On Friday, May 13th, US Eastern time, 13F will be released one after another in the first quarter ending March 31, 2021. As an important document for equity asset institutions managing at least $100m to disclose their equity holdings and funds to the Securities and Exchange Commission (SEC), investors usually use 13F as their "investment vane".

The 13F report from BridgeWater Associates, the world's largest hedge fund, shows that overall positions reached $24.8 billion in the first quarter, up 44 per cent from $17.202 billion in the previous quarter, and 33.94 per cent of the top ten heavy stocks. In the quarter, a total of 546 targets were increased, 156 were reduced, 261 were newly built and 24 were cleared.

From the industry point of view, compared with the previous quarter, further bets on health care, consumer goods, etc., reduce financial-related targets.

Among them, the five companies with the highest concentration were Vanguard FTSE Emerging Markets ETF, which accounted for 4.22%, with an increase of 5.91 million shares to 22.7 million shares (market capitalization of US $1.05 billion) in the first quarter, followed by Procter & Gamble Co (Procter & Gamble Co.) Increase its holdings by 1.63 million shares to 6.82 million shares (market capitalization of US $1.04 billion). In addition, the top five heavy stocks / ETF also include leading FTSE emerging Markets ETF, iShares core MSCI emerging Markets ETF, iShares MSCI emerging Markets ETF, and SPDR S & P 500ETF Trust.

In the first quarter, Qiaoshui Fund made long positions in Berkshire Hathaway Class B stocks, Newmont, Caterpillar Inc, Southern Copper, etc., and increased its holdings in iShares MSCI emerging Market ETF, iShares core MSCI emerging Market ETF, leading FTSE emerging Market ETF, BABA ADR, Coca-Cola Company, leading FTSE emerging Market ETF, Walmart Inc, PepsiCo Inc and other 547 stocks or ETF.

Bridge Water Fund in the first quarter cleared Tesla, Inc., Verizon, AutoZone and other 24 stocks; reduced holdings of Home Depot, Lowe's Companies Inc Department Store, iSharesMSCI Mexico ETF and other 156 stocks or ETF.

Earlier in the article on Wall Street, it was mentioned that Qiaoshui bid farewell to the "defeat" two years ago and "unexpectedly" led 10 billion private equity. The net value of Qiaoshui's Chinese products rose 4.58% in the year to March 24, significantly outperforming its domestic hedge fund counterparts. Qiaoshui's top products on Wall Street also received good news, with a profit of 16% in the first quarter, and immediately announced that it was no longer allowed to apply for purchase.

Two years ago, Qiaoshui Fund was a failure, with a 23 per cent decline in net worth in the first quarter of 2020 and the lowest performance in the global hedge fund market at the end of the year. The turnaround stems from its recent earnings and is related to short-selling interest rate futures in the US, Europe and the UK, with a winning rate of 61 per cent in the past two years.

Qiaoshui also told investors that since March 2020, the top five asset classes contributing income are commodities, short interest rate futures, nominal bonds, cash (long / short) and equities, with the first three categories contributing more than 10 per cent.

In addition, Dalio wrote an article in May to remind investors that according to the six criteria in its "bubble indicator" to judge the bubble of US stocks-- the position of stock prices relative to traditional standards, the growth rate and price trend of corporate earnings, the number of new investors, market sentiment, the number of leveraged transactions and corporate capital expenditure, American stocks have now come out of the extreme of the bubble, but compared with history. The discount rate for future earnings in US stocks is still high, and bubbles tend to overcorrect rather than return to normal levels.