The initial public offering market has dried up over the past two years, and the reputation of the industry has been tarnished by questions about IPO laddering schemes and the conflict of interest of sell-side analysts. But one small mutual fund is registering signs of improvement for the going-public market - the $20 million IPO Plus Fund, run by Renaissance Capital of Greenwich, Conn.

In what was an emerging category for mutual funds two years ago, the IPO Plus Fund now finds itself alone. Its recent performance has improved, but the fund continues to struggle. Year to date through June 13, the IPO Plus Fund was down 8.9%, according to Morningstar of Chicago. During the same time period, the Russell 2000 Index, against which it is benchmarked, posted a 6.2% loss.

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