performance of a fund.
Renaissance International Equity Private Pool
15
The Pool's Net Assets per Unit¹ - Class F-Premium Units
2021 2020 2019 2018 2017 2016
a
Net Assets, beginning of period $ 12.64 $ 11.60 $ 12.17 $ 11.13 $
10.05 $ 10.00
b
Total revenue $ 0.14 $ 0.27 $ 0.35 $ 0.35 $ 0.35 $ 0.03
Total expenses (0.10) (0.18) (0.16) (0.17) (0.18) (0.03)
Realized gains (losses) for the period 1.31 0.38 0.17 0.84 0.86
0.05
Unrealized gains (losses) for the period 0.43 0.61 (0.70) 0.06
(0.05) 0.08
Total increase (decrease) from operations
2
Distributions:
From dividends – – – – – –
$ 0.18 $ 0.25 $ 0.18 $ 0.09 $ 0.21 $ –
Net Assets, end of period $ 14.27 $ 12.64 $ 11.60 $ 12.17 $ 11.13 $
10.05
a
Information presented is for the period from May 31, 2016 to August
31, 2016.
b
1
This information is derived from the Pool's audited annual and
unaudited interim financial statements.
2
Net assets and distributions are based on the actual number of
units outstanding at the relevant time. The total increase
(decrease) from operations is based on the weighted average number
of
units outstanding during the period.
3
Distributions were paid in cash, reinvested in additional units of
the Pool, or both.
Ratios and Supplemental Data - Class F-Premium Units
2021 2020 2019 2018 2017 2016
a
4
Number of Units Outstanding
Management Expense Ratio
absorptions
6
Trading Expense Ratio
Portfolio Turnover Rate
163.31% 60.21% 50.93% 42.86% 42.11% 72.93%
Net Asset Value per Unit $ 14.27 $ 12.64 $ 11.60 $ 12.17 $ 11.13 $
10.05
a
*
4
This information is presented as at February 28, 2021 and August 31
of the period(s) shown.
5
Management expense ratio is based on the total expenses of the fund
(excluding commissions and other portfolio transaction costs),
incurred by or allocated to a class of units for the period
shown, expressed as an annualized percentage of the daily average
net asset value of that class during the period.
6
The decision to waive and/or absorb management fees and operating
expenses is at the discretion of the Manager. The practice of
waiving and/or absorbing management fees and operating
expenses may continue indefinitely or may be terminated at any time
without notice to unitholders.
7
The trading expense ratio represents total commissions and other
portfolio transaction costs before income taxes expressed as an
annualized percentage of the daily average net asset value
during the period. Spreads associated with fixed income securities
trading are not ascertainable and, for that reason, are not
included in the trading expense ratio calculation.
8
The portfolio turnover rate indicates how actively the portfolio
advisor and/or portfolio sub-advisor manages the portfolio
investments. A portfolio turnover rate of 100% is equivalent to a
fund
buying and selling all of the securities in its portfolio once in
the course of the period. The higher a portfolio turnover rate in a
period, the greater the trading costs payable by a fund in
the
period, and the greater the chance of an investor receiving taxable
capital gains in the year. There is not necessarily a relationship
between a high turnover rate and the performance of a fund.
Renaissance International Equity Private Pool
16
The Pool's Net Assets per Unit¹ - Class F-Premium T4 Units
2021 2020 2019 2018 2017 2016
a
Net Assets, beginning of period $ 10.62 $ 9.97 $ 10.82 $ 10.25 $
9.95 $ 10.00
b
Total revenue $ 0.11 $ 0.18 $ 0.26 $ 0.28 $ 0.22 $ 0.03
Total expenses (0.08) (0.14) (0.13) (0.15) (0.15) (0.03)
Realized gains (losses) for the period 1.13 0.37 0.15 0.76 0.59
0.05
Unrealized gains (losses) for the period 0.34 0.66 (0.70) 0.14 0.49
0.08
Total increase (decrease) from operations
2
Distributions:
From income (excluding dividends) $ 0.08 $ 0.29 $ 0.25 $ 0.34 $
0.85 $ 0.10
From dividends – – – – – –
Total Distributions
$ 0.22 $ 0.42 $ 0.40 $ 0.42 $ 0.85 $ 0.10
Net Assets, end of period $ 11.91 $ 10.62 $ 9.97 $ 10.82 $ 10.25 $
9.95
a
Information presented is for the period from May 31, 2016 to August
31, 2016.
b
1
This information is derived from the Pool's audited annual and
unaudited interim financial statements.
