上周，桥水基金在致客户的一封信中表示，已经回购了达利欧的所有剩余股份。公司随即向文 莱投资局发行了新股。在这笔价值数十亿美元的交易中，这家东南亚主权财富基金获得了桥水 近20%的股权，成为公司最大股东之一。 8月1日，据券商中国报道，76岁的达利欧在其社交媒体上发表了对运营桥水基金50年的反思， 重温了他对生活、工作和投资的原则。他说："从我和一个打橄榄球的家伙在一间两居室的公 寓里一起创建桥水开始，到把桥水打造成全球最大的对冲基金，拥有一支由大约1500人组成的 优秀团队，再到我们为客户赚的钱远超任何其他对冲基金——到现在又完成了最后一步，把桥 水的接力棒交到下一代手中，我坚信他们完全有能力让公司继续辉煌蓬勃50年。" 此次股权变动标志着达利欧自2011年启动的继任计划，耗时13年多终于完成。76岁的达利欧 于2017年辞去了首席执行官的职务，并于2022年将桥水的控制权交给了新一代投资者。 此次，他从所有权和董事会层面的完全退出，这将简化桥水的公司治理结构，有助于该传奇对 冲基金重新聚焦投资业绩。桥水首席执行官Nir Bar Dea和董事会联席主席Mike McGavick在 致投资者的信中称：达利欧出售 ...

Core Points - Ray Dalio has officially sold his remaining shares in Bridgewater Associates and stepped down from the board, marking the end of his leadership era at the firm [2][3][12] - The transition of ownership at Bridgewater, which has been in process for over a decade, is now complete, simplifying the company's governance structure and allowing it to refocus on investment performance [3][13] Group 1: Ownership Transition - Dalio's complete exit signifies the conclusion of a 14-year succession plan initiated in 2011, which faced complexities and challenges along the way [8][9] - Bridgewater recently repurchased Dalio's remaining shares and issued new shares to the Brunei Investment Agency, making it a significant shareholder with nearly 20% ownership [14][15] - The firm currently manages assets totaling $92.1 billion, a decline from $168 billion at the end of 2019, partly due to a strategic decision to limit the size of its flagship fund, Pure Alpha [4][6] Group 2: Fund Performance - In 2024, Pure Alpha achieved a return of 11.3%, with further improvement in the first half of 2025, recording a 17% return [7] - The positive performance in the first half of 2025 has contributed to overall gains for the firm's main funds [7] Group 3: Dalio's Future Focus - Following the transfer of control, Dalio is now concentrating on managing his family office, which supports entrepreneurial ventures and philanthropic efforts [18][19] - The family office has expanded its global presence, with new offices in Singapore and Abu Dhabi, focusing on investments and charitable activities [21][20] - Dalio has expressed excitement about the future of Bridgewater without his involvement, indicating confidence in the new leadership [5][26]

Core Viewpoint - Ray Dalio has sold his remaining shares in Bridgewater Associates and exited the board, marking the ideal endpoint of the ownership transition process [3][6][12] Group 1: Ownership Transition - Bridgewater has repurchased Dalio's remaining shares and issued new shares to the Brunei Investment Agency, making it a significant shareholder [4][14] - The Brunei sovereign wealth fund now holds nearly 20% of Bridgewater, becoming one of the largest shareholders [13][14] - Dalio's exit follows a decade-long power transition within Bridgewater, which began in 2010 [10][11] Group 2: Management Changes - In October 2022, Dalio officially resigned from his position as one of the three co-CIOs and transferred all voting rights to the operational board [8] - Following the establishment of the operational board in 2021, Dalio no longer held control over the company but continued to serve as a mentor and board member [9][11] Group 3: Future Outlook - Dalio expressed his anticipation to witness Bridgewater's future success in the role of a "client and mentor" [7]

