13F filings are at best deceptive for a fund like medallion. That is, for any fund that is not primarily a net long equity fund, a 13F filing shows only a small

13F filings are at best deceptive for a fund like medallion. That is, for any fund that is not primarily a net long equity fund, a 13F filing shows only a small subset of their position. Medallion could hold any number of other positions in the form of derivatives etc. That are paired with or set against these common stock positions. If you read or listen to Jim Simons he makes it pretty clear that Renaissance trades on relationships or trends and isn't particularly in the business of betting which individual stock is going to perform better than its peer group. I don't think 13F filings are useful to understand their strategies.