RenTech, a quantitative hedge fund founded by Cold War codebreaker and MIT math professor Jim Simons, sold its roughly 193,000 Amazon shares and 979,000 Apple shares in the three months to June 30.
It probably raked in a total of $600 million to $900 million, based on the two stocks' trading ranges in the period. The sales will fuel concerns that the tech titans, which have skyrocketed in value this year, are overpriced and set to retreat.Warren Buffett should cut his $110 billion Apple stake, veteran Berkshire Hathaway investor says
RenTech, which relies on algorithms to make many of its trading decisions, also lifted its stake in Tesla by 44% to 1.1 million shares. The move is a swift reversal for the fund, given it owned 3.9 million shares in Elon Musk's electric-car company at the end of December 2019,Even so, Tesla was RenTech's 10th most valuable holding at the end of June, up from its 42nd biggest at the end of March.
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