Renaissance Investment Management, an investment management company, released its Q2 2025 “Large Cap Growth Strategy” investor letter. A copy of the letter can be downloaded here. The stock market experienced significant volatility in the second quarter, and yet, the S&P 500 posted an all-time high by the end of June. The liberation day tariff announcement set off havoc in the market, causing stock prices to drop 7% from April 2 to April 7. However, the market rebounded and gained more than 22% from the April 7 low through the end of June. The Russell 1000 Growth returned 17.8% and the S&P 500 returned 10.9% in the quarter. Large caps significantly outperformed their small-cap counterparts, and growth outperformed value. Against this backdrop, the strategy outperformed the S&P 500 Index but underperformed the Russell 1000 Growth benchmark. For more information on the fund’s best picks in 2025, please check its top five holdings.
In its second-quarter 2025 investor letter, Renaissance Large Cap Growth Strategy highlighted stocks such as Thermo Fisher Scientific Inc. (NYSE:TMO). Thermo Fisher Scientific Inc. (NYSE:TMO) offers life sciences solutions, analytical instruments, specialty diagnostics, laboratory products, and biopharma services. The one-month return of Thermo Fisher Scientific Inc. (NYSE:TMO) was -0.11%, and its shares lost 21.70% of their value over the last 52 weeks. On September 09, 2025, Thermo Fisher Scientific Inc. (NYSE:TMO) stock closed at $487.65 per share, with a market capitalization of $182.859 billion.
Renaissance Large Cap Growth Strategy stated the following regarding Thermo Fisher Scientific Inc. (NYSE:TMO) in its second quarter 2025 investor letter:
“Thermo Fisher Scientific Inc. (NYSE:TMO) was another underperformer, declining 18.5% despite reporting solid operating results. In addition, the company lowered full-year guidance on tariff-related macro weakness and introduced uncertainty related to National Institute of Health (NIH) funding delays that have negatively impacted its academic and government customers.
