On Aug. 12, the Bridge Water Fund submitted its position report for the second quarter of 2020 to the US Securities Regulatory Commission, with a position of $5.961 billion at the end of the period market price, up 18% from $5.039 billion at the end of the first quarter of 20 years.

Significantly increase positions in gold ETF and S & P 500 index ETF

At the end of the second quarter, the top 10 positions of the Bridge Water Fund were still dominated by ETF, tracking the ETF of the S & P 500 index.S & P 500 ETF-SPDR (SPY.US) $It is still the largest position asset, accounting for 26.1% of the portfolio and increased its holdings by 41% in the second quarter. In addition, it also tracks the S & P 500S & P 500 ETF-iShares (IVV.US) $It was the third largest holding asset, increasing its holdings by 29% in the second quarter.

In addition to the S & P 500 ETF, gold ETF is also worth watching. Before that,20Q1 Bridge Water Fund position Analysis (Click Review)We found that Qiaoshui had two heavy positions of gold ETF in the first quarter.$Gold ETF-SPDR (GLD.US) $、$Gold Trust ETF-iShares (IAU.US) $There is no reduction in holdings, which is significantly different from other indexes ETF.

In the second quarter, gold ETF-GLD and IAU increased their positions by 34% and 35% respectively, of which GLD still maintained the second largest position in the Bridge Water Fund, while IAU rose from the eighth largest position in the first quarter to the fifth, with a combined market capitalization of $1.1 billion at the end of the period.

Compared with the trend of gold prices, when US stocks rebounded sharply in the second quarter, gold prices remained stable, fluctuating in the $1700 / oz range, but started a surge in mid-July, breaking through $2000 / oz, with a recent sharp correction.

Emerging market ETF differentiation, preference for Chinese assets

The Bridge Water Fund also holds a large number of emerging market ETF, accounting for 3 of the top 10 holdings, respectively.$emerging Markets ETF-Vanguard MSCI (VWO.US) $、Chinese large-cap ETF-iShares (FXI.US) $、China ETF-iShares MSCI (MCHI.US) $.

But in the second quarter, the bridge fund split its ETF investments in emerging markets, with VWO, which tracks FTSE Emerging Index, sold off by nearly 20 per cent. ETF tracking Brazil Index$Brazil ETF-iShares MSCI (EWZ.US) $It was reduced by 94% and abandoned, falling from the seventh largest position at the end of the first quarter to 27th at the end of the second quarter.

While FXI and MCHI, which track the China index, increased their positions by 717% and 486% respectively. Through the increase in positions in the second quarter, these two ETF assets also rose from being ranked 24th and 22nd in the portfolio to the top 10 positions, and ranked 7th and 8th in 20Q2. From this, we can see the bullish attitude of Qiaoshui Fund to Chinese assets.

Further, among the FXI constituent stocks, Meituan Dianping, Tencent, China Construction Bank Corporation and Ping An Insurance are in the forefront, while in the MCHI constituent stocks, BABA, Tencent and Meituan are among the top three.

Chinese stocks: NIO Inc. ten times, ZTO Express, Tencent Music, BABA twice as much

Although the Qiaoshui Fund's position in US stocks is dominated by the investment index ETF, it still has a lot of allocation to individual stocks. Focusing on Chinese stocks, many Chinese stocks have been substantially increased, of which NIO Inc. 's holdings have been increased by 1028%. In addition, well-known Chinese stocks such as ZTO Express, Tencent Music and Weibo Corp have also received a large increase in their positions.

However, it should be noted that the amount of investment in these stocks by the Bridge Water Fund is relatively small.

It is worth noting that the Bridge Water Fund increased its position by 241% in the second quarter, from the 19th largest position at the end of the first quarter to the sixth largest position at the end of the first quarter, with a final amount of $205 million.