Bridgewater Adds to U.S. Stock ETF, Cuts Emerging Market Holding

Bridgewater Associates LP added shares in an ETF that tracks the U.S. stock market last quarter while cutting holdings of an emerging market ETF.

The hedge fund added 1.05 million shares of the SPDR S&P 500 ETF and the value of its stake increased by $230.3 million to $3.4 billion as of March 31, according to a quarterly filing with the Securities and Exchange Commission.

Bridgewater cut its investment the Vanguard FTSE Emerging Markets ETF by 4.21 million shares, leaving 112 million shares valued at $4.6 billion.

The firm liquidated its $15.2 million investment in US Steel Corp., selling 569,965 shares.

Bridgewater’s disclosed equity holdings rose in value by 2.4 percent to $12.83 billion during the quarter, a period when the Standard & Poor’s 500 Index of U.S. equities rose 0.4 percent.

The firm owned shares in 328 companies at the end of the quarter and 90 of them were newly reported, led by a $23.4 million stake in Coca-Cola Co. and a $13.9 million holding in Cisco Systems Inc.

Money managers who oversee more than $100 million in equities in the U.S. must file a Form 13F within 45 days of each quarter’s end to list those stocks as well as options and convertible bonds. The filings don’t show non-U.S. securities, holdings that aren’t publicly traded, or cash.