“Renaissance Technologies, the biggest quantitative hedge fund in the world, made more than 500 new purchases in the second quarter,” Robert Holmes reports for TheStreet. “But none was as important as fund managers’ decision to double its stake in Apple.”
“Renaissance Technologies’ Web site promises “superior returns” for its clients and employees by adhering to mathematical and statistical methods,” Holmes reports. “Several reports say that about half of the hedge fund’s 275 employees hold doctoral degrees. The fund was started by Jim Simons nearly three decades ago and uses computer-based models to analyze and automate trades.”
Holmes reports, “Apple became the fund’s largest holding as of June 30, according to the latest 13F filing with regulators. RenTec, as Renaissance Technologies is known, picked up 763,000 shares of Apple, more than doubling its position to 1.3 million shares with a market value of $445 million.”
Read more in the full article here.
[Thanks to MacDailyNews Reader “David E.” for the heads up.]