(Bloomberg) -- Billionaire Ray Dalio’s hedge fund Bridgewater Associates boosted its stake in GameStop by about 1.67 million shares to 3.10%, betting on the brick and mortar video-game retailer that’s struggling to revive growth.
Bridgewater’s boost was reported in a 13F filing with the Securities and Exchange Commission. Renaissance, a quant firm founded in the 1980s by Jim Simons, reported a 1.6% position in GameStop earlier today. Two Sigma Investments LLC exited its 2.1% position in the retailer, and Sprott cut its stake by 50,000 shares.
GameStop has had a tumultuous two years, with Chief Executive Officer Michael Mauler stepping down after just three months on the job. GameStop’s stock been taking a hit for the past two years, down about 53 percent during that time period. In March, Wall Street analysts said the company’s dying strategy offered no long term .
The company is the largest independent retailer of video games, and has ramped up its e-commerce business and added toys and collectibles. In 2016 it acquired hundreds of AT&T wireless stores in a move to diversify, and sold mobile game publisher Kongregate in the past year.
GameStop’s shares closed on May 15 up 1.89%.
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