Renaissance Investment Management - Large Cap Growth

Investor Summary

Renaissance Investment Management is a registered investment advisor founded in 1978 and based in Greater Cincinnati, Ohio. The firm operates under a unique partnership structure with Affiliated Managers Group (AMG), providing independent investment professionals with economies of scale in distribution, compliance, and legal support while maintaining entrepreneurial focus. The leadership team includes Managing Partners and Chief Investment Officer Michael E. Schroer, CFA, and Managing Partner Paul A. Radomski, CFA, along with Senior Partner Sudhir S. Warrier. The firm serves institutional and high-net-worth clients with discretionary assets of approximately $2.8 billion as of December 2024. Renaissance follows Global Investment Performance Standards (GIPS®) and maintains comprehensive SEC registration and compliance protocols. The firm offers multiple investment strategies including Large Cap Growth, Midcap Growth, Small Cap Growth, International Equity, and REIT strategies.

Fund Strategy

Renaissance's Large Cap Growth Strategy seeks to invest in growth-oriented stocks selling at reasonable valuations with the objective to outperform both the Russell 1000 Growth Index benchmark and the S&P 500 Index over a full market cycle while incurring similar or lower risk. In evaluating stocks for ownership, Renaissance looks for three key attributes: strong growth characteristics, a high degree of earnings momentum, and a reasonable valuation. The firm emphasizes disciplined, research-driven, process-oriented decision making. The strategy focuses on companies with earnings momentum and growth potential above market averages while maintaining below-average Price-to-Earnings ratios. Portfolio construction maintains strict risk controls including a 40% sector cap and equal-weighted positioning across approximately 55 stocks.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
-	-	-

Executive Summary

Renaissance's Large Cap Growth portfolio outperformed the Russell 1000 Growth benchmark but lagged the S&P 500 during a challenging first quarter marked by the Iran War and oil price surge. The portfolio benefited from strong positions in AI-related infrastructure companies, with Comfort Systems USA, Applied Materials, and Lam Research leading performance as data center buildout and semiconductor demand remained robust. However, software stocks faced headwinds from AI disruption concerns, with AppLovin and Microsoft among detractors. The manager used market volatility to upgrade portfolio quality, adding Zoetis in healthcare and TJX Companies in consumer discretionary while exiting Copart and Gartner due to deteriorating fundamentals. Oil prices surged over 50% due to geopolitical tensions, creating inflation pressures and market volatility, though futures suggest prices may decline. Value stocks outperformed growth as investors focused more on valuations after years of growth stock outperformance. The manager remains alert to opportunities from the first meaningful market decline in several years while monitoring geopolitical and inflation risks.

Forward Outlook

The manager remains cognizant of possible market risks in the current environment but also remains alert to investment opportunities emerging from the first meaningful market decline of the past several years. They expect that upward momentum in earnings forecasts may falter over the next several months given recent events but underlying earnings remain strong.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Apr 21 2026	2026 Q1	AMAT, APP, BSX, CPRT, FIX, INTU, IT, LRCX, MSFT, TJX, ZTS	AI, growth, Iran, large cap, oil, semiconductors, technology, value	-	Renaissance's large-cap growth strategy navigated Q1 volatility by capitalizing on AI infrastructure demand while rotating away from software disruption risks. Strong performance from data center and semiconductor equipment names offset weakness in cloud and software stocks. The Iran War drove oil prices up 50%, creating inflation concerns, but the manager sees opportunities emerging from the first meaningful market decline in years.
Jan 21 2026	2025 Q4	AMAT, BRO, BSX, CAH, FISV, FIX, GOOGL, LRCX, MSI, NFLX, NTNX, PEGA, RCL, SCHW, TPR, UBER, WM	AI, Equal Weight, growth, large cap, Mega Cap, semiconductors, technology, valuation	GOOG AMAT NFLX	Renaissance's Large Cap Growth strategy underperformed in Q4 as narrow mega-cap tech leadership continued. Portfolio benefited from AI winners Alphabet and Applied Materials but was hurt by Fiserv irregularities and Netflix's expensive Warner Bros. bid. Extreme valuation gaps between mega-cap and equal-weighted stocks suggest better relative performance ahead for reasonably priced growth companies.
Oct 21 2025	2025 Q3	AAPL, ANET, APP, CTAS, FI, FIX, GOOGL, INTU, IT, NFLX, TPR, TW	AI, Data centers, earnings, Fed policy, growth, large cap, Luxury, technology	-	Renaissance's Large Cap Growth underperformed in Q3 despite market highs, with AI-beneficiaries AppLovin and Comfort Systems leading gains while Gartner faced tech slowdown headwinds. The firm added luxury play Tapestry and sold Cintas on deteriorating fundamentals. Fed cuts and earnings growth support outlook, though elevated mega-cap valuations require selective positioning in diversified, reasonably priced growth stocks.
Jul 21 2025	2025 Q2	AAPL, ABBV, AMAT, APH, AVGO, BRO, DT, EXP, FI, FIX, INTU, JBL, KKR, MSFT, NTNX, QCOM, TMO	AI, Data centers, growth, large cap, semiconductors, tariffs, technology, volatility	AVGO FIX AAPL FI TMO DT AVGO FIX APH DT	Renaissance navigated Q2 2025's tariff-driven volatility with AI beneficiaries like Broadcom and data center plays like Comfort Systems leading performance. Despite underperforming growth benchmarks, the strategy outpaced the S&P 500 while adding AI-focused Dynatrace and trimming challenged positions. Ongoing tariff uncertainty poses risks, but the firm maintains conviction in quality growth stocks amid solid fundamentals.
Mar 31 2025	2025 Q1	AAPL, ABBV, ANET, AVGO, BJ, BRO, CPRT, ECG, FERG, GOOGL, HON, MAR, MCK, MCO, NOW, ORLY, PWR, SHW, UBER	growth, large cap, Policy Uncertainty, Quality, semiconductors, technology, valuation	CPRT ABBV	Renaissance's Large Cap Growth strategy navigated Q1 2025 market volatility by focusing on quality stocks that have lagged concentrated indices. Strong performers included BJ's Wholesale Club and Brown & Brown, while technology holdings faced valuation pressures. Policy uncertainty has reached COVID-era levels, but the manager sees opportunities for disciplined long-term investors in market drawdowns.
Dec 31 2024	2024 Q4	ABNB, AMAT, AMZN, APO, APP, AVGO, BAH, CAH, CI, CSL, HCA, ICLR, JBL, KLAC, LRCX, NFLX, PINS, RCL, UBER, WEX	AI, defense, growth, healthcare, large cap, technology	APP AVGO HCA BAH PINS	Renaissance's Large Cap Growth strategy delivered solid Q4 performance driven by AI-exposed technology leaders AppLovin and Broadcom. The manager added Pinterest as a transformed shopping platform while selling WEX on weak fundamentals. Healthcare and defense holdings faced election-related headwinds. Despite narrow market breadth and concentration risks, the strategy maintains tech focus while seeking diversified growth opportunities.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Apr 21 2026

