In a CNBC interview earlier this year, Ray Dalio of Bridgewater Associates said he was going to be moving his cash around and, after a look at Bridgewater's most recent 13F-HR, he proved he is a man of his word. After running the numbers through my fund tracking spreadsheet, we find that only two of the previously reported holdings were left untouched.
A lot can be learned from tracking hedge funds and investors can use them as a screen for investment ideas as well as for ideas about how to manage their own personal portfolios. What's a better way to learn than checking out free information that allows us to peak into billion dollar portfolios?
Below, I have picked out a few notable changes that I would like to highlight and then have presented a copy of Bridgewater's full portfolio. I haven't found a more comprehensive view of Dalio's large portfolio on SeekingAlpha.com and I will be updating this throughout the year so, anyone interested in following this and other funds can follow me for updates.
The Bridgewater Portfolio increased from $9.816 billion to $10.989 billion (11.9% increase) in the first quarter of 2013.
Bridgewater's top three holdings are important to note because they account for 88.5% of the portfolio. They are as follows:
- Vanguard FTSE Emerging Markets ETF (VWO) - 32.78% of the portfolio and worth $3.602 billion. This ETF saw its share count increase by 25% in the first quarter of 2013.
- SPDR S&P 500 ETF (SPY) - This ETF was increased by 3% (share count) and accounted for 29.8% of the portfolio, or $3.274 billion.
- ISHARES MSCI Emerging Markets (EEM) - Bridgewater increased the share count of this ETF by 17% and on 3/31/13 it was worth $2.8 billion, or 25.92% of the portfolio.
Notable Moves In The Top 10 Holdings
- Increased Oracle (ORCL) share count by 116%, position was 0.27% of the portfolio at the end of March.
- Increased holdings of Intel (INTC) by 38% to $22.8 million. This position was the funds 8th largest at the end of March.
- Increased Lockheed Martin (LMT) share count by 340% to $21.1 million, moving the holding into the top 10.
2 Largest Purchases
- CenturyLink (CTL), this was the largest new holding that was purchased in the first quarter and was worth $16.5 million at the end of March.
- General Electric (GE) was the second largest new purchase, worth $14.1 million and 0.13% of the portfolio.
Other Notable New Holdings
- Investment in VeriSign (VRSN), worth $9.3 million.
- Purchase of IBM (IBM) worth $8.5 million.
- Dalio picked up 11,971 shares of Apple (AAPL) worth $5.299 million at the end of March.
Only 2 Left Untouched In The First Quarter
- iSHARES iBOXX Investment Grade Corporate Bonds ETF (LQD) - This position was the fourth largest at the end of March and worth $43.6 million.
- iShares Core S&P 500 ETF (IVV) - This position was worth $27.5 million at the end of March.
Top 4 Partial Sells
- Bridgewater's investment in Allergan (AGN) was cut 94%.
- Procter & Gamble (PG) holding was cut back 93%.
- 83% of Bridgwater's Coca-Cola (KO) holdings were sold, position was worth $2.1 million at the end of the first quarter.
- Position in Nvidia (NVDA) was cut 76% to $3.5 million.
2 Largest Sellouts
- Hewlett-Packard (HPQ) position was eliminated. At the end of 2012, the investment was worth $29 million.
- $21 million Safeway (SWY) holding was sold.
Other Notable Sellouts
- Berkshire B (BRK.B) holding was sold. Bridgewater previously reported an $8 million investment at the end of 2012.
- Verizon (VZ) investment worth $10 million at the end of 2012 was eliminated.
And now for a complete look at the portfolio from largest to smallest holding as of 3/31/13: Please share any thoughts on the portfolio as well as any interesting buys/sells! Hope you enjoy!