According to securities documents, Bridgewater Associates (Bridgewater Associates) bought six of the so-called “Magnificent Seven Stocks” in a big way in the first quarter, betting 800 million US dollars on Google's parent company Alphabet, while avoiding shares in the difficult situation of electric vehicle manufacturer Tesla (Tesla).
This hedge fund founded by legendary investor Ray Dalio (Ray Dalio) held 5.4 million Alphabet shares as of the end of March. By the end of the first quarter, its Alphabet shares were worth US$810.3 million, which has more than doubled since December last year. According to the documents, this was the largest single stock held by the fund at the end of the first quarter.
Alphabet's share price has risen by about 23% this year, but it is uncertain whether Qiaoshui still holds shares in the company, nor is it possible to determine its size. These quarterly disclosures, known as 13-F documents, are submitted to the US Securities and Exchange Commission (Securities and Exchange Commission) approximately 45 days after the end of each quarter and may not reflect current positions.
Qiaoshui's massive acquisition of large technology companies also tripled Microsoft's shares in the first quarter to 57,9525 shares, worth US$243.8 million. Since this year, the company's stock price has risen 12.5%.
This hedge fund added more than 1.8 million Apple shares during the quarter, while also buying around 1 million Amazon shares. Since this year, Apple's stock price has fallen 1.3%, and Amazon's stock price has risen 21.6%.
Under Nir Bar Dea's leadership, the company also increased its shares on the Meta platform by 49% to 99,4051 shares, or 482.7 million US dollars. Facebook's parent company's stock price has risen 35.9% this year.
Chip giant Nvidia (Nvidia)'s stock price has risen 91.2% so far this year. This is another big bet Bridgewater has made this quarter. Its holdings in the company have almost tripled to 704,599 shares worth $636.6 million.
The sharp rise in the “Magnificent Seven” stocks, which are overweighted in the S&P 500 index, helped drive the market higher this year and 2023.
There are no Tesla shares in Qiaoshui's portfolio, and the company's stock price has dropped nearly 30% this year as Tesla faces intense competition and slowing sales.
As a global macro-hedge fund, Qiaoshui bets on assets based on broader industry and regional trends, rather than as a choice to go long/short on stocks.
Qiaoshui also increased its holdings in financial stocks. Its shares in Citigroup increased 23% to 664,458, while shares in Wells Fargo and Bank of New York Mellon also increased.