Peter Brown

Renaissance Technologies' latest 13F shows a portfolio that is broadly diversified but with selective concentration in a handful of high-conviction names. The largest position, NVIDIA, accounts for just under 2% of the $72.6 billion book. That low weight is typical for a quant shop that prefers to spread risk across hundreds of names rather than bet the fund on a single mega-cap. Meta Platforms, Intel, and United Therapeutics round out the top four, each holding between 1.3% and 1.6% of the portfolio. The mix of holdings points to a systematic approach that straddles growth and value. Intel, a beaten-down semiconductor name, sits alongside Palantir and CrowdStrike, two high-multiple software stocks. Including United Therapeutics and Exelixis gives the fund a meaningful biotech tilt, while Kinross Gold adds a commodity hedge that few large tech-heavy funds carry. The presence of VeriSign, a quiet internet infrastructure monopoly, suggests the model finds stable cash flow attractive at current prices. Brown's team made no dramatic shifts evident in the quarter's snapshot. The portfolio continues to favor liquid large caps with identifiable price momentum and valuation signalshavings. Its divergence from peers lies in the absence of a dominant Apple or Microsoft stake. Instead, Renaissance shows a willingness to hold contrarian positions like Intel and Kinross, a posture that reflects the firm's quantitative discipline over narrative-driven investing. The fund's largest ten positions sum to roughly 12% of assets, leaving ample room for the thousands of smaller bets that define its edge.