Market Overview - The stock market experienced significant volatility in Q2 2025, with the S&P 500 reaching an all-time high by the end of June [1] - The market saw a drop of 7% from April 2 to April 7 due to the liberation day tariff announcement, followed by a rebound of over 22% from the April 7 low through the end of June [1] - The Russell 1000 Growth returned 17.8% and the S&P 500 returned 10.9% in the quarter, with large caps significantly outperforming small caps and growth outperforming value [1] Renaissance Large Cap Growth Strategy Performance - The strategy outperformed the S&P 500 Index but underperformed the Russell 1000 Growth benchmark [1] Company Focus: Thermo Fisher Scientific Inc. - Thermo Fisher Scientific Inc. (NYSE:TMO) was highlighted as an underperformer, with a one-month return of -0.11% and a 52-week loss of 21.70% [2] - As of September 09, 2025, Thermo Fisher's stock closed at $487.65 per share, with a market capitalization of $182.859 billion [2] - The company reported solid operating results but saw a decline of 18.5% in its stock price, attributed to lowered full-year guidance due to tariff-related macro weakness and uncertainty regarding NIH funding delays impacting academic and government customers [3]