Steps to reproduce:

1. Download and import attached project.
2. Open test scene.
3. Play
4. Use arrow keys up and down to move away and back to particle system.

Expected result: Half of particle can be visible.
Actual result: When particle system base goes to offscreen, particles are not rendered anymore nevertheless majority of stretched particle should be still visible on the screen.

Note: Reproduces in both Editor and Player.

Reproducible on: 5.4.0b1, 5.3.1p2, 5.2.4f1, 5.1.4f1