Opinion Performance

Whale Watch: Q1 2013


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

  A Bridgewater management committee meeting in 2011 (Photo: Michael Edwards)

1. Bridgewater Associates

Bridgewater Associates started 2013 with more assets than ever--$83 billion in hedge funds alone and $130 billion overall--but its recent middling performance has continued. Its flagship macro hedge fund, Bridgewater Pure Alpha Trading Company II, is down 0.93% through March following a virtually flat 2012 (up 0.80%; full data here). The firm managed $84.3 in hedge fund assets as of March 31.

That performance is in spite of a generally correct bullish call early in the year. In January, founder Ray Dalio told