2026 Q1

AMAT, APP, BSX, CPRT, FIX, INTU, IT, LRCX, MSFT, TJX, ZTS

AI, growth, Iran, large cap, oil, semiconductors, technology, value

Renaissance's large-cap growth strategy navigated Q1 volatility by capitalizing on AI infrastructure demand while rotating away from software disruption risks. Strong performance from data center and semiconductor equipment names offset weakness in cloud and software stocks. The Iran War drove oil prices up 50%, creating inflation concerns, but the manager sees opportunities emerging from the first meaningful market decline in years.

Jan 21 2026

2025 Q4

AMAT, BRO, BSX, CAH, FISV, FIX, GOOGL, LRCX, MSI, NFLX, NTNX, PEGA, RCL, SCHW, TPR, UBER, WM

AI, Equal Weight, growth, large cap, Mega Cap, semiconductors, technology, valuation

GOOG
AMAT
NFLX

Renaissance's Large Cap Growth strategy underperformed in Q4 as narrow mega-cap tech leadership continued. Portfolio benefited from AI winners Alphabet and Applied Materials but was hurt by Fiserv irregularities and Netflix's expensive Warner Bros. bid. Extreme valuation gaps between mega-cap and equal-weighted stocks suggest better relative performance ahead for reasonably priced growth companies.

Oct 21 2025

2025 Q3

AAPL, ANET, APP, CTAS, FI, FIX, GOOGL, INTU, IT, NFLX, TPR, TW

AI, Data centers, earnings, Fed policy, growth, large cap, Luxury, technology

Renaissance's Large Cap Growth underperformed in Q3 despite market highs, with AI-beneficiaries AppLovin and Comfort Systems leading gains while Gartner faced tech slowdown headwinds. The firm added luxury play Tapestry and sold Cintas on deteriorating fundamentals. Fed cuts and earnings growth support outlook, though elevated mega-cap valuations require selective positioning in diversified, reasonably priced growth stocks.

Jul 21 2025

2025 Q2

AAPL, ABBV, AMAT, APH, AVGO, BRO, DT, EXP, FI, FIX, INTU, JBL, KKR, MSFT, NTNX, QCOM, TMO

AI, Data centers, growth, large cap, semiconductors, tariffs, technology, volatility

AVGO
FIX
AAPL
FI
TMO
DT
AVGO
FIX
APH
DT

Renaissance navigated Q2 2025's tariff-driven volatility with AI beneficiaries like Broadcom and data center plays like Comfort Systems leading performance. Despite underperforming growth benchmarks, the strategy outpaced the S&P 500 while adding AI-focused Dynatrace and trimming challenged positions. Ongoing tariff uncertainty poses risks, but the firm maintains conviction in quality growth stocks amid solid fundamentals.

Mar 31 2025

2025 Q1

AAPL, ABBV, ANET, AVGO, BJ, BRO, CPRT, ECG, FERG, GOOGL, HON, MAR, MCK, MCO, NOW, ORLY, PWR, SHW, UBER

growth, large cap, Policy Uncertainty, Quality, semiconductors, technology, valuation

CPRT
ABBV

Renaissance's Large Cap Growth strategy navigated Q1 2025 market volatility by focusing on quality stocks that have lagged concentrated indices. Strong performers included BJ's Wholesale Club and Brown & Brown, while technology holdings faced valuation pressures. Policy uncertainty has reached COVID-era levels, but the manager sees opportunities for disciplined long-term investors in market drawdowns.

Dec 31 2024

2024 Q4

ABNB, AMAT, AMZN, APO, APP, AVGO, BAH, CAH, CI, CSL, HCA, ICLR, JBL, KLAC, LRCX, NFLX, PINS, RCL, UBER, WEX

AI, defense, growth, healthcare, large cap, technology

APP
AVGO
HCA
BAH
PINS

Renaissance's Large Cap Growth strategy delivered solid Q4 performance driven by AI-exposed technology leaders AppLovin and Broadcom. The manager added Pinterest as a transformed shopping platform while selling WEX on weak fundamentals. Healthcare and defense holdings faced election-related headwinds. Despite narrow market breadth and concentration risks, the strategy maintains tech focus while seeking diversified growth opportunities.