2
Net assets and distributions are based on the actual number of
units outstanding at the relevant time. The total increase
(decrease) from operations is based on the weighted average number
of
units outstanding during the period.
3
Distributions were paid in cash, reinvested in additional units of
the Pool, or both.
Ratios and Supplemental Data - Class F-Premium T4 Units
2021 2020 2019 2018 2017 2016
a
4
Management Expense Ratio
absorptions
6
Trading Expense Ratio
Portfolio Turnover Rate
163.31% 60.21% 50.93% 42.86% 42.11% 72.93%
Net Asset Value per Unit $ 11.91 $ 10.62 $ 9.97 $ 10.82 $ 10.25 $
9.95
a
*
4
This information is presented as at February 28, 2021 and August 31
of the period(s) shown.
5
Management expense ratio is based on the total expenses of the fund
(excluding commissions and other portfolio transaction costs),
incurred by or allocated to a class of units for the period
shown, expressed as an annualized percentage of the daily average
net asset value of that class during the period.
6
The decision to waive and/or absorb management fees and operating
expenses is at the discretion of the Manager. The practice of
waiving and/or absorbing management fees and operating
expenses may continue indefinitely or may be terminated at any time
without notice to unitholders.
7
The trading expense ratio represents total commissions and other
portfolio transaction costs before income taxes expressed as an
annualized percentage of the daily average net asset value
during the period. Spreads associated with fixed income securities
trading are not ascertainable and, for that reason, are not
included in the trading expense ratio calculation.
8
The portfolio turnover rate indicates how actively the portfolio
advisor and/or portfolio sub-advisor manages the portfolio
investments. A portfolio turnover rate of 100% is equivalent to a
fund
buying and selling all of the securities in its portfolio once in
the course of the period. The higher a portfolio turnover rate in a
period, the greater the trading costs payable by a fund in
the
period, and the greater the chance of an investor receiving taxable
capital gains in the year. There is not necessarily a relationship
between a high turnover rate and the performance of a fund.
Renaissance International Equity Private Pool
17
The Pool's Net Assets per Unit¹ - Class F-Premium T6 Units
2021 2020 2019 2018 2017 2016
a
Net Assets, beginning of period $ 10.10 $ 9.67 $ 10.56 $ 10.15 $
9.89 $ 10.00
b
Total revenue $ 0.11 $ 0.21 $ 0.12 $ 0.30 $ 0.19 $ 0.03
Total expenses (0.07) (0.13) (0.07) (0.15) (0.14) (0.03)
Realized gains (losses) for the period 1.06 0.33 0.11 0.76 0.59
0.05
Unrealized gains (losses) for the period 0.32 0.56 (1.33) 0.14
(1.84) 0.08
Total increase (decrease) from operations
2
Distributions:
From income (excluding dividends) $ 0.11 $ 0.47 $ 0.42 $ 0.47 $
0.92 $ 0.15
From dividends – – – – – –
Total Distributions
$ 0.32 $ 0.60 $ 0.58 $ 0.62 $ 0.92 $ 0.15
Net Assets, end of period $ 11.20 $ 10.10 $ 9.67 $ 10.56 $ 10.15 $
9.89
a
Information presented is for the period from May 31, 2016 to August
31, 2016.
b
1
This information is derived from the Pool's audited annual and
unaudited interim financial statements.
2
Net assets and distributions are based on the actual number of
units outstanding at the relevant time. The total increase
(decrease) from operations is based on the weighted average number
of
units outstanding during the period.
3
Distributions were paid in cash, reinvested in additional units of
the Pool, or both.
Ratios and Supplemental Data - Class F-Premium T6 Units
2021 2020 2019 2018 2017 2016
a
4
Management Expense Ratio
absorptions
6
Trading Expense Ratio
Portfolio Turnover Rate
163.31% 60.21% 50.93% 42.86% 42.11% 72.93%
Net Asset Value per Unit $ 11.20 $ 10.10 $ 9.67 $ 10.56 $ 10.15 $
9.89
a
*
4
This information is presented as at February 28, 2021 and August 31
of the period(s) shown.
5
Management expense ratio is based on the total expenses of the fund
(excluding commissions and other portfolio transaction costs),
incurred by or allocated to a class of units for the period
shown, expressed as an annualized percentage of the daily average
net asset value of that class during the period.
