Bridgewater Associates and Renaissance Technologies parted ways on trendy stocks last quarter.
Bridgewater, founded by Ray Dalio, sold its stakes in GameStop and AMC Entertainment.
Jim Simons’ RenTech bolstered its bet on Elon Musk’s Tesla and bought Bed Bath & Beyond shares.
Two of the world’s leading hedge funds parted ways on some of the market’s trendiest names in the first quarter, suggesting they may disagree on whether there’s still money to be made with meme stocks.
Bridgewater Associates sold its stakes in GameStop and AMC Entertainment, while Renaissance Technologies boosted its bet on Tesla stock and snapped up Bed Bath & Beyond shares.
Bridgewater, founded by billionaire investor Ray Dalio, nearly tripled its GameStop and AMC holdings in the fourth quarter of 2022. It ended the year with $712,000 of GameStop shares and $261,000 of AMC shares.
However, neither of the meme stocks appear in the hedge fund’s latest portfolio update, suggesting it exited both…
This article was written by Theron Mohamed and originally published on markets.businessinsider.com