Renaissance Smaller Companies

Renaissance Smaller Companies is a boutique fund manager that specialises in Small Companies listed on the Australian Stock Exchange.

The business was established in 2003 and since that time the sole focus has been on providing investment returns that meet or exceed our clients’ expectations over the medium to long term.

About Us

Renaissance Smaller Companies is a privately owned boutique fund manager established in 2003 by David Fleming and Glen Hoffman, who worked together previously at Rothschild Australia Asset Management, and subsequently BT Financial Group.

The business is solely focussed on managing funds for institutional and wholesale clients, with the core aim to deliver outperformance for our clients over the medium to long term. We strongly believe that in the small cap space, having a capacity limit on your funds under management, coupled with a disciplined investment process and a focussed and experienced investment team will help to achieve this goal. In 2005, in consultation with our clients we closed the business to new clients, and have successfully monitored our funds under management and initiated capacity constraints to ensure that our portfolios have consistently exceeded their benchmarks over the medium to long term. As a result of this discipline we have benefitted from very stable long-term client relationships, with the majority of our clients having been with the business for over ten years.

Our Team

The Renaissance Smaller Companies team comprises 6 professionals, 5 of whom are investment specialists. The two principals have worked together for over 17 years specialising in ASX listed smaller companies. In total the investment team has over 75 years of investment experience, predominantly in Australian small cap markets. This depth of experience, disciplined investment process and our dedication to always putting clients’ interests first is the cornerstone of our success.

David Fleming - Managing Director

B.Econ (Hons)

David has over 27 years’ experience managing, analysing and researching smaller companies listed on the Australian Stock Exchange. In 1990 he joined Rothschild Australian Asset Management as a Research Assistant moving to a Smaller Companies Analyst role in the same year. In 1999 he was promoted to Director, Head of Smaller Companies, a position he held until he formed Renaissance Smaller Companies in 2003.

Glen Hoffman - Director

B.Comm, CA

Glen has over 19 years’ experience managing, analysing and researching smaller companies listed on the Australian Stock Exchange, and a further 2 years’ experience managing international equities. In 1996 he joined Rothschild as Manager, Accounting and Portfolio Administration, before moving to the International Equities team as a Portfolio Manager in 1998. In 1999 he moved to the Small Caps team working as a Small Companies Analyst under David Fleming, until 2003 when they formed Renaissance Smaller Companies.

Stuart Dodd – Portfolio Manager

B.Sc, F.Fin

Stuart joined Renaissance in 2006, having come from BT Financial Group where he was Head of Institutional Business. Stuart also worked with David and Glen at Rothschild as Portfolio Manager Resources from 1996 to 2002. Prior to this he was a Resources Analyst with stockbroker BZW Equities for three years, and before this a Geophysicist with Geoterrex for nine years. Stuart has over 24 years of investment management experience.

Michael Skinner – Portfolio Manager

B.Eng, GDip.Law, MBA, M.Law

Michael has 12 years of operational, management and investment experience across Oil and Gas, Private Equity and Equities Markets. Michael started his career with Schlumberger in Europe before moving back to Australia to work for Woodside Energy and Private Equity. Most recently he was employed by Euroz Securities as a Director and Equity Research Analyst. Michael also lends his time to the University of NSW and the University of Adelaide as a Lecturer and Honours Supervisor. He joined the Renaissance team in 2016.

Chris Makragelidis – Dealer

Dip. FM

Chris joined the Renaissance team in 2014, bringing with him over 19 years’ experience in equities dealing. He is responsible for trading the equities held within the Renaissance portfolios. Chris spent 14 years with Citigroup Global Markets as Director, Sales Trading. Chris has also worked with Bank of America Merrill Lynch, on the Sales Trading Desk and most recently was with Strategic Capital Management as Director, Execution & Portfolio Management.

Sheldon Rivers – Business Manager

Sheldon joined Renaissance in 2014. Prior to this he spent 10 years with boutique fund incubator Treasury Group and a number of its boutiques, including 6 years as General Manager with Treasury Asia Asset Management, and 2 years as Head of Retail with Orion Asset Management. Sheldon has over 27 years’ experience in the investment industry, covering superannuation, custody and funds management.