QUARTER	THEMES	TAGS
2026 Q1	AI AI continues to drive demand for data centers and semiconductor equipment. Companies like Comfort Systems USA benefit from hyperscale capex announcements from 1-2 years ago, with growth remaining solid from continued buildout of new data centers that run AI applications. Applied Materials and Lam Research see strong demand for AI semiconductor chipsets.	Data Centers Semiconductors Hyperscale Chipsets
	Semiconductor Cycle Semiconductor equipment companies reported solid results with upbeat outlooks. Lam Research offered positive guidance for wafer fabrication equipment growth in 2026 driven by AI tailwinds. Applied Materials continues to see broad-based growth across all segments, supported by secular technological transitions and CHIPS Act stimulus.	Equipment Wafer Fabrication CHIPS Act Growth
	Oil Oil prices surged over 50% during the quarter due to the Iran War, creating ripple effects including higher bond yields, rising costs for petroleum-related materials, rising inflation expectations, and falling consumer confidence. However, oil futures prices for nine months ahead are well below current prices, suggesting traders expect the spike to be short-lived.	Iran War Inflation Futures Geopolitical
	Value Value stocks outperformed Growth stocks during the quarter, continuing a trend that began late last year. As investors have focused more on valuation in recent months after many growth stocks reached exceptionally high valuations, Value stocks have staged a comeback. The manager believes consideration of valuation in addition to growth metrics is key to achieving good risk-adjusted returns.	Outperformance Valuations Risk-Adjusted Growth
2025 Q4	AI AI infrastructure buildout continues to drive strong earnings growth for portfolio companies. Draft One AI tool shows significant traction with police departments, generating high-quality reports in minutes and justifying premium pricing. AI Era Plan represents fastest booked Axon product to date, expanding software value per officer through embedded AI workflows.	AI Infrastructure Draft One AI Era Plan LLMs Automation
	Semiconductors Portfolio includes major semiconductor positions in NVIDIA, Broadcom, and ASML. NVIDIA delivered 75% EPS growth with strong positioning in AI infrastructure. Broadcom showed 37% EPS growth. ASML faced some headwinds but remains positioned for long-term memory cycle recovery.	NVIDIA Broadcom ASML Memory Cycle GPU
	Software Software segment shows strong fundamentals with companies like ServiceNow, Intuit, and Synopsys delivering consistent growth. Portfolio positioned for next-generation architectures and cloud demand acceleration. Software revenue mix expansion drives margin improvement across holdings.	SaaS Cloud Enterprise Software ServiceNow Synopsys
	Data Centers AI servers require greater connector and interconnect content versus traditional servers. Projected incremental 100GW of data center capacity through 2030 creates large opportunity. Portfolio positioned for next-generation data center builds through companies like Amphenol.	Data Center Interconnects AI Servers Infrastructure Amphenol
	Defense Axon operates in public safety with integrated hardware-software platform including TASERs, sensors, and digital evidence management. Rising global defense budgets and Industry 4.0 drive higher content per platform through sensors and ruggedized connectors.	Public Safety Defense Spending TASER Sensors Axon
2025 Q3	AI Data-driven improvements are powering exponential increases in data accumulation integral to AI model development and refinement at companies like AppLovin. Despite increasing AI investments, Alphabet has demonstrated the ability to monetize AI applications. There are increasing concerns about Generative AI potentially disintermediating the value of proprietary technology research.	Artificial Intelligence Machine Learning Data Models Generative AI AI Applications
	Data Centers Growth appears sustainable with expanding business pipeline driven by buildout of new data centers that run AI applications. Companies are well-positioned to provide ongoing service and maintenance for cooling needs of both existing and new data centers.	Data Center Infrastructure Cooling Systems AI Infrastructure Data Center Services
	Luxury Management successfully revitalized the Coach brand into a credible luxury contender by building brand connections with Gen Z and Millennials. The sale of Stuart Weitzman will allow focus on core growth driver Coach and rejuvenate Kate Spade brand. Coach remains under-penetrated in the European luxury market suggesting ample room for organic growth.	Luxury Brands Coach Kate Spade European Markets Gen Z
2025 Q2	AI Broadcom benefited from continued investor enthusiasm for companies with exposure to artificial intelligence, growing its hyperscale and connectivity product portfolios with increasing revenue exposure to faster growing AI applications. Amphenol was driven by strong momentum for its AI and data center connector products. Dynatrace was added as a new position, believed to benefit from the shift to cloud computing and growth in artificial intelligence, having utilized AI in observability for over a decade and positioned to benefit from the growth of agentic AI.	Artificial Intelligence Data Centers Cloud Connectivity Hyperscale
	Data Centers Comfort Systems USA reported solid quarterly results with management highlighting their new business pipeline, addressing industry-wide concerns that demand for data center construction, service, and maintenance is slowing down. Amphenol showed strong momentum for its AI and data center connector products. The addition of Dynatrace reflects the growing need for network observability solutions as cloud computing and AI add vast quantities of data and increased complexity.	Construction Infrastructure Connectivity Observability Cloud
	Trade Policy President Trump announced unexpectedly large tariffs on April 2 causing significant market volatility with the S&P 500 dropping over 17% from February through April. The Trump Administration later backed away from some extreme tariff proposals leading to market recovery. Thermo Fisher Scientific lowered full-year guidance on tariff-related macro weakness, and Apple quantified a sizable $900M cost impact from tariffs. The full impact of tariffs on the real economy has yet to be seen with further market volatility possible.	Tariffs Policy Volatility Economic Impact Trade
	Semiconductors Broadcom has been offsetting a slowdown in its legacy semiconductor business by growing its hyperscale and connectivity product portfolios with exposure to AI applications. Applied Materials was added as a new position in the Information Technology sector. The semiconductor industry is experiencing mixed dynamics with legacy segments slowing while AI-related segments show strong growth.	Chips Technology AI Legacy Growth
2025 Q1	AI Artificial intelligence semiconductors drove strong demand for companies like Broadcom despite sector underperformance. AI inferencing represents a growth opportunity, though Chinese low-cost AI models created market headwinds for semiconductor stocks in the quarter.	Semiconductors Inferencing Deployment Connectivity Growth
	Cloud Data center switching products remain essential to secular cloud computing growth. Strong demand continues for cloud infrastructure despite questions around sustainability of capital investments that have driven recent growth.	Data Centers Switching Infrastructure Computing Growth
2024 Q4	AI Enthusiasm for stocks with exposure to artificial intelligence remains unabated, driving returns for mega-cap technology stocks. AppLovin's data-driven improvements are generating exponential increases in data accumulation integral to AI model development and refinement. Broadcom benefits from its dominant position in artificial intelligence application-specific chipsets.	AI Technology Data Chipsets Models
	Data Centers Broadcom continues to benefit from its leading position in data centers and cloud infrastructure, which have favorable secular growth trends. The company is seeing margin expansion as the mix of software revenues increases following the VMWare acquisition.	Data Centers Cloud Infrastructure Software Growth
	E-commerce AppLovin's e-commerce platform is producing solid returns on targeted advertising spending, with momentum in growing its software advertising platform signaling ability to diversify into e-commerce and opening much larger revenue opportunities in web advertising. Pinterest has been transformed into a shopping platform since 2022.	E-commerce Advertising Platform Revenue Shopping

