In this article9987-HK your favorite stocksCREATE FREE ACCOUNTRay Dalio, founder of Bridgewater Associates LP, speaks during the Greenwich Economic Forum in Greenwich, Connecticut, US, on Tuesday, Oct.
3, 2023.Bloomberg | Bloomberg | Getty ImagesHedge fund giant Bridgewater Associates divested from U.S.-listed Chinese stocks in the second quarter, signaling a pullback from the market amid rising geopolitical strains and weakening investor confidence in China's economic spects.According to its quarterly to the U.S.
Securities and Exchange Commission — known as 13F — on Wednesday, the fund closed out stakes in several Chinese companies, including major names Baidu, Alibaba, JD.com, PDD Holdings, Nio, Trip.com Group, and Yum China.
Other names include Qifu nology and Ke Holdings.The hedge fund also reduced its stake in Apple, but increased its Microsoft and Nvidia holdings.Longtime China bull Ray Dalio, who founded Bridgewater Associates, had previously def his investments in China.
Last April, Dalio flagged Beijing's conflict with the U.S.
and depressed prices among key challenges plaguing China's economy, but noted that the blems were "manageable by Chinese leaders if they do their jobs well."In April this year, the billionaire investor called for a rebalancing in U.S.-China relations, arguing that trade imbalances have hollowed out U.S.
manufacturing.
He also urged both sides to reach a deal to "engineer big reductions in these imbalances."As of the start of August, Dalio sold his remaining stake in Bridgewater and stepped away from the board, but remains a mentor to the hedge fund's investment team.
The developments come as the tariff truce between Washington and Beijing was ext by another 90 days on Monday. Without the pause, U.S.
tariffs on Chinese goods were set to go up to 145%, while Chinese duties were set at 125%. The current levy on Chinese imports to the U.S. stands at 30%, while U.S.
exports to China will incur a 10% tariff.Bridgewater did not respond to a request for .