Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (n-q)
22 February 2020 - 2:30AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number: 811-08049
RENAISSANCE CAPITAL GREENWICH FUNDS
(Exact name of registrant as specified in charter)
165 MASON STREET
GREENWICH, CONNECTICUT 06830
(Address of principal executive offices)(Zip
code)
Rebecca Gilding, Esq.
State Street Bank and Trust Company
One Lincoln Street/SUM0703
Boston, MA 02111
(Name and Address of Agent for Service)
Registrant’s telephone number, including area code: (203)
622-2978
Date of fiscal year end: September 30
Date of reporting period: December 31, 2019
Item 1. Schedule of Investments.
RENAISSANCE
IPO ETF
RENAISSANCE
INTERNATIONAL IPO
ETF
2019
December 31, 2019
Renaissance Capital LLC
The IPO Expert
Renaissance IPO ETF
PORTFOLIO OF INVESTMENTS (Unaudited)
|
December 31, 2019
|
Shares
|
|
|
|
|
Value (US$)
|
|
|
|
|
|
|
COMMON STOCKS - 99.1%
|
|
|
|
|
|
|
|
COMMUNICATION SERVICES - 13.3%
|
|
|
|
|
|
|
|
Entertainment - 12.0%
|
|
|
|
|
9,953
|
|
|
Bilibili, Inc. - ADR *
|
$
|
185,325
|
|
|
10,299
|
|
|
HUYA, Inc. - ADR *
|
|
184,867
|
|
|
42,167
|
|
|
iQIYI, Inc. - ADR *
|
|
890,145
|
|
|
22,373
|
|
|
Spotify Technology SA *
|
|
3,345,882
|
|
|
21,513
|
|
|
Tencent Music Entertainment Group - ADR *
|
|
252,563
|
|
|
|
|
|
|
|
|
|
|
|
4,858,782
|
|
|
|
|
|
|
Interactive Media & Services - 1.3%
|
|
|
|
|
29,367
|
|
|
Pinterest, Inc. - Cl. A *
|
|
547,401
|
|
|
|
|
|
|
|
|
|
|
|
5,406,183
|
|
|
|
|
|
|
CONSUMER DISCRETIONARY - 6.4%
|
|
|
|
|
|
|
|
Automobiles - 1.4%
|
|
|
|
|
141,400
|
|
|
NIO, Inc. - ADR * (a)
|
|
568,428
|
|
|
|
|
|
|
Diversified Consumer Services - 0.4%
|
|
|
|
|
7,832
|
|
|
GSX Techedu, Inc. - ADR *
|
|
171,207
|
|
|
|
|
|
|
Hotels, Restaurants & Leisure - 0.3%
|
|
|
|
|
3,335
|
|
|
Luckin Coffee, Inc. - ADR * (a)
|
|
131,266
|
|
|
|
|
|
|
Internet & Direct Marketing Retail - 3.3%
|
|
|
|
|
10,165
|
|
|
Chewy, Inc. - Cl. A *
|
|
294,785
|
|
|
23,728
|
|
|
Farfetch, Ltd. - Cl. A *
|
|
245,585
|
|
|
20,856
|
|
|
Pinduoduo, Inc. - ADR *
|
|
788,774
|
|
|
|
|
|
|
|
|
|
|
|
1,329,144
|
|
|
|
|
|
|
Leisure Equipment & Products - 0.6%
|
|
|
|
|
8,095
|
|
|
Peloton Interactive, Inc. - Cl. A * (a)
|
|
229,898
|
|
|
|
|
|
|
Textiles, Apparel & Luxury Goods - 0.4%
|
|
|
|
|
8,015
|
|
|
Levi Strauss & Co. - Cl. A
|
|
154,609
|
|
|
|
|
|
|
|
|
|
|
|
2,584,552
|
|
|
|
|
|
|
CONSUMER STAPLES - 2.9%
|
|
|
|
|
|
|
|
Food & Staples Retailing - 1.2%
|
|
|
|
|
21,026
|
|
|
BJ's Wholesale Club Holdings, Inc. *
|
|
478,132
|
|
|
|
|
|
|
Food Products - 1.7%
|
|
|
|
|
8,987
|
|
|
Beyond Meat, Inc. * (a)
|
|
679,417
|
|
|
|
|
|
|
|
|
|
|
|
1,157,549
|
|
|
|
|
|
|
ENERGY - 0.8%
|
|
|
|
|
|
|
|
Energy Equipment & Services - 0.8%
|
|
|
|
|
8,873
|
|
|
Cactus, Inc. - Cl. A
|
|
304,521
|
|
|
|
|
|
|
FINANCIALS - 6.9%
|
|
|
|
|
|
|
|
Banks - 0.2%
|
|
|
|
|
1,694
|
|
|
Intercorp Financial Services, Inc. *
|
|
69,962
|
|
|
|
|
|
|
Capital Markets - 1.9%
|
|
|
|
|
5,919
|
|
|
Tradeweb Markets, Inc. - Cl. A
|
|
274,346
|
|
|
13,012
|
|
|
XP, Inc. - Cl. A *
|
|
501,222
|
|
|
|
|
|
|
|
|
|
|
|
775,568
|
|
|
|
|
|
|
Diversified Financial Services - 4.8%
|
|
|
|
|
78,562
|
|
|
AXA Equitable Holdings, Inc.
