AP / Jason Decrow Images
Renaissance Technologies, one of the largest and most successful coverage budgets in history, collected its stakes in Apple and Amazon and strengthened its position at Tesla in the last quarter, according to a regulatory document.
RenTech, a quantitative hedge fund founded through the Cold War code decryptor and MIT professor Jim Simons, sold its approximately 193,000 Amazon shares and 979,000 Apple shares in the 3 months through June 30.
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RenTech, which relies on algorithms to make many of its business decisions, has also increased its stake in Tesla from 44% to 1.1 million shares. The move is a quick reversal for the fund, as it had 3.9 million shares in Elon Musk’s electric car company at the end of December 2019 and sold 80% in the first quarter of this year.
RenTech’s other notable businesses come with expanding its stake in Zoom Video Communications through approximately 160% to 7.3 million shares. These were worth $1.8 billion at the end of June, meaning that the video conferencing platform is the fourth largest equity in the fund.
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.