16 October 2009

Bridgewater (not over troubled)

I am sure Galleon LPs are troubled right now and wished they were in Bridgewater instead. Anyway someone asked me to take a quick look at Bridgewater. First off I doubt they still have such a huge position in SPY as the did back in July (>60% of their longs). Here's what else they had. As you can see they don't have really big positions in too many names (except SPY).

Here's how they rearranged their portfolio in June vs March. Today at least they made the right decisions as their old portfolio was down 35bps more than their new one.

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