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Delivering Alpha: Where Fund Managers Are Placing Their Bets

PART:
1 2 3 4 5 6
Part 2
Delivering Alpha: Where Fund Managers Are Placing Their Bets PART 2 OF 6

A Look at Bridgewater Associates’ Largest Holdings in 2Q17

Ray Dalio’s largest holdings in 2Q17

Ray Dalio’s Bridgewater Associates has made large investments in various ETFs in 2Q17. The top five holdings of Bridgewater Associates in 2Q17 are the Vanguard FTSE Emerging Markets ETF (VWO), the iShares MSCI Emerging Markets ETF (EEM), the SPDR S&P 500 ETF (SPY), the iShares Core MSCI Emerging Markets (IEMG), and the iShares MSCI Brazil Capped ETF (EWZ).

A Look at Bridgewater Associates’ Largest Holdings in 2Q17

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These ETFs represent nearly 29.5%, 21.4%, 21.3%, 3.2%, and 2.0%, respectively, of the Bridgewater Associates’ portfolio in 2Q17. Ray Dalio is optimistic about emerging markets. The strong holdings in major emerging market ETFs suggest that his firm has a positive outlook on the emerging economies.

The firm invested in ETFs such as the EEM, the iShares TIPS Bond ETF (TIP), the iShares 20+ Year Treasury Bond ETF (TLT), the iShares JP Morgan USD Em Mkts Bd ETF (EMB), and the iShares iBoxx $ High Yield Corp Bd ETF (HYG).

Emerging nations versus developed nations

Emerging markets have outperformed major developed nations (EFA) so far this year. The iShares MSCI Emerging Markets ETF (EEM), which tracks the performance of emerging markets, rose nearly 28.6% on a year-to-date basis as of September 15, 2017. The SPDR S&P 500 ETF (SPY), which tracks the performance of the S&P 500 Index, rose nearly 10.6% during the same period.

In the next part of this series, we’ll analyze Jim Chanos’s view on the market rally.

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