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Bridgewater’s flagship hedge fund has returned more than 30% through the first half of 2022 as elevated volatility created a golden opportunity for outperformance, according to a person familiar with the return. The firm’s Pure Alpha II fund climbed 4.8% in June, pushing its 2022 gains through the end of June to 32.2%, the person said. The S & P 500 dropped 19.9% during the same period. This year stellar performance brought the fund’s annualized return since inception in 1991 to 11.4%, the person said. The market has had a tumultuous ride this year with the S & P 500 suffering its worst first half since 1970. The equity benchmark has tumbled into a bear market as recession fears intensified on the back of the Federal Reserve’s aggressive rate hikes to tame surging inflation. The macro flagship fund enjoyed gains in a number of asset classes, including nominal bonds, short rates, equities, commodities, sovereign and corporate credit and developed market currencies, the person said. The fund did post small losses in trading of inflation-linked bonds and emerging market currencies, the person said. Ray Dalio’s hedge fund firm manages about $150 billion in assets. Bloomberg News first reported the Bridgewaterreturns.
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