QUARTER

THEMES

AI

AI continues to drive demand for data centers and semiconductor equipment. Companies like Comfort Systems USA benefit from hyperscale capex announcements from 1-2 years ago, with growth remaining solid from continued buildout of new data centers that run AI applications. Applied Materials and Lam Research see strong demand for AI semiconductor chipsets.

Data Centers Semiconductors Hyperscale Chipsets

Semiconductor Cycle

Semiconductor equipment companies reported solid results with upbeat outlooks. Lam Research offered positive guidance for wafer fabrication equipment growth in 2026 driven by AI tailwinds. Applied Materials continues to see broad-based growth across all segments, supported by secular technological transitions and CHIPS Act stimulus.

Equipment Wafer Fabrication CHIPS Act Growth

Oil

Oil prices surged over 50% during the quarter due to the Iran War, creating ripple effects including higher bond yields, rising costs for petroleum-related materials, rising inflation expectations, and falling consumer confidence. However, oil futures prices for nine months ahead are well below current prices, suggesting traders expect the spike to be short-lived.

Iran War Inflation Futures Geopolitical

Value

Value stocks outperformed Growth stocks during the quarter, continuing a trend that began late last year. As investors have focused more on valuation in recent months after many growth stocks reached exceptionally high valuations, Value stocks have staged a comeback. The manager believes consideration of valuation in addition to growth metrics is key to achieving good risk-adjusted returns.

Outperformance Valuations Risk-Adjusted Growth

2025 Q4

AI

AI infrastructure buildout continues to drive strong earnings growth for portfolio companies. Draft One AI tool shows significant traction with police departments, generating high-quality reports in minutes and justifying premium pricing. AI Era Plan represents fastest booked Axon product to date, expanding software value per officer through embedded AI workflows.

AI Infrastructure Draft One AI Era Plan LLMs Automation

Semiconductors

Portfolio includes major semiconductor positions in NVIDIA, Broadcom, and ASML. NVIDIA delivered 75% EPS growth with strong positioning in AI infrastructure. Broadcom showed 37% EPS growth. ASML faced some headwinds but remains positioned for long-term memory cycle recovery.

NVIDIA Broadcom ASML Memory Cycle GPU

Software

Software segment shows strong fundamentals with companies like ServiceNow, Intuit, and Synopsys delivering consistent growth. Portfolio positioned for next-generation architectures and cloud demand acceleration. Software revenue mix expansion drives margin improvement across holdings.

SaaS Cloud Enterprise Software ServiceNow Synopsys

Data Centers

AI servers require greater connector and interconnect content versus traditional servers. Projected incremental 100GW of data center capacity through 2030 creates large opportunity. Portfolio positioned for next-generation data center builds through companies like Amphenol.

Data Center Interconnects AI Servers Infrastructure Amphenol

Defense

Axon operates in public safety with integrated hardware-software platform including TASERs, sensors, and digital evidence management. Rising global defense budgets and Industry 4.0 drive higher content per platform through sensors and ruggedized connectors.

Public Safety Defense Spending TASER Sensors Axon

2025 Q3

AI

Data-driven improvements are powering exponential increases in data accumulation integral to AI model development and refinement at companies like AppLovin. Despite increasing AI investments, Alphabet has demonstrated the ability to monetize AI applications. There are increasing concerns about Generative AI potentially disintermediating the value of proprietary technology research.

Artificial Intelligence Machine Learning Data Models Generative AI AI Applications

Data Centers

Growth appears sustainable with expanding business pipeline driven by buildout of new data centers that run AI applications. Companies are well-positioned to provide ongoing service and maintenance for cooling needs of both existing and new data centers.

Data Center Infrastructure Cooling Systems AI Infrastructure Data Center Services

Luxury

Management successfully revitalized the Coach brand into a credible luxury contender by building brand connections with Gen Z and Millennials. The sale of Stuart Weitzman will allow focus on core growth driver Coach and rejuvenate Kate Spade brand. Coach remains under-penetrated in the European luxury market suggesting ample room for organic growth.

Luxury Brands Coach Kate Spade European Markets Gen Z

2025 Q2

AI

Broadcom benefited from continued investor enthusiasm for companies with exposure to artificial intelligence, growing its hyperscale and connectivity product portfolios with increasing revenue exposure to faster growing AI applications. Amphenol was driven by strong momentum for its AI and data center connector products. Dynatrace was added as a new position, believed to benefit from the shift to cloud computing and growth in artificial intelligence, having utilized AI in observability for over a decade and positioned to benefit from the growth of agentic AI.