Our Philosophy

Renaissance Smaller Companies employs an active approach to investment management, adopting a ‘bottom up’, value based philosophy. Renaissance's investment philosophy seeks to exploit market inefficiencies that result in security prices deviating from an assessed valuation. This approach reflects the belief that, in the absence of structural change, security prices will ultimately tend toward their valuation through the course of an investment cycle.

Our Process

At Renaissance Smaller Companies we identify opportunities by monitoring the difference between prevailing market prices and the assessed valuation. Most commonly this occurs due to behavioural inefficiencies (caused by sentiment or momentum driven price movements) or informational inefficiencies (situations where the market has mispriced securities due to incorrect assumptions or lack of recognition of change).

Renaissance believes that all companies (and therefore securities) no matter what they make or do, whether they are considered to be ‘growth’ or ‘value’ companies, can have a hard valuation attached to them. To ensure the accuracy and reliability of our valuations, we:

  • generate valuations based on rigorous ‘in-house’ research that are compared to external valuations in order to understand the reasons behind any valuation differentials
  • use multiple valuation measures (both absolute and relative) designed to take account of the specific attributes of the business being valued
  • construct valuations that capture all elements of a particular security, with specific reference to the future income streams of each of the businesses or assets
  • ensure that structural change is recognised and factored into expectations
  • test valuations for sensitivity to different macroeconomic conditions; and
  • assess the quality of company management and strategies

Renaissance recognises that the performance of each individual security is inherently uncertain. Portfolios are constructed to ensure that a prudent balance is maintained between risk and reward, with the aim of improving the consistency of investment returns over the medium to long term.

Corporate Governance

At Renaissance, we believe we have the ability to influence companies to improve their management of environmental, social and governance (ESG) issues. We strongly believe that it is in the long term interest of shareholders for companies to adopt a strong and robust corporate governance framework and that this can be an important driver of investment value.

Renaissance actively encourages high standards of corporate governance for companies and trusts within our investment universe. The exercising of voting rights is an important tool that we use to influence companies to operate in the interest of investors (rather than in the interests of company management) and we will frequently commit resources to ensure this is the case. When exercising our voting rights we will always cast votes in the best interests of our clients.

Renaissance has been a member of ESG Research Australia (ESG RA) since its inception. ESG RA is an Australian association of superannuation funds, fund managers and asset consultants which has the objective of increasing the focus of stock broker research in Australia on ESG issues.

Contact Us

Renaissance Smaller Companies

Level 23

56 Pitt Street

Sydney NSW 2000

Mail Address

GPO Box 4946

Sydney NSW 2001

Telephone: +61 2 8223 5010

Facsimile: +61 2 9221 3337


Terms and Conditions

Important Information and Terms of Use

While the information contained in this website has been prepared with all reasonable care, neither Renaissance Smaller Companies, any related entity, nor any associate, accepts any responsibility or liability for any errors, omissions or misstatements however caused. The information is believed to be accurate at the time of compilation and is provided in good faith.

The information contained in this website should be used as general information only. This information is not personal advice. This information has been prepared without taking account of your objectives, financial situation or needs. Potential investors should seek independent advice as to the suitability of making an investment in any Renaissance Fund.

The fact that shares may have been mentioned should not be interpreted as a recommendation to buy, sell or hold those shares.

Investors should be aware that past performance is not indicative of future performance. Returns can be volatile, reflecting rises and falls in the value of underlying investments. Returns in a Fund can be particularly volatile in the short term and in some periods may be negative.

The information contained in this website is intended for Australian residents or citizens located in Australia. Any reference to law is to the law of Australia.

Usage of this website is at the users own risk. Renaissance will not be liable for any loss or damage from any cause (including negligence) to a user’s system, website, or to people linking to this website from a user’s website, caused by or in connection with the use of or a link to this website. Any such loss or damage is at the responsibility of the user. We do not guarantee that this website is free from viruses. We will not be responsible for any corruption or failed transmission of any information caused by your computer system or any act or omission of your Internet Service Provider.

Use of this information or reproduction of it in hard copy is allowed providing it is for personal use only. No part of this information may be otherwise reproduced, distributed, adapted or transmitted in any form by any process or incorporate the information in this website in any way in any other document or material without the express written permission of Renaissance Smaller Companies.

Privacy Policy


The Renaissance Smaller Companies Pty Ltd (RSC) Privacy Policy details how we protect your privacy and how we comply with the requirements of the Privacy Act 1998 (Cth) and the 13 Australian Privacy Principles.

