Bridgewater holdings in the first quarter: increased holdings of several emerging market ETFs and Ali ADRs, and cleared Tesla

Author: Luo Jun

The 13F report shows that Bridgewater Fund opened a long position in the first quarter of Berkshire Hathaway Class B shares, Medtronic, Linde Plc., Ishares MBS ETF, Newmont, Caterpillar, Southern Copper Company, Airbnb (Airbnb) etc. 260 stocks or ETFs. Liquidated 23 stocks including Tesla, Verizon, and AutoZone. In the first quarter, the size of the position increased by 44% from the previous quarter.

On Friday, May 13, Eastern Time, the 13F for the first quarter ended March 31, 2021 will be released one after another, as an institution with equity assets under management of at least US$100 million disclosed to the SEC that its institutional holdings An important document on the whereabouts of equity and capital, investors usually use 13F as their “investment vane”.

The 13F report of BridgeWater Associates, the world’s largest hedge fund, shows that the overall position size in the first quarter reached 24.8 billion US dollars, an increase of 44% from the previous quarter’s 17.202 billion US dollars, and the concentration of the top ten stocks was 33.94%. In this quarter, a total of 546 targets were increased, 156 targets were reduced, 261 targets were newly opened, and 24 targets were liquidated.

From the perspective of the industry, compared with the previous quarter, it further bet on health care, consumer goods, etc., and reduced financial-related targets.

Among them, the five targets with the highest concentration were Vanguard FTSE Emerging Markets ETF, which accounted for 4.22%, which increased by 5.91 million shares to 22.7 million shares (market value of $1.05 billion) in the first quarter, followed by Procter & Gamble Co. Holds 1.63 million shares to 6.82 million shares ($1.04 billion market cap). In addition, the top five heavyweight stocks/ETFs also include Vanguard FTSE Emerging Markets ETF, iShares Core MSCI Emerging Markets ETF, iShares MSCI Emerging Markets ETF, and SPDR S&P 500 ETF Trust.

Bridgewater Fund opened positions in the first quarter to be long Berkshire Hathaway Class B shares, Newmont, Caterpillar, Southern Copper, etc.; increased holdings of iShares MSCI Emerging Markets ETF, iShares Core MSCI Emerging Markets ETF, Pilot FTSE Emerging Market ETF, Alibaba ADR, Coca-Cola, Pilot FTSE Emerging Markets ETF, Wal-Mart, Pepsi Cola and other 547 stocks or ETFs.

Bridgewater Fund liquidated 24 stocks including Tesla, Verizon, and AutoZone in the first quarter; it reduced its holdings of 156 stocks or ETFs including Home Depot, Lowe’s, and iShares MSCI Mexico ETF.

An earlier article from Wall Street News mentioned that Bridgewater bid farewell to the “failure” two years ago, and “accidentally” led the private placement of tens of billions of dollars. As of March 24, the net value of Bridgewater China’s products increased by 4.58%, significantly outperforming domestic hedge funds. peers. Good news also came from Bridgewater’s top-ranked products on Wall Street, with a revenue of 16% in the first quarter, and immediately announced that the subscription was no longer allowed.

Two years ago, Bridgewater Fund once fell into disrepute. In the first quarter of 2020, there was a 23% decline in its net value, and its performance at the end of the year was the last in the global hedge fund market. This turnaround is due to its recent gains, which are related to short interest rate futures in the United States, Europe and the United Kingdom. The winning rate of related transactions in the past two years has reached 61%.

Bridgewater also told investors that since March 2020, the top five asset classes that have contributed to income are commodities, short interest rate futures, nominal bonds, cash (long/short) and stocks, and the contribution of the first three categories has exceeded 10%. %.

In addition, Dalio wrote an article in May to remind investors to use his “bubble indicator” to judge the six criteria for US stock bubbles – the position of stock prices relative to traditional standards, corporate earnings growth and price trends, and the entry of new investors. In terms of volume, market sentiment, the number of leveraged transactions and corporate capital expenditures, U.S. stocks are now out of the bubble extreme, but compared with history, the discount rate of future earnings of U.S. stocks is still somewhat high, and bubbles tend to overcorrect rather than recover to normal levels.


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