Dalio’s Bridgewater Tweaks ETF Exposure

Feb 12 2015 | 8:57pm ET

Ray Dalio’s Bridgewater Associates, among the largest hedge funds in the world with more than $120 billion under management, tweaked its exposure to a number of exchange-traded funds during the fourth quarter. 

Bridgewater sold 1.91 million shares of SPDR S&P 500 ETF (SPY), the largest exchange-traded fund in the world, during the quarter, dropping the fund’s position to 15.4 million shares, according to ETF Trends

In contrast, Bridgewater added 5.32 million shares to its largest position, Vanguard’s FTSE Emerging Markets ETF (VNO), which brought the total owned to 116.2 million shares worth $4.6 billion. 

The fund also trimmed its position in VNO’s main competitor, iShares’s MSCI Emerging Markets ETF (EEM), selling 1.52 million shares and bringing its stake down to 78.5 million shares. Between them, the two emerging market ETFs account for more than 61% of Bridgewater’s equity portfolio. 

Meanwhile, Bridgewater made no changes to minor stakes in iShares’s Core S&P 500 ETF (IVV) and the iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD). The position changes, were reported in securities filings. 


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