|
|
1,946,767
|
|
|
|
|
|
|
|
|
|
|
|
2,792,297
|
|
|
|
See Accompanying Notes to Financial Statements.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Renaissance IPO ETF
PORTFOLIO OF INVESTMENTS (Unaudited)
|
December 31, 2019 (continued)
|
Shares
|
|
|
|
|
Value (US$)
|
|
|
|
|
|
|
HEALTH CARE - 15.0%
|
|
|
|
|
|
|
|
Biotechnology - 3.3%
|
|
|
|
|
3,670
|
|
|
Allakos, Inc. *
|
$
|
349,971
|
|
|
8,927
|
|
|
Allogene Therapeutics, Inc. * (a)
|
|
231,923
|
|
|
39,185
|
|
|
Moderna, Inc. *
|
|
766,459
|
|
|
|
|
|
|
|
|
|
|
|
1,348,353
|
|
|
|
|
|
|
Health Care Equipment & Supplies - 2.0%
|
|
|
|
|
26,920
|
|
|
Envista Holdings Corp. *
|
|
797,909
|
|
|
|
|
|
|
Health Care Providers & Services - 1.3%
|
|
|
|
|
7,000
|
|
|
Guardant Health, Inc. *
|
|
546,980
|
|
|
|
|
|
|
Life Sciences Tools & Services - 3.2%
|
|
|
|
|
1,828
|
|
|
10X Genomics, Inc. - Cl. A *
|
|
139,385
|
|
|
2,904
|
|
|
Adaptive Biotechnologies Corp. *
|
|
86,888
|
|
|
59,674
|
|
|
Avantor, Inc. *
|
|
1,083,083
|
|
|
|
|
|
|
|
|
|
|
|
1,309,356
|
|
|
|
|
|
|
Pharmaceuticals - 5.2%
|
|
|
|
|
70,839
|
|
|
Elanco Animal Health, Inc. *
|
|
2,086,208
|
|
|
|
|
|
|
|
|
|
|
|
6,088,806
|
|
|
|
|
|
|
INDUSTRIALS - 14.8%
|
|
|
|
|
|
|
|
Commercial Services & Supplies - 0.4%
|
|
|
|
|
20,929
|
|
|
ADT, Inc. (a)
|
|
165,967
|
|
|
|
|
|
|
Electrical Equipment - 0.3%
|
|
|
|
|
11,608
|
|
|
GrafTech International, Ltd.
|
|
134,885
|
|
|
|
|
|
|
Machinery - 0.3%
|
|
|
|
|
8,687
|
|
|
Gates Industrial Corp. PLC *
|
|
119,533
|
|
|
|
|
|
|
Road & Rail - 13.8%
|
|
|
|
|
36,061
|
|
|
Lyft, Inc. - Cl. A *
|
|
1,551,344
|
|
|
135,250
|
|
|
Uber Technologies, Inc. *
|
|
4,022,335
|
|
|
|
|
|
|
|
|
|
|
|
5,573,679
|
|
|
|
|
|
|
|
|
|
|
|
5,994,064
|
|
|
|
|
|
|
INFORMATION TECHNOLOGY - 29.3%
|
|
|
|
|
|
|
|
IT Services - 4.2%
|
|
|
|
|
33,526
|
|
|
Pagseguro Digital, Ltd. - Cl. A *
|
|
1,145,248
|
|
|
13,354
|
|
|
StoneCo, Ltd. - Cl. A *
|
|
532,691
|
|
|
|
|
|
|
|
|
|
|
|
1,677,939
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Accompanying Notes to Financial Statements.
