Reporter/Sun Mingwei and Wu Yuxin
From the 13F regulatory documents filed by Bridgewater Fund, the fund in the second quarter to add Baidu, NIO, Alibaba, JD ADR clearance. However, according to people familiar with the matter, the so-called "liquidation" was mainly due to Bridgewater switching from holding Chinese ADRs to holding shares in the secondary listing in Hong Kong.
Bridgewater, the world's largest hedge fund, filed a 13F regulatory filing with the Securities and Exchange Commission (SEC) on August 11, local time. Bridgewater's holdings reached $23.598 billion at the end of the second quarter of 2022, the filing showed, compared with a total market capitalization of $24.807 billion in the previous quarter, down 5% sequentially.
Under SEC rules, fund managers with more than $100 million in assets under management are required to disclose their holdings in stocks and bonds in a document known as a Form 13F within 45 days of the end of each quarter.
Overall, Bridgewater added 116 stocks to its portfolio in the second quarter, adding 612 stocks, reducing 256 stocks and eliminating 99 stocks. The top 10 holdings accounted for 29.41% of the total market capitalization.
Among them, Bridgewater increased its holdings of 612 stocks. The top five stocks with the largest increase were Seavis Health, which increased its holdings by 160% to 3.15 million shares, worth $291.5 million. Mastercard increased its stake by 1242% to 485,269 shares worth $153.1 million; IShares Core S& P 500 ETF increased 51% to 1.7 million shares valued at $643.7 million; Google parent Alphabet increased its stake by 2675% to 983,960 shares worth $107.2 million; Meta increased its stake by 5279% to 586,655 shares worth $94.6 million.
In terms of new stocks, Bridgewater bought 459,240 Sea shares worth $30.7 million in the second quarter; Marathon Oil 847,713 shares valued at $19.1 million; Amazon 149,250 shares worth $15.9 million; Liberty Broadband Corp 124,776 shares valued at $14.4 million; United Healthcare 54,426 shares valued at $12.8 million. In terms of Chinese stocks, Bridgewater added 17,400 shares to its position in Baidu, increasing its holding to 1.143,800 shares, with the closing market value of $170 million; The company added 202,600 shares to its position in NIO, increasing its holdings to 5,526,100 shares, with a closing market value of $120 million.
Bridgewater has 99 clear positions, and the top five sell positions include: Emerging Markets ETF-IShares MSCI, Alibaba, Emerging Markets ETF-Vanguard MSCI, SPDR Gold ET, JD.com. Including the clearance of 7.48 million Alibaba shares, worth $813.9 million; Jd 2.14 million shares, valued at $123.9 million. Other Chinese stocks being liquidated by Bridgewater include NetEase, Bilibili and Didi.
However, according to people familiar with the matter, Bridgewater's reported sharp fall in holdings was mainly due to the shift from ADRs in Chinese shares to holdings in the secondary listing in Hong Kong. How many specific into now still can't see, the next may also see the fund company in succession to Ali ADR news. In other words, Bridgewater only converts the holding venue, rather than completely liquidating the relevant ADRs.
Among the top 10 holdings, P&G is the No.1, with about 6.75 million shares and a market value of about $970 million, or 4.11% of the portfolio, down 1% from the previous quarter. Johnson & Johnson ranked second with a position of about 4.33 million shares, representing a market capitalization of about $769 million, or 3.26 percent of the portfolio. Its position was flat from the previous quarter. The iShares Core MSCI Emerging Markets ETF came in third with about 15.31 million shares with a market value of about $751 million, or 3.18% of the portfolio, down 4% from the previous quarter. The S&P 500 ETF ranked fourth with about 1.84 million shares with a market value of about $695 million, or 2.95 percent of the portfolio, down 2 percent from the previous quarter. Coca-Cola ranks fifth with about 10.82 million shares, representing a market value of about $681 million, or 2.88% of the portfolio, down 9% from the previous quarter.
The other top 10 holdings are the iShares S&P 500 ETF, the Emerging Markets ETF Vanguard MSCI, PepsiCo, Costco and Wal-Mart.