Dalio's Bridgewater Pure Alpha Fund Up 1.97% MTD, + 9.7% YTD

Nov 25 2015 | 5:26pm ET

One of the flagship funds at Ray Dalio’s Bridgewater Associates is up 1.97% for the month so far and 9.5% YTD.

Bridgewater’s Pure Alpha, which is managed by Dalio, Robert Prince and Greg Jensen, is a macro fund that seeks to generate positive returns in most economic environments through investments that take advantage of broad macroeconomic themes visible in stocks, bonds, commodities and currencies.

Pure Alpha has around $81 billion in assets under management. A sub-strategy of the fund, Pure Alpha Major Markets, is up 4% for the month and 14.8% YTD, according to Reuters. It manages approximately $15 billion. In comparison, the average global macro hedge fund is down between 1.3% and 1.7% year-to-date, depending on the industry benchmark.

Bridgewater’s All Weather Fund, meanwhile, is down 1.10% so far this month and -4.5% YTD. The $70 billion All-Weather fund is long-only and doesn’t hedge its portfolio. Instead, as a so-called risk-parity vehicle, it protects against market swings by actively allocating across global stocks, bonds and currencies.

Such funds typically rebalance portfolio exposure daily based largely on volatility, making the measure an important portfolio management element. Accordingly, this year has been particularly challenging for the fund. 

Bridgewater is the world’s largest hedge fund manager, with $155 billion in assets under management.

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