Renaissance IPO ETF
PORTFOLIO OF INVESTMENTS (Unaudited)
|
December 31, 2019 (continued)
|
Shares
|
|
|
|
|
Value (US$)
|
|
|
|
|
|
|
Software - 25.1%
|
|
|
|
|
16,204
|
|
|
Anaplan, Inc. *
|
$
|
849,090
|
|
|
8,882
|
|
|
Avalara, Inc. *
|
|
650,606
|
|
|
17,662
|
|
|
Ceridian HCM Holding, Inc. *
|
|
1,198,897
|
|
|
24,385
|
|
|
Cloudflare, Inc. - Cl. A *
|
|
416,008
|
|
|
3,935
|
|
|
Crowdstrike Holdings, Inc. - Cl. A *
|
|
196,238
|
|
|
4,514
|
|
|
Datadog, Inc. - Cl. A *
|
|
170,539
|
|
|
29,400
|
|
|
DocuSign, Inc. *
|
|
2,178,834
|
|
|
40,090
|
|
|
Dropbox, Inc. - Cl. A *
|
|
718,012
|
|
|
11,996
|
|
|
Dynatrace, Inc. *
|
|
303,499
|
|
|
8,575
|
|
|
Elastic NV *
|
|
551,373
|
|
|
30,112
|
|
|
Slack Technologies, Inc. - Cl. A *
|
|
676,918
|
|
|
16,543
|
|
|
Smartsheet, Inc. - Cl. A *
|
|
743,112
|
|
|
8,506
|
|
|
SolarWinds Corp. *
|
|
157,786
|
|
|
16,360
|
|
|
SVMK, Inc. *
|
|
292,353
|
|
|
7,100
|
|
|
Tenable Holdings, Inc. *
|
|
170,116
|
|
|
5,171
|
|
|
Zoom Video Communications, Inc. - Cl. A *
|
|
351,835
|
|
|
11,953
|
|
|
Zscaler, Inc. *
|
|
555,814
|
|
|
|
|
|
|
|
|
|
|
|
10,181,030
|
|
|
|
|
|
|
|
|
|
|
|
11,858,969
|
|
|
|
|
|
|
REAL ESTATE - 9.7%
|
|
|
|
|
|
|
|
Equity Real Estate Investment Trusts (REITs) - 8.6%
|
|
|
|
|
36,289
|
|
|
Americold Realty Trust
|
|
1,272,293
|
|
|
87,504
|
|
|
VICI Properties, Inc.
|
|
2,235,727
|
|
|
|
|
|
|
|
|
|
|
|
3,508,020
|
|
|
|
|
|
|
Real Estate Management & Development - 1.1%
|
|
|
|
|
21,233
|
|
|
Cushman & Wakefield PLC *
|
|
434,002
|
|
|
|
|
|
|
|
|
|
|
|
3,942,022
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS
(Cost - $41,063,792)
|
|
|
|
|
40,128,963
|
|
|
|
|
|
|
SHORT-TERM INVESTMENTS - 3.3%
|
|
|
|
|
1,338,873
|
|
|
State Street Navigator Securities Lending Government Money Market Portfolio (b)
|
|
1,338,873
|
|
|
|
|
|
|
|
TOTAL SHORT-TERM INVESTMENTS
(Cost - $1,338,873)
|
|
|
|
|
1,338,873
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 102.4% (Cost - $42,402,665) (c)
|
$
|
41,467,836
|
|
|
|
|
|
LIABILITIES LESS OTHER ASSETS - (2.4) %
|
|
(968,029)
|
|
|
|
|
|
|
NET ASSETS - 100.0%
|
$
|
40,499,807
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Non-income producing security.
|
(a)
|
Securities (or a portion of the security) on loan. As of December 31, 2019, the market value of securities loaned was $1,406,726. The loaned securities were secured with cash collateral of $1,338,873 and non-cash collateral with a value of $70,412. The non-cash collateral received consists of common stocks, and is held for the benefit of the Fund at the Fund's custodian. The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day’s prices.
|
(b)
|
Represents investments of cash collateral received in connection with securities lending.
|
(c)
|
Represents cost for financial reporting purposes. The cost for Federal income tax purposes is $42,402,665.
At December 31, 2019, net depreciation for all securities was $934,829. This consists of aggregate gross unrealized appreciation of $2,530,125 and aggregate gross unrealized depreciation of $3,464,954.
|
ADR - American Depositary Receipt
|
PLC - Public Limited Company
|
See Accompanying Notes to Financial Statements.
