Bridgewater Associates fully exited its positions in US-listed Chinese equities during Q2, offloading roughly $1.5bn worth of shares in 16 companies and two China-focused ETFs, according a report by Reuters citing the firm’s latest 13F filing.
The move marks a sharp pivot from one of the world’s largest hedge funds, historically known for its bullish stance on China.
Major disposals included 5.7m shares of Alibaba, 2.8m shares of JD.com, and 2m shares of Baidu. The Connecticut-based manager, founded by billionaire Ray Dalio, simultaneously increased allocations to US tech heavyweights Nvidia, Alphabet, and Microsoft.
The repositioning comes against a backdrop of ongoing US–China trade hostilities, with President Trump imposing tariffs of over 100% on Chinese imports in April, prompting retaliatory measures from Beijing. The dispute, coupled with mounting concerns over potential forced de-listings of Chinese firms from US exchanges, has rattled global markets and driven a risk-off shift among investors.
Bridgewater’s retrenchment applies only to its US-listed China exposure; the filing does not cover positions in Hong Kong or mainland A-shares. The firm’s onshore China fund, launched in 2018, still manages around RMB50bn ($6.96bn).
