Jim Simons is one of the top hedge fund managers in the world, having generated remarkable returns in his long investment career. With a net worth of $30.7 billion in the investment world, Simons is one of the most successful hedge fund managers.
Medallion Fund, established in 1988 and managed by Renaissance Technologies, has emerged as one of the most successful funds owing to its impressive track record. The flagship Medallion Fund has generated tens of billions of dollars in returns since being set up with an annualized average return of 66%. On the other hand, Renaissance Technologies generated more than $100 billion in profits between 1988 and 2020. The hedge fund reported over $69 billion in managed 13F securities as of the end of the second quarter of 2023. Its Assets Under Management (AUM) are worth over $106 billion.
The massive returns stem from the unique investment approach that Simons and his team deployed at Renaissance Technologies, which entails relying on complex mathematical formulas and crucial metrics. The strategy involves determining the probabilities of a stock performance and balancing the portfolio accordingly.
Investments in Amazon.com, Inc. (NASDAQ:AMZN), Apple Inc. (NASDAQ:AAPL), NVIDIA Corporation (NASDAQ:NVDA), and Meta Platforms, Inc. (NASDAQ:META) have become big winners in Renaissance Technologies portfolio. In addition, the hedge fund explores investment opportunities in a diverse range of industries as one of the ways of diversifying the portfolio.
Billionaire investor Simons stepped down from active management of Renaissance Technologies in 2010 and stepped down as the executive chairman in 2021. Peter Brown is the chief executive officer tasked with ensuring the hedge fund sticks to its quantitative analysis to discover and unlock value in the market. Speaking on an episode of the podcast “Exchanges at Goldman Sachs, Brown reiterated they always look to hire people with exceptional math and programming ability as well as strong work ethic.
Jim Simons of Renaissance Technologies
Our Methodology
We scanned the second quarter portfolio of Renaissance Technologies and picked the firm’s top energy stock picks.
Renaissance Technologies Returns, AUM, CEO and Top Energy Stock Picks
12. EOG Resources, Inc. (NYSE:EOG)
Renaissance Technologies’ Q2 2023 Holdings: $60.79 Million
Number of Hedge Fund Holders: 43
EOG Resources, Inc. (NYSE:EOG) is one of billionaire Renaissance Technologies’ energy stock picks as the company develops, produces, and markets crude oil and natural gas. It has emerged as one of the best energy plays, going by a 216% gain over the past three years.
43 out of the 910 hedge funds part of Insider Monkey’s Q2 2023 database had invested in EOG Resources, Inc.. Natixis Global Asset Management’s Harris Associates is the biggest shareholder among these since it owns a $986.93 million stake.
11. Targa Resources Corp. (NYSE:TRGP)
Renaissance Technologies’ Q2 2023 Holdings: $66.35 Million
Number of Hedge Fund Holders: 35
Targa Resources Corp. (NYSE:TRGP) is an energy company that operates, acquires, and develops a portfolio of midstream infrastructure assets. The company gathers, compresses, and transports natural gas. It also offers services to liquefied petroleum gas exporters while purchasing and selling natural gas liquids.
After digging through 910 hedge funds for their June quarter of 2023 shareholdings, Insider Monkey discovered that 35 had bought the firm’s shares.
10. EQT Corporation (NYSE:EQT)
Renaissance Technologies Q2 2023 Holdings: $67.66 Million
Number of Hedge Fund Holders: 51
EQT Corporation (NYSE:EQT) has been one of Renaissance Technologies’ top energy stock picks, with a 30% gain year to date. In addition, the stock is up by more than 600% over the past three years, affirming why it is one of the best for gaining exposure in the energy sector.
By the end of this year’s second quarter, 51 of the 910 hedge funds tracked by Insider Monkey had invested in EQT Corporation. Eric W. Mandelblatt’s Soroban Capital Partners is the most significant stakeholder among these due to its $233.37 million investment.
9. Cosan S.A. (NYSE:CSAN)
Renaissance Technologies’ Q2 2023 Holdings: $73.57 Million
Number of Hedge Fund Holders: 5
Cosan S.A. (NYSE:CSAN) is a company that engages in fuel distribution in key markets of Europe, Latin America, and North America.
By the end of 2023’s June quarter, 5 out of the 910 hedge funds polled by Insider Monkey had held a stake in the company. Cosan S.A.’s largest hedge fund investor is Israel Englander’s Millennium Management due to its $1.81 million stake.
8. Pioneer Natural Resources Company (NYSE:PXD)
Renaissance Technologies’ Q2 2023 Holdings: $81.38 Million
Number of Hedge Fund Holders: 54
Pioneer Natural Resources Company (NYSE:PXD) is a Texas-based company that explores and produces oil and gas independently. It is one of billionaire Jim Simon’s energy stock picks that explores, develops, and produces oil and natural gas liquids.