Artificial Intelligence Data Centers Cloud Connectivity Hyperscale

Data Centers

Comfort Systems USA reported solid quarterly results with management highlighting their new business pipeline, addressing industry-wide concerns that demand for data center construction, service, and maintenance is slowing down. Amphenol showed strong momentum for its AI and data center connector products. The addition of Dynatrace reflects the growing need for network observability solutions as cloud computing and AI add vast quantities of data and increased complexity.

Construction Infrastructure Connectivity Observability Cloud

Trade Policy

President Trump announced unexpectedly large tariffs on April 2 causing significant market volatility with the S&P 500 dropping over 17% from February through April. The Trump Administration later backed away from some extreme tariff proposals leading to market recovery. Thermo Fisher Scientific lowered full-year guidance on tariff-related macro weakness, and Apple quantified a sizable $900M cost impact from tariffs. The full impact of tariffs on the real economy has yet to be seen with further market volatility possible.

Tariffs Policy Volatility Economic Impact Trade

Semiconductors

Broadcom has been offsetting a slowdown in its legacy semiconductor business by growing its hyperscale and connectivity product portfolios with exposure to AI applications. Applied Materials was added as a new position in the Information Technology sector. The semiconductor industry is experiencing mixed dynamics with legacy segments slowing while AI-related segments show strong growth.

Chips Technology AI Legacy Growth

2025 Q1

AI

Artificial intelligence semiconductors drove strong demand for companies like Broadcom despite sector underperformance. AI inferencing represents a growth opportunity, though Chinese low-cost AI models created market headwinds for semiconductor stocks in the quarter.

Semiconductors Inferencing Deployment Connectivity Growth

Cloud

Data center switching products remain essential to secular cloud computing growth. Strong demand continues for cloud infrastructure despite questions around sustainability of capital investments that have driven recent growth.

Data Centers Switching Infrastructure Computing Growth

2024 Q4

AI

Enthusiasm for stocks with exposure to artificial intelligence remains unabated, driving returns for mega-cap technology stocks. AppLovin's data-driven improvements are generating exponential increases in data accumulation integral to AI model development and refinement. Broadcom benefits from its dominant position in artificial intelligence application-specific chipsets.

AI Technology Data Chipsets Models

Data Centers

Broadcom continues to benefit from its leading position in data centers and cloud infrastructure, which have favorable secular growth trends. The company is seeing margin expansion as the mix of software revenues increases following the VMWare acquisition.

Data Centers Cloud Infrastructure Software Growth

E-commerce

AppLovin's e-commerce platform is producing solid returns on targeted advertising spending, with momentum in growing its software advertising platform signaling ability to diversify into e-commerce and opening much larger revenue opportunities in web advertising. Pinterest has been transformed into a shopping platform since 2022.

E-commerce Advertising Platform Revenue Shopping

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
Jan 21, 2026	Fund Letters	Michael E. Schroer	GOOG	Alphabet Inc.	Communication Services	Interactive Media & Services	Bull	NASDAQ	advertising, AI, cloud, Search, semiconductors	Login
Jan 21, 2026	Fund Letters	Michael E. Schroer	AMAT	Applied Materials, Inc.	Information Technology	Semiconductor Equipment	Bull	NASDAQ	AI, CapEx, Chipsact, Equipment, semiconductors	Login
Jan 21, 2026	Fund Letters	Michael E. Schroer	NFLX	Netflix, Inc.	Communication Services	Movies & Entertainment	Bear	NASDAQ	acquisition, Content, Streaming, taxes, valuation	Login
Jul 21, 2025	Fund Letters	Michael E. Schroer	AVGO	Broadcom Inc.	Information Technology	Semiconductors	Bull	NASDAQ	AI, cashflow, growth, hyperscalers, Networking, semiconductors	Login
Jul 21, 2025	Fund Letters	Michael E. Schroer	FIX	Comfort Systems USA, Inc.	Industrials	Construction & Engineering	Bull	New York Stock Exchange	backlog, construction, Contracting, growth, HVAC, Margins	Login
Jul 21, 2025	Fund Letters	Michael E. Schroer	AAPL	Apple Inc.	Information Technology	Technology Hardware, Storage & Peripherals	Bear	NASDAQ	AI, Ecosystem, Hardware, Regulation, Smartphones, tariffs	Login
Jul 21, 2025	Fund Letters	Michael E. Schroer	FI	Fiserv, Inc.	Financials	Data Processing & Outsourced Services	Bull	New York Stock Exchange	Fintech, growth, Merchants, Payments, POS, valuation	Login
Jul 21, 2025	Fund Letters	Michael E. Schroer	TMO	Thermo Fisher Scientific Inc.	Health Care	Life Sciences Tools & Services	Bear	New York Stock Exchange	Funding, headwinds, Laboratories, life sciences, tariffs, Tools	Login
Jul 21, 2025	Fund Letters	Michael E. Schroer	DT	Dynatrace, Inc.	Information Technology	Application Software	Bull	New York Stock Exchange	AI, Automation, cloud, Monitoring, observability, Software	Login
Jun 30, 2025	Fund Letters	Renaissance Investment Management - Large Cap Growth	AVGO	Broadcom	Information Technology	Semiconductors & Semiconductor Equipment	Bull	NASDAQ	Artificial Intelligence, Connectivity, data center, growth, hyperscale, semiconductors, technology	Login
Jun 30, 2025	Fund Letters	Renaissance Investment Management - Large Cap Growth	FIX	Comfort Systems USA	Industrials	Construction & Engineering	Bull	NYSE	backlog growth, construction, data center, HVAC, Industrials, infrastructure, Mechanical Contracting	Login
Jun 30, 2025	Fund Letters	Renaissance Investment Management - Large Cap Growth	APH	Amphenol	Information Technology	Electronic Equipment, Instruments & Components	Bull	NYSE	Acquisitions, Artificial Intelligence, Connectors, data center, Electronic Components, technology hardware	Login
Jun 30, 2025	Fund Letters	Renaissance Investment Management - Large Cap Growth	DT	Dynatrace	Information Technology	Software	Bull	NYSE	AIOps, Application Performance, Artificial Intelligence, Cloud computing, Network Monitoring, observability, SaaS	Login
Mar 31, 2025	Fund Letters	Renaissance Investment Management - Large Cap Growth	ABBV	AbbVie	Health Care	Pharmaceuticals	Bull	NYSE	biopharmaceuticals, drug pipeline, Free Cash Flow, Humira, Immunology, Oncology, patent expiration, Virology	Login
Mar 31, 2025	Fund Letters	Renaissance Investment Management - Large Cap Growth	CPRT	Copart	Industrials	Commercial Services & Supplies	Bull	NASDAQ	Industrials, Logistics Infrastructure, market leader, network effects, Online Platforms, Salvage Auctions, Vehicle Complexity	Login
Dec 31, 2024	Fund Letters	Renaissance Investment Management - Large Cap Growth	PINS	Pinterest	Communication Services	Interactive Media & Services	Bull	NYSE	AI personalization, ARPU Expansion, digital advertising, e-commerce, international markets, Shopping Platform, Visual Discovery	Login
Dec 31, 2024	Fund Letters	Renaissance Investment Management - Large Cap Growth	APP	AppLovin Corp. Class A	Communication Services	Interactive Media & Services	Bull	NASDAQ	AI Models, Data Analytics, digital marketing, E-commerce Platform, Mobile Advertising, programmatic advertising, software platform	Login
Dec 31, 2024	Fund Letters	Renaissance Investment Management - Large Cap Growth	AVGO	Broadcom Inc.	Information Technology	Semiconductors & Semiconductor Equipment	Bull	NASDAQ	AI Chipsets, cloud infrastructure, data centers, margin expansion, semiconductor solutions, software integration, VMware Acquisition	Login
Dec 31, 2024	Fund Letters	Renaissance Investment Management - Large Cap Growth	HCA	HCA Healthcare Inc	Health Care	Health Care Providers & Services	Bull	NYSE	ACA Subsidies, Earnings Leverage, Government Healthcare, Healthcare Provider, Healthcare Utilization, Hospital Operations, political risk	Login
Dec 31, 2024	Fund Letters	Renaissance Investment Management - Large Cap Growth	BAH	Booz Allen Hamilton Holding Corporation Class A	Industrials	Professional Services	Bull	NYSE	AI applications, cybersecurity, Defense Contractor, Government Efficiency, Government Services, professional services, technology infrastructure	Login

