Renaissance Technologies Offloads Apple And Amazon, Boosts Tesla

Jim Simons of Renaissance Technologies.

Renaissance Technologies, one of the world's largest and best performing hedge funds, cashed out stakes amounting to hundreds of millions of dollars in technology companies Apple and Amazon while boosting its position in electric car maker Tesla during the second quarter of this year, as indicated by regulatory filings. Renaissance Technologies sold 970,000 shares of Apple and 193,000 shares of Amazon in the three months leading up to June 30. Based on the trading ranges of the two stocks during the period, the hedge fund may have reaped anywhere from between $600 million - $900 million from its sales.

During the quarter, Renaissance Technologies boosted its Tesla stake to 1.1 million shares. The New York-based hedge fund actually previously owned nearly 4 million shares in Tesla but emptied most of its stake in the first quarter of this year. Doubling down on the electric car maker after previously largely selling out points to high hopes for Renaissance, which relies on computer algorithms to generate many of its trading decisions.

As of the end of June, Tesla represented Renaissance's 10th most valuable equity holding. Other notable companies the fund holds significant positions in include Zoom Video Communications, Intel, Salesforce, Workday, and Wix.com.






Photo credit: James Duncan Davidson/TED

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