The quarterly report on the position of US stocks released by the asset management agency has always attracted the attention of the market, among which the Qiaoshui Fund, the world's largest hedge fund, is the focus of the audience. In particular, this position adjustment is Qiaoshui's last adjustment under the rule of founder Redalio.

Bridge Water Fund submitted its third-quarter position report 13F to the Securities and Exchange Commission (SEC) on Nov. 10, local time.

Statistics show that by the end of the third quarter, the market value of US stock positions in the Bridge Water Fund reached $19.755 billion, down 16% from $23.598 billion in the previous quarter.

Qiaoshui reduced its holdings of US stocks as a whole in the third quarter.A total of 300 stocks were increased, 61 new stocks were bought, 498 stocks were reduced and 180 stocks were cleared.

As a wholeThe Bridge Water Fund also remained favored in the consumer goods sector in the third quarter, accounting for 39.57% of the total position (including essential and optional consumer goods). The proportion of public utilities and energy stocks also increased, while the share of other industries decreased, and many of the big Walter banks were liquidated.

What is noteworthy is thatQiaoshui Fund increased its stake in Pinduoduo, a popular Chinese stock, in the third quarter.The number of shares increased by 5% month-on-month, ranking 12th among the heavy stocks of the Qiaoshui Fund.

In addition, NIO Inc., a new force in car building, has also won the Bridge Water Fund to increase its holdings.The number of shareholdings increased by 6% in the third quarter compared with the previous quarter. Even if NIO Inc. 's share price fell nearly 28% in the third quarter, it did not hinder the Qiaoshui Fund to increase its position against the trend.

Among the top five heavy stocks, Procter & Gamble Co remained the largest stock in Qiaoshui, although his holdings were reduced.The position is about 6.6155 million shares, with a market capitalization of about $835 million, down 1 per cent from the previous quarter and accounting for 4.11 per cent of the portfolio.

Johnson & Johnson ranks the second largest stock.The position is about 4.7125 million shares, with a market capitalization of about $770 million, up 8% from the previous quarter and accounting for 3.26% of the portfolio.

The third is Pepsi.The position is about 4.0214 million shares, with a market capitalization of about $657 million, up 5 per cent from the previous quarter and accounting for 2.69 per cent of the portfolio.

Coca-Cola Company ranked fourth.The position is about 11.4673 million shares, with a market capitalization of about $642 million, up 5 per cent from the previous quarter and accounting for 2.88 per cent of the portfolio.

Ranked fifth is the core emerging market ETF of Asustek MSCIThe position is about 14.9005 million shares, with a market capitalization of about $640 million, down 2% from the previous quarter and accounting for 3.18% of the portfolio.

The concentration of the top 10 positions in the Bridge Water Fund rose to 32.02% in the third quarter from 29.41% in the previous quarter.

Judging from the change in the proportion of positions, the top five buying targets are: Visa Inc, Oreo manufacturer "global snack kingdom builder"-Mondelez International Inc International, Johnson & Johnson, Pepsi and S & P 500ETF-iShares (IVV).

The top five sellers were medical technology companies Medtronic PLC, JPMorgan Chase & Co, Berkshire Hathaway-B, AT & T, the second-largest US mobile operator, and the SPDR S & P 500 ETF (SPY).

In terms of adding new stocksIn the third quarter, Qiaoshui Fund established a large number of stocks such as Accenture PLC, the world's largest listed consulting firm, Honeywell International Inc, a high-tech company in digital industry, American Tower Corp, one of the largest REITs in the world, BJ Wholesale Club, an American warehouse store, and the insurance agency Avre Group.

In terms of increasing the holdings of individual stocksIn addition to Johnson & Johnson, Pepsi and Coca-Cola Company, which are among the top five heavy stocks, the Bridge Water Fund has also increased its holdings in McDonald's Corp, medical giant Abbott Laboratories and Colgate.

In terms of reductionIn 2008, the Bridge Water Fund reduced its holdings of two emerging market ETF with heavy holdings. Among them, the number of shares held by Asustek MSCI's core emerging market ETF (IEMG) decreased by 2% month-on-month, and the number of shares held by pioneer FTSE emerging market ETF (VWO) decreased by 4% month-on-month, but these two ETF are still among the top 10 US stocks of the Bridge Water Fund.And Qiaoshui also greatly reduced its holdings of 667600 shares of Walmart Inc.By contrast, Qiaoshui increased its holdings of 665700 shares of Walmart Inc in the second quarter.

In addition, those on the clearance list of the Bridge Water Fund in the third quarter include not only Medtronic PLC, JPMorgan Chase & Co, and American telephone and Telegraph, which are among the top five selling targets, but also Intel Corp, Citigroup and so on.