"Bridgewater's Flagship Fund Takes Bearish Stance as US Stock Rally Fizzles"
Bridgewater Associates' flagship fund, Pure Alpha, had a bearish view on US stocks and Treasuries in late July, just as the rally in the benchmark S&P 500 was about to lose steam. The hedge fund, founded by Ray Dalio, was moderately bearish on US stocks and bonds, and had bearish positioning in 15 out of 28 assets analyzed, including the US dollar, metals, and global equities. The fund's top two bullish bets were on the euro and the Singapore dollar. Bridgewater's Pure Alpha 12% volatility fund gained 2.5% so far this year, while the Defensive Alpha fund rose 2.1%.