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Ray Dalio Consistently Deliver Returns
July 11, 2014
In this article let's take a look at Ray Dalio (Trades, Portfolio), the founder
and majority owner with a 84% stake in Bridgewater Associates
Intermediate Holdings (BAIH), the hedge fund that manages $150 billion in
assets under management. Bridgewater Associates operates as an
international, employee-owned hedge fund manager. It provides its
services to pension and profit sharing plans, pooled investment vehicles,
corporations and governmental entities. Since its inception in 1975,
Bridgewater has generated net gains of $35.8 billion and that success
made this guru the 84th richest person in the world, according to Forbes.
Industry Return
The $2.7 trillion hedge-fund industry posted gains of 1.1% in June. It was the biggest monthly
advance in almost a year. In particular, the equity, multistrategy and macro hedge funds
advanced in 2014. They performed returns of 2.5% for the first half of the year, according to the
Bloomberg Global Aggregate Hedge Fund Index (an index weighted by market capitalization
which tracks 2,269 funds).
Dalios Funds
Bridgewater Associates charges clients a 3% management fee and collects 20% of the profits
for its two primary funds, Pure Alpha I and II. Pure Alpha II rose 1.6% last month and 7.8% in the
first six months of the year and last year the fund returned 5%.
Further, it charges a maximum 0.5% management fee and 10% of profits for its two All Weather
portfolios. The All Weather fund has returned 11.16% year-to-date, according to a report
reviewed by Forbes. In the same time frame, the Standard & Poors 500 index returned 6.1%.
The fund is up 17.01% in the last 12 months.
The All Weather fund consists of funds worth more than $70 billion in assets, with a strategy
which leverages up bond investments in an attempt to balance out portfolios. As it names
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suggests, it is supposed to generate positive performance in every market environment.
Nevertheless, last year the fund was down by about 4%.
Other Hedge Funds Returns
John Paulson (Trades, Portfolio)s fund gained 6.3% in June and a year-to-date return of 11.4%.
Dmitry Balyasny, who manages the $5.8 billion hedge-fund Balyasny Asset Management LP,
posted a 1% June gain in its Atlas Global fund, and a 3.8% year-to-date. Paul Tudor Jones
(Trades, Portfolio) registered a 0.3% gain in June in its BVI Global Fund and a 4.1% loss in the
year. On the other hand, MKP Capital Management LLC, the fund managed by Patrick McMahon,
registered a loss of 0.9% last month and 5.7% year-to-date.
Disclosure: Omar Venerio holds no position in any stocks or funds mentioned.
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