S&P assigns rating to Renaissance Emerging Europe Equity Fund

Standard & Poor's Fund Services has announced that it has assigned an A (New) fund management rating to the Renaissance Emerging Europe Equity Fund.

Launched in March 2010 as a Cayman-domiciled vehicle, the Renaissance Emerging Europe Equity Fund was moved to Luxembourg in November 2010. The portfolio has been managed throughout this period by Plamen Monovski and Karol Chrystowski. Monovski has 16 years investment experience including time at Mercury Asset Management, MLIM - now Black Rock - before joining Renaissance Asset Managers as CIO in February 2010. Chrystowski has six years investment experience, having previously worked for Merrill Lynch, now Black Rock.

Both managers are able to draw on a team of 14 investment professionals, one on thematic and quant research, two global macro managers and 11 managers primarily focused on Russian private equity closed-ended funds.

Compared to the fund they managed at BlackRock, this portfolio is run with more of an absolute return mentality and little reference to the benchmark. The fund aims to out- perform the MSCI 10/40 Emerging Europe through a combination of top-down and bottom-up stock selection. Focusing on names trading at a deep discount to their normalised earnings potential, a portfolio of between 40-60 stocks is then compiled. Deviations at country/sector level may reach 20% and cash may also be used as an allocation tool.

"Although a relatively new fund, Monovski's experience and track record is impressive. By the time he left as co-manager of the BlackRock Emerging Europe Fund, the fund was AA rated and had a top decile (12/147) five year track record in the S&P Emerging Europe peer group. He has shown and continues to show flair and that, combined with his track record elsewhere, results in the fund achieving an S&P A fund management rating," said Roberto Demartini, lead analyst, S&P Fund Services.

Mr. Monovski at Renaissance Asset Managers said, "We are delighted to have been awarded this A rating from Standard & Poor's Fund Services.  We believe that at Renaissance Asset Managers we are uniquely positioned to invest in this region, because we have access to the fantastic idea generation of over 15 on-the-ground investment professionals in Russia."

Mr. Harris at Renaissance Asset Managers added, "The S&P Fund Services rating brings external validation to something we have believed since building the team at Renaissance - that we have one of the best teams in Eastern Europe.  We are thrilled that the Luxembourg platform is off to such a strong start and continue to build out our franchise to become known as the leading specialist asset manager in Emerging Europe, Russia/CIS and Africa."