On May 15, the Bridge Water Fund submitted its position report for the first quarter of 2020 to the US Securities Regulatory Commission, with a position of $5.039 billion at the end of the period, down 48 per cent from $9.794 billion at the end of 1919.

Substantially cut positions in index funds

From the perspective of the top ten positions, the Bridge Water Fund continues its previous strategy of investing most of its assets in ETF to achieve overall market returns. SPY tracking the S & P 500 accounted for 18.23% of the portfolio, followed by gold tracking ETF-GLD and FTSE emerging markets index VWO.

However, the remarkable feature of the bridge water position in the first quarter was the significant reduction of ETF positions, the reduction of SPY49% and VWO43%, and the 58 per cent reduction of IEMG, which also tracks emerging market indices.

In the top ten ETF positions, only gold EFT-GLD and IAU, which perform well, have not been reduced, which may be related to the "risk parity strategy" pursued by the Bridge Water Fund.

Gold assets outperformed stock indices in the first quarter, and although it also experienced a collapse in the liquidity crisis, gold prices returned to all-time highs at the end of March and have continued to hit new highs recently.

ETF, which tracks China's theme index, also did not get Dario's exemption. MCHI was reduced by 49% and FXI by 37%, and Qiaoshui was on sale when the market plummeted.

Chinese stocks are favored, doubling and increasing their holdings of NIO Inc., Pinduoduo and 58.com.

The Qiaoshui Fund increased its holdings of 27 stocks in the first quarter, and Chinese stocks were favored among the increased holdings. NIO Inc. got 105% increase, ZTO Express 82%, and 58.com 66%.

Among the more popular Chinese stocks, Weibo Corp, iQIYI, Inc., Pinduoduo, Tencent Music, Trip.com and TAL Education Group have all increased their holdings to varying degrees.

It is worth noting that since 19Q3 began to build positions in ZTO Express, Qiaoshui has increased its positions for two consecutive quarters and should now have a good harvest.

In terms of large-scale US-listed stocks, the Qiaoshui Fund reduced its holdings by 10 per cent in BABA, 15 per cent in JD.com, 12 per cent in Baidu, Inc. and 7 per cent in New Oriental Education & Technology Group in the first quarter.

However, it should be noted that as the absolute amount of individual stocks held by the Bridge Water Fund is relatively small and accounts for a low proportion of the investment portfolio, it is not suitable to follow the trend blindly.

Buy with small money

In the first quarter, the Bridge Water Fund entered 179 new US stocks. According to the amount of positions held, UnitedHealth Group Inc's market capitalization at the end of the period reached 5.48 million US dollars, ranking first.

Other US stocks in the forefront are McDonald's Corp, Lockheed Martin Corp, Coca-Cola Company and so on. Among the new stocks, companies in consumer and big health industries account for more.

But the absolute amount of the most new stocks is still small, with UnitedHealth Group Inc accounting for nearly 0.1 per cent of the portfolio.

Undifferentiated clearance of American financial stocks

In the first quarter, the Bridge Water Fund cleared 251 stocks, of which financial stocks were liquidated indiscriminately according to the large proportion of the investment portfolio at the end of 19 years.

For JPMorgan Chase & Co, Bank of America Corporation, Wells Fargo & Co, Citigroup, UBS, Goldman Sachs Group, Blackrock and other American China Finance Online Co Ltd giants, Dario's operation is: do not leave a share.

And most financial stocks just built positions in the fourth quarter of 1919, such as JPMorgan Chase & Co, Bank of America Corporation, Wells Fargo & Co and so on. Combined with the stock price of financial stocks, there is a good chance that the Bridge Water Fund has cut a large piece of meat this year.