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Morning Brief: Bridgewater's Funds Produce Mixed Results in April

Bridgewater, the world's biggest hedge fund firm, posted gains in one strategy but losses in another.

Ray Dalio’s Bridgewater Associates posted mixed results in its main funds in April. Pure Alpha II, also known as Pure Alpha 18 percent, fell 1.08 percent last month, trimming its gain for the year to 4 percent. Pure Alpha I, also known as Pure Alpha 12 percent, was flat for the month and remained up 3.4 percent for the year. All Weather, its risk parity fund, rose 1 percent for the month, trimming its loss for the year to 0.51 percent. It is not known what trades accounted for these moves.


Shares of Apple, the fifth-most-popular hedge fund stock, surged nearly 4 percent, to $183.83, after Warren Buffett’s Berkshire Hathaway bought an additional 75 million shares of the maker of the iPhone and iPad. It was already his largest U.S. long holding at year-end, with more than 165 million shares after boosting his stake by nearly one-quarter. "It is an unbelievable company," Buffett told CNBC. "If you look at Apple, I think it earns almost twice as much as the second-most profitable company in the United States."


Shares of hedge fund favorite Alibaba Group Holding surged 3.55 percent, to close at $188.89, after the Chinese e-commerce giant reported quarterly revenues that exceeded expectations. At year-end it was the eleventh-most popular stock among hedge funds.


Saba Capital Management sold nearly 600,000 shares of Credit Suisse Asset Management Income Fund, reducing its stake in the closed-end mutual fund to 5.95 percent.

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