This Top Hedge Fund Thinks Palantir Is the Top Artificial Intelligence Stock in the Market. Is It Right?
Tracking what hedge funds are doing can be an excellent check when determining your investment strategy. If you see a couple of hedge funds loading up on a stock you own, you're probably on the right track. However, using this information at face value can also be an issue, as there are multiple reasons why a hedge fund might be buying a stock.
Renaissance Technologies, which delivered 62% annualized returns before fees and 37% after fees from 1988 to 2021 in its Medallion Fund, significantly increased its position in Palantir Technologies (NYSE: PLTR). In fact, Palantir saw the largest size increase of all the fund's positions, and now makes up 1.71% of the fund's assets -- the second-largest position.
So should you follow suit and load up on Palantir? Or is there something else going on here?
Source Fool.com
