RENN Fund, Inc.: directors' dealings · United States · SEC (Form 4)

About RENN Fund, Inc.

RENN Fund, Inc. (ticker: RCG) is a U.S.-listed investment company traded on the NYSE/NASDAQ and structured as a SEC-registered closed-end fund. The fund was organized and commenced operations in 1994, is incorporated in Texas, and its principal executive office is in New York, while recent SEC filings also show a Dallas business address. For international investors, this is best understood as an American listed investment vehicle rather than a commercial bank or operating company. ([sec.gov](https://www.sec.gov/Archives/edgar/data/0000919567/000139834426004897/fp0097719-2_ncsr.htm?utm_source=openai)) At its core, RENN Fund runs a long-term, value-oriented portfolio strategy aimed at generating above-market returns through both capital appreciation and income. The most recent SEC reports state that the fund may invest across a broad range of financial instruments, including common stocks, fixed income securities such as convertible and non-convertible debt, loans, distressed debt, warrants, preferred stock, ETFs, ETNs, and other instruments; at times, it may also use short positions and certain crypto-related exposures. This broad mandate gives management flexibility, but it also means the fund’s results can be volatile and highly dependent on security selection and market conditions. ([sec.gov](https://www.sec.gov/Archives/edgar/data/0000919567/000139834426004897/fp0097719-2_ncsr.htm?utm_source=openai)) From a competitive standpoint, RENN Fund is a niche, small closed-end fund rather than a large-scale asset manager. Its franchise value comes primarily from its investment process and from its relationship with Horizon Kinetics Asset Management LLC, which serves as investment adviser and portfolio manager. Horizon Kinetics is responsible for portfolio management subject to board oversight, and the firm’s style has historically been associated with concentrated, contrarian, and value-driven investing. That makes RCG more of a specialist public-market vehicle than a broad, diversified fund family product. ([sec.gov](https://www.sec.gov/Archives/edgar/data/0000919567/000139834426004897/fp0097719-2_ncsr.htm?utm_source=openai)) Geographically, the business is overwhelmingly U.S.-based in terms of incorporation, listing venue, and governance, although the underlying investments can be global in nature depending on opportunities. The fund’s headquarters and reporting structure remain centered in the United States, with New York as the practical operating hub. ([sec.gov](https://www.sec.gov/Archives/edgar/data/0000919567/000139834426004897/fp0097719-2_ncsr.htm?utm_source=openai)) Recent developments matter for the investment case. In 2026, SEC filings disclosed the death of Murray Stahl, the co-founder and long-time investment leader of Horizon Kinetics, which is an important governance and succession event for a fund closely tied to its adviser’s philosophy. In parallel, multiple recent Form 4 filings confirm ongoing insider reporting and continued SEC monitoring of beneficial ownership changes. For investors, the main focus is therefore the fund’s portfolio construction, adviser continuity, and its ability to sustain net performance over time within the U.S. listed NYSE/NASDAQ ecosystem. ([sec.gov](https://www.sec.gov/Archives/edgar/data/919567/000139834426007499/fp0098753-1_8kixbrl.htm?utm_source=openai))