Renaissance Capital LLC

The portfolio management style during this quarter was characterized by aggressive rotation. Despite the reduction in total assets, the fund was highly active, executing 15 increases and 10 exits, while only initiating 2 new positions. This suggests that the decline in portfolio value was not solely due to market depreciation but was significantly driven by the deliberate liquidation of large previous positions (such as ARM Holdings and Rubrik) and a reduction in exposure to top existing holdings like Astera Labs and Reddit.

2. Key Holdings

The portfolio is dominated by a few large positions, with the top three holdings accounting for approximately 41.6% of the total assets.