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Ray Dalio’s Bridgewater cut 10 Chinese stocks including Xpeng, TSMC amid third-quarter exodus by hedge funds
- Bridgewater, the world’s largest hedge fund, has scaled back its positions in Chinese companies, shrinking its holdings by 60 per cent since September 2022
- Dalio expects a ‘more behind-the-scenes, Cold War-style great power conflict’ between China and US
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Bridgewater Associates pruned its bets on Chinese stocks last quarter to join a record exodus of global funds from the market this year as China’s economic recovery falters. It also exited Taiwan Semiconductor Manufacturing Company (TSMC) amid the US-China tech war.
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Bridgewater, the world’s biggest hedge fund, trimmed its holdings of US-listed Chinese stocks during the three months ending on September 30 by completely getting out of 10 stocks, including electric vehicle (EV) makers Xpeng and Li Auto and biopharma players HutchMed and BeiGene, according to its latest 13F filing overnight in New York.
The money manager, founded by China bull Ray Dalio, also reduced its depositary shares in 16 other stocks, including EV maker Nio, Pinduoduo e-commerce platform owner PDD Holdings, online lender Lufax Holdings, fast-food chain Yum China, hotel operator H Group and travel operator Trip.com.
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Bridgewater sold its remaining shares in chip maker TSMC and its US peer, Micron, before the global tech war worsened with a lawsuit in the US. It also cut its stake in Sea Ltd, as the Singapore-based e-commerce group struggled to grow its business and withdrew from some unprofitable markets.
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