Qiaoshui reduced its holdings of essential consumer and chip stocks in TAL Education Group, New Oriental Education & Technology Group, JD.com Inc, Vipshop Holdings Limited and Tesla, Inc. in the second quarter.

新浪財經綜合 · Aug 13, 2021 13:59

来源：华尔街见闻

桥水对重仓股沃尔玛和宝洁较为偏爱，上半年持续大幅增持，二季度减持规模较大的个股还包括多种黄金ETF，一季度刚建仓的特斯拉被直接卖出三成。该基金二季度持仓规模猛涨37%，标普大盘ETF被大幅抛售后仍是最大重仓股。

据8月13日周五公布的13F报告，全球最大对冲基金桥水（Bridge Associates）在截至6月30日的二季度减持金融、通讯、非必需消费品和材料类股，增持消费者必需品、医疗保健、工业和信息技术板块。其中对金融股的资金分配占比不足24%，较2012年以来平均约80%的规模骤降。

截至二季度末，桥水管理的可自由支配资产（AUM）为逾2230亿美元，其中13F证券持仓市值155.88亿美元，较一季度末的价值113.4亿美元增逾37%，同期标普500指数涨近6%。桥水二季度首次建仓了329只个股、增持255只个股、减持116只个股，以及彻底清仓80只个股。

在新建仓的个股中，桥水持有价值最大的前三名分别是全球最大工业气体公司林德集团（Linde plc）、虚拟机软件龙头威睿（VMware）和全球最大农业设备商迪尔公司（Deere & Co．）。该基金还重新买入美光科技、应用材料、拉姆研究、英伟达、英特尔等芯片股。

当季桥水增持股票数量的前五位分别是可口可乐、iShares明晟新兴市场指数基金（交易代码EEM）、沃尔玛、宝洁和强生公司，分别较今年一季度增持近257万股、逾176万股、逾163万股、逾153万股和逾111万股，持股数环比增幅分别为45%、421%、45%、47%和65%。

桥水还环比增持百事可乐逾88万股或增长49%，增持了Costco、Target、麦当劳等消费类巨头，以及追踪标普500市值最大个股的iShares Core标普500 ETF （交易代码：IVV）。桥水对沃尔玛和宝洁明显较为偏爱，今年一季度也曾大幅增持。

在减持规模较大的个股中，桥水对SPDR标普500 ETF（交易代码：SPY）减持116万股或减少37%，总持股数降至198万股；对全球最大医药流通公司沃尔格林联合博资（Walgreens Boots Alliance）减持近75万股或下降82%，总持股数降至逾16万股；对通用磨坊公司减持近66万股或骤降94%，总持股数至不足4.31万股。

桥水二季度减持规模较大的个股还包括多种黄金ETF，其中对SPDR黄金ETF（交易代码：GLD）减持逾11万股或减少6%，总持股数降至不足162万股；对iShares黄金信托（交易代码：IAU）减持近21万股或减少4%，总持股数降至逾421万股。

桥水还减持了好未来、新东方、京东、唯品会等中概股；对特斯拉减持1.18万股或减少31%，总持股数降至逾2.5万股，持有价值近1715万美元，今年一季度时桥水刚建仓特斯拉3.706万股，市值2475万美元。

在彻底清仓的个股中，从卡夫食品分拆而来的全球零食巨头亿滋国际被抛售183万股，价值逾1亿美元；负责可口可乐欧洲业务的瓶装公司Coca-cola European Partners Plc被抛售逾57万股，价值2980万美元；iShares明晟韩国ETF（交易代码：EWY）、西部电子、“阅后即焚”社交媒体Snap、美国西南航空、网络安全软件开发商Crowdstrike等均被清仓。

总结来看，截至二季末桥水重仓股的前五位分别是：SPDR标普500 ETF（总持股数198万股，持股价值8.45亿美元）、沃尔玛（总持股数522万股，持股价值7.37亿美元）、Vanguard富时新兴市场ETF（交易代码：VWO）（总持股数近1190万股，持股价值6.45亿美元）、宝洁（总持股数约475万股，持股价值6.41亿美元）、强生（总持股数282万，持股价值4.65亿美元）。

Source: Wall Street

Qiaoshui to the heavy stock Walmart IncAnd Procter & Gamble CoPreferred, continued to increase substantially in the first half of the year, reduced holdings of larger stocks in the second quarter also included a variety of gold ETF, Tesla, Inc., who just built a position in the first quarter.It was sold 30% directly. The fund's position soared 37% in the second quarter, with the S & P market still the largest heavy stock after a sharp sell-off in ETF.

Bridge Associates, the world's largest hedge fund, reduced its holdings in finance, communications, consumer discretionary and materials stocks and increased its holdings in consumer necessities, health care, industry and information technology sectors in the second quarter ended June 30, according to the 13F report released on Friday. Less than 24% of the funds are allocated to financial stocks, down sharply from an average of about 80% since 2012.

