Bridgewater Associates, the largest hedge fund firm in the world, has posted modest, positive returns this year as others that bet on macroeconomic trends have faltered.
Bridgewater's largest hedge fund, Pure Alpha II, fell 0.41 percent in March but is up 2.36 percent over the first three months of the year, according to two sources with knowledge of the performance. Pure Alpha I, a similar strategy that is designed to be less volatile, also fell 0.24 percent in March and gained 1.59 percent in the first quarter.
Bridgewater's Pure Alpha funds bet on dozens of different global markets at once, including stocks, bonds, interest rates and currencies.
The winning percentage for all bets in March was 55 percent, according to an investor in the fund. The largest winner for the month was developed market currencies, which gained 0.40 percent. The fund also gained 0.20 percent on stocks. Losers for the month included emerging market currencies (down 0.30 percent) and commodities (down 0.20 percent), according to the investor. Most other bets were "flat," meaning they did not gain or lose much money.