Despite Connecticut hedge fund executive David McCormick‘s best efforts to try to distance himself from his former boss Ray Dalio on China and posture as a “China hawk” (baseless TV ad fearmongering and all), a new MarketWatch report highlights that, under McCormick’s leadership, Bridgewater Associates actually “boosted its bet on Chinese companies in the fourth quarter” on 2021.
It’s just the latest evidence — whether on outsourcing and offshoring, Buy American requirements, or business dealings with China — that David McCormick’s campaign trail rhetoric is completely at odds with his actual track record.
Market Watch: Ray Dalio’s Bridgewater boosts its bets on China
By Steve Goldstein, 2/15/22
- “The world’s biggest hedge fund boosted its bet on Chinese companies in the fourth quarter.”
- “The latest 13-F filing from Bridgewater Associates shows the firm boosted the number of shares it’s held in Alibaba BABA, 2.69% by 29% in the fourth quarter, to take its holding in the Chinese internet services giant to the eighth highest spot in its portfolio.”
- “Bridgewater also boosted its stake in JD.com JD, 2.46% by 33%, in Pinduoduo PDD, 2.15% by 38%, in Baidu BIDU, 2.34% by 23%, and in Chinese electric vehicle maker Nio NIO, 4.85% by 8% in the fourth quarter.”
- “Bridgewater also indirectly owns a number of Chinese companies through its third-largest holding, Vanguard’s emerging-markets fund VWO, 1.61%, though the firm reduced its holding in that and two similar emerging-markets ETFs in the fourth quarter.”
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