The Morning Brief: Bridgewater’s Pure Alpha Funds Down in April

May 04, 2017   Stephen Taub

The hedge fund firm simultaneously posted gains in its risk parity funds during the month.

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 pharmaceutical company.


Shares of highly volatile drug maker Valeant Pharmaceuticals International fell nearly 5 percent, to close at $9.80.

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