Huan Qiu Lao Hu Cai Jing·2025-05-16 05:25Core Viewpoint - Bridgewater Associates has reported a decrease in total assets and a strategic shift in its investment focus, particularly towards Chinese stocks and gold ETFs, while reducing exposure to high-volatility tech stocks [2][4]. Group 1: Fund Performance and Holdings - As of March 31, Bridgewater's total assets amounted to $21.55 billion, a 1.2% decrease from the previous quarter's $21.8 billion [2]. - The fund increased its positions in 283 securities, initiated 123 new positions, while reducing holdings in 252 securities and completely exiting 150 positions [2]. - The top ten holdings include SPDR S&P 500 ETF, iShares S&P 500 ETF, iShares Core MSCI Emerging Markets ETF, Alibaba, Google A, SPDR Gold ETF, Booking Holdings, Nvidia, Microsoft, and CME Group, with significant adjustments made [2]. Group 2: Changes in Specific Holdings - SPDR S&P 500 ETF remains the largest holding but was reduced by nearly 60%, dropping from 22% of the portfolio in Q4 to 8.7% in Q1 [2]. - The fund has continued to reduce its stakes in major tech companies, cutting 580,000 shares of Google and 660,000 shares of Nvidia, both by over 15% [2]. - Notable reductions also occurred in companies such as ON Semiconductor, Moderna, Lyft, Chewy, Lululemon, GAP, and Unity [2]. Group 3: Focus on Chinese Stocks and Gold - Chinese stocks have become a new focus for Bridgewater, with increased positions in Baidu, Pinduoduo, and Alibaba, and a new position of 2.7868 million shares in JD.com [3]. - The largest increase was in Alibaba, where the fund bought 5.4 million shares, raising its total from 255,000 to 5.66 million shares, a staggering increase of 2119.51%, making it the fourth largest holding [3]. - Bridgewater also established a new position in SPDR Gold ETF, holding 1.106 million shares by the end of Q1, representing 1.48% of the portfolio and becoming the largest new position for the quarter [3]. Group 4: Strategic Investment Approach - The fund is strategically reducing exposure to high-volatility tech stocks while increasing investments in value recovery assets like Alibaba and safe-haven assets such as gold to navigate macroeconomic uncertainties [4]. - Karen Karniol-Tambour from Bridgewater emphasized the need for investors to consider reducing risk exposure to U.S. assets and to construct diversified portfolios to better adapt to global changes [4].