Performance Disclosure: Past performance does not guarantee future results. The performance data quo

eHi Car Services provides both car rentals (70% of 1H14 revenue) and car services (30%). Between 2009 and 2013, China's car rental market grew at a 30% CAGR to $4.3 billion, and it is expected to grow to $8.2 billion san diego golf hotel (18% CAGR) by 2017. It notes the high market san diego golf hotel fragmentation in China; san diego golf hotel the top three players have an 11% market share compared san diego golf hotel to 95% in the US, 48% in Korea and 32% in Japan.
san diego golf hotel Primary shareholders include Ctrip (NASDAQ: CTRP; 23% pre-IPO stake), Enterprise Rent-a-Car (22%), san diego golf hotel CDH Investments (13%), Qiming Venture Partners (12%), Goldman Sachs (11%), founder and CEO Ray Zhang (10%) and Ignition Group (9%). eHi claims that Enterprise shares its operational and industry experience san diego golf hotel with the company. It also leverages its partnership with Ctrip; the travel agency has integrated eHi's online reservation system on its website since May 2012 and its mobile application since June 2014.
Revenue increased 48% to $62 million for the six months ended June 30, 2014. eHi Car Services' fleet size at quarter-end san diego golf hotel jumped to 15,400 san diego golf hotel from 10,600 one year ago and average revenue san diego golf hotel per available car rose 6% to $26 per day. It also increased its fleet utilization rate by 250 bps to 71%, primarily due to repairs and maintenance during the 1H13. Adjusted EBITDA almost tripled to $21 million due to revenue growth and operating leverage, including lower spending on sales and marketing as well as general and administrative expenses. The company had $143 million of debt at quarter-end (4.7x LTM adjusted EBITDA).
san diego golf hotel The Shanghai, China-based company, which was founded in 2006 and booked $111 million in sales for the 12 months ended June 30, 2014, plans to list on the NYSE under the symbol EHIC . eHi Car Services initially filed confidentially on June 30, 2014. J.P. Morgan, Goldman Sachs (Asia) and Deutsche Bank are the joint bookrunners on the deal. No pricing terms were disclosed.
Performance Disclosure: Past performance does not guarantee future results. The performance data quoted represents past performance and current san diego golf hotel returns may be lower or higher. The investment return and principal value of an investment will fluctuate so that an investor�s shares, when redeemed, may be worth more or less than the original san diego golf hotel cost. Investors should consider the investment objectives, risks, charges and expenses carefully before san diego golf hotel investing.
As stated san diego golf hotel in the Prospectus, the total annual operating expenses for the Fund was 3.48%. The Adviser has contractually agreed to keep net expenses from exceeding 2.50% of the Fund�s average daily net assets for at least a year from the date of the Prospectus and for an indefinite period thereafter subject to annual re-approval of the agreement san diego golf hotel by the Board of Trustees.
An investor cannot invest directly in an index. Index returns do not represent Fund returns. The Index does not charge management fees or brokerage expenses, nor does the Index lend securities, and no revenues from securities lending were added to the performance shown.
Definitions: Net Asset Value (NAV) of the fund is calculated by dividing the total value of all the securities in its portfolio, less any liabilities, by the number of fund shares outstanding. Market Price is current san diego golf hotel value at which an asset or service can be bought or sold. Premium/Discount is provided to show the comparison of the daily net asset value (NAV) and the midpoint of the closing san diego golf hotel bid/ask for each of the funds. The Renaissance IPO Index� (IPOUSA) is a stock market index based upon a portfolio of U.S.-listed newly public companies that includes securities prior to their inclusion in core U.S. equity portfolios. The Renaissance International IPO Index� (IPOXUS) is a stock market index based upon a portfolio of newly public san diego golf hotel companies listed on non-U.S. exchanges. The S&P 500� Index (SPX) is a stock market index based on the market capitalizations of 500 large
Risk Disclosure: Investments in the Renaissance IPO ETF, symbol IPO , the Renaissance International san diego golf hotel IPO ETF, symbol IPOS (the �ETFs�), and the Global IPO Fund, symbol IPOSX (the �Mutual Fund�) are subject to investment risk, including possible loss of the principal amounts invested. The ETFs and the Mutual Fund (the �Funds�) invest in companies that have recently completed initial public offerings. These stocks are unseasoned equities lacking trading history, a track record of reporting to investors and widely available research coverage which many result in extreme price volatility. Due to a greater number of IPOs in certain segments, the Funds may also be subject to information technology and financial san diego golf hotel sector risk, small and mid-capitalization company risk, and, for the Renaissance International IPO ETF, emerging markets risk. The Funds may hold securities in the form of Depository Receipts, REITs, and Partnership Units which have greater risks than common shares. san diego golf hotel The strategies have high portfolio turnover and securities lending risks. The returns of the ETFs may not match the return of the respective indices. The ETFs are classified as non-diversified investment companies subject to concentration risk.
Prospectus: Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus and/or summary prospectus with this and other information, please visit www.renaissancecapital.com . Read the prospectus carefully before investing. Renaissance Capital Investments, Inc., distributor for the Mutual Fund. Foreside san diego golf hotel Fund Services, LLC, distributor for the ETFs, 1-866-486-6645.