In his second-quarter letter , Dalio said he believed global equity markets were pricing in "fairly pessimistic"
These are Dalio's biggest new stock purchases in the second quarter: iShares MSCI Brazil Index, Cliffs Natural Resources, Honeywell International and Las Vegas Sands. Dalio's firm bought 2,002,700 shares of the largest new buy, iShares MSCI Brazil Index at an average price of $56 in the second quarter. The holding now has a 1.5% weighting in Bridgewater's portfolio. The stock dropped more than $20 from its year-to-date peak in the first quarter to its year-to-date trough in the second quarter, when Dalio bought it. The top stocks within the MSCI Brazil Index Fund are Petrobras, Itau Unibanco and Vale. Its last year's return was a loss of 26.85%, and its three-year return was 3.08%.
Dalio commented in his second quarter letter that the quarter was negative for most emerging market debt, and that declines in commodity prices, particularly oil, "contributed to the slight underperformance in Indonesia, Brazil and Russia." He also said Japan and emerging markets underperformed the world equity markets during the period, with returns well below the global average.
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