In a recent disclosure, Bridgewater Associates, the hedge fund led by billionaire Ray Dalio, revealed a significant surge in its holdings of chipmaker Nvidia (NASDAQ: NVDA) by a staggering 458% by the close of last year. The fund also diversified its investments by increasing exposure to other key players in the tech sector, often referred to as the “Magnificent Seven,” which have been instrumental in propelling market gains.
Bridgewater’s stake in Nvidia, the world’s leading chipmaker, surged to 268,489 shares, valued at $133 million as of December’s end. Nvidia’s remarkable performance, with shares soaring 47% throughout the year, momentarily propelled it ahead of Google-parent Alphabet (NASDAQ: GOOGL) in market capitalization, securing its position as the third-largest U.S. company, boasting a market cap exceeding $1.8 trillion.
Additionally, Bridgewater acquired approximately 500,000 new shares in Alphabet, bringing its total holdings to 2 million shares by the close of the fourth quarter, valued at $286 million. The hedge fund also expanded its position in Meta (NASDAQ: META), reaching 666,059 shares, while initiating a relatively smaller position in Apple (NASDAQ: AAPL), acquiring 1,109 shares. Its exposure to Microsoft (NASDAQ: MSFT) remained steady at 197,732 shares.
These investment maneuvers were disclosed in 13-F filings, providing insights into the holdings of typically secretive hedge funds and institutional investors, albeit with a retrospective view.
While Alphabet shares have seen a 4% increase year-to-date, Meta’s have surged by 33%. In contrast, Tesla (NASDAQ: TSLA) and Apple have experienced declines of 24.6% and 5%, respectively, since the beginning of the year.
Bridgewater also augmented its holdings in Eli Lilly (NYSE: LLY), a prominent manufacturer of new weight-loss drugs, which have gained significant traction in the market. The fund added 255,619 new shares of Eli Lilly in the last quarter of 2023, bringing its total holdings to 317,586 shares, as the company’s stock surged by 29% throughout the year.