Item 8.01 Other Events.
The Renn Fund, Inc.
(the "Fund")
Effective immediately, Steven Bregman and Peter Doyle have been added to the
portfolio team responsible for managing the Fund, both of whom shall serve as
co-managers along with Murray Stahl, who has served as the sole portfolio
manager since July 2017.
Steven M. Bregman is a Co-Portfolio Manager of the Fund. Steven is the President
of Horizon Kinetics LLC and is a co-founder of the Firm. He is a senior member
of the Firm's research team, a member of the Investment Committee and Board, and
supervises all research reports produced by the Firm. As one of the largest
independent research firms, Horizon Kinetics focuses on structurally inefficient
market sectors, including domestic spin-offs, global spin-offs (The Spin-Off
Report and (Global Spin-Off Report), distressed debt (Contrarian Fixed Income)
and short sale candidates (Devil's Advocate), among others. Steve is also the
President and Chief Financial Officer of FRMO Corp., a publicly traded company
with interests in Horizon Kinetics, and is a member of the Board of Directors of
Winland Electronics, Inc. He received a BA from Hunter College, and his CFA®
Charter in 1989.
Peter B. Doyle is a Co-Portfolio Manager of the Fund. Peter is a Managing
Director and co-founder of Horizon Kinetics LLC. He is a senior member of the
research team, and a member of the Investment Committee and the Board. Peter is
a Co-Portfolio Manager for several registered investment companies, private
funds, and institutional separate accounts. He is also responsible for oversight
of the Firm's marketing and sales activities and is the Vice President of FRMO
Corp. Previously, Peter was with Bankers Trust Company (1985-1994) as a Senior
Investment Officer, where he also served on the Finance, Utility and REIT
Research sub-group teams. Peter received a BS from St. John's University and an
MBA from Fordham University.
Additionally, the following are additional risk factors in connection with
recent investments by the Fund, which collectively represent less than one
percent (1%) of the Fund's net assets:
The Fund holds investments that provide exposure to Litecoin and The Grayscale
Litecoin Trust (LTCN). Litecoin is a digital asset or cryptocurrency. The value
of Litecoin is determined by the supply of and demand for Litecoins in the
global market for the trading of litecoins, which consists of transactions on
electronic Litecoin exchanges ("Litecoin Exchanges"). Pricing on Litecoin
Exchanges and other venues can be volatile and can adversely affect the value of
the litecoin. Currently, there is relatively small use of Litecoins in the
retail and commercial marketplace in comparison to the relatively large use of
Litecoins by speculators, thus contributing to price volatility that could
adversely affect a portfolio's direct or indirect investments in Litecoin.
Litecoin transactions are irrevocable, and stolen or incorrectly transferred
Litecoins may be irretrievable. As a result, any incorrectly executed Litecoin
transactions could adversely affect the value of a portfolio's direct or
indirect investment in Litecoin. Only investors who can appreciate the risks
associated with an investment should invest in cryptocurrencies or products that
offer cryptocurrency exposure. As with all investments, investors should consult
with their investment, legal and tax professionals before investing, as you may
lose money.
The Fund holds investments that provide exposure to Ethereum Classic and the
Grayscale Ethereum Classic Trust (ETCG). The value of Ethereum Classic is
determined by the supply of and demand for Ethereum Classic in the global market
for the trading of Ethereum Classic, which consists of transactions on
electronic Ethereum Classic exchanges ("Ethereum Classic Exchanges"). Pricing on
Ethereum Classic Exchanges and other venues can be volatile and can adversely
affect the value of the Ethereum Classic. Currently, there is relatively small
use of Ethereum Classic in the retail and commercial marketplace in comparison
to the relatively large use of Ethereum Classic by speculators, thus
contributing to price volatility that could adversely affect a portfolio's
direct or indirect investments in Ethereum Classic. Ethereum Classic
transactions are irrevocable, and stolen or incorrectly transferred Ethereum
Classic may be irretrievable. As a result, any incorrectly executed Ethereum
Classic transactions could adversely affect the value of a portfolio's direct or
indirect investment in Ethereum Classic. Only investors who can appreciate the
risks associated with an investment should invest in cryptocurrencies or
products that offer cryptocurrency exposure. As with all investments, investors
should consult with their investment, legal and tax professionals before
investing, as you may lose money.
© Edgar Online, source Glimpses