[Table_Title] 研究报告 Research Report 1 Aug 2025 中国财富管理 China (Overseas) Wealth Management 达利奥正式"交棒"桥水基金，文莱主权基金成主要股东 Ray Dalio Fully Exits Bridgewater, Brunei Investment Agency Becomes Major Shareholder 黄雨昕 Yuxin Huang 周林泓 Amber Zhou yx.huang@htisec.com amber.lh.zhou@htisec.com [Table_yemei1] 热点速评 Flash Analysis [(Table_summary] Please see APPENDIX 1 for English summary) 8 月 1 日，桥水基金创始人 Ray Dalio 正式出售其所持最后一笔股份，并退出公司董事会。这不仅为他亲 手创办的全球最大对冲基金的所有权结构画上句号，也标志着桥水十余年来漫长且波折的治理结构转型 顺利收官。 Dalio 自 2011 年启动继任计划以来，逐步淡出公司核心管理 ...

Core Viewpoint - Ray Dalio, the founder of Bridgewater Associates, has sold all his shares and exited the board, marking the end of an era for the firm [1][3] Group 1: Leadership Transition - Bridgewater has completed the transition of power, with Dalio's exit symbolizing an "ideal conclusion" to ownership transfer [3] - Dalio had previously transferred all voting rights to the board and stepped down from key positions, although he remained involved in company affairs until now [3] - The transition process was lengthy and complicated, with various CEO combinations and even a lawsuit involved [3] Group 2: Financial Performance - Bridgewater's assets under management have decreased significantly, from $168 billion in 2019 to $92.1 billion by the end of 2024 [4] - The decline in management size is partly due to the implementation of a size cap on the flagship Pure Alpha fund to improve performance [4] - After the size cap, the fund's performance improved, achieving a return of 11.3% in 2024 and 17% in the first half of 2025, compared to a mere 5.9% over the previous five years [4] Group 3: Investment Strategy - In the first quarter of this year, Bridgewater significantly reduced its position in SPDR S&P 500 ETF while acquiring over 5.4 million shares of Alibaba, making it the largest individual holding [7] - The firm has also made substantial investments in gold ETFs, indicating a preference for safe-haven assets amid increasing global economic uncertainty [7] Group 4: Dalio's Economic Views - Dalio has warned about unprecedented levels of debt in countries like the U.S., predicting potential debt crises and significant currency devaluation [6] - He advises investors to avoid debt-related assets and instead invest in gold and Bitcoin as inflation-resistant "hard currencies" [6]

据业内人士透露，亿万富翁投资者、全球最大对冲基金桥水基金（Bridgewater Associates）的创始人达里奥（Ray Dalio）出售了他在该 公司的剩余股份，并退出了 公司董事会，终于结束了10多年前开始的领导层换届过程。 一位知情人士说， 桥水基金回购了剩余股份。此外，文莱投资局（Brunei Investment Agency，主权财富基金）也对该基金公司进行了投 资，获得其近20%的股份。 达里奥出生于1949年美国的一个普通中产家庭。孩童时期的达里奥活力十足，却对学习不感兴趣，尤其是在进入高中之后。但天资聪颖的 达里奥却有一项独特的爱好——金融，凭借着这股对市场和投资的热情，达里奥最终以优异的成绩考入了哈佛大学商学院，为自己将来传奇 的投资生涯迈出了第一步。 哈佛毕业后，达里奥进入华尔街，但在不久后的1975年，年仅26岁的达里奥决定成立自己的投资机构——在他自己的两居室里，达里奥成 立了桥水基金，开始贯彻自己的投资策略。从1991年旗舰基金成立至今，在达里奥的带领下，桥水基金创下一个又一个"辉煌的战绩"，成 为了全球最大的对冲基金。 不过，达里奥在桥水的"退休之路"则十分曲折。十多年前， ...