6
The decision to waive and/or absorb management fees and operating
expenses is at the discretion of the Manager. The practice of
waiving and/or absorbing management fees and operating
expenses may continue indefinitely or may be terminated at any time
without notice to unitholders.
7
The trading expense ratio represents total commissions and other
portfolio transaction costs before income taxes expressed as an
annualized percentage of the daily average net asset value
during the period. Spreads associated with fixed income securities
trading are not ascertainable and, for that reason, are not
included in the trading expense ratio calculation.
8
The portfolio turnover rate indicates how actively the portfolio
advisor and/or portfolio sub-advisor manages the portfolio
investments. A portfolio turnover rate of 100% is equivalent to a
fund
buying and selling all of the securities in its portfolio once in
the course of the period. The higher a portfolio turnover rate in a
period, the greater the trading costs payable by a fund in
the
period, and the greater the chance of an investor receiving taxable
capital gains in the year. There is not necessarily a relationship
between a high turnover rate and the performance of a fund.
Renaissance International Equity Private Pool
18
The Pool's Net Assets per Unit¹ - Class FH-Premium Units
2021 2020 2019 2018 2017 2016
a
Net Assets, beginning of period $ 11.96 $ 11.60 $ 11.93 $ 11.62 $
10.19 $ 10.00
b
Total revenue $ 0.23 $ (0.49) $ (0.24) $ 0.40 $ 0.64 $ 0.07
Total expenses (0.10) (0.03) (0.01) (0.08) (0.23) (0.03)
Realized gains (losses) for the period 1.23 0.26 0.04 0.17 0.53
0.07
Unrealized gains (losses) for the period 0.44 0.62 (1.35) (0.64)
0.70 0.08
Total increase (decrease) from operations
2
Distributions:
From dividends – – – – – –
$ – $ – $ 0.09 $ 0.16 $ 0.22 $ –
Net Assets, end of period $ 13.75 $ 11.96 $ 11.60 $ 11.93 $ 11.62 $
10.19
a
Information presented is for the period from May 31, 2016 to August
31, 2016.
b
1
This information is derived from the Pool's audited annual and
unaudited interim financial statements.
2
Net assets and distributions are based on the actual number of
units outstanding at the relevant time. The total increase
(decrease) from operations is based on the weighted average number
of
units outstanding during the period.
3
Distributions were paid in cash, reinvested in additional units of
the Pool, or both.
Ratios and Supplemental Data - Class FH-Premium Units
2021 2020 2019 2018 2017 2016
a
4
$ – $ – $ – $ 49 $ – $ –
Management Expense Ratio
absorptions
6
Trading Expense Ratio
Portfolio Turnover Rate
163.31% 60.21% 50.93% 42.86% 42.11% 72.93%
Net Asset Value per Unit $ 13.75 $ 11.96 $ 11.60 $ 11.93 $ 11.62 $
10.19
a
*
4
This information is presented as at February 28, 2021 and August 31
of the period(s) shown.
5
Management expense ratio is based on the total expenses of the fund
(excluding commissions and other portfolio transaction costs),
incurred by or allocated to a class of units for the period
shown, expressed as an annualized percentage of the daily average
net asset value of that class during the period.
6
The decision to waive and/or absorb management fees and operating
expenses is at the discretion of the Manager. The practice of
waiving and/or absorbing management fees and operating
expenses may continue indefinitely or may be terminated at any time
without notice to unitholders.
7
The trading expense ratio represents total commissions and other
portfolio transaction costs before income taxes expressed as an
annualized percentage of the daily average net asset value
during the period. Spreads associated with fixed income securities
trading are not ascertainable and, for that reason, are not
included in the trading expense ratio calculation.
8
The portfolio turnover rate indicates how actively the portfolio
advisor and/or portfolio sub-advisor manages the portfolio
investments. A portfolio turnover rate of 100% is equivalent to a
fund
buying and selling all of the securities in its portfolio once in
the course of the period. The higher a portfolio turnover rate in a
period, the greater the trading costs payable by a fund in
the
period, and the greater the chance of an investor receiving taxable
capital gains in the year. There is not necessarily a relationship
between a high turnover rate and the performance of a fund.