Renaissance IPO ETF
PORTFOLIO OF INVESTMENTS (Unaudited)
|
|
December 31, 2019 (continued)
|
|
|
Shares
|
|
|
|
|
Value (US$)
|
|
|
|
|
|
|
|
|
COMMON STOCKS - 99.4%
|
|
|
|
|
|
|
|
|
AUSTRALIA - 0.9%
|
|
|
|
|
|
16,260
|
|
|
Viva Energy Group, Ltd.
|
$
|
21,908
|
|
|
|
|
|
|
|
|
BRAZIL - 7.0%
|
|
|
|
|
|
2,190
|
|
|
Hapvida Participacoes e Investimentos SA
|
|
34,788
|
|
|
|
3,190
|
|
|
Neoenergia SA
|
|
19,730
|
|
|
|
6,830
|
|
|
Notre Dame Intermedica Participacoes SA
|
|
115,879
|
|
|
|
|
|
|
|
|
|
|
|
|
|
170,397
|
|
|
|
|
|
|
|
|
BRITAIN - 4.5%
|
|
|
|
|
|
8,040
|
|
|
Avast PLC
|
|
48,222
|
|
|
|
28,470
|
|
|
Quilter PLC
|
|
60,734
|
|
|
|
|
|
|
|
|
|
|
|
|
|
108,956
|
|
|
|
|
|
|
|
|
CHILE - 0.3%
|
|
|
|
|
|
3,240
|
|
|
Plaza SA
|
|
6,894
|
|
|
|
|
|
|
|
|
CHINA - 35.1%
|
|
|
|
|
|
6,120
|
|
|
China East Education Holdings, Ltd. * (a)
|
|
12,817
|
|
|
|
13,700
|
|
|
China Feihe, Ltd. *
|
|
16,087
|
|
|
|
715,620
|
|
|
China Tower Corp., Ltd. - Cl. H
|
|
157,959
|
|
|
|
2,130
|
|
|
Ganfeng Lithium Co., Ltd. - Cl. H
|
|
5,303
|
|
|
|
5,470
|
|
|
Haidilao International Holding, Ltd. (a)
|
|
21,972
|
|
|
|
10,370
|
|
|
Hansoh Pharmaceutical Group Co., Ltd. *
|
|
34,468
|
|
|
|
16,770
|
|
|
Innovent Biologics, Inc. *
|
|
57,139
|
|
|
|
17,980
|
|
|
Meituan Dianping - Cl. B *
|
|
235,125
|
|
|
|
2,460
|
|
|
Ping An Healthcare and Technology Co., Ltd. *
|
|
17,947
|
|
|
|
5,160
|
|
|
Shandong Gold Mining Co., Ltd. - Cl. H
|
|
12,264
|
|
|
|
25,820
|
|
|
Shenwan Hongyuan Group Co., Ltd. - Cl. H *
|
|
7,787
|
|
|
|
40,580
|
|
|
Tianhe Chemicals Group, Ltd. * (b)
|
|
—
|
|
|
|
12,620
|
|
|
Tongcheng-Elong Holdings, Ltd. *
|
|
22,641
|
|
|
|
14,270
|
|
|
Topsports International Holdings, Ltd.
|
|
17,251
|
|
|
|
2,616
|
|
|
WuXi AppTec Co., Ltd. - Cl. H
|
|
32,447
|
|
|
|
139,990
|
|
|
Xiaomi Corp. - Cl. B *
|
|
193,664
|
|
|
|
13,220
|
|
|
Zhenro Properties Group, Ltd.
|
|
9,501
|
|
|
|
|
|
|
|
|
|
|
|
|
|
854,372
|
|
|
|
|
|
|
|
|
FINLAND - 1.0%
|
|
|
|
|
|
1,330
|
|
|
Kojamo Oyj
|
|
24,168
|
|
|
|
|
|
|
|
|
FRANCE - 1.4%
|
|
|
|
|
|
1,330
|
|
|
La Francaise des Jeux SAEM *
|
|
35,544
|
|
|
|
|
|
|
|
|
GERMANY - 10.0%
|
|
|
|
|
|
510
|
|
|
DWS Group GmbH & Co. KGaA
|
|
18,134
|
|
|
|
740
|
|
|
Knorr-Bremse AG
|
|
75,328
|
|
|
|
2,000
|
|
|
Siemens Healthineers AG
|
|
96,062
|
|
|
|
920
|
|
|
TeamViewer AG *
|
|
32,899
|
|
|
|
770
|
|
|
Traton SE *
|
|
20,656
|
|
|
|
|
|
|
|
|
|
|
|
|
|
243,079
|
|
|
|
|
|
|
|
|
HONG KONG - 3.2%
|
|
|
|
|
|
18,070
|
|
|
Budweiser Brewing Co., APAC, Ltd. *
|
|
60,989
|
|
|
|
7,340
|
|
|
ESR Cayman, Ltd. *
|
|
16,578
|
|
|
|
|
|
|
|
|
|
|
|
|
|
77,567
|
|
|
|
|
|
|
|
|
INDIA - 3.3%
|
|
|
|
|
|
5,940
|
|
|
Bandhan Bank, Ltd.
