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
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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
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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
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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