REAL TIME PRICE
EXTENDED HOURS
Day’s Range | - |
52 Week Range | - |
Drug Stores and Proprieta... |
Ben Ward
After graduating from college, Ben Ward began his career as a buy-side analyst in the hedge fund industry. His passion for uncovering hidden gems in this space quickly became evident, as the stocks picked focused primarily on the small-cap segment of the market. Ben discovered Fintel in early 2022, intrigued by the platform's unique approach and advanced analytics capabilities and ended up joining as a journalist for the group.
Bridgewater Reduces Emerging Markets Exposure And Backs More US Large Caps
Discusses the funds largest trades during the quarter
Bridgewater is a North American hedge fund based in Westport, Connecticut and was founded by investor Ray Dalio. The fund is currently run by Co-CEO Nir Bar Dea and Mark Bertolini and Co-CIOs Bob Prince and Greg Jensen.`
The fund currently has 985 positions according to SEC filings.
The largest 10 positions by currently held in the fund by size are:
- (US:PG) Procter & Gamble Co
- (US:JNJ) Johnson & Johnson
- (US:IEMG) Ishares Emerging Markets ETF
- (US:SPY) SPDR S&P 500
- (US:KO) Coca-Cola Co
- (US:IVV) Ishares Core S&P 500 ETF
- (US:VWO) Vanguard Emerging Markets ETF
- (US:PEP) PepsiCo
- (US:COST) Costco
- (US:WMT) Wallmart
The fund's assets are heavily weighted towards US large camp conglomerates that are producing fast moving consumer goods (FMCG) with sticky revenue generation. These businesses are profitable and will tend to perform better in a market downturn when compared to higher growth businesses with lower cash flow generation.
Two of the ETF’s in the top 10 holdings are invested in emerging market equities that typically produce higher return opportunities in bullish growth markets but suffer more in times of global economic stress as inventors rotate to developed markets in a flight to safety.
A heat map has been included below which illustrates the hedge funds' top 100 positions by size:
Top fund increases during the quarter:
CVS Health (US:CVS) saw the largest flow of accumulation during the quarter with the fund growing its position weight by 0.75% to 1.24% with a $290 million total investment.
The second largest position increase was in iShares Core S&P500 ETF (US:IVV) with a position increase of 0.67% to a 2.73% weight. The IVV ETF is tracking -18% lower over 2022 as the index has rallied 8% over October.
Chinese based agricultural tech firm Pinduoduo’s US ADR listing (US:PDD) was on the top 10 list with a 0.46% growth in portfolio allocation to 1.26%. The stock has experienced very strong institutional accumulation over the last few years explained by a Fintel ownership accumulation score of 88.54. The stock is trading above pre-pandemic levels but well below intra-pandemic highs.
The fund increased its energy exposure with an 0.31% portfolio allocation growth in Exxon Mobil (US:XOM) to an 0.69% weight. The stock is trading at all-time highs but is also making record earnings as oil and gas prices have spiked substantially over 2022. Despite the strength in the share price, XOM continues to trade on a PE ratio below 10x.
Other newer tech and fintech large-caps positions in the portfolio included included payments company Mastercard (US:MA) to a 0.64% weight, Alphabet (US:GOOGL) with an 0.45% weight, Meta Platforms (US:META) with a 0.40% weight and Booking holdings (US:BKNG)
Top fund decreases during the quarter:
During the quarter, the fund reduced its exposure to emerging markets by exiting 3.32% of its weight in iShares MSCI Emerging Markets ETF (US:EEM) to 0.24%, the position in the Vanguard World Emerging Markets ETF(US:VWO) by a 1.5% allocation down to 0.24% and reduced the allocation in the iShares Core MSCI Emerging Markets ETF (US:IEMG) by 0.39% to 3.18%
Chinese e-commerce firms Alibaba (US:BABA) and JD.com (US:JD) were also on the list with both position weights of 3.28% and 0.5% were sold completely.
The fund reduced its Gold position in ETF SPDR Gold Trust (US:GLD) by 0.6% to an 0.93% weight. The ETF performed well during the pandemic as investors bought into the commodity as a ‘safe haven’ investment. During 2022 the ETF’s price began to unwind with the price declining 9% so far.
Other sales included retailer Costco (US:COST) to a 2.45% weight and global chemical company Linde PLC (US:LIN) to a mere 0.06% weight.
Stories by Ben Ward
Has nCino Finally Bottomed Out After 3-Year Collapse? Is it A Buy? Fintel Digs Deep To Find Out
nCino's (US:NCNO) recent second-quarter report gave investors something to cheer about, stoking a 10% price surge in Wednesday’s trading.
The Grayscale Effect: How One Ruling Could Reshape the Crypto ETF Landscape
In a pivotal decision that has sent shockwaves throughout the cryptocurrency and asset management sectors, the U.
10 CEOs Showing Conviction With Personal Capital After This Reporting Season
The month of August has always been a harbinger of revelations, as many companies unveil their mid-year financial results.
Heico Shares Looks Set to Fall Despite Q3 Earnings Beat: Fintel Dives Deep to Find Out Why
Shares of Heico (US:HEI), the world's largest independent manufacturer of FAA-approved jet engine and aircraft component replacement parts, dipped 5.
Behind the Hedge: Starboard Value's Q2 Biggest Hits Included Algonquin, Vertiv, Wix
In the world of activist investing, few names resonate as powerfully as Jeffrey Smith's Starboard Value.
Fabrinet Rally Shows Power of AI Growth Hype and NVIDIA's Coattails
Fabrinet (US:FN) shares soared in an impressive 40% rally, following the company's fourth quarter results released earlier this week, beating expectations on remarkable AI-driven datacom growth.
Big Tech Drives Adage Capital's June Quarter Gains as Boston Fund Cut Midwest Bank Positions
Tucked away in the heart of Boston's financial district, Adage Capital Management recently unveiled its trading report for the June quarter.
Avnet’s Beat Tops the Pack. Was the Quality of the Results Enough to Justify the Rally?
Global electronics component distributor Avnet (US:AVT) posted fiscal fourth quarter 2023 results that surpassed market expectations, sending its stock 8.
Depending on Who Sculptor Capital's Investors Believe, Rithm Capital's Offer Could Make Sense
In a significant turn of events surrounding the proposed acquisition of Sculptor Capital Management (US:SCU) by Rithm Capital (US:RITM), activist investor Daniel Och from Willoughby Capital and his group of investors have publicly voiced their disapproval, setting the stage for a potentially contentious transaction battle.
Cohen’s Point72 Cuts Broadcom, Meta, Google to Push Into Microsoft, NVIDIA and Micron
Hedge fund Point72 Asset Management recently unveiled its trading report for the June quarter.