12 Best Stocks to Invest In According to Jim Simons’ Renaissance Technologies

8. Franco-Nevada Corporation (NYSE:FNV)

Renaissance Technologies’ Stake: $548 Million

Franco-Nevada Corporation (NYSE:FNV) has been a staple in the 13F portfolio of Renaissance Technologies for many years. The fund first disclosed a stake in the company back in the second quarter of 2012. This position comprised 178,000 shares. By the next quarter, this holding had been sold off. Another position was opened in the stock in the fourth quarter of 2012 and sold off by the third quarter of 2013. A new position was then disclosed in the first quarter of 2014. Since then, the stock has featured consistently in the portfolio. Filings for the first quarter of 2026 show that the fund owned 2.2 million shares in the firm, down 10% compared to filings for the previous quarter.

The latest financials of Franco-Nevada Corporation (NYSE:FNV) demonstrate the pure operating leverage embedded in the royalty business model. When commodity prices surge, nearly 100% of the upside flows directly to the bottom line. Total revenue skyrocketed 77% year-over-year to $650.7 million, beating Wall Street consensus estimates of $625.35 million. Adjusted net income jumped 123% year-over-year to $458.3 million, or $2.38 per share, outperforming analyst expectations of $2.11 by a 12.8% positive surprise. While cost inflation hurts physical miners, Franco-Nevada’s gross margin expanded to 80.9%, and its margin per Gold Equivalent Ounce surged 77% to $4,534, up from $2,559 in the prior-year period.