Renaissance Exits Gartner and Copart as It Rotates Into TJX, Zoetis and AI Supply Chains

The firm says weaker demand for advisory services, falling salvage‑insurance volumes and signs of peaking cloud growth drove tactical sales and a push into retailers, pet‑health stocks and companies tied to AI chip and data‑center buildout.

Overview

Renaissance published its Q1 2026 Large Cap Growth letter in mid‑June and reported the strategy outperformed the S&P 500 but trailed the Russell 1000 Growth index.
The firm disclosed it sold Gartner after several quarters of disappointing operating results and reduced client demand as customers reassess tech roadmaps and consider whether AI can replace some advisory services.
Renaissance also exited Copart, citing a drop in collision insurance among consumers that has reduced insurers’ supply of salvage vehicles and pressured auction volumes.
The letter flagged risks that cloud and AI growth may be peaking after an Azure slowdown at Microsoft and noted AppLovin faced competitive threats from Alphabet’s Genie and AI coding tools, which weighed on software names.
Renaissance added positions in The TJX Companies and Zoetis and highlighted Applied Materials, Comfort Systems and other semiconductor and data‑center suppliers as top contributors, linking those gains to strong demand for AI chipsets, CHIPS Act stimulus and hyperscale data‑center buildout following the March market shock.