|
|
42,425
|
|
|
|
2,400
|
|
|
Embassy Office Parks REIT
|
|
14,386
|
|
|
|
530
|
|
|
HDFC Asset Management Co., Ltd.
|
|
23,686
|
|
|
|
|
|
|
|
|
|
|
|
|
|
80,497
|
|
|
|
|
|
|
|
|
ITALY - 2.2%
|
|
|
|
|
|
3,840
|
|
|
Nexi S.p.A. *
|
|
53,325
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See Accompanying Notes to Financial Statements.
Renaissance IPO ETF
PORTFOLIO OF INVESTMENTS (Unaudited)
|
|
December 31, 2019 (continued)
|
|
|
Shares
|
|
|
|
|
Value (US$)
|
|
|
|
|
|
|
|
|
JAPAN - 9.7%
|
|
|
|
|
|
17,530
|
|
|
Softbank Corp.
|
$
|
235,470
|
|
|
|
|
|
|
|
|
NETHERLANDS - 10.1%
|
|
|
|
|
|
300
|
|
|
Adyen NV *
|
|
245,989
|
|
|
|
|
|
|
|
|
NORWAY - 1.7%
|
|
|
|
|
|
3,450
|
|
|
Adevinta ASA *
|
|
40,869
|
|
|
|
|
|
|
|
|
SWEDEN - 1.5%
|
|
|
|
|
|
3,090
|
|
|
EQT AB *
|
|
35,927
|
|
|
|
|
|
|
|
|
SWITZERLAND - 3.3%
|
|
|
|
|
|
3,320
|
|
|
SIG Combibloc Group AG *
|
|
53,035
|
|
|
|
580
|
|
|
Stadler Rail AG *
|
|
28,982
|
|
|
|
|
|
|
|
|
|
|
|
|
|
82,017
|
|
|
|
|
|
|
|
|
THAILAND - 1.8%
|
|
|
|
|
|
106,010
|
|
|
Asset World Corp. PCL *
|
|
20,704
|
|
|
|
17,710
|
|
|
Osotspa PCL
|
|
23,945
|
|
|
|
|
|
|
|
|
|
|
|
|
|
44,649
|
|
|
|
|
|
|
|
|
UAE - 2.4%
|
|
|
|
|
|
6,810
|
|
|
Network International Holdings PLC *
|
|
57,822
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS
(Cost - $2,127,122)
|
|
|
|
|
2,419,450
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS - 99.4% (Cost - $2,127,122) (c)
|
$
|
2,419,450
|
|
|
|
|
|
|
LIABILITIES LESS OTHER ASSETS - 0.6 %
|
|
15,763
|
|
|
|
|
|
|
|
|
NET ASSETS - 100.0%
|
$
|
2,435,213
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Non-income producing security.
|
(a)
|
Securities (or a portion of the security) on loan. As of December 31, 2019, the market value of securities loaned was $11,096. The loaned securities were secured with non-cash collateral with a value of $11,699. The non-cash collateral received consists of common stocks, and is held for the benefit of the Fund at the Fund's custodian.
The Fund cannot repledge or resell this collateral. Collateral is calculated based on prior day’s prices.
|
(b)
|
Security has been deemed worthless by the Advisor in accordance with the valuation policies and procedures approved by the Board of Trustees. The Advisor has determined this security to be a Level 3.
|
(c)
|
Represents cost for financial reporting purposes. The cost for Federal income tax purposes is $2,127,122.
At December 31, 2019, net appreciation for all securities was $292,328. This consists of aggregate gross unrealized appreciation of $352,831 and aggregate gross unrealized depreciation of $60,503.
|
PLC - Public Limited Company
|
REIT - Real Estate Investment Trust
|
See Accompanying Notes to Financial Statements.
