Renaissance Technologies, a US-based hedge fund, bought a large portfolio of Freedom Holding Corp. shares late last year. This is reported by the Securities and Exchange Commission (SEC) official website (sec.gov). The stake acquired is around 0.16%, or 95,800 shares.
This is the first US shareholder of Freedom Holding Corp, the latter being traded in the NASDAQ since October 2019.
Renaissance Technologies was founded in 1982 by a famous mathematician D. Simons, one of the most successful portfolio managers out there. The fund is very famous for its high yield historical metrics and well deserves to be among the most high-performing funds throughout the world. The average annual yield is around 40%, after commissions and taxes, with the average market growth being just 11%.
Vadim Merkulov, Director of Analytics at Freedom Finance, commented:
"Renaissance Technology's acquisition of Freedom Finance (FRHC) shares is important not only because, according to many professionals, it is the best hedge founds out there, but also because this transaction may lead to many things. Renaissance Technology is picking stocks based on a math algorithm, which takes a lot of market and non-market factors into account."
"One cannot predict how long the fund will keep FRHC shares; they might have been sold as early as this January, but even if it is the case, we are going to learn that only in three months. Still, many investors and funds are eyeing RenTech's activity, either to copy the successful strategies through copycat investing, or to analyze the trend. Thus, this fund's buying FRHC shares may cause interest of other market players, which will boost our liquidity. Higher liquidity will, in its turn, drive more analysts' and investors' attention to FRHC. As a result, the demand will rise, as long as our holding is capable of showing positive results. Therefore, RenTech launched a process that is very important for Freedom Finance, the only thing we need to focus on now is meeting the high market standards."