Ray Dalio's Bridgewater fund sold its Tesla stake last quarter — and placed new bets on GameStop and AMC
- Ray Dalio's Bridgewater Associates sold its Tesla stock, and bet on GameStop and AMC last quarter.
- The hedge fund listed Elon Musk's company among its stock holdings in all four quarters of 2021.
Ray Dalio's Bridgewater Associates cashed out its Tesla stock, and built new stakes in GameStop and AMC Entertainment last quarter, Securities and Exchange Commission filings show.
Dalio is the founder and co-chief investor of Bridgewater, one of the world's largest hedge funds. Bridgewater owned about 25,500 Tesla shares worth $27 million at the end of December, and held the stock in all four quarters of 2021, its previous portfolio updates show.
Elon Musk's electric-vehicle company doesn't feature in its latest filing, indicating the fund exited the position last quarter.
Bridgewater disclosed around 4,100 GameStop shares worth $689,000 as of March 31. The last time it listed the video-game retailer's stock in its portfolio was more than three years ago, at the end of 2018.
The fund owned as many as 3.1 million GameStop shares in March 2018. That position was worth $40 million at the time; it would have briefly been valued at $1.5 billion at the height of the short squeeze on the meme stock in January 2021.
Bridgewater disclosed an AMC stake for the first time in its latest portfolio update. Dalio and his team bought about 27,100 shares of the cinema chain, which were worth $667,000 at the end of March.
The total value of Bridgewater's US stocks rose by 44% to nearly $25 billion last quarter, as the hedge fund expanded its portfolio from 731 holdings to nearly 1,000.
Bridgewater bolstered some of its largest positions last quarter, including Procter & Gamble, PepsiCo, and Johnson & Johnson. Notably, it boosted its Alibaba stake by 75% to nearly 7.5 million shares, worth $814 million at the end of March.