Renaissance International Equity Private Pool
19
The Pool's Net Assets per Unit¹ - Class FH-Premium T4 Units
2021 2020 2019 2018 2017 2016
a
Net Assets, beginning of period $ 9.91 $ 9.93 $ 10.71 $ 10.75 $
10.14 $ 10.00
b
Total revenue $ 0.12 $ (0.31) $ 0.28 $ 0.05 $ 0.60 $ 0.09
Total expenses (0.07) (0.04) (0.13) (0.13) (0.21) (0.04)
Realized gains (losses) for the period 1.01 0.23 0.08 0.56 0.51
0.08
Unrealized gains (losses) for the period 0.32 0.51 (0.59) (0.07)
0.67 0.10
Total increase (decrease) from operations
2
Distributions:
From income (excluding dividends) $ 0.08 $ 0.29 $ 0.24 $ 0.35 $
0.92 $ 0.10
From dividends – – – – – –
Total Distributions
$ 0.22 $ 0.41 $ 0.39 $ 0.44 $ 0.92 $ 0.10
Net Assets, end of period $ 11.04 $ 9.91 $ 9.93 $ 10.71 $ 10.75 $
10.14
a
Information presented is for the period from May 31, 2016 to August
31, 2016.
b
1
This information is derived from the Pool's audited annual and
unaudited interim financial statements.
2
Net assets and distributions are based on the actual number of
units outstanding at the relevant time. The total increase
(decrease) from operations is based on the weighted average number
of
units outstanding during the period.
3
Distributions were paid in cash, reinvested in additional units of
the Pool, or both.
Ratios and Supplemental Data - Class FH-Premium T4 Units
2021 2020 2019 2018 2017 2016
a
4
Management Expense Ratio
absorptions
6
Trading Expense Ratio
Portfolio Turnover Rate
163.31% 60.21% 50.93% 42.86% 42.11% 72.93%
Net Asset Value per Unit $ 11.04 $ 9.91 $ 9.93 $ 10.71 $ 10.75 $
10.14
a
*
4
This information is presented as at February 28, 2021 and August 31
of the period(s) shown.
5
Management expense ratio is based on the total expenses of the fund
(excluding commissions and other portfolio transaction costs),
incurred by or allocated to a class of units for the period
shown, expressed as an annualized percentage of the daily average
net asset value of that class during the period.
6
The decision to waive and/or absorb management fees and operating
expenses is at the discretion of the Manager. The practice of
waiving and/or absorbing management fees and operating
expenses may continue indefinitely or may be terminated at any time
without notice to unitholders.
7
The trading expense ratio represents total commissions and other
portfolio transaction costs before income taxes expressed as an
annualized percentage of the daily average net asset value
during the period. Spreads associated with fixed income securities
trading are not ascertainable and, for that reason, are not
included in the trading expense ratio calculation.
8
The portfolio turnover rate indicates how actively the portfolio
advisor and/or portfolio sub-advisor manages the portfolio
investments. A portfolio turnover rate of 100% is equivalent to a
fund
buying and selling all of the securities in its portfolio once in
the course of the period. The higher a portfolio turnover rate in a
period, the greater the trading costs payable by a fund in
the
period, and the greater the chance of an investor receiving taxable
capital gains in the year. There is not necessarily a relationship
between a high turnover rate and the performance of a fund.
Renaissance International Equity Private Pool
20
The Pool's Net Assets per Unit¹ - Class FH-Premium T6 Units
2021 2020 2019 2018 2017 2016
a
Net Assets, beginning of period $ 9.33 $ 9.64 $ 10.53 $ 10.68 $
10.08 $ 10.00
b
Total revenue $ 0.18 $ (0.32) $ 0.30 $ 0.14 $ 0.62 $ 0.09
Total expenses (0.08) (0.04) (0.13) (0.14) (0.23) (0.04)
Realized gains (losses) for the period 0.96 0.21 0.10 0.56 0.51
0.08
Unrealized gains (losses) for the period 0.33 0.48 (0.58) (0.05)
0.67 0.10
Total increase (decrease) from operations
2
Distributions:
From income (excluding dividends) $ 0.10 $ 0.41 $ 0.36 $ 0.49 $
0.98 $ 0.15
From dividends – – – – – –
Total Distributions
$ 0.31 $ 0.59 $ 0.58 $ 0.65 $ 0.98 $ 0.15
Net Assets, end of period $ 10.41 $ 9.33 $ 9.64 $ 10.53 $ 10.68 $
10.08
a
Information presented is for the period from May 31, 2016 to August
31, 2016.
b
1
This information is derived from the Pool's audited annual and
unaudited interim financial statements.
