Ray Dalio's Flagship Hedge Fund Has Fallen 6% This Year
- The macro-focused Pure Alpha fund is down 6% this year
- Bridgewater’s risk-parity All Weather fund is a bright spot
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The flagship fund at Bridgewater Associates is missing out on the rebound that some macro managers are enjoying this year.
The Pure Alpha fund at Ray Dalio’s firm has tumbled about 6% through Aug. 23. The losses were fueled by bearish wagers on global interest rates, according to a person familiar with the matter. The fund, which bets on macroeconomic trends, is trailing the 13% return for the MSCI World Index. A more levered version of the flagship fund, Pure Alpha II, was down about 9% in that time.