Ray Dalio (Trades, Portfolio) founded Greenwich, Connecticut-based hedge fund Bridgewater Associates in 1975. Now it has more than $165 billion under management. During the first quarter he sold shares in the following stocks:
The guru closed his stake in BCE Inc. (BCE) with an impact of -0.39% on the portfolio.
First quarter net earnings attributable to common shareholders grew 32.9% and adjusted net earnings increased 4.1% from the same quarter of a year before. The company reported 0.6% increase for operating revenues and 3.3% growth for adjusted EBITDA.
It is a communications company, providing residential, business and wholesale customers with a solutions for all their communications needs. It has four business segments: Bell Wireline, Bell Wireless, Bell Media and Bell Aliant.
GuruFocus gives the stock a profitability and growth rating of 8 out of 10 with ROE of 16.72% and ROA of 6.00% that are outperforming 72% of the companies in the Global Telecom Services industry. Financial strength has a rating of 4 out of 10 with cash to debt of 0.02 that is below the industry median of 0.50.
The company's largest shareholder among the gurus is Jim Simons (Trades, Portfolio) with 0.21% of outstanding shares followed by Jeremy Grantham (Trades, Portfolio) with 0.19%, Prem Watsa (Trades, Portfolio) with 0.03%, Joel Greenblatt (Trades, Portfolio) with 0.02% and Mario Gabelli (Trades, Portfolio) with 0.01%.
The investor exited his stake in Viacom Inc. (VIAB) with an impact of -0.35% on the portfolio.
It is an entertainment content company. It connects with audiences in 165 countries and territories and creates television programs, motion pictures, applications, games, consumer products, social media and other entertainment content. Second quarter revenues decreased 3% from the same quarter of a year before and quarterly adjusted operating income declined 29%.
GuruFocus gives the stock a profitability and growth rating of 9 out of 10 with ROE of 68.31% that is outperforming and ROA of 10.03% that is underperforming 85% of the companies in the Global Media - Diversified industry. Financial strength has a rating of 5 out of 10 with cash to debt of 0.04 that is below the industry median of 1.64.
Donald Yacktman (Trades, Portfolio) is the company's largest shareholder among the gurus, with 1.12% of outstanding shares followed by Yacktman Fund (Trades, Portfolio) with 0.91%, NWQ Managers (Trades, Portfolio) with 0.71%, John Rogers (Trades, Portfolio) with 0.57%, Murray Stahl (Trades, Portfolio) with 0.23%, Gabelli with 0.06% and Richard Snow (Trades, Portfolio) with 0.06%.
The guru reduced his shares in Apple Inc. (AAPL) by 67.63% with an impact of -0.3% on the portfolio.
The company designs, manufactures and markets mobile communication and media devices, personal computers and portable digital music players and sells a variety of related software, services, accessories, networking solutions and third-party digital content. During the second quarter revenue was $50.6 billion and quarterly net income of $1.90 per diluted share compared to revenue of $58 billion and net income of $2.33 per diluted share in the year-ago quarter.
GuruFocus gives the stock a profitability and growth rating of 9 out of 10 with ROE of 40.05% and ROA of 17.80% that are outperforming 97% of the companies in the Global Consumer Electronics industry. Financial strength has a rating of 6 out of 10 with cash to debt of 0.69 that is below the industry median of 1.44.
The largest shareholder among the gurus is Ken Fisher (Trades, Portfolio) with 0.21% of outstanding shares followed by Spiros Segalas (Trades, Portfolio) with 0.21%, Warren Buffett (Trades, Portfolio) with 0.18%, Pioneer Investments (Trades, Portfolio) with 0.16%, David Einhorn (Trades, Portfolio) with 0.15%, Grantham with 0.13%, Chase Coleman (Trades, Portfolio) with 0.1% and David Rolfe (Trades, Portfolio) with 0.09%.
The investor reduced his shares in PepsiCo Inc. (PEP) by 80.65% with an impact of -0.3% on the portfolio.
It is a food, snack and beverage company. It manufactures, markets, distributes and sells convenient and enjoyable beverages, foods and snacks, serving customers and consumers in more than 200 countries and territories. During the first quarter the company delivered strong first quarter operating results driven by balanced execution of its commercial agenda and productivity programs in which organic revenue had a growth of 3.5% and reported 11% growth for core constant currency EPS.
GuruFocus gives the stock a profitability and growth rating of 7 out of 10 with ROE of 37.57% that is outperforming 97% of the companies in the Global Beverages - Soft Drinks industry and ROA of 7.34% that is outperforming 63% of the companies in the Global Beverages - Soft Drinks industry. Financial strength has a rating of 5 out of 10 with cash to debt of 0.35 that is below the industry median of 0.62.
Yacktman is the company's largest shareholder among the gurus with 0.93% of outstanding shares followed by Yacktman Fund (Trades, Portfolio) with 0.46%, Fisher with 0.37%, Yacktman Focused Fund (Trades, Portfolio) with 0.3%, Simons with 0.26%, Pioneer Investments (Trades, Portfolio) with 0.15% and T Rowe Price Equity Income Fund (Trades, Portfolio) with 0.15%.
The guru almost closed his stake in Exelon Corp. (EXC) with a decrease of 94.03% and an impact of -0.26% on the portfolio.
