According to the 13F report submitted to the US Securities Regulatory Commission (SEC), in the fourth quarter of last year, Bridgewater Associates, the world's largest hedge fund, further increased its holdings in ETF IShares Core equity 500 ETF, which tracks large-cap stocks of US stocks, while reducing its holdings in three major stocks, Procter & Gamble Co, Johnson & Johnson and PepsiCo Inc, as well as emerging market ETF, which mainly cleared three chip stocks including NVIDIA Corp and three financial stocks such as Jiancang.

By the end of the fourth quarter, the top five positions of Qiaoshui are:

• At the end of the quarter, IShares Core ETF P 500 ETF (IVV), with a market capitalization of $793.2 million, had a total of 2.06 million shares, with an increase of 305962 shares, or approximately 17%, compared with the third quarter.

• Procter & Gamble Co (PG), which has a market capitalization of $757.1 million, has a total of 5 million shares, a decline of 1.62 million shares, or more than 24%, in the fourth quarter from the previous quarter.

• 14.6 million shares of IShares Core MSCI Emerging Markets ETF (IEMG), with a market capitalization of $679.6 million, fell by 347300 shares, or 2 per cent, in the fourth quarter compared with the previous quarter.

• Johnson & Johnson (JNJ), which has a market capitalization of $630.3 million, has a total of 3.57 million shares, and its holdings fell 1.14 million shares, or more than 24%, in the fourth quarter.

• PepsiCo Inc, with a market capitalization of US $545.7 million, has a total of 3.02 million shares, with a decrease of 1 million shares in the fourth quarter.

Qiaoshui built a total of 87 positions in the fourth quarter, and the top five stocks with a new market capitalization are:

• JPMorgan Chase & Co (JPM) has newly bought 692356 shares with a market capitalization of US $92.8 million

• Citigroup (C) 1.28 million shares with a market capitalization of $58.1 million

• 261735 shares of NextEra Energy Inc (NEE), a power generation and energy infrastructure company, with a market capitalization of $21.9 million

• 107428 shares of Canadian precious metals company Franco-Nevada Corp (FNV) with a market capitalization of US $14.7 million

• Blackrock (BLK) 19580 shares with a market capitalization of US $13.9 million.

In the fourth quarter, a total of 133 stocks were cleared in Qiaoshui, which ranked among the top five stocks, with the top three being chip stocks.

• 722710 shares of AMD (AMD) with a market capitalization of $45.8 million

• 576159 shares of Micron Technology Inc (MU) with a market capitalization of US $28.9 million

• 180269 shares of NVIDIA Corp (NVDA) with a market capitalization of US $21.9 million

• 215352 shares of Intercontinental Exchange Inc (ICE) with a market capitalization of US $19.5 million

• 110621 shares of Caterpillar Inc (CAT), with a market capitalization of US $18.2 million.

In the fourth quarter, the holdings of Qiaoshui increased by a total of 265, with the largest increase in the number one IVV, followed by the second to fifth respectively:

In the fourth quarter, Qiaoshui reduced a total of 457 stocks, of which the largest reduction was Costco, followed by Johnson & Johnson, Microsoft Corp, Alphabet Inc-CL C and PepsiCo Inc. The top five to reduce holdings are:

Edit / emily