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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Renaissance Investment Management - Large Cap Growth. This analysis is provided for institutional research purposes only and is not investment advice.
"The portfolio navigated a highly volatile, tariff-impacted quarter to outperform the S&P 500, utilizing AI secular trends to rotate capital out of deteriorating names like Thermo Fisher and into high-conviction ideas like Dynatrace."
In Q2 2025, the market experienced extreme tariff-induced volatility, dropping sharply in early April before recovering 22% through June. The Renaissance Large Cap Growth portfolio underperformed the Russell 1000 Growth Index (which returned 17.8%) but outperformed the S&P 500 (which returned 10.9%). Strongest performers included Broadcom (AVGO), Comfort Systems USA (FIX), and Amphenol (APH), driven by AI tailwinds and positive fundamentals. Underperformers included Fiserv (FI), Apple (AAPL), and Thermo Fisher Scientific (TMO), the latter of which was sold due to deteriorating macro factors and DOGE-related customer spending cuts. The fund selectively added Dynatrace (DT) to capture AI and cloud observability opportunities.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
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