桥水，大动作

Core Viewpoint - Bridgewater Associates significantly increased its position in Alibaba by over 21 times in Q1 2025, while reducing its stake in Nvidia by 66,000 shares to 2.84 million shares [1][5]. Group 1: Portfolio Adjustments - As of March 31, 2025, Bridgewater's total portfolio size was $21.55 billion, with the top three holdings being SPDR S&P 500 ETF, iShares S&P 500 ETF, and iShares Core Emerging Markets ETF [2][4]. - Bridgewater reduced its holding in SPDR S&P 500 ETF by 59%, leading to a 61% decrease in its market value within the portfolio [4]. - The fund made a substantial investment in gold ETFs, holding 1.106 million shares of SPDR Gold ETF, making it the sixth-largest holding in the portfolio [5]. Group 2: Individual Stock Movements - Bridgewater's position in Alibaba surged from 255,000 shares at the end of the previous year to 5.66 million shares, marking a 2,120% increase, coinciding with Alibaba's stock price rising over 50% in Q1 2025 [5]. - Other notable increases included Baidu with an addition of 1.879 million shares, Pinduoduo with nearly 500,000 shares, and 2.78 million shares of JD.com [6]. - The fund also increased its stake in Netflix by 30,500 shares, PayPal by 52% (from 2.36 million to 3.6 million shares), and Microsoft by 21% (from 667,000 to 809,400 shares) [6]. - Conversely, Bridgewater reduced its holdings in Lam Research by 570,000 shares to 196,000 shares, and Nvidia by 66,000 shares to 2.84 million shares, while completely exiting its position in Ulta Beauty [6][7]. Group 3: Strategic Insights - Bridgewater's co-CIO Karen Karniol-Tambour emphasized the need for investors to reduce exposure to U.S. assets and increase allocation to other economies, as the U.S. economy may not continue to outperform globally as it has in the past 15 years [9]. - She suggested that portfolios should not only include assets that perform well during economic growth but also consider inflation-linked bonds, nominal bonds, and commodities like gold to achieve better balance [9]. - The current environment calls for maintaining liquidity and flexibility in asset allocation to capture opportunities when market conditions change dramatically [10].