Bridgewater Associates Lp 13F Analysis
Ray Dalio’s Bridgewater Associates Lp just filed its Q2 2015 13F. Dated 12/08/2015, the 13f form reveals the hedge fund has a portfolio value of $10.83 billion, representing a decrease of $2.00 billion from the previous quarter when it was $12.83 billion. Note: This filling reprents only assets that which are listed in the US.
|Previous Mkt Value:||$12,831,924,000|
|Chg Mkt Value %:||-15.61%|
|Top 10 Holdings %:||87.96%|
Fund New Purchases
During this quarter, Ray Dalio’s Bridgewater Associates Lp started new positions in Fossil Group Inc (FOSL) for $12.72 million, Foot Locker Inc (FL) for $12.69 million, Enbridge Inc (ENB) for $11.85 million, Level 3 Communications Inc (LVLT) for $10.66 million and Comcast Corp New (CMCSA) for $9.29 million. These were the 5 biggest new positions. In total the hedge fund bought 110 new stocks.
|Top 5 New Buys|
|Fossil Group Inc||0.12%|
|Foot Locker Inc||0.12%|
|Level 3 Communications Inc||0.10%|
|Comcast Corp New||0.09%|
|13F Sector Allocation|
As revealed in this 13f form the hedge fund increased its stakes in Ishares Tr (LQD) by 50% to $95.96 million, Coca Cola Co (KO) by 27% to $28.75 million, Monsanto Co New (MON) by 62% to $23.92 million, Exxon Mobil Corp (XOM) by 37% to $19.28 million and Newmont Mining Corp (NEM) by 12% to $16.25 million. Bridgewater Associates Lp also acquired smaller stakes in Suncor Energy Inc New (SU) by 114.65% to $23.40 million, Centurylink Inc (CTL) by 124.26% to $20.14 million and Canadian Nat Res Ltd (CNQ) by 119.05% to $17.62 million. Building positions gradually is well-know practice for many investment managers.
Ray Dalio’s fund sold its stakes in Potash Corp Sask Inc (POT), Agrium Inc (AGU), Nvidia Corp (NVDA), O Reilly Automotive Inc New (ORLY) and Southwest Airls Co (LUV). These securities constituted 0.31%, 0.16%, 0.10%, 0.10% and 0.10% of the fund’s portfolio, respectively. We can only speculate about the reasons for the selling but we believe it has to do with either value, momentum or a better place for Bridgewater Associates Lp’s capital.
The fund also reduced its postitons in Spdr S&P 500 Etf Tr (SPY) by -36.21%, Ishares Tr (EEM) by -19.00%, Apple Inc (AAPL) by -27.49%, Johnson & Johnson (JNJ) by -27.27% and Ensco Plc (ESV) by -19.68%.
Top 5 Positions
Vanguard Intl Equity Index F (VWO), Ishares Tr (EEM) and Spdr S&P 500 Etf Tr (SPY) made up the majority of Bridgewater Associates Lp’s total US long portfolio in this quarter. These holdings were top 3 and constitute 85.22% of Bridgewater Associates Lp’s US-listed securities. The top 10 holdings make about 87.96% of the investment manager’s portfolio.
It seems Ray Dalio ‘s Bridgewater Associates Lp holds concentrated portfolio. We wonder do they believe, same as many legendary traders, that diversification is wrong trading strategy? The image above provides a snapshot of Bridgewater Associates Lp’s top 10 US-listed positions in this quarter.
Bridgewater Associates Lp increased the energy sector from 2% to 3%. According to the 13f form, the investment manager also has securities for 87% in the finance sector. The materials sector is 2% of Bridgewater Associates Lp’s 13F portfolio. The fund reduced the Information Technology sector positions by 2%.
So these are Q2 2015 fund’s sector weights now: finance 87% for $9.42 billion, energy 3% for $324.87 million, information technology 2% for $216.58 million, materials 2% for $216.58 million, industrials 1% for $108.29 million, health care 1% for $108.29 million, utilities & telecommunications 1% for $108.29 million, consumer staples 1% for $108.29 million and consumer discretionary 1% for $108.29 million.
Important Position Changes
Top 10 Q2 2015 New Positions: Fossil Group Inc (FOSL), Foot Locker Inc (FL), Enbridge Inc (ENB), Level 3 Communications Inc (LVLT), Comcast Corp New (CMCSA), Transcanada Corp (TRP), United States Stl Corp New (X), Toll Brothers Inc (TOL), Interpublic Group Cos Inc (IPG) and Salesforce Com Inc (CRM).
Top 10 Q2 2015 Sold Out Completely: Potash Corp Sask Inc (POT), Agrium Inc (AGU), Nvidia Corp (NVDA), O Reilly Automotive Inc New (ORLY), Southwest Airls Co (LUV), Joy Global Inc (JOY), Biogen Inc (BIIB), Cree Inc (CREE), Mcgraw Hill Finl Inc (MHFI) and General Electric Co (GE).
Bridgewater Associates Lp – website
13F Filing Link: 000114036115030974
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