Bridgewater piled into Magnificent 7 stocks in Q1 but spurned Tesla

Bridgewater Associates piled into six of the so-called Magnificent Seven megacap U.S. stocks in the first quarter, making an $800 million bet on Google-parent Alphabet (The hedge fund founded by legendary investor Ray Dalio ended March with 5.4 million shares of Alphabet worth $810.3 million at the end of the first quarter, more than doubling its stake in the company since December. The stake was the fund’s biggest single stock holding the end of the first quarter, according to the filings.

The hedge fund added over 1.8 million shares in Apple in the quarter, while also buying roughly one million shares in Amazon. Shares in Apple are down 1.3% and Amazon is up 21.6% year-to-date. Big gains in the Magnificent Seven stocks - which have outsize weightings in the S&P 500 - have helped power markets higher this year and in 2023.

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