AP / Jason Decrow Images
Renaissance Technologies, one of the largest and most successful hedge funds in history, cashed out its Apple and Amazon stakes and boosted its position in Tesla last quarter, according to a regulatory filing.
RenTech, a quantitative hedge fund founded through the Cold War code decryptor and MIT maths professor Jim Simons, sold its roughly 193,000 Amazon shares and 979,000 Apple shares in the 3 months leading up to June 30.
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RenTech, which relies on algorithms to make many of its business decisions, also increased its stake in Tesla by 44% to 1.1 million shares. The move is a rapid reversal for the fund, as it had 3.9 million shares in Elon Musk’s electric car company in late December to sell 80% in the first quarter of this year.
Despite this, Tesla RenTech ranked 10th in the highest value at the end of June, up from 42 at the end of March. Its increase in rows reflected inventory purchases and Tesla’s percentage value doubled in the last quarter.
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Overall, RenTech’s equity portfolio increased 13% to $116 billion in the last quarter, after falling 22% in the first quarter due to the coronavirus pandemic.
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