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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.

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. Unlike in 2020, however, Bridgewater’s main funds

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