Jim Simons

Renaissance Technologies' 2026-Q1 13F shows a portfolio that still carries the fingerprints of its founder's systematic approach, even as the firm's public equity book has thinned to roughly $63.9 billion. The top ten positions are a study in dispersion. United Therapeutics sits at the top at 1.66% of the portfolio, a biotech name that is not a typical quant favorite. Palantir is second at 1.60%, and Apple, Kinross Gold, and Micron round out the top five. The mix of a pulmonary hypertension drugmaker, a data analytics firm, a consumer hardware giant, and a gold miner is not a sector bet. It is a statistical arbitrage book where the model finds relative value across unrelated industries. Renaissance's recent moves show a willingness to hold names that many momentum funds have abandoned. The firm added to Micron and SanDisk, both memory chip plays, while keeping a smaller NVIDIA stake at 0.69%. That is a bet on the cyclical hardware layer rather than the AI application layer. The gold exposure through Kinross and Franco-Nevada is another contrarian tilt, and it runs against the grain of a market that has been rotating out of defensive metals. VeriSign, at 1.09%, is a low-beta internet infrastructure name that has been a long-term holding for the firm. The divergence from peers is most visible in the lack of a dominant mega-cap position. No single holding exceeds 1.7% of the portfolio, and the top ten names account for just over 11% of assets. Most large funds run far more concentrated books. Renaissance is still running a statistical model that treats every position as one of thousands of bets, not a conviction call. The 13F only shows the long side of the book, and the firm's short positions and its internal Medallion fund remain opaque. What is visible is a portfolio that is diversified to the point of near-indexation, but with a tilt toward mid-cap biotech, memory, and gold that no index fund would hold.