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Major Action at Bridgewater Associates

May 13, 2013 | About:
Sally Jones

Sally Jones

49 followers
Bridgewater’s Ray Dalio, the second-highest earning Guru, went on a first-quarter buying spree with 121 new stocks. Dalio has also increased most of his ETF positions, as of quarter ending March 31, 2013. Dalio of Bridgewater Associates made the following trades in a portfolio heavily weighted with ETFs at 89.3%. Read more about Bridgewater Associates, the world’s largest hedge fund, and its large ETF positions.

Here are Ray Dalio’s latest ETF trades as of quarter ending March 31, 2013:

Add: Vanguard MSCI Emerging Markets ETF (VWO)

Raymond Dalio increased his position with his No. 1 holding, Vanguard MSCI Emerging Markets ETF (VWO), by 24.66%. He bought around 16.6 million shares for $44.04 per share, for a loss of 0.3% to his holding. However, his average cost on almost 84 million shares is $42 per share for a 5% gain overall. After the trade, Dalio holds 83,987,339 shares valued around $3.6 billion, weighting his portfolio at 32.8%. Dalio owns 6.22% shares outstanding.

Up 9% over 12 months, Vanguard MSCI Emerging Markets ETF has a market cap of $56.85 billion; its shares were traded at around $43.91. The dividend yield of Vanguard MSCI Emerging Markets ETF stocks is 3.20%.

Check VWO on the GuruFocus Fair Value Calculator.

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VWO data by GuruFocus.com

Add: iShares MSCI Emerging Markets Indx ETF (EEM)

Ray Dalio also increased his EEM position by 17.38% as of quarter ending March 31, 2013. He purchased around 9.8 million more shares at an average price of $43.69, realizing a loss of 1.2% to the holding. Dalio holds 66,603,389 shares, valued at approximately $2.8 billion, after the trade and 6.77% of shares outstanding. This holding represents 25.9% of his portfolio weight.

Up 10% over 12 months, iShares MSCI Emerging Markets Indx ETF (EEM) has a market cap of $40.83 billion; its shares were traded at around $43.16. The dividend yield of iShares MSCI Emerging Markets Indx ETF (EEM) stock is 1.90%.

Check EEM on the GuruFocus Fair Value Calculator.

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EEM data by GuruFocus.com

Add: SPDR S&P 500 ETF (SPY)

Ray Dalio also increased his position with SPY as of quarter ending March 31, 29013. He bought 599,700 shares at the average price of $101.16 per share, for a 62% gain. Holding 2.68% of shares outstanding, Dalio’s average cost on over 20 million shares is $96 per share with a 70% gain. The trading history shows only positive gains with SPY across 16 quarters. The SPY holding makes up 29.8% of Dalio’s portfolio with a value of around $3.2 billion.

Up 22% over 12 months, the SPDR S&P 500 ETF (SPY) trust has a market cap of $123.44 billion; its shares were traded at around $163.54. The dividend yield of SPDR S&P 500 ETF (SPY) stocks is 2%.

Check SPY on the GuruFocus Fair Value Calculator.

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VWO data by GuruFocus.com

Sold: iShares MSCI Brazil Index ETF (EWZ)

Ray Dalio sold 2,832,600 EWZ shares last quarter at an average price of $55.92 or a loss of 2%. After the trade Dalio holds 20,869 shares. Dalio’s highest gain of 3.1% was in the fourth quarter of 2012 when he bought around 3.7 million shares.

Up 1% over 12 months, iShares MSCI Brazil Index ETF (EWZ) has a market cap of $8.67 billion; its shares were traded at around $54.73. The dividend yield of iShares MSCI Brazil Index ETF (EWZ) stock is 2.90%.

Check EWZ on the GuruFocus Fair Value Calculator.

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EWZ data by GuruFocus.com

Finally, GuruFocus has conducted a thorough check up on the financials and performances of iShares MSCI Brazil Index ETF (EWZ) and found that its earnings cannot cover its interest expenses. Also, there is not enough data available on this index.

Update: iShares IBoxx $ Invest Grade Corp Bond Fund (LQD)

Ray Dalio continues to hold 363,755 LQD shares with iShares IBoxx $ Invest Grade Corp Bond Fund, or 0.17 shares outstanding. His average price on remaining shares is $119.86 per share, for a 0.1% gain.

Up 3% over 12 months, the iShares IBoxx $ Invest Grade Corp Bond Fund (LQD) has a market cap of $25.43 billion; its shares were traded at around $120.02. The dividend yield of iShares IBoxx $ Invest Grade Corp Bond Fund (LQD) stock is 3.80%.

Check LQD on the GuruFocus Fair Value Calculator.

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LQD data by GuruFocus.com

As of May 13, 2013, the portfolio of Bridgewater Associates lists 266 stocks, 121 of them new, a total value of $10.9 billion and a quarter-over-quarter turnover of 17%.

According to Forbes, Guru Ray Dalio is the 44th richest person in America and the 88th richest person in the world.

Here is the complete portfolio of Ray Dalio.

Also check out:

1. Ray Dalio's Undervalued Stocks

2. Ray Dalio's Top Growth Companies

3. Ray Dalio's High Yield stocks

4. Stocks that Ray Dalio keeps buying

Also check out the Undervalued Stocks, Top Growth Companies and High Yield stocks of Ray Dalio.

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The GuruFocus Real Time Picks features reports the stock purchases and sales that Gurus have made within the prior 2 weeks. This feature is for Premium Members only.

The GuruFocus Score Board of Gurus shows which investors produced the largest average returns in the past 6 and 12 months, as well as on a historical basis.

About the author:

Sally Jones
Sally Jones writes about Real Time Picks. She says, "I truly enjoy watching the Gurus in realtime and telling their story."

Rating: 1.8/5 (8 votes)

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