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Ray Dalio Benedicte Gravrand, Opalesque Geneva:
Bridgewater's Pure Alpha fund, the world's biggest hedge fund with around $72bn in AuM, returned 0.9% (gross of fees) in the fourth quarter (Q4) of 2011, bringing the performance for the year to 36.4%, according to documentation obtained by Opalesque. The Strategy has annualised 22.2% since December 1991, and the fund has annualised 20% since its May 2005 inception.
In Q4, the fund's largest gains came from positions in US equities, the Indian rupee, and oil. The biggest losses came from its positions in gold, and the euro and Australian dollar crosses.
Bridgewater Associates is an American investment management firm founded by Ray Dalio, in a small apartment, in 1975. The Westport, Connecticut-based firm, which uses a global macro investment style, serves mainly institutional clients and manages around $120bn. In both 2010 and 2011, it ranked as the largest and best-performing hedge fund manager in the world, according to the firm's website.
The Texas Teacher Retirement System acquired a stake worth $250m in Bridgewater last month. This move was part of Dalio's plan to reduce his 60% stake in the firm to about 20% over the next 10 years.
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