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

Jan 21, 2026

Fund Letters

Michael E. Schroer

GOOG

Alphabet Inc.

Communication Services

Interactive Media & Services

Bull

NASDAQ

advertising, AI, cloud, Search, semiconductors

Jan 21, 2026

Fund Letters

Michael E. Schroer

AMAT

Applied Materials, Inc.

Information Technology

Semiconductor Equipment

Bull

NASDAQ

AI, CapEx, Chipsact, Equipment, semiconductors

Jan 21, 2026

Fund Letters

Michael E. Schroer

NFLX

Netflix, Inc.

Communication Services

Movies & Entertainment

Bear

NASDAQ

acquisition, Content, Streaming, taxes, valuation

Jul 21, 2025

Fund Letters

Michael E. Schroer

AVGO

Broadcom Inc.

Information Technology

Semiconductors

Bull

NASDAQ

AI, cashflow, growth, hyperscalers, Networking, semiconductors

Jul 21, 2025

Fund Letters

Michael E. Schroer

FIX

Comfort Systems USA, Inc.

Industrials

Construction & Engineering

Bull

New York Stock Exchange

backlog, construction, Contracting, growth, HVAC, Margins

Jul 21, 2025

Fund Letters

Michael E. Schroer

AAPL

Apple Inc.

Information Technology

Technology Hardware, Storage & Peripherals

Bear

NASDAQ

AI, Ecosystem, Hardware, Regulation, Smartphones, tariffs

Jul 21, 2025

Fund Letters

Michael E. Schroer

Fiserv, Inc.

Financials

Data Processing & Outsourced Services

Bull

New York Stock Exchange

Fintech, growth, Merchants, Payments, POS, valuation

Jul 21, 2025

Fund Letters

Michael E. Schroer

TMO

Thermo Fisher Scientific Inc.

Health Care

Life Sciences Tools & Services

Bear

New York Stock Exchange

Funding, headwinds, Laboratories, life sciences, tariffs, Tools

Jul 21, 2025

Fund Letters

Michael E. Schroer

Dynatrace, Inc.

Information Technology

Application Software

Bull

New York Stock Exchange

AI, Automation, cloud, Monitoring, observability, Software

Jun 30, 2025

Fund Letters

Renaissance Investment Management - Large Cap Growth

AVGO

Broadcom

Information Technology

Semiconductors & Semiconductor Equipment

Bull

NASDAQ

Artificial Intelligence, Connectivity, data center, growth, hyperscale, semiconductors, technology

Jun 30, 2025

Fund Letters

Renaissance Investment Management - Large Cap Growth

FIX

Comfort Systems USA

Industrials

Construction & Engineering

Bull

NYSE

backlog growth, construction, data center, HVAC, Industrials, infrastructure, Mechanical Contracting

Jun 30, 2025

Fund Letters

Renaissance Investment Management - Large Cap Growth

APH

Amphenol

Information Technology

Electronic Equipment, Instruments & Components

Bull

NYSE

Acquisitions, Artificial Intelligence, Connectors, data center, Electronic Components, technology hardware

Jun 30, 2025

Fund Letters

Renaissance Investment Management - Large Cap Growth

Dynatrace

Information Technology

Software

Bull

NYSE

AIOps, Application Performance, Artificial Intelligence, Cloud computing, Network Monitoring, observability, SaaS