Renaissance IPO ETFs
Notes to Financial Statements
|
|
__________________________________________________________________________________
|
For the Period Ended December 31, 2019 (Unaudited)
|
|
The following is a summary of significant
accounting policies followed by the Funds. These policies are in conformity with accounting principles generally accepted in the
United States of America ("GAAP").
SECURITY VALUATION: The values
of the Funds' securities are based on the securities’ closing prices on their principal markets, where available. In the
absence of a last reported sales price, values may be based on the mean between the last bid and ask prices, if available. For
restricted securities, as well as securities or other assets for which market quotations are not readily available or are unreliable,
those securities are to be valued at fair value using good faith estimates as determined in accordance with the Trust's Fund Securities
Valuation Procedures, which is approved annually by the Board of Trustees (the "Board"). There is no single standard
for determining the fair value of such securities. Rather, in determining the fair value of a security, the Fair Value Committee,
after consulting with representatives of the Fund's Adviser, Renaissance Capital LLC (the "Advisor"), and/or the Fund's
Administrator, State Street Bank and Trust, shall take into account the relevant factors and surrounding circumstances, a few of
which may include: (i) market prices for a security or securities deemed comparable, including the frequency of trades or quotes
for the security and comparable securities; (ii) dealer valuations of a security or securities deemed comparable; (iii) short-term
instruments with maturities of 60 days or less at the date of the purchase are valued at amortized cost, which approximates fair
value; short-term instruments with maturities greater than 60 days at the date of purchase are valued at the midpoint between the
latest available and representative asked and bid prices, and commencing 60 days prior to maturity such securities are valued at
amortized cost; and (iv) determinations of value by one or more pricing services for a security or securities deemed comparable.
The Funds may also use fair value pricing in a variety of circumstances, including, but not limited to, situations where the value
of a security in a Fund’s portfolio has been materially affected by events occurring after the close of the market on which
the security is principally traded, or where trading in a security has been suspended or halted. Fair value pricing involves subjective
judgments and it is possible that a fair value determination for a security is materially different than the value that could be
realized upon the sale of the security. In addition, fair value pricing could result in a difference between the prices used to
calculate the NAV of the Funds and the prices used by each of the Funds’ benchmark indices, the Renaissance IPO Index and
the Renaissance International IPO Index, respectively (the “Indices”). This may adversely affect the Funds’ ability
to track the Indices.
The Funds utilize various methods to
measure the fair value of most of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs
to valuation methods. The three levels of input are:
Level 1 – Unadjusted quoted
prices in active markets for identical assets and liabilities that the Funds have the ability to access.
Level 2 – Observable inputs
other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These
inputs may include quoted prices for the identical instrument on an inactive market, prices for the identical instrument on an
inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and
similar data.
Level 3 – Unobservable
inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Funds' own assumptions
about the assumptions a market participant would use in valuing the asset or liability and would be based on the best information
available.
The inputs or methodology used for valuing
securities are not necessarily an indication of the risk associated with investing in those securities. At December 31, 2019, all
of the Funds' investments were valued based on Level 1 inputs, except as noted and detailed on the Portfolio of Investments.
Transfers between investment levels
may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes.
Item 2. Controls and Procedures.
(a) The registrant’s principal executive and principal
financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (“Investment Company Act”)
are effective based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Act and Rules
13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended, as of a date within 90 days of the filing date
of this document.
(b) There were no changes in the registrant’s internal
control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the registrant’s
last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal
control over financial reporting.
Item 3. Exhibits.
The certifications required by Rule 30a-2(a) under the Investment Company Act are filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
|
|
|
|
|
|
|
|
|
|
Renaissance Capital Greenwich Funds
|
|
|
|
|
|
By:
|
|
/s/ William K. Smith
|
|
|
|
|
William K. Smith
|
|
|
|
|
President
|
|
|
|
|
|
|
|
Date: February 21, 2020
|
|
|
Pursuant to the requirements of the Securities Exchange Act of 1934
and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant
and in the capacities and on the dates indicated.
|
|
|
|
|
|
|
|
|
|
By:
|
|
/s/ William K. Smith
|
|
|
|
|
William K. Smith
|
|
|
|
|
President
|
|
|
|
|
|
|
|
By:
|
|
/s/ Kathleen S. Smith
|
|
|
|
|
Kathleen S. Smith
|
|
|
|
|
Treasurer
|
|
|
|
|
|
|
|
Date: February 21, 2020
|
|
|
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