Steven Bregman
About Steven Bregman
Steven M. Bregman is Co-Portfolio Manager of RENN Fund, Inc. (RCG) since 2021 and age 65. His principal occupation is President and Co‑Founder of Horizon Kinetics Holding Corporation (OTC: HKHC); he also serves as President, CFO, and Director of FRMO Corp., and as a Director of Winland Electronics. RCG’s proxy discloses his role and external affiliations, but does not provide fund-level executive compensation metrics or TSR/financial performance attribution for the co‑portfolio manager role; ownership data show a small direct economic stake in RCG.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| RENN Fund, Inc. (RCG) | Co‑Portfolio Manager | Since 2021 | Investment decision-making for the Fund |
| Horizon Kinetics Holding Corporation (OTC: HKHC) | President and Co‑Founder (principal occupation) | Since 2001 | Founding leadership; investment management platform |
| FRMO Corp. | President, CFO, and Director | Since 2020 | Senior financial leadership and governance |
| Winland Electronics | Director | Since 2021 | Board oversight |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Horizon Kinetics Holding Corporation (OTC: HKHC) | President and Co‑Founder | Since 2001 | Principal occupation |
| FRMO Corp. | President, CFO, and Director | Since 2020 | Executive and board roles |
| Winland Electronics | Director | Since 2021 | Board role |
Fixed Compensation
- RCG’s proxy reports director meeting fees ($1,800 per meeting effective March 7, 2024) only for independent directors and states the Fund does not pay fees/expenses to “interested persons” directors; it does not disclose salary/bonus or other cash compensation for co‑portfolio managers (compensation administered by the investment adviser, Horizon Kinetics Asset Management LLC).
Performance Compensation
- No fund-level disclosure of RSUs/PSUs, option awards, performance metrics, payout curves, or vesting schedules for co‑portfolio managers in the proxy statements reviewed. Director compensation tables and narrative do not include co‑portfolio manager equity awards.
Equity Ownership & Alignment
| Metric | As of Jun 30, 2024 | As of Jun 30, 2025 |
|---|---|---|
| Shares Beneficially Owned | 4,934 | 4,934 |
| Ownership % of Shares Outstanding | 0.07% | 0.07% |
| Dollar Range of Shares in Fund | $0–$10,000 | $0–$10,000 |
| Aggregate Dollar Range in Family of Investment Companies | $0–$10,000 | $0–$10,000 |
- The proxy does not disclose pledging, hedging, or stock ownership guideline requirements for co‑portfolio managers. Ownership is modest relative to RCG’s shares outstanding.
Employment Terms
- The Fund identifies co‑portfolio managers and executive officers but provides no employment agreement terms, severance/change‑of‑control provisions, clawbacks, or non‑compete/non‑solicit details for co‑portfolio managers; compensation appears to be set and paid by Horizon Kinetics Asset Management LLC (the investment adviser).
Investment Implications
- Alignment: Bregman’s direct RCG stake (4,934 shares; 0.07%) is small, implying limited direct fund‑level economic alignment; however, primary incentives likely reside within Horizon Kinetics/FRMO platforms, which are not detailed in RCG’s proxy. This reduces RCG‑specific pay‑for‑performance visibility.
- Selling pressure: No disclosed RSU/option grants or vesting schedules for co‑portfolio managers at RCG, suggesting low mechanical insider selling pressure tied to fund‑level award vesting.
- Retention: Role tenure since 2021 and longstanding leadership at Horizon Kinetics (since 2001) indicate continuity; absence of disclosed severance/CoC terms at the fund level means retention levers are likely governed by adviser‑level agreements.
- Execution risk: Multiple senior external roles (Horizon Kinetics, FRMO, Winland) can enhance network and insight but may diffuse time and attention; monitoring fund communications and adviser disclosures is prudent to assess resource allocation.