Chuck Royce’s Royce & Associates raised its position in GSI Technology Inc. (GSIT) to a 10.98% passive stake. According to its 13G on October 5th, the firm now has 3.17 million shares of GSIT. In the second quarter, Royce & Associates had already increased its holding by 93% to 2.31 million shares, which covered about 90% of GSIT’s shares owned by all hedge funds in our tracking list. The stock did not perform well in the second and third quarters. Large slumps in May and August erased its previous gains. Royce & Associates probably began to enter in late August after the stock was hammered by the Greek debt crisis. The entry price might be around $5. The stock lost 36% return year to date, and is trading at $5.17.
According to Insider Monkey’s hedge fund database, beside Chuck Royce’s Royce & Associates, three other hedge funds also owned GSIT in the second quarter, with much smaller positions. Israel Englander’s Millennium Management increased its position by 503% and owned 257 thousand shares. Jim Simons’ Renaissance Technologies owned 37 thousand shares.
Royce & Associates is an asset management arm of Legg Mason Inc. Based on its LinkedIn profile, the firm provides services and pooled investment vehicles, pension and profit sharing plans. The firm mainly invests in value stocks in Services, Financial, Technology, Consumer Goods, Basic Materials, and some other sectors. The firm had a portfolio value of more than $35 billion.
GSI Technology Inc. provides static random access memory (SRAM) products for the networking and telecommunications markets. The company also serves military, industrial, test equipment, and medical markets. The company was founded in 1995 and is headquartered in Sunnyvale, California.