Bridgewater dumps financial institution shares amid turmoil in first quarter -filings By Reuters


© Reuters. Ray Dalio, Bridgewater’s Co-Chairman and Co-Chief Funding Officer speaks in the course of the Skybridge Capital SALT New York 2021 convention in New York Metropolis, U.S., September 15, 2021. REUTERS/Brendan McDermid


By Carolina Mandl

SAO PAULO (Reuters) -Bridgewater Associates, one of many world’s largest hedge funds, offered U.S. financial institution shares within the first quarter because the collapse of regional lenders rattled buyers, in response to regulatory filings.

The agency, based by billionaire Ray Dalio, exited positions in 5 U.S. banking giants: JPMorgan (NYSE:) & Co, Financial institution of America Corp (NYSE:), Wells Fargo (NYSE:) & Co, Goldman Sachs Group Inc (NYSE:) and Morgan Stanley (NYSE:).

It additionally roughly halved its publicity to Citigroup Inc (NYSE:), the filings confirmed.

The bets have been revealed in quarterly securities filings referred to as 13-Fs. Whereas backward trying, these snapshots present what funds owned on the final day of the quarter and are one of many few ways in which hedge funds and different institutional buyers must declare their positions. They might not mirror present holdings.

World hedge funds reduce their publicity to U.S. banking shares to a close to 10-year low in March. They fled after the collapses of Silicon Valley and Signature banks, adopted by UBS’ rapidly organized takeover of rival Credit score Suisse.

Bridgewater didn’t instantly reply to a request for remark.

The agency additionally slashed its positions in smaller banks resembling Financial institution of Hawaii Corp and Pacwest Bancorp (NASDAQ:), in addition to regional lenders PNC Monetary Providers Group (NYSE:), Residents Monetary (NYSE:) Group and Capital One Monetary Corp (NYSE:).

On the finish of December, Bridgewater’s greatest stake in banks was Financial institution of America, valued at $106.2 billion, adopted by $92.8 million in JPMorgan.

Bridgewater was additionally bearish on European banks in March as SVB’s failure fueled fears of contagion. Earlier this month, JPMorgan purchased First Republic Financial institution (OTC:) after the latter firm was seized by U.S. regulators.

The banks index has fallen 15.2% this 12 months.

Bridgewater’s modifications in banks shares, by variety of shares:

Financial institution Q42022 Q12023

JPMorgan 0 692,356

Morgan 0 62,501


Financial institution of 0 3,205,636


Goldman 0 100,908


Citigroup 623,040 1,283,504

Wells 0 1,719,089


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