Mar 31, 2025

Fund Letters

Renaissance Investment Management - Large Cap Growth

ABBV

AbbVie

Health Care

Pharmaceuticals

Bull

NYSE

biopharmaceuticals, drug pipeline, Free Cash Flow, Humira, Immunology, Oncology, patent expiration, Virology

Mar 31, 2025

Fund Letters

Renaissance Investment Management - Large Cap Growth

CPRT

Copart

Industrials

Commercial Services & Supplies

Bull

NASDAQ

Industrials, Logistics Infrastructure, market leader, network effects, Online Platforms, Salvage Auctions, Vehicle Complexity

Dec 31, 2024

Fund Letters

Renaissance Investment Management - Large Cap Growth

PINS

Communication Services

Interactive Media & Services

Bull

NYSE

AI personalization, ARPU Expansion, digital advertising, e-commerce, international markets, Shopping Platform, Visual Discovery

Dec 31, 2024

Fund Letters

Renaissance Investment Management - Large Cap Growth

APP

AppLovin Corp. Class A

Communication Services

Interactive Media & Services

Bull

NASDAQ

AI Models, Data Analytics, digital marketing, E-commerce Platform, Mobile Advertising, programmatic advertising, software platform

Dec 31, 2024

Fund Letters

Renaissance Investment Management - Large Cap Growth

AVGO

Broadcom Inc.

Information Technology

Semiconductors & Semiconductor Equipment

Bull

NASDAQ

AI Chipsets, cloud infrastructure, data centers, margin expansion, semiconductor solutions, software integration, VMware Acquisition

Dec 31, 2024

Fund Letters

Renaissance Investment Management - Large Cap Growth

HCA

HCA Healthcare Inc

Health Care

Health Care Providers & Services

Bull

NYSE

ACA Subsidies, Earnings Leverage, Government Healthcare, Healthcare Provider, Healthcare Utilization, Hospital Operations, political risk

Dec 31, 2024

Fund Letters

Renaissance Investment Management - Large Cap Growth

BAH

Booz Allen Hamilton Holding Corporation Class A

Industrials

Professional Services

Bull

NYSE

AI applications, cybersecurity, Defense Contractor, Government Efficiency, Government Services, professional services, technology infrastructure

TICKER	COMMENTARY
FIX	Comfort Systems USA (FIX) was our top contributor in the first quarter. The company reported broad-based upside to quarterly results, with backlog acceleration supporting further upside to 2026 estimates. Importantly, management noted that current demand trends are actually building off hyperscale capex announcements from 1–2 years ago and, therefore, growth should remain solid, driven by the continued buildout of new data centers that run AI applications.
AMAT	Applied Materials (AMAT) was also a top contributor. The company continues to see broad-based growth across all segments and financial metrics. We believe that strong demand for AI semiconductor chipsets, along with secular technological transitions and federal stimulus from the CHIPS Act, should continue to provide a favorable backdrop for the company.
LRCX	Lam Research (LRCX) was our third-best performer. Similar to other semiconductor equipment companies, Lam Research reported solid fourth quarter operating results. Importantly, Lam offered an upbeat outlook for wafer fabrication equipment growth in 2026, driven by AI tailwinds. We believe that demand trends will continue and combined with market share gains, we expect upward earnings revisions for the company.
APP	AppLovin (APP) declined. The stock initially saw weakness following the beta release of Alphabet's Genie, an AI online gaming platform that could become a competitive threat to incumbent gaming platforms. Software stocks, in general, started to underperform as the quarter progressed, as investors increasingly viewed large language models such as ChapGPT and AI coding models like Claude as key disrupters in the software development tools market. We think that the sell-off has been an overreaction, given that any increase in magnitude and complexity of code creation could make incumbent software providers more critical, as code quality, interoperability, compliance and security are essential infrastructure elements.
MSFT	Microsoft (MSFT) fell despite reporting solid operating results. The stock suffered one of its worst one-day drops after Azure, its Cloud offering, saw another quarter in which growth came in below expectations, which may suggest that the company's growth in Cloud and AI is peaking. While 20%+ growth rates at scale are impressive, growth deceleration will remain a headwind for the stock.
BSX	Boston Scientific (BSX) dropped despite reporting solid operating results. The stock declined after initial 2026 guidance came in below expectations, driven by revenue growth deceleration in its electrophysiology segment. This segment has contributed substantially to revenue growth in the past, and the deceleration suggests that the company's main competitor, Medtronic, may be gaining market share.
ZTS	In March, we added a new position in the Health Care sector with Zoetis (ZTS), the global leader in vaccines and pharmaceuticals for both the companion animal and livestock markets. Zoetis has faced difficult growth comparisons since the latter part of 2022, after an initial spike in demand caused by COVID-driven pet adoptions wore off and operational missteps in new drug launches hampered growth. However, we believe that revenue is positioned to reaccelerate as COVID-era pets approach the age when preventive and protective treatments begin, driving demand for professional veterinary services. We particularly like the company's new drug pipeline, with new drug launches over the next four years targeting cancer, kidney, heart, obesity, and anxiety treatments. In addition, we believe that increasing demand for protein consumption and a relaunch of the company's pain medication will likewise help reverse recent revenue deceleration.
TJX	We also added a new position in the Consumer Discretionary sector with The TJX Companies (TJX), the largest discount retailer in the U.S. We are attracted to the company's consistent ability to maintain strong value for the consumer. In addition, the company's demographic reach, broad merchandise offerings, and strong margins provide a higher level of safety in uncertain macroeconomic environments. We believe TJX has room for much further growth as the company continues to take market share from traditional department stores, improves its merchandising, and grows internationally.
CPRT	Conversely, we sold our position in Copart (CPRT), the largest provider of salvage car auctions, following a deterioration in fundamental factors. We believe that the operating environment for Copart will continue to face fundamental headwinds in the near-to-intermediate term, as the rising costs of automotive insurance have caused financially stretched consumers to drop collision coverage. Historically, Copart's contractual agreements with insurance companies gave them a steady supply of damaged automobiles, driving its auction volumes. However, the absence of collision insurance means that these cars are no longer obligated to go to Copart auctions, creating headwinds for Copart's vehicle inventories and auction volumes.
IT	We also sold our position in Gartner (IT) following a deterioration in fundamental factors and several quarters of disappointing operating results. We had previously believed that Gartner would benefit from AI adoption, as enterprises look to Gartner's expertise in technology to help chart the right path forward. Instead, Gartner has seen demand for its services moderate as companies take time to reevaluate their existing technological roadmaps and contemplate whether AI can replace some of Gartner's services. We believe it is prudent to move to the sidelines, as these external factors will likely remain challenges for the foreseeable future.

