Billionaire Ray Dalio’s Bridgewater Associates has completely exited its stakes in BlackRock (BLK) and two US banks, while rotating capital into four prominent names.
Bridgewater’s 13F filing with the US Securities and Exchange Commission (SEC) He appears In the first quarter of this year, the company sold its remaining 4,581 BLK shares worth $4.903 million.
In addition to BlackRock, the company also exited its stake in Capital One (COF) in the first quarter, selling 157,774 COF shares worth $38.238 million. Bridgewater disposed of all of its holdings in Cadence Bank (CADE), offloading 436,720 CADE shares worth $18.709 million.
Looking on the buy side, Bridgewater opened a new position in Tower Semiconductor Foundry (TSEM) in the quarter ended March 31. The hedge fund has accumulated 462,725 shares of TSEM worth $81.198 million. TSEM is trading at $269.88, representing an increase of over 129% so far this year.
Bridgewater has also initiated a new stake in semiconductor assembly and test (OSAT) services provider ASE Technology Holding Co (ASX). In the first quarter, the hedge fund acquired 1,547,859 ASX shares worth $33.557 million. The ASX is trading at $41.82, up almost 160% year to date.
Another new position for Bridgewater in the first quarter is a provider of advanced fiber optic networking products for Applied Optoelectronics (AAOI). The company has raised 223,935 AAOI shares worth $18.942 million. AAOI is trading at $138.54, representing a 103% increase this year.
Bridgewater opened a new position in energy infrastructure platform Hut 8 Corp (HUT), purchasing 245,659 HUT shares worth $11.523 million. HUT is trading at $117.68, up more than 156% year-to-date.
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