In its latest 13F filing, Ray Dalio’s Bridgewater Associates disclosed an equity portfolio for the first quarter