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Morning Brief: Bridgewater Cuts Bet on Emerging Markets

During the first quarter, the macro investor reduced its bet on two exchange-traded funds that specialize in emerging markets by more than $1.3 billion.

Bridgewater Associates, the world’s largest hedge fund firm, has slashed its exposure to emerging markets in its U.S. stock portfolio, according to a regulatory filing. During the first quarter, the macro investor reduced its bet on two exchange-traded funds that specialize in emerging markets by more than $1.3 billion. The firm halved its stake in the iShares MSCI Emerging Markets Fund and cut its stake in iShares Core MSCI Emerging Markets by 37 percent, according to the filing. To put this into context, Bridgewater’s total U.S. equity portfolio stood at about $10.5 billion at the end of March, down from $12.2 billion at year-end. According to the firm’s website, Bridgewater manages about $150 billion of assets.

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It’s official. Appaloosa Management’s David Tepper is the new owner of the Carolina Panthers professional football team. All it cost him was a cool $2.275 billion, according to an NFL.com report. "I am thrilled to have been selected to be the next owner of the Carolina Panthers," Tepper reportedly said in a statement. "I have learned a great deal about the community and the team over the past several months and look forward to becoming part of the Carolinas.” Tepper, whose hedge funds were up about 13 percent last year, is poised to qualify for the Rich List for the fourteenth time in 17 years when Institutional Investor’s annual ranking is published in the next few weeks. The Pittsburgh, Pennsylvania native will now have to sell his minority stake in the Pittsburgh Steelers. Another hedgie who owns a piece of the Steelers is Discovery Capital Management’s Robert Citrone.

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Tiger Global Management said in a regulatory filing that as of May 7 it had boosted its stake in Sunrun to nearly 9.5 million shares, or 8.7 percent of the solar electricity provider. A recent 13G filing said Tiger Global owned 8.4 million shares of the company on March 29, while its 13F filing shows it held 5.74 million shares at the end of the first quarter.

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