Most Macro Funds Had a Good First Quarter. Not Bridgewater.

Caxton, Discovery, and Tudor posted gains while the world’s largest hedge fund firm once again ended up in the red.

Ray Dalio, founder of Bridgewater Associates. (Peter Foley/Bloomberg)

Ray Dalio, founder of Bridgewater Associates.

(Peter Foley/Bloomberg)

It looks like a repeat of 2020 for certain macro funds.

Ray Dalio’s Bridgewater Associates is once again in the red while most of its larger, well-known competitors enjoyed a healthy first quarter, benefitting in part from shorting treasuries as interest rates continued to rise.

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