Bridgewater Associates’ flagship macro fund Pure Alpha delivered an 8.1% gain in the third quarter, outperforming the S&P 500 and other major US indexes, according to a report by Reuters citing an unnamed person familiar with the matter.
The fund’s September performance alone was up 6%, compared with a 3.53% rise in the S&P 500 for the month.
Bridgewater’s other macro strategies also posted strong results in Q3, with the Asia Total Return fund jumping 12.1%, the All Weather fund gaining 6.7%, and the China Total Return fund surging 15.7%. Year-to-date through 29 September, Pure Alpha has returned 26.2%, while the Asia Total Return, All Weather, and China Total Return funds delivered 32.5%, 15.3%, and 28.4%, respectively.
The gains come amid continued bullishness in US equities, with investors anticipating further Federal Reserve rate cuts.
Under CEO Nir Bar Dea, who succeeded founder Ray Dalio in 2022, Bridgewater has implemented a strategic overhaul, including restricting new inflows into Pure Alpha and returning some assets to clients to allow greater flexibility in trading. The firm currently manages $92.1bn in assets.