2
Net assets and distributions are based on the actual number of
units outstanding at the relevant time. The total increase
(decrease) from operations is based on the weighted average number
of
units outstanding during the period.
3
Distributions were paid in cash, reinvested in additional units of
the Pool, or both.
Ratios and Supplemental Data - Class FH-Premium T6 Units
2021 2020 2019 2018 2017 2016
a
4
Management Expense Ratio
absorptions
6
Trading Expense Ratio
Portfolio Turnover Rate
163.31% 60.21% 50.93% 42.86% 42.11% 72.93%
Net Asset Value per Unit $ 10.41 $ 9.33 $ 9.64 $ 10.53 $ 10.68 $
10.08
a
*
4
This information is presented as at February 28, 2021 and August 31
of the period(s) shown.
5
Management expense ratio is based on the total expenses of the fund
(excluding commissions and other portfolio transaction costs),
incurred by or allocated to a class of units for the period
shown, expressed as an annualized percentage of the daily average
net asset value of that class during the period.
6
The decision to waive and/or absorb management fees and operating
expenses is at the discretion of the Manager. The practice of
waiving and/or absorbing management fees and operating
expenses may continue indefinitely or may be terminated at any time
without notice to unitholders.
7
The trading expense ratio represents total commissions and other
portfolio transaction costs before income taxes expressed as an
annualized percentage of the daily average net asset value
during the period. Spreads associated with fixed income securities
trading are not ascertainable and, for that reason, are not
included in the trading expense ratio calculation.
8
The portfolio turnover rate indicates how actively the portfolio
advisor and/or portfolio sub-advisor manages the portfolio
investments. A portfolio turnover rate of 100% is equivalent to a
fund
buying and selling all of the securities in its portfolio once in
the course of the period. The higher a portfolio turnover rate in a
period, the greater the trading costs payable by a fund in
the
period, and the greater the chance of an investor receiving taxable
capital gains in the year. There is not necessarily a relationship
between a high turnover rate and the performance of a fund.
Renaissance International Equity Private Pool
21
The Pool's Net Assets per Unit¹ - Class N-Premium Units
2021 2020 2019 2018 2017 2016
a
Net Assets, beginning of period $ 12.81 $ 11.56 $ 12.02 $ 11.04 $
10.05 $ 10.00
b
Total revenue $ 0.13 $ 0.21 $ 0.29 $ 0.31 $ 0.23 $ 0.03
Total expenses (0.09) (0.17) (0.15) (0.16) (0.16) (0.03)
Realized gains (losses) for the period 1.37 0.44 0.17 0.83 0.62
0.05
Unrealized gains (losses) for the period 0.43 0.77 (0.77) 0.15 0.51
0.08
Total increase (decrease) from operations
2
Distributions:
From dividends – – – – – –
$ – $ – $ – $ 0.14 $ 0.22 $ –
Net Assets, end of period $ 14.65 $ 12.81 $ 11.56 $ 12.02 $ 11.04 $
10.05
a
Information presented is for the period from May 31, 2016 to August
31, 2016.
b
1
This information is derived from the Pool's audited annual and
unaudited interim financial statements.
2
Net assets and distributions are based on the actual number of
units outstanding at the relevant time. The total increase
(decrease) from operations is based on the weighted average number
of
units outstanding during the period.
3
Distributions were paid in cash, reinvested in additional units of
the Pool, or both.
Ratios and Supplemental Data - Class N-Premium Units
2021 2020 2019 2018 2017 2016
a
4
Management Expense Ratio
absorptions
6
Trading Expense Ratio
Portfolio Turnover Rate
163.31% 60.21% 50.93% 42.86% 42.11% 72.93%
Net Asset Value per Unit $ 14.65 $ 12.81 $ 11.56 $ 12.02 $ 11.04 $
10.05
a
*
4
This information is presented as at February 28, 2021 and August 31
of the period(s) shown.
5
Management expense ratio is based on the total expenses of the fund
(excluding commissions and other portfolio transaction costs),
incurred by or allocated to a class of units for the period
shown, expressed as an annualized percentage of the daily average
net asset value of that class during the period.
6
The decision to waive and/or absorb management fees and operating
expenses is at the discretion of the Manager. The practice of
waiving and/or absorbing management fees and operating
expenses may continue indefinitely or may be terminated at any time
without notice to unitholders.
