Renaissance Technologies has been not only one of the best performing quant based asset managers but also one of the best performing hedge fund across different strategies. In 2016, Renaissance Institutional Equities Fund has proven its mettle by returning an overwhelming 19.4% even as other top hedge funds such as Bridgewater Associates and Paulson & Co. have underperformed the broader markets. The fund has been ranked as one of the top performing funds with a three-year compounded return of over 17% in 2015. Renaissance Institutional Equities Fund has been closed to outside investors since 1993 and only has funds invested by employees and their families. Renaissance Technologies was founded in 1982 by Jim Simons, who is an award-winning mathematician and former Cold War code-breaker. He is widely known as the best money manager on earth because of his stellar performance over the years. In the article below, we look at some of the top technology picks of the fund.
We follow over 700 hedge funds and other institutional investors and by analyzing their quarterly 13F filings, we identify stocks that they are collectively bullish on and develop investment strategies based on this data. One strategy that outperformed the market over the last year involves selecting the 100 best-performing funds and identifying the 30 mid-cap stocks that they are collectively the most bullish on. Over the past year, this strategy generated returns of 18%, topping the 8% gain registered by S&P 500 ETFs.
Linear Technology Corporation (NASDAQ:LLTC) is a niche semiconductor company, which is engaged in the manufacturing of analog integrated circuits. Linear Technology Corporation (NASDAQ:LLTC) was the biggest technology position of Renaissance Technologies with the fund holding more than 8.7 million shares worth $516 million as of the end of September. Renaissance acquired 1.3 million shares during the third quarter. Linear Technology Corporation (NASDAQ:LLTC) has performed spectacularly over the last year returning over 47%. The company reported $373 million in revenue for its last quarter, with net income coming at $115 million. While the number of funds from our database long Linear Technology Corporation (NASDAQ:LLTC) increased by six to 31 during the third quarter, the value of their positions declined to $1.62 billion from $1.93 billion.