(Bloomberg) -- When Ray Dalio finally gave up the reins of Bridgewater Associates 18 months ago, he ceded control of the world’s biggest hedge fund to a...
-- When Ray Dalio finally gave up the reins of Bridgewater Associates 18 months ago, he ceded control of the world’s biggest hedge fund to a younger generation. He also left behind a firm confronting restless investors after years of lackluster returns.Investors Spoiled for Choice With Top Ice Cream Makers for Sale
The flagship Pure Alpha fund — known as Pure Alpha II — lost more than 4% in the past four years, while its peers, as measured by PivotalPath’s global macro index, climbed almost 24%. In 2022 and 2023, Pure Alpha notched strong gains, only to reduce or erase them by December of each year. The year 2022 would have been one of Bridgewater’s best annual performances if it hadn’t been for a two-month rout at year-end. This year, the fund jumped 15.8% through March 26 — trouncing an index of macro funds.
When the committee began handling investments in 2020, Bridgewater expanded the number of people who could see the entire model. Now more senior people were privy to ideas that were already in the system, so they knew what might be missing — making it faster and easier to make improvements.In another break from convention, Bar Dea was instrumental in looking outside the firm for investment talent.
The biggest and most public move to cut costs was firing 100 people, or roughly 8% of its staff, in March 2023, including veterans who had been with the firm for decades. In some cases, Bridgewater enforced a longtime policy of mandating two years of unpaid gardening leave even though employees didn’t choose to depart, according to people with knowledge of the firm.
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