It is a utility services holding company engaged, through Generation, in the energy generation business, and through ComEd, PECO and BGE, in the energy delivery businesses. First quarter net income was $632 million compared to $615 million in the same quarter of a year before and diluted earnings per shares was 68 cents compared to 71 cents in the first quarter of 2015.
GuruFocus gives the stock a profitability and growth rating of 6 out of 10 with ROE of 7.06% and ROA of 1.82% that are underperforming 65% of the companies in the Global Utilities - Diversified industry. Financial strength has a rating of 4 out of 10 with cash to debt of 0.03 that is below the industry median of 0.27.
The largest shareholder among the gurus is Charles Brandes (Trades, Portfolio) with 0.47% of outstanding shares followed by T Rowe Price Equity Income Fund (Trades, Portfolio) with 0.43%, Simons with 0.22%, Pioneer Investments (Trades, Portfolio) with 0.16%, Richard Pzena (Trades, Portfolio) with 0.07%, Snow with 0.02% and Louis Moore Bacon (Trades, Portfolio) with 0.02%.
The investor reduced his shares in Macy's Inc. (M) by 68.76% with an impact of -0.24% on the portfolio.
The company sells merchandise, including men's, women's and children's apparel and accessories, cosmetics, home furnishings and other consumer goods. Sales in the first quarter of 2016 had a decrease of 7.4% and operating income was 4.8% of sales for the first quarter of 2016, compared to 6.6% of sales for the same period in 2015.
GuruFocus gives the stock a profitability and growth rating of 7 out of 10 with ROE of 22.19% that is outperforming 85% of the companies and ROA of 4.78% that is outperforming 63% of the companies in the Global Department Stores industry. Financial strength has a rating of 5 out of 10 with cash to debt of 0.10 that is below the industry median of 0.95.
Einhorn is the company's largest shareholder among the gurus with 2.29% of outstanding shares followed by T Rowe Price Equity Income Fund (Trades, Portfolio) with 1.07%, Snow with 0.22%, Gabelli with 0.15%, Greenblatt with 0.13%, Grantham with 0.11% Steven Cohen (Trades, Portfolio) with 0.09% and Dalio with 0.08%.
The guru closed his position in Fossil Group Inc. (FOSL) with an impact of -0.22% on the portfolio.
It is a design, marketing and distribution company of consumer fashion accessories. It offers men's and women's fashion watches and jewelry, handbags, small leather goods, belts, sunglasses, soft accessories and select apparel.
During the last quarter driven by a decline in the company’s multibrand licensed watch portfolio and the negative impact of changes in foreign currency, worldwide net sales decreased 9.0% from the first quarter of 2015. Net income was $5.8 million compared to $38.1 million for the first quarter of fiscal 2015. Diluted earnings per share were 12 cents, compared to 75 cents for the same quarter of a year before.
GuruFocus gives the stock a profitability and growth rating of 8 out of 10 with ROE of 21.25% and ROA of 8.58% that are outperforming 73% of the companies in the Global Footwear & Accessories industry. Financial strength has a rating of 6 out of 10 with cash to debt of 0.37 that is below the industry median of 1.44.
The largest shareholder among the gurus is Wallace Weitz (Trades, Portfolio) 2.15% of outstanding shares followed by Greenblatt with 1.42%, Simons with 0.53%, Michael Price (Trades, Portfolio) with 0.48%, Paul Tudor Jones (Trades, Portfolio) with 0.02%, Stahl with 0.02% and Leucadia National (Trades, Portfolio) with 0.02%.
The investor reduced his shares in Oracle Corp. (ORCL) by 83.07% with an impact of -0.22% on the portfolio.
The company develops, manufactures, markets, hosts and supports database and middleware software, application software, cloud infrastructure, hardware system including computer server, storage and networking products and related services.
GuruFocus gives the stock a profitability and growth rating of 8 out of 10 with ROE of 18.87% and ROA of 8.18% that are outperforming 76% of the companies in the Global Software - Infrastructure industry. Financial strength has a rating of 6 out of 10 with cash to debt of 1.28 that is below the industry median of 10.51.
First Eagle Investment (Trades, Portfolio) is the company's largest shareholder among the gurus, with 0.96% of outstanding shares followed by Barrow, Hanley, Mewhinney & Strauss with 0.87%, First Pacific Advisors (Trades, Portfolio) with 0.61%, Steven Romick (Trades, Portfolio) with 0.52%, Yacktman with 0.49%, Grantham with 0.4% and HOTCHKIS & WILEY with 0.38%.
The guru exited his stake in Coca-Cola Co. (KO) with an impact of -0.17% on the portfolio.
The company manufactures, distributes and markets nonalcoholic beverage concentrates and syrups. During the first quarter net revenue declined 4% and organic revenue grew 2%. The company reported 2% growth for global volume.
GuruFocus gives the stock a profitability and growth rating of 7 out of 10 with ROE of 27.20% and ROA of 7.93% that are outperforming 65% of the companies in the Global Beverages - Soft Drinks industry. Financial strength has a rating of 6 out of 10 with cash to debt of 0.47 that is below the industry median of 0.62.
The largest shareholder among the gurus is Buffett with 9.25% of outstanding shares followed by Yacktman with 0.42%, Fisher with 0.24%, Grantham with 0.24%, Yacktman Fund (Trades, Portfolio) with 0.22%, Yacktman Focused Fund (Trades, Portfolio) with 0.13% and Simons with 0.12%.
Disclosure: I do not own any shares of any stocks mentioned in this article.
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