TICKER

COMMENTARY

FIX

Comfort Systems USA (FIX) was our top contributor in the first quarter. The company reported broad-based upside to quarterly results, with backlog acceleration supporting further upside to 2026 estimates. Importantly, management noted that current demand trends are actually building off hyperscale capex announcements from 1–2 years ago and, therefore, growth should remain solid, driven by the continued buildout of new data centers that run AI applications.

AMAT

Applied Materials (AMAT) was also a top contributor. The company continues to see broad-based growth across all segments and financial metrics. We believe that strong demand for AI semiconductor chipsets, along with secular technological transitions and federal stimulus from the CHIPS Act, should continue to provide a favorable backdrop for the company.

LRCX

Lam Research (LRCX) was our third-best performer. Similar to other semiconductor equipment companies, Lam Research reported solid fourth quarter operating results. Importantly, Lam offered an upbeat outlook for wafer fabrication equipment growth in 2026, driven by AI tailwinds. We believe that demand trends will continue and combined with market share gains, we expect upward earnings revisions for the company.

APP

AppLovin (APP) declined. The stock initially saw weakness following the beta release of Alphabet's Genie, an AI online gaming platform that could become a competitive threat to incumbent gaming platforms. Software stocks, in general, started to underperform as the quarter progressed, as investors increasingly viewed large language models such as ChapGPT and AI coding models like Claude as key disrupters in the software development tools market. We think that the sell-off has been an overreaction, given that any increase in magnitude and complexity of code creation could make incumbent software providers more critical, as code quality, interoperability, compliance and security are essential infrastructure elements.

MSFT

Microsoft (MSFT) fell despite reporting solid operating results. The stock suffered one of its worst one-day drops after Azure, its Cloud offering, saw another quarter in which growth came in below expectations, which may suggest that the company's growth in Cloud and AI is peaking. While 20%+ growth rates at scale are impressive, growth deceleration will remain a headwind for the stock.

BSX

Boston Scientific (BSX) dropped despite reporting solid operating results. The stock declined after initial 2026 guidance came in below expectations, driven by revenue growth deceleration in its electrophysiology segment. This segment has contributed substantially to revenue growth in the past, and the deceleration suggests that the company's main competitor, Medtronic, may be gaining market share.

ZTS

In March, we added a new position in the Health Care sector with Zoetis (ZTS), the global leader in vaccines and pharmaceuticals for both the companion animal and livestock markets. Zoetis has faced difficult growth comparisons since the latter part of 2022, after an initial spike in demand caused by COVID-driven pet adoptions wore off and operational missteps in new drug launches hampered growth. However, we believe that revenue is positioned to reaccelerate as COVID-era pets approach the age when preventive and protective treatments begin, driving demand for professional veterinary services. We particularly like the company's new drug pipeline, with new drug launches over the next four years targeting cancer, kidney, heart, obesity, and anxiety treatments. In addition, we believe that increasing demand for protein consumption and a relaunch of the company's pain medication will likewise help reverse recent revenue deceleration.

TJX

We also added a new position in the Consumer Discretionary sector with The TJX Companies (TJX), the largest discount retailer in the U.S. We are attracted to the company's consistent ability to maintain strong value for the consumer. In addition, the company's demographic reach, broad merchandise offerings, and strong margins provide a higher level of safety in uncertain macroeconomic environments. We believe TJX has room for much further growth as the company continues to take market share from traditional department stores, improves its merchandising, and grows internationally.

CPRT

Conversely, we sold our position in Copart (CPRT), the largest provider of salvage car auctions, following a deterioration in fundamental factors. We believe that the operating environment for Copart will continue to face fundamental headwinds in the near-to-intermediate term, as the rising costs of automotive insurance have caused financially stretched consumers to drop collision coverage. Historically, Copart's contractual agreements with insurance companies gave them a steady supply of damaged automobiles, driving its auction volumes. However, the absence of collision insurance means that these cars are no longer obligated to go to Copart auctions, creating headwinds for Copart's vehicle inventories and auction volumes.

We also sold our position in Gartner (IT) following a deterioration in fundamental factors and several quarters of disappointing operating results. We had previously believed that Gartner would benefit from AI adoption, as enterprises look to Gartner's expertise in technology to help chart the right path forward. Instead, Gartner has seen demand for its services moderate as companies take time to reevaluate their existing technological roadmaps and contemplate whether AI can replace some of Gartner's services. We believe it is prudent to move to the sidelines, as these external factors will likely remain challenges for the foreseeable future.

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Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

AI

Semiconductor Cycle

Oil

Value

AI

Semiconductors

Software

Data Centers

Defense

AI

Data Centers

Luxury

AI

Data Centers

Trade Policy

Semiconductors

AI

Cloud

AI

Data Centers

E-commerce

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Michael E. Schroer Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

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Latest 13D & 13G Filings

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Renaissance Investment Management – Large Cap Growth