Bridgewater Bets Hundreds Of Millions On Gold

Ray Dalio, Chairman and Co-Chief Investment Officer, Bridgewater Associates.

Bridgewater Associates, the famous hedge fund led by billionaire Ray Dalio, invested more than $400 million in gold in the second quarter of this year, as indicated by filings. Investing via exchange-traded funds, Bridgewater during the quarter bought 1.4 million shares in the SPDR Gold Shares ETF and 4.1 million shares in the iShares Gold Trust. Altogether, the two positions equate to 170,000 ounces of gold at current prices.

According to filings, Bridgewater's total equity assets now stand at $6 billion. The hedge fund, which manages well over $100 billion for investors, suffered sizeable losses as the coronavirus pandemic affected markets globally. It's such that the value Bridgewater's assets fell from $163 billion at the end of February of this year to $138 billion at the end of April due to losses and investors pulling out their money from the company's funds. According to the Wall Street Journal, Bridgewater recently laid off several dozen employees across the firm, an unusually large cut for the company that's likely as a result of suffered losses.