Bridgewater Associates posted losses in its Pure Alpha funds
last month. Pure Alpha II fell 2 percent in April, cutting its
gain for the year to just 0.28 percent. Pure Alpha I, a lower
volatility version of the main macro fund, fell 1.2 percent in
April and is now up just 0.37 percent for the year to date. As
is usually the case,
Bridgewater’s All Weather risk parity fund
moved in the opposite direction, rising 1.4 percent in April
and extending its gain for the year to 5 percent.
Facebook, the most widely-held hedge fund stock, reported
quarterly earnings that beat consensus forecasts by nearly 20
percent. It also reported that daily monthly active users were
up a better-than-expected 17 percent. Shares of the social
media pioneer were up less than 1 percent in after-hours
trading. The stock is up about 32 percent this year alone.
Shares of Tesla fell more than 1 percent in after-hours
trading after the electric car and solar company beat
expectations for revenues but reported a much wider loss than
expected. The stock is a high profile short position of
Greenlight Capital. However, with Wednesday’s
closing price of $310.76, the shares are only slightly below
their all-time high.
Adage Capital Management disclosed it owns 1.85 million
shares of SteadyMed, or 9.61 percent of the specialty
Shares of highly volatile drug maker
Valeant Pharmaceuticals International fell nearly 5
percent, to close at $9.80.