Hedge funds hoovered up Berkshire Hathaway stock in the second quarter, with DE Shaw, Renaissance Technologies and Bridgewater Associates buying millions of shares in Warren Buffett’s conglomerate.
The list of Berkshire shareholders adding to their positions during the quarter was dominated by quant funds, with some of the best-known names in the industry collectively buying shares that were worth more than $900mn at the end of June, securities filings reviewed by the Financial Times show.
These computer-driven investment groups look for specific factors or trends to guide their wagers, with some hoping to ride the momentum of a stock when it is rising and others looking for shares of companies that are less volatile than the broader market.