NEW YORK/BOSTON/LONDON (Reuters) – Bridgewater Associates LP, the Ray Dalio-led hedge fund giant famous for making money during the 2008 financial crisis, has posted mixed returns amid the coronavirus-led market turmoil, according to an investor with direct knowledge of the performance.
Bridgewater’s flagship hedge fund, Pure Alpha II, declined 2.4% over the first six days of March, leaving it down 10.6% for the year, the investor said. Major Markets, another large fund, was also down about 12% for 2020 through March 6, the person said.
Both so-called macro funds, which bet on a broad array of global securities based on macroeconomic trends, generally came into the market correction short bonds and long equities, twin losing bets, the person said. More recent performance was unavailable.
Bridgewater’s All Weather fund fared better with a gain of 2.5% year-to-date through March 6, the investor said. The fund, which practices a so-called risk parity strategy to automatically…