Non-dynamic fonts are positioned directly above the specified text area. Dynamic fonts are rendered in the correct position. The type of font (OTF, TTF) doesn't seem to matter, nor do other font settings apart from dynamic vs specified character set (which pre-builds the font texture at a fixed size). See the attached unity package and screenshot. Columns 1,2,4 use dynamic fonts. Columns 3 and 5 use non-dynamic fonts but are otherwise identical to the other columns. The first row in columns 3,5 are offscreen just above the screen. I'll also file a bug report. This occurs in 5.3.0f2. It does NOT occur in Unity 5.1.3.