Renaissance Institutional Equities Funds (RIEF) invest primarily in U.S. and non-U.S. equity securities publicly traded on U.S. exchanges, based on a quantitative, long-biased investment strategy. RIEF has been designed to achieve attractive risk-adjusted returns that, on a gross basis, exceed the average
yearly returns of the S&P 500 Index with dividends reinvested in the long term. RIEF seeks a higher Sharpe ratio than the Index, a beta to the Index of 0.4 or lower, and most returns generated as alpha relative to the Index. RIEF is not a tracking fund and seeks to provide diversification from the Index. The RIEF investment process is automated and employs proprietary statistical models of price prediction, risk, and trading cost to build a portfolio of thousands of long/short positions. RIEF is also designed to be net $100 long for each $100 of equity, with leverage constraints that generally average 2.5 to 1.0 (1.75 long/.75 short). Research at the Firm is ongoing, with the aim of improving the Sharpe ratio potential of Renaissance's investment strategies. AUM reflects the aggregate of the various share classes and is denominated in USD.