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Jim Simons’ Hedge Fund Renaissance Technologies is Buying These Stocks Now

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Jim Simons-led Renaissance Technologies has disclosed some interesting trades in its Q3 portfolio holdings. Following a hedge fund’s stock picks may prove to be both insightful and profitable to investors.

James Harris Simons, an American mathematician, philanthropist, and billionaire hedge fund manager of Renaissance Technologies, disclosed its portfolio holdings for the quarter ending September 30. A 13F-HR filing showed that Renaissance Technologies made major purchases of some of the big tech companies as follows:

  • Micron Technology (NASDAQ:MU) – 7.47 million shares
  • Alphabet Class A (NASDAQ:GOOGL) – 5.21 million shares
  • Alphabet Class C (NASDAQ:GOOG) – 1.73 million shares
  • Amazon.com (NASDAQ:AMZN) – 3.15 million shares
  • Accenture PLC (NYSE:ACN) – 1.24 million shares

Renaissance Technologies, which claims to be one of the biggest and best-managed funds of all time has seen its portfolio shrink quarter over quarter. Owing to the unfavorable macro backdrop, Renaissance’s portfolio value fell to $70.68 billion as on September 30, from $84.47 billion at the end of June 30. While buying several stocks, Simons completely exited the positions in a few stocks, including those mentioned below:

  • GlaxoSmithKline PLC (NYSE:GSK) – 9.98 million shares
  • Oracle Corp. (NYSE:ORCL) – 1.39 million shares
  • TJX Companies (NYSE:TJX) – 1.22 million shares
  • Target Corporation (NYSE:TGT) – 1.10 million shares
  • Keycorp (NYSE:KEY) – 1.11 million shares

Interestingly, Renaissance Technologies’ largest holding is Novo-Nordisk A/S (NYSE:NVO) (DE:NOVC), with 2.16% of the total portfolio. During Q3, Simons sold 2.22 million shares of Novo-Nordisk and currently holds 15.31 million shares of the biotechnology company, valued at $1.53 billion.

Denmark-based Novo-Nordisk is the leading provider of diabetes-care products in the world. Its offerings include a variety of human and modern insulins, injectable diabetes treatments, and oral antidiabetic agents. 

Is Novo-Nordisk a Good Company?

Notably, Novo-Nordisk controls roughly 50% of the global insulin market. With a wide moat, it’s not surprising that Simons invests a large portion of his fund in the company. On TipRanks, DE:NOVC stock has a Moderate Buy consensus rating. This is based on six Buys, three Holds, and one Sell. The average Novo Nordisk price target of €113.23 implies 3.5% upside potential to current levels. Meanwhile, DE:NOVC stock has gained 15.8% so far this year.

Find out which stock the biggest hedge fund managers are buying right now

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