Whale Watch: Q2 2013

By Lawrence Delevingne, Rob Copeland

Tue Jul 23, 2013

Absolute Return's regular look at what the five largest American hedge fund firms did during the past quarter: Bridgewater, J.P. Morgan, Och-Ziff, Baupost, BlackRock.

Ray Dalio
(Photo: Bloomberg)
1. Bridgewater Associates

Bridgewater further established its position as the largest hedge fund firm in the world, swelling to $150 billion under management and 1,400 personnel.

While many media reports noted flagship hedge fund's first half loss (Pure Alpha II fell 1.22% through June), the macro shop has rebounded in July. The fund is now up 2.3% net of fees through July 15, according to a person familiar with the returns. It's also up 5% in the past 12 months and has produced a net annualized return of 13.6% since inception in 1991.

That's not to say the first half wasn't difficult. Pure Alpha II fell 3.59% in June alone, the worst monthly performance for the fund since December 2009 when it fell 6.17%, according to the Absolute Return database.

Bridgewater trades dozens of markets at once and investment losses for...

ISSN: 2151-1845 / CDC10004H

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