Bridgewater Associates erased most of the returns it notched through this year’s first three quarters, ruining what was shaping up to be the hedge fund giant’s best annual performance in more than a decade.
The Pure Alpha fund tumbled about 13% in the fourth quarter through November, cutting its year-to-date gain to 6%, according to people familiar with the matter. It had surged 22% as of the end of September, putting it on track for its best year since 2010, when it rose about 27%.
