Renaissance Technologies Q1 2026 13F Holdings and Activity Report

I. Institutional Overview

The total reported market value of the portfolio stands at a staggering $63.89 billion . This scale places Renaissance Technologies among the upper echelon of global asset managers, yet its approach remains fundamentally different from traditional fundamental shops like Berkshire Hathaway or even large-scale indexers like BlackRock. The sheer breadth of the portfolio is immediately apparent from the number of holdings, which totals 3,201 stocks . This massive number of positions is a hallmark of the Renaissance investment philosophy: rather than making a few high-conviction bets on individual company stories, the firm utilizes a "law of large numbers" approach. By holding thousands of positions, the firm seeks to capture thousands of small, statistically significant edges while diversifying away the idiosyncratic risk associated with any single company.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

II. Sector Allocation Analysis

The top three sectors—Technology, Healthcare, and Industrials—collectively account for 49.85% of the total portfolio. This distribution indicates a relatively diversified approach, as the firm does not allow any single sector to dominate more than a quarter of the total assets. However, the concentration in Technology (22.63%) is particularly noteworthy. This is a sector characterized by high dispersion—where the gap between winners and losers is wide—providing an ideal environment for quantitative models to extract alpha.

From this allocation, we can infer that Renaissance Technologies’ models are currently "Risk-On." The heavy weighting in Technology and Industrials, paired with the retreat from Consumer Staples, suggests a judgment that the economy is in a mid-to-late expansion phase where growth is still attainable, but requires more selective positioning. The firm is not hunkering down for a recession; instead, it is leaning into the sectors that lead during periods of technological advancement and industrial modernization. The models are prioritizing liquidity and price momentum, which are currently most abundant in the tech and healthcare spaces.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

III. Top 10 Holdings Deep Dive

United Therapeutics has been a staple in the Renaissance portfolio for over a decade, with an initial holding date stretching back to 2013. Despite a slight reduction of 6.40% in the number of shares held this quarter, it remains the firm's largest single position with a market value exceeding $1.05 billion . This is a classic "conviction holding." The company specializes in treatments for pulmonary arterial hypertension (PAH) and has a unique business model that includes organ manufacturing and high-tech medical solutions. From a quantitative perspective, UTHR likely appeals to RenTech due to its consistent cash flows, high margins, and relatively low correlation with the broader S&P 500. The slight reduction in shares while the portfolio weight actually increased (from 1.44% to 1.66%) suggests that the stock's price appreciation outperformed the rest of the portfolio, and the firm did some minor "rebalancing" to keep the position size within risk limits. It remains the bedrock of their healthcare allocation.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

IV. Major Buys/Additions

As discussed in the top 10 analysis, the entry into Apple is the defining move of the quarter. With an estimated investment of $780.5 million , this is not a "test" position; it is a major strategic commitment. From a fundamental perspective, Apple in 2026 is likely benefiting from a massive upgrade cycle driven by AI-integrated hardware. For Renaissance, the motivation is likely a combination of "Low Volatility" and "High Liquidity." In a market that may be showing signs of fragmentation, Apple provides a safe place to park large amounts of capital while still participating in the tech sector's growth. The models likely triggered a "buy" signal based on Apple’s relative strength compared to other consumer electronics peers.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits

The complete liquidation of the $427.9 million position in P&G is the most significant "exit" of the quarter. P&G is the quintessential "Consumer Staple"—low growth, high stability, and a reliable dividend. By selling 100% of their holdings, Renaissance is making a loud statement: their models no longer see value in "defensive stability." This qualifies as a Strategic Retreat . The motivation likely stems from a "Factor Shift." In an environment where growth is accelerating in other sectors, the "opportunity cost" of holding a slow-moving giant like P&G becomes too high. The models may have also flagged a "valuation ceiling" for staples as interest rates remained higher for longer, making P&G’s dividend yield less attractive relative to risk-free rates.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

The logic chain is clear: 1. Sold what : Defensive consumer staples (P&G), legacy automotive (Ford), and underperforming mega-cap retail (Amazon). 2. Why sell : These assets exhibited deteriorating momentum and "value trap" characteristics in a high-growth, high-innovation regime. 3. Bought what : Mega-cap tech leaders (Apple, NVIDIA, Broadcom) and high-quality financial "rails" (JPMorgan, Visa). 4. Why buy : These companies represent the "Quality" and "Momentum" factors. They own the platforms and infrastructure of the 2026 economy. 5. Overall change : The portfolio has become more "offensive," more "tech-heavy," and more "concentrated in leadership," while maintaining its defensive "floor" through gold and specialized healthcare.

For the individual investor, the reference value here is the validation of the "Quality Growth" theme . When the world's most sophisticated mathematical models exit "safe" stocks like P&G to buy "expensive" stocks like NVIDIA, it suggests that "valuation" is secondary to "growth persistence" and "platform dominance." However, investors must be cautious: Renaissance is a high-turnover shop. They may buy Apple today and sell it tomorrow if the signal changes. Simple imitation without the ability to monitor daily price signals is a dangerous strategy.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.