Billionaire hedge fund manager Ray Dalio’s Bridgewater Associates revealed in a 13F filing with the Securities and Exchange Commission that it has 332 stocks in its portfolio as of March 31, 2013. During the first three months, the hedge fund added 121 new stocks, made additional purchases in 68 stocks, exited 66 stocks entirely, and reduced holdings in 76 stocks. Bridgewater Associates’ top ten holdings represent 90.38 percent of the hedge fund’s total investments.
A huge part of Bridgewater Associates’ total assets under management (approximately $130 billion) is not reported on 13F filings. However, assets listed on the SEC total close to $11B, which is up from slightly under $10B in Q312 (and $7.5B in Q212) With that in mind, let’s have a look at the hedge fund’s position changes in the first quarter.
Electron Capital returned 3.1% for October, bringing its year-to-date return to 8.3%. The MSCI ACWI gained 6% for October, raising its year-to-date return to -22.3%, while the S&P 500 returned 8% in October for a year-to-date loss of 18.8%. The MSCI World Utilities Index was up 2.7% for October but remains down 13.5% year to Read More
Major New Holdings
Bridgewater Associates’ major new holdings include CenturyLink, Inc. (NYSE:CTL), General Electric Company (NYSE:GE), Expeditors International of Washington (NASDAQ:EXPD), The Walt Disney Company (NYSE:DIS) and Red Hat Inc (NYSE:RHT). The hedge fund purchased 470,275 shares of CenturyLink for $16,520,761 which represents 0.15 percent of its total holdings. It purchased 612,976 shares of General Electric Co. for $14,172,006, representing 0.13 percent of its total holdings. At the end of the first quarter, it had 356,402 shares of EXPD, 215,509 shares of Red Hat and 232,719 shares of Walt Disney.
Bridgewater Associates’ Top Holdings
Vanguard Emerging Markets Stock ETF is by far the biggest investment of Bridgewater Associates, in which the hedge fund purchased an additional 16,611,794 shares. Vanguard makes up for 32.78 percent of Bridgewater Associates’ total portfolio, up from 30.53 percent at the end of the fourth quarter. SPDR S&P 500 is Ray Dalio’s second largest holding where the billionaire has invested 29.80 percent of his hedge fund’s money. Bridgewater Associates purchased 599,700 shares of SPDR S&P 500 during the quarter.
Bridgewater Associates’ third largest holding was iShares MSCI Emerging Markets Index, accounting for 25.92 percent of its total portfolio. The hedge fund purchased 9,863,137 shares in iShares MSCI Emerging Markets Index.
Bridgewater Associates sold its entire stake in Apollo Group Inc (NASDAQ:APOL). The hedge fund had 1,849,684 shares in the company by the end of 4Q2012. Hewlett-Packard Company (NYSE:HPQ) was another big stock that the hedge fund exited during the quarter. Bridgewater Associates sold all of its 2,064,200 shares of the computer company. Ray Dalio also sold out his entire stake in Dell Inc. (NASDAQ:DELL) where his hedge fund earlier had 1,429,805 shares. Another major position closed during the first quarter was Safeway Inc. (NYSE:SWY) in which Ray Dalio sold all of his 1,177,588 shares.
Further Reading- Bridgewater Associates: New White Paper ‘THE ALL WEATHER STORY’