Billionaire Ray Dalio’s Bridgewater Associates has divested both BlackRock ( BLK ) and two US banks, while shifting capital to four high-flying names.
Bridgewater’s 13F filing from the US Securities and Exchange Commission (SEC) demonstrations that in Q1 of this year, the company sold its remaining 4,581 BLK shares which were previously worth $4.903 million.
On top of BlackRock, the firm also dropped its stake in Capital One (COF) in Q1, selling 157,774 COF shares valued at $38.238 million. And Bridgewater shed all of its holdings in Cadence Bank (CADE), unloading 436,720 shares of CADE worth $18.709 million.
Looking on the buy side, Bridgewater opened a new position in semiconductor foundry Tower Semiconductor (TSEM) during the quarter ended March 31st. The hedge fund acquired 462,725 TSEM shares worth $81.198 million. TSEM is trading at $269.88, representing a 129% gain so far this year.
Bridgewater has launched a new division in semiconductor assembly and test (OSAT) service provider ASE Technology Holding Co (ASX). In Q1, the hedge fund acquired 1,547,859 ASX shares valued at $33.557 million. The ASX is trading at $41.82, up nearly 160% on the year.
Bridgewater’s other new position in Q1 is leading fiber-optic networking product provider Applied Optoelectronics (AAOI). The company acquired 223,935 AAOI shares worth $18.942 million. AAOI is trading at $138.54, which represents a 103% increase this year.
And Bridgewater opened a new position in the energy platform Hut 8 Corp (HUT), buying 245,659 HUT shares valued at $ 11.523 million. HUT is trading at $117.68, up 156% year-to-date.
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