Qiaoshui's big move to adjust positions in Q1: Alibaba (BABA.US) positions skyrocketed 21 times, and Nvidia (NVDA.US) positions were reduced

Zhitong Finance App learned that the world's largest hedge fund Bridgewater Associates (Bridgewater Associates) made significant adjustments to its portfolio in the first quarter of 2025, according to the 13F regulatory documents recently disclosed by the US Securities and Exchange Commission (SEC). According to information, this asset management giant founded by Ray Dalio is developing operations in various fields such as technology, consumption, and finance.

First, the Qiaoshui Fund significantly increased its holdings of streaming media giant Netflix (NFLX.US) by 30,500 shares, while reducing its holdings of semiconductor equipment leader Fanlin Group (LRCX.US) by 570,000 shares to 1.96 million shares, and its holdings in chip giant Nvidia (NVDA.US) also decreased by 660,000 shares to 2.84 million shares.

Notably, Qiaoshui's adjustments to technology stocks showed the characteristics of “old and new alternation” — while reducing its holdings in traditional hardware suppliers, it maintained a stable position on cloud computing infrastructure service providers. For example, the fund's holdings in payments giant PayPal (PYPL.US) increased 52.5% month-on-month (from 2.36 million shares to 3.6 million shares) and increased its holdings with cloud service provider Microsoft (MSFT.US) by 21.3% (from 667,000 shares to 809,400 shares).

In addition, the Qiaoshui Fund increased its holdings of United Airlines (UAL.US) by 1.53 million shares in the aviation sector, increased its holdings of Anda Insurance (CB.US) by 272,400 shares in the insurance sector, and increased its holdings in Goldman Sachs (GS.US) in the investment banking sector by 95,100 shares.

In the consumer sector, the fund's holdings in e-commerce giant Alibaba (BABA.US) exploded, surging from 255,000 shares at the end of last year to 5.66 million shares, an increase of more than 21 times, but at the same time, it cleared all of the holdings of cosmetics retailer Ulta Beauty (Ulta.us).

In the healthcare sector, Qiaoshui Fund completely withdrew from the holdings of the four healthcare companies 3M (MMM.US), Amgen (AMGN.US), Herbalife (HLF.US), and TEVA.US (TEVA.US). In contrast to this, the continued increase in technology stocks. This industry allocation adjustment reflects the fund's strategic focus on consumer recovery and the technological innovation circuit in the post-pandemic era.

In terms of traditional industrial layout, Qiaoshui's holdings of Microsoft increased from 667,000 shares to 809,400 shares, but its holdings of e-commerce giant eBay decreased by 450,000 shares to 1.33 million shares, indicating its internal structural adjustments to technology stocks. It is worth noting that in the financial sector, the fund has adopted a strategy of “increasing the head of its holdings and reducing its holdings at the end”. While increasing its positions in Goldman Sachs, it remains cautious about the allocation of regional financial institutions.

Overall, this position adjustment reveals the three major investment logics of the Qiaoshui Fund: one is to bet on the structural opportunities of technology stocks brought about by the acceleration of digital transformation; the second is to be optimistic about the resilience of the aviation and payment sectors in the context of consumer recovery; and the third is to optimize the risk-return ratio of the portfolio through increased industry concentration.