This policy document outlines how RSC will meet these privacy requirements, while recognising the need for RSC employees and external service providers (ESP’s) to manage personal information in an effective and efficient manner.

This policy also describes:

  • the kinds of personal information collected and held by us;
  • how this information is collected and held;
  • the purposes for which your personal information is held, used and disclosed;
  • how you may access your personal information and seek the correction of such information;
  • whether we are likely to disclose your personal information to any overseas recipients; and
  • how you may complain or inquire about our collection, handling, use or disclosure of your personal information and how that complaint or inquiry will be handled.
What kinds of personal information do we collect?

RSC only collects personal information that is necessary to assist us in providing our services to our clients. In the course of providing these services we may need to collect:

  • Personal Information including names, addresses, other contact details, dates of birth; and financial information.
  • Sensitive Information including government identifiers (such as your TFN), your nationality, country of birth.

You do not have to provide us with your personal information but if you do not provide this, we may not be able to provide our services to you or our clients on your behalf.

How do we collect and hold your personal information?

RSC may collect your personal information in different ways, including email, telephone, letters, application and redemption forms, and face to face meetings.

We may also collect information from third parties, such as fund administrators, custodians, consultants, trustees and/or anyone you have authorised to deal with us on your behalf.

We store personal information in a variety of formats including on databases, in hard copy files, on personal devices including laptop computers, in computer storage facilities both in-house and at our external services providers.

We take all reasonable steps to protect the personal information we hold about you from misuse, loss, unauthorised access, modification or disclosure. These steps include:

  • ensuring all staff are aware that they are not to reveal or share personal passwords;
  • implementing physical security measures at our premises to prevent break-ins;
  • implementing procedures designed to protect personal information storage on our computer networks; and
  • implementing human resources policies and procedures, such as email and internet usage, confidentiality and document security policies, designed to ensure that staff follow correct protocols when handling personal information.
For what purposes do we collect, hold, use and disclose personal information?

RSC only collects, holds and uses personal information for the purposes for which it was provided (which will normally be obvious at the time of collection), related purposes or as permitted or required by law. Such purposes may include:

  • establishing, maintaining and administering your account;
  • conducting verifications, monitoring and reporting required under the AML/CTF Laws;
  • recording tax information such as TFN, ABN, country of residence in order to report to the ATO (and other relevant bodies as required by law) and withhold tax correctly from payments;
  • communicating with you or your custodian/consultant regarding the status of your unit/share holdings, value, distributions or responding to your and/or your custodian/consultant’s enquiries/information requests;
  • processing authorised payments to and from you;
  • providing you and/or your custodian/consultant with the services requested; and
  • any other uses identified at the time of collecting your personal information.

These purposes may require us to disclose your personal information to our external services providers such as our investment administrator or custodian.

How to gain access to your personal information we hold

You may access the personal information we hold about you, or request that we change the personal information, by contacting the person referred to in the section entitled “To Contact Us” below.

If we do not agree to provide you with access or to amend your personal information as requested you will be notified accordingly. Where appropriate we will provide you with the reason/s for our decision. If the rejection relates to a request to change your personal information you may make a statement about the requested change and we will attach this to your record.

Disclosure of your personal information to overseas recipients

RSC may also subcontract to companies located in countries outside of Australia. Our contracts with these parties will generally include an obligation for them to comply with the Australian Privacy Principles and this Privacy Policy. However you acknowledge that, by agreeing to the disclosure of your personal information to these entities outside of Australia, we will no longer be required to take reasonable steps to ensure the overseas recipient’s compliance with the Australian privacy law in relation to your personal information and we will not be liable to you for any breach of the Australian privacy law by these overseas recipients. On this basis, you consent to such disclosure.

What do you need to do if you have a complaint?

If you wish to make a complaint about a breach of this Privacy Policy or the privacy principles of the Privacy Act 1988 you can contact us by using the contact details below. You will need to provide us with sufficient details regarding your complaint together with any supporting evidence.

We will respond to your complaint within a reasonable time (usually no longer than 30 days) and we may seek further information from you in order to provide a full and complete response.

Your complaint may also be taken to the Office of the Australian Information Commissioner via

To Contact Us

You can contact us about this Privacy Policy using the following contact details:

Attn: The Privacy Officer
Renaissance Smaller Companies Pty Ltd
GPO Box 4946
Sydney NSW 2001

Telephone: +61 2 8223 5010