As of Q2 2023 end, 54 out of the 910 hedge funds part of Insider Monkey’s database were Pioneer Natural Resources Company’s investors. Out of these, the firm’s biggest shareholder is Donald Yacktman’s Yacktman Asset Management since it owns 1.28 million shares that are worth $264.24 million.
7. BP p.l.c. (NYSE:BP)
Renaissance Technologies’ Q2 2023 Holdings: $90.90 Million
Number of Hedge Fund Holders: 36
BP p.l.c. (NYSE:BP) is one of the players in the oil and gas Integrated industry, specializing in providing carbon products and services. It operates through Gas and low-carbon energy, Oil Production, and operations. It also engages in the production of natural gas and integrated gas and power.
As of June 2023, 36 out of the 910 hedge funds part of Insider Monkey’s database had invested in BP p.l.c. (NYSE:BP). Out of these, the largest shareholder is John Overdeck and David Siegel’s Two Sigma Advisors due to a $207.27 million stake.
6. Antero Resources Corporation (NYSE:AR)
Renaissance Technologies’ Q2 2023 Holdings: $104.78 Million
Number of Hedge Fund Holders: 38
Antero Resources Corporation (NYSE:AR) is a Colorado-based oil and gas company. The company boasts a massive presence in the Appalachian Basin and the upper Devonian shale.
Insider Monkey took a look at 910 hedge funds for their June quarter of 2023 shareholdings and discovered that 38 were the firm’s investors. Antero Resources Corporation’s biggest hedge fund investor in our database is Phill Gross and Robert Atchinson’s Adage Capital Management since it owns 4.15 million shares that are worth $95.65 million.
5. Range Resources Corporation (NYSE:RRC)
Renaissance Technologies’ Q2 2023 Holdings: $107.80 Million
Number of Hedge Fund Holders: 30
Range Resources Corporation (NYSE:RRC) is an independent natural gas and natural gas liquids and oil company. The company explores, develops, and acquires natural gas and oil properties. It also markets and sells natural gas and NGLs to utility marketing and midstream companies.
Insider Monkey’s Q2 2023 survey covering 910 hedge funds revealed that 30 had bought and owned Range Resources Corporation’s shares. D. E. Shaw’s D E Shaw is the biggest shareholder among these since it owns $142.23 million worth of shares.
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4. Coterra Energy Inc. (NYSE:CTRA)
Renaissance Technologies’ Q2 2023 Holdings: $125.34 Million
Number of Hedge Fund Holders: 34
Coterra Energy Inc. (NYSE:CTRA) is living up to expectations as one of Renaissance Technologies’ top energy stock picks, going by the 20% plus gain year to date. The independent oil and gas company develops, explores, and produces oil and natural gas liquids. It owns 183,000 net acres in the Marcellus Shale and approximately 307,000 in the Permian basin.
According to Insider Monkey’s research, 34 hedge funds owned shares of Coterra Energy Inc. in Q2 2023. The biggest stakeholder was Diamond Hill Capital, run by Ric Dillon, with a stake worth $117.02 million.
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3. Cheniere Energy, Inc. (NYSE:LNG)
Renaissance Technologies’ Q2 2023 Holdings: $167.68 Million
Number of Hedge Fund Holders: 60
Headquartered in Houston, Texas, Cheniere Energy, Inc. (NYSE:LNG) engages in the LNG business while operating the Sabine Pass LNG terminal in Louisiana. It stands out as a US leader in producing and exporting LNG.
After digging through 910 hedge funds for their June quarter of 2023 investments, Insider Monkey discovered that 60 were the firm’s shareholders. Cheniere Energy, Inc.’s largest hedge fund shareholder is D. E. Shaw’s D E Shaw due to its $217 million stake.
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2. Southwestern Energy Company (NYSE:SWN)
Renaissance Technologies’ Q2 2023 Holdings: $170.95 Million
Number of Hedge Fund Holders: 44
Southwestern Energy Company (NYSE:SWN) is an independent energy company that explores, develops, and produces natural gas oil and natural gas liquids. The company engages in the development of unconventional natural gas and oil reservoirs.
Southwestern Energy Company had 44 hedge funds as shareholders in Q2 2023, according to Insider Monkey’s database. The largest stakeholder was D E Shaw, managed by D. E. Shaw, with a stake of 29.47 million shares valued at $177.12 million.
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1. Chevron Corporation (NYSE:CVX)
Renaissance Technologies’ Q2 2023 Holdings: $185.09 Million
Number of Hedge Fund Holders: 73
Chevron Corporation (NYSE:CVX) is an energy and chemicals company that produces and refines oil and gas.
By the end of this year’s second quarter, 73 out of the 910 hedge funds part of Insider Monkey’s database had held a stake in Chevron Corporation. Out of these, the firm’s biggest investor is Warren Buffett’s Berkshire Hathaway since it owns 123.12 million shares that are worth $19.37 billion.
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This article is originally published at Insider Monkey.