At the end of the second quarter, Bridgewater had more than $223 billion in discretionary assets (AUM), of which 13F securities had a market capitalization of $15.588 billion, up more than 37 per cent from $11.34 billion at the end of the first quarter, while the S & P 500 was up nearly 6 per cent over the same period. Qiaoshui built 329 shares for the first time in the second quarter, increased its holdings by 255 shares, reduced its holdings by 116 shares, and completely cleared 80 shares.

Among the stocks in the newly built warehouse, the top three holding value of Qiaoshui are Linde Group (Linde plc), the largest industrial gas company in the world, and Weirui, the leader of virtual machine software.(VMware) and Deere & Co., the world's largest manufacturer of agricultural equipment.The fund also bought again.MeiguangScience and technology,Applied Materials Inc、 Lam Research Corp 、 NVIDIA Corp 、IntelWait for the chip stock.

The top five stocks held by Qiaoshui in the season were Coca-Cola Company., iShares emerging Markets Index Fund (trading code EEM), Walmart Inc, Procter & Gamble Co and Johnson & JohnsonCompared with the first quarter of this year, the company increased its holdings by nearly 2.57 million shares, more than 1.76 million shares, more than 1.63 million shares, more than 1.53 million shares and more than 1.11 million shares, respectively, with a month-on-month increase of 45 per cent, 421 per cent, 45 per cent, 47 per cent and 65 per cent respectively.

The water of the bridge also increases the holding of PepsiCo Inc.More than 880000 shares or an increase of 49%, increasing their holdings of Costco, Target and McDonald's CorpConsumer giants, as well as iShares Core S & P 500 ETF (ticker symbol: IVV), which tracks the largest stocks by market capitalization.Qiaoshui obviously has a preference for Walmart Inc and Procter & Gamble Co, and its holdings were greatly increased in the first quarter of this year.

Among the larger stocks, Qiaoshui reduced its holdings of SPDR S & P 500 ETF (trading code: SPY) by 1.16 million shares, or 37%, to 1.98 million shares, and Walgreens, the world's largest pharmaceutical circulation company.United Capital (Walgreens Boots Alliance) reduced its holdings by nearly 750000 shares, or 82%, to more than 160000 shares, while General Mills reduced its holdings by nearly 660000 shares or plummeted by 94%, bringing its total holdings to less than 43100 shares.

The larger stocks that Qiaoshui reduced its holdings in the second quarter also included a variety of gold ETF.Among them, the total holdings of SPDR gold ETF (trading code: GLD) are reduced by more than 110000 shares or 6%, and the total holdings of iShares gold trust (trading code: IAU) are reduced by nearly 210000 shares or 4%, and the total holdings of iShares gold trust (trading code: IAU) are reduced to more than 4.21 million shares.

The bridge water has also been reduced.TAL Education Group、New Oriental Education & Technology Group、JingDong、VIPSHOPAnd other Chinese-listed stocks; 1.18% reduction of Tesla, Inc. 's holdings.Ten thousand shares or a decrease of 31%，The total number of shares has fallen to more than 25000 shares, worth nearly $17.15 million. In the first quarter of this year, Qiaoshui just built a position in Tesla, Inc. 37060 shares, with a market capitalization of $24.75 million.

Among the stocks that have been thoroughly cleared, Mondelez International Inc International, a global snack giant spun off from Kraft Foods,1.83 million shares were sold, valued at more than $100m; Coca-cola European Partners Plc, the bottling company in charge of Coca-Cola Company's European operations, was sold more than 570000 shares, valued at $29.8 million; iShares Mingsheng Korea ETF (trading code: EWY), Western Electronics, "burning after reading" social media Snap Inc, Southwest Airlines and Crowdstrike, a developer of cyber security software, have all been liquidated.

To sum up, as of the end of the second quarter, the top five shares of SPDR Shuizhong stocks are: SPDR S & P 500 ETF (1.98 million shares, worth $845 million), Walmart Inc (5.22 million shares, worth $737 million), Vanguard FTSE emerging Markets ETF (Trading symbol: VWO) (nearly 11.9 million shares, worth $645 million), Procter & Gamble Co (total 4.75 million shares) The shareholding is worth US $641 million) and Johnson & Johnson (the total number of shares is 2.82 million, the value of the stake is US $465 million).

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more

桥水二季减持好未来、新东方、京东、唯品会和特斯拉 重仓必需消费和芯片股

Qiaoshui reduced its holdings of essential consumer and chip stocks in TAL Education Group, New Oriental Education & Technology Group, JD.com Inc, Vipshop Holdings Limited and Tesla, Inc. in the second quarter.

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桥水二季减持好未来、新东方、京东、唯品会和特斯拉重仓必需消费和芯片股