Core Viewpoint - Ray Dalio has sold his remaining shares in Bridgewater Associates and exited the board, marking the completion of a succession plan initiated over 13 years ago, which aims to transition leadership to the next generation [1][2]. Group 1: Ownership Transition - The sale of Dalio's shares simplifies Bridgewater's governance structure and allows the firm to refocus on investment performance [2]. - The transaction involved Bridgewater repurchasing Dalio's remaining shares and subsequently issuing new shares to the Brunei Investment Agency, which now holds nearly 20% of the company, becoming one of its largest shareholders [1][2]. - Despite the significant stake held by the Brunei Investment Agency, Bridgewater's co-CIO Bob Prince retains a larger ownership percentage [2]. Group 2: Financial Performance - Bridgewater's assets under management have significantly decreased from $168 billion at the end of 2019 to an estimated $92.1 billion by the end of 2024 [2]. - The flagship fund, Pure Alpha, has shown improvement in performance after limiting its size, achieving an 11.3% return in 2024 and a 17% increase in the first half of 2025 [2]. Group 3: Economic Concerns - Dalio has issued warnings regarding the worsening U.S. debt crisis, likening it to an impending "economic heart attack," emphasizing that U.S. spending exceeds income by 40% [3]. - He cautions that the rising debt interest payments are severely constraining purchasing power, potentially leading to a financial crisis and systemic collapse if new debt is issued merely to cover existing interest payments [3].

Core Viewpoint - Ray Dalio has completely exited his remaining shares in Bridgewater Associates and stepped down from the board, marking the end of a complex leadership transition and ownership structure for the hedge fund he founded [1][3]. Group 1: Leadership Transition - The completion of Dalio's exit signifies the end of a succession plan initiated in 2011, which has been described as lengthy and challenging [2][4]. - The transition involved various CEO combinations, with one former CEO even suing the company, highlighting the difficulties faced during this period [5]. - Dalio's full exit is expected to eliminate governance obstacles, allowing the firm to refocus on investment performance [6]. Group 2: Ownership Changes - Bridgewater repurchased Dalio's remaining shares and subsequently issued new shares to the Brunei Investment Agency, which acquired nearly 20% of the company [7][8]. - This transaction, valued in the billions, positions the Brunei sovereign wealth fund as one of Bridgewater's largest shareholders [8][9]. - Despite the significant stake held by the Brunei fund, Bridgewater's co-CIO Bob Prince retains a larger ownership percentage [10]. Group 3: Performance Metrics - Bridgewater's assets under management have significantly decreased from $168 billion at the end of 2019 to an estimated $92.1 billion by the end of 2024 [2]. - The flagship fund, Pure Alpha, has shown improvement in performance after limiting its size, achieving an 11.3% return in 2024 and a 17% increase in the first half of 2025 [2].

上周桥水基金在致客户的一封信中表示，已经回购了瑞·达利欧的所有剩余股份。公司随即向文莱投资 局发行了新股。在这笔价值数十亿美元的交易中，这家东南亚主权财富基金获得了桥水近20%的股权。 亿万富翁瑞·达利欧已完全出清其在全球最大对冲基金桥水的最后股份并退出董事会，为这家由他亲手 创办的公司的所有权结构画上句点，也标志着一段漫长而复杂的领导层交接正式落幕。 75岁的桥水创始人瑞·达利欧在一份声明中表示，他期待以"客户和导师"身份见证桥水的未来成功。桥 水高层也对创始人的新角色表达了积极看法。公司表示，达利欧、董事会和员工将在康涅狄格州和纽约 共同庆祝公司成立50周年。 因此，他从所有权和董事会层面的完全退出，被期待能扫清治理障碍。桥水首席执行官 Nir Bar Dea 和 董事会联席主席 Mike McGavick 在致投资者的信中称： 达利欧出售最后股份是所有权过渡进程的"理想终点"。 此次股权变动标志着达利欧自2011年启动的继任计划终于完成，业内人士认为这将简化桥水的公司治理 结构，有助于该传奇对冲基金重新聚焦投资业绩。 桥水管理资产规模近年来大幅缩水，从2019年底的1680亿美元降至2024年底的921 ...

华尔街日报：瑞·达利欧出售了其在桥水联合基金（Bridgewater Associates）的最后剩余股份并退出董事会，为其创立的这家对冲基金公司的权力交接画上句号。知情人士表示，希望达利欧退出股东层及董事会能简化公司治理。尽管达利欧近年已陆续卸任首席执行官、联席投资总监和董事会主席等职务，并持续减持股份，但他仍保持深度参与，经常提出要求并表达意见。 ...