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NEW YORK (
Bridgewater Associates, one of the world's largest and best-performing hedge funds, bet on U.S. insurance company stocks and a fund that tracks Brazilian stocks in the second quarter, according to
Bloomberg data based on a 13F filing released Friday.
Though Bridgewater manages some $120 billion in assets, it has just $6.7 billion in U.S.-listed stocks, according to the
Bloomberg data. The bulk of that is in broad-based exchange-traded funds that track U.S. and emerging-market stocks. Bridgewater's top three holdings, totaling nearly 80% of its U.S.-listed stock portfolio, are three exchange-traded funds, the
SPDR S&P 500(SPY),
Vanguard MSCI Emerging Market(VWO) and
iShares MSCI Emerging Markets Index(EEM).
While individual company bets are comparatively small, insurers stood out.
Bridgewater, managed by investor Ray Dalio, increased its stake in
MetLife(MET - Get Report) to $15 million, making the life insurer its largest holding among U.S.-listed financial sector stocks. It also added to stakes in
Hartford Financial Services Group(HIG),
Prudential Financial (PRU) and
Bridgewater also established new positions in
Unum Group(UNM - Get Report),
Allstate(ALL - Get Report),
Marsh & Mclennan(MMC) and
It did not decrease its stake in any insurers, though it did sell out of small stakes in
Principal Financial Group (PFG),
Genworth Financial(GNW) and
Bridgewater's biggest single new purchase was a $103.5 million stake in
iShares Brazil(EWZ), followed by a $12.23 million stake in
Cliffs Natural Resources(CLF).
-- Written by Dan Freed in New York.
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