Renaissance Technologies significantly reduced its stake in Tesla and Nvidia, cutting its Tesla position by 86% and halving its Nvidia investment, while increasing its GameStop holdings by over 40%.
The quant fund’s drastic cut in Tesla and Nvidia stakes was notable, as it reduced Tesla shares from 2.1 million to 284,000 and Nvidia from 7 million to about 3.5 million, despite both stocks being high performers this year.
Despite a strong performance from Tesla and Nvidia, which both gained substantial year-to-date returns, RenTech’s adjustments reveal a strategic alignment with GameStop by increasing its position to 1.9 million shares, totaling a 40% increase.
Founded by Jim Simons, Renaissance Technologies employs algorithms for trading decisions leading to substantial shifts in its portfolio, reflected in an overall increase in the stock portfolio's value by 13% last quarter.
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