Ray Dalio, laminitis of Bridgewater Associates LP, speaks during the Greenwich Economic Forum successful Greenwich, Connecticut, US, connected Tuesday, Oct. 3, 2023.
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Hedge money elephantine Bridgewater Associates divested from U.S.-listed Chinese stocks successful the 2nd quarter, signaling a wide pullback from the marketplace amid rising geopolitical strains and weakening capitalist assurance successful China's economical prospects.
According to its latest quarterly update to the U.S. Securities and Exchange Commission — known arsenic 13F — connected Wednesday, the money closed retired stakes successful respective Chinese companies, including large names similar Baidu, Alibaba, JD.com, PDD Holdings, Nio, Trip.com Group, and Yum China. Other names see Qifu Technology and Ke Holdings.
The hedge money besides reduced its involvement successful Apple, but accrued its Microsoft and Nvidia holdings.
Longtime China bull Ray Dalio, who founded Bridgewater Associates, had antecedently defended his investments successful China. Last April, Dalio flagged Beijing's struggle with the U.S. and depressed prices among cardinal challenges plaguing China's economy, but noted that the problems were "manageable by Chinese leaders if they bash their jobs well."
In April this year, the billionaire capitalist called for a rebalancing in U.S.-China relations, arguing that commercialized imbalances person hollowed retired U.S. manufacturing. He besides urged some sides to scope a woody to "engineer large reductions successful these imbalances."
As of the commencement of August, Dalio sold his remaining involvement successful Bridgewater and stepped distant from the board, but remains a mentor to the hedge fund's concern team.
The developments travel arsenic the tariff truce betwixt Washington and Beijing was extended by different 90 days connected Monday. Without the pause, U.S. tariffs connected Chinese goods were acceptable to spell up to 145%, portion Chinese duties were acceptable astatine 125%. The existent levy connected Chinese imports to the U.S. stands astatine 30%, portion U.S. exports to China volition incur a 10% tariff.
Bridgewater did not respond to a petition for comment.
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