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 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 is total fund AUM, rather than vehicle AUM.