Over the past days hedge funds have been filing their form 13-F, which is a quarterly report of equity holdings by filed institutional investment managers with at least $100 million in equity assets under management, as required by the United States Securities and Exchange Commission (SEC). In this article, let´s concentrate in Bridgewater Associates LP, which manages approximately $169 billion in global investments.
Recently the fund reported its equity portfolio, as at the end of March. The total value of the portfolio amounted to $12.83 billion, up $304.65 million disclosed at the end of the previous quarter. The filing revealed that at the end of March, the fund added 90 new positions to its equity portfolio and sold out 97 positions. The top ten portfolio holdings as of the end of the quarter represented 88.46%. The largest changes from previous 13-F´s fillings are in the financials and technology sectors.
Equity Allocation
When analyzing the portfolio allocation by sectors, financials is the sector with a high concentration, totalizing 87% of the portfolio.
Top 5 Positions by Market Value
In the next table we can see the top 5 holdings by market value.
| Â | Ticker | Company Name | Add / (Reduce) | Actual Position | Market Value |
| 1 | VWO | Vanguard FTSE Emerging Markets ETF | (4,213,310) | 111,999,698 | 4,577,428,000 |
| 2 | SPY | SPDR S&P 500 ETF (SPY, Financial) | 1,049,300 | 16,408,500 | 3,387,207,000 |
| 3 | EEM | iShares MSCI Emerging Markets | (1,793,103) | 76,743,491 | 3,079,716,000 |
| 4 | AAPL | Apple Inc. | 473,500 | 732,997 | 91,207,000 |
| 5 | LQD | iShares iBoxx $ Invst Grade Crp Bond | 129,100 | 553,855 | 67,410,000 |
Now turning our attention to the top new buys by market value we found the next list:
| Â | Ticker | Company Name | Actual Position | Market Value |
| 1 | KO | The Coca-Cola Company | 577,774 | 23,428,736 |
| 2 | CSCO | Cisco Systems, Inc. | 503,980 | 13,872,050 |
| 3 | TGT | Target Corp. | 146,600 | 12,031,462 |
| 4 | CTL | CenturyLink, Inc. | 305,677 | 10,561,140 |
| 5 | CREE | Cree,Inc. | 239,237 | 8,490,521 |
Finally, let´s see the top sell outs:
| Â | Ticker | Company Name | Shares Sold |
| 1 | X | United States Steel Corp. | 569,965 |
| 2 | XLNX | Xilinx Inc. | 340,570 |
| 3 | ALTR | Altera Corp. | 303,149 |
| 4 | WYNN | Wynn Resorts Ltd. | 74,659 |
| 5 | NRG | NRG Energy, Inc. | 315,200 |
Final Comment
Ray Dalio (Trades, Portfolio) is one of the most successful hedge-fund managers, and I think it could be valuable for investors to see those positions from some of the world's most accomplished investors. The top five stocks are certainly attractive for fundamental investors and make it a worthy investment for Dalio’s portfolio. In future articles we are going to analyze each of those holdings.
Disclosure: Omar Venerio holds no position in any stocks or funds mentioned.
