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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 - International Small Cap Equity. This analysis is provided for institutional research purposes only and is not investment advice.
"The Renaissance International Small Cap Equity strategy achieved positive absolute performance but lagged its benchmark in Q2 2025."
During Q2 2025, the Renaissance International Small Cap Equity strategy posted positive absolute returns but underperformed its benchmark. International equity markets rose despite significant trade tariff volatility, a cooling Chinese housing market, and U.S. political developments that weighed heavily on the U.S. Dollar Index (down ~11% in H1). Portfolio changes during the quarter reflected a pronounced shift out of Emerging Markets (-4.9%) into Developed Markets (+4.9%). Notable complete exits included FinVolution, due to U.S. ADR delisting concerns, and Mexican carrier Volaris, due to aircraft groundings. New additions included UK-based Balfour Beatty, which is positioned to benefit from UK public infrastructure and defense spending. Celestica was the fund's top quarterly contributor on the back of surging hyperscaler demand for high-capacity networking switches.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
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