7
The trading expense ratio represents total commissions and other
portfolio transaction costs before income taxes expressed as an
annualized percentage of the daily average net asset value
during the period. Spreads associated with fixed income securities
trading are not ascertainable and, for that reason, are not
included in the trading expense ratio calculation.
8
The portfolio turnover rate indicates how actively the portfolio
advisor and/or portfolio sub-advisor manages the portfolio
investments. A portfolio turnover rate of 100% is equivalent to a
fund
buying and selling all of the securities in its portfolio once in
the course of the period. The higher a portfolio turnover rate in a
period, the greater the trading costs payable by a fund in
the
period, and the greater the chance of an investor receiving taxable
capital gains in the year. There is not necessarily a relationship
between a high turnover rate and the performance of a fund.
Renaissance International Equity Private Pool
22
The Pool's Net Assets per Unit¹ - Class N-Premium T4 Units
2021 2020 2019 2018 2017 2016
a
Net Assets, beginning of period $ 10.62 $ 9.97 $ 10.82 $ 10.25 $
9.95 $ 10.00
b
Total revenue $ 0.11 $ 0.18 $ 0.26 $ 0.28 $ 0.22 $ 0.03
Total expenses (0.08) (0.14) (0.13) (0.15) (0.15) (0.03)
Realized gains (losses) for the period 1.13 0.37 0.15 0.76 0.59
0.05
Unrealized gains (losses) for the period 0.34 0.66 (0.70) 0.14 0.49
0.08
Total increase (decrease) from operations
2
Distributions:
From income (excluding dividends) $ 0.08 $ 0.29 $ 0.25 $ 0.34 $
0.85 $ 0.10
From dividends – – – – – –
Total Distributions
$ 0.22 $ 0.42 $ 0.40 $ 0.42 $ 0.85 $ 0.10
Net Assets, end of period $ 11.91 $ 10.62 $ 9.97 $ 10.82 $ 10.25 $
9.95
a
Information presented is for the period from May 31, 2016 to August
31, 2016.
b
1
This information is derived from the Pool's audited annual and
unaudited interim financial statements.
2
Net assets and distributions are based on the actual number of
units outstanding at the relevant time. The total increase
(decrease) from operations is based on the weighted average number
of
units outstanding during the period.
3
Distributions were paid in cash, reinvested in additional units of
the Pool, or both.
Ratios and Supplemental Data - Class N-Premium T4 Units
2021 2020 2019 2018 2017 2016
a
4
Management Expense Ratio
absorptions
6
Trading Expense Ratio
Portfolio Turnover Rate
163.31% 60.21% 50.93% 42.86% 42.11% 72.93%
Net Asset Value per Unit $ 11.91 $ 10.62 $ 9.97 $ 10.82 $ 10.25 $
9.95
a
*
4
This information is presented as at February 28, 2021 and August 31
of the period(s) shown.
5
Management expense ratio is based on the total expenses of the fund
(excluding commissions and other portfolio transaction costs),
incurred by or allocated to a class of units for the period
shown, expressed as an annualized percentage of the daily average
net asset value of that class during the period.
6
The decision to waive and/or absorb management fees and operating
expenses is at the discretion of the Manager. The practice of
waiving and/or absorbing management fees and operating
expenses may continue indefinitely or may be terminated at any time
without notice to unitholders.
7
The trading expense ratio represents total commissions and other
portfolio transaction costs before income taxes expressed as an
annualized percentage of the daily average net asset value
during the period. Spreads associated with fixed income securities
trading are not ascertainable and, for that reason, are not
included in the trading expense ratio calculation.
8
The portfolio turnover rate indicates how actively the portfolio
advisor and/or portfolio sub-advisor manages the portfolio
investments. A portfolio turnover rate of 100% is equivalent to a
fund
buying and selling all of the securities in its portfolio once in
the course of the period. The higher a portfolio turnover rate in a
period, the greater the trading costs payable by a fund in
the
period, and the greater the chance of an investor receiving taxable
capital gains in the year. There is not necessarily a relationship
between a high turnover rate and the performance of a fund.
Renaissance International Equity Private Pool
23
The Pool's Net Assets per Unit¹ - Class N-Premium T6 Units
2021 2020 2019 2018 2017 2016
a
Net Assets, beginning of period $ 9.90 $ 9.52 $ 10.51 $ 10.11 $
9.89 $ 10.00
b
Total revenue $ 0.10 $ 0.17 $ 0.25 $ 0.28 $ 0.22 $ 0.03
Total expenses (0.07) (0.13) (0.13) (0.15) (0.15) (0.03)
Realized gains (losses) for the period 1.05 0.35 0.14 0.74 0.59
0.05
Unrealized gains (losses) for the period 0.32 0.62 (0.68) 0.14 0.49
0.08
Total increase (decrease) from operations
2
Distributions:
From income (excluding dividends) $ 0.11 $ 0.42 $ 0.36 $ 0.48 $
0.92 $ 0.15
From dividends – – – – – –
Total Distributions
$ 0.32 $ 0.60 $ 0.58 $ 0.62 $ 0.92 $ 0.15
Net Assets, end of period $ 11.00 $ 9.90 $ 9.52 $ 10.51 $ 10.11 $
9.89
a
Information presented is for the period from May 31, 2016 to August
31, 2016.
b
1
This information is derived from the Pool's audited annual and
unaudited interim financial statements.
2
Net assets and distributions are based on the actual number of
units outstanding at the relevant time. The total increase
(decrease) from operations is based on the weighted average number
of
units outstanding during the period.
3
Distributions were paid in cash, reinvested in additional units of
the Pool, or both.
Ratios and Supplemental Data - Class N-Premium T6 Units
2021 2020 2019 2018 2017 2016
a
4
Management Expense Ratio
absorptions
6
Trading Expense Ratio
Portfolio Turnover Rate
163.31% 60.21% 50.93% 42.86% 42.11% 72.93%
Net Asset Value per Unit $ 11.00 $ 9.90 $ 9.52 $ 10.51 $ 10.11 $
9.89
a
*
4
This information is presented as at February 28, 2021 and August 31
of the period(s) shown.
5
Management expense ratio is based on the total expenses of the fund
(excluding commissions and other portfolio transaction costs),
incurred by or allocated to a class of units for the period
shown, expressed as an annualized percentage of the daily average
net asset value of that class during the period.
6
The decision to waive and/or absorb management fees and operating
expenses is at the discretion of the Manager. The practice of
waiving and/or absorbing management fees and operating
expenses may continue indefinitely or may be terminated at any time
without notice to unitholders.
7
The trading expense ratio represents total commissions and other
portfolio transaction costs before income taxes expressed as an
annualized percentage of the daily average net asset value
during the period. Spreads associated with fixed income securities
trading are not ascertainable and, for that reason, are not
included in the trading expense ratio calculation.
8
The portfolio turnover rate indicates how actively the portfolio
advisor and/or portfolio sub-advisor manages the portfolio
investments. A portfolio turnover rate of 100% is equivalent to a
fund
buying and selling all of the securities in its portfolio once in
the course of the period. The higher a portfolio turnover rate in a
period, the greater the trading costs payable by a fund in
the
period, and the greater the chance of an investor receiving taxable
capital gains in the year. There is not necessarily a relationship
between a high turnover rate and the performance of a fund.
Renaissance International Equity Private Pool
24
The Pool's Net Assets per Unit¹ - Class NH-Premium Units
2021 2020 2019 2018 2017 2016
a
Net Assets, beginning of period $ 11.95 $ 11.54 $ 11.82 $ 11.62 $
10.19 $ 10.00
b
Total revenue $ 0.16 $ (0.40) $ 0.41 $ (0.02) $ 0.64 $ 0.07
Total expenses (0.09) (0.04) (0.16) (0.11) (0.23) (0.03)
Realized gains (losses) for the period 1.24 0.26 0.10 0.61 0.53
0.07
Unrealized gains (losses) for the period 0.40 0.59 (0.63) (0.13)
0.70 0.08
Total increase (decrease) from operations
2
Distributions:
From dividends – – – – – –
$ – $ – $ – $ 0.16 $ 0.22 $ –
Net Assets, end of period $ 13.66 $ 11.95 $ 11.54 $ 11.82 $ 11.62 $
10.19
a
Information presented is for the period from May 31, 2016 to August
31, 2016.
b
1
This information is derived from the Pool's audited annual and
unaudited interim financial statements.
2
Net assets and distributions are based on the actual number of
units outstanding at the relevant time. The total increase
(decrease) from operations is based on the weighted average number
of
units outstanding during the period.
3
Distributions were paid in cash, reinvested in additional units of
the Pool, o