01-07-2017, 05:33 PM
Hedge Fund Renaissance Picks Winner as Japan Stock Surges 1,813%
By Tom Redmond
June 30, 2017, 12:42 PM GMT+8 Updated on June 30, 2017, 3:58 PM GMT+8
In late March, a headline flashed across the Bloomberg terminal: Renaissance Technologies holds 5.43 percent of CyberStep Inc.
It turned out to be one smart bet. The Tokyo-based developer of online games, which few outside the industry would have heard of, was about to put in the second-best quarter of any company in Japan, handing the secretive U.S. hedge fund a more than sixfold return. Over the past year, the stock has gained 1,813 percent.
Renaissance took some profit, trimming the position according to a filing in May. But it was still one of the company’s largest institutional shareholders with a 3.45 percent stake at that time, according to the filing. An email to Renaissance outside U.S. office hours wasn’t immediately answered. A CyberStep official declined to comment.
More details in https://www.bloomberg.com/news/articles/...rges-1-755
By Tom Redmond
June 30, 2017, 12:42 PM GMT+8 Updated on June 30, 2017, 3:58 PM GMT+8
In late March, a headline flashed across the Bloomberg terminal: Renaissance Technologies holds 5.43 percent of CyberStep Inc.
It turned out to be one smart bet. The Tokyo-based developer of online games, which few outside the industry would have heard of, was about to put in the second-best quarter of any company in Japan, handing the secretive U.S. hedge fund a more than sixfold return. Over the past year, the stock has gained 1,813 percent.
Renaissance took some profit, trimming the position according to a filing in May. But it was still one of the company’s largest institutional shareholders with a 3.45 percent stake at that time, according to the filing. An email to Renaissance outside U.S. office hours wasn’t immediately answered. A CyberStep official declined to comment.
More details in https://www.bloomberg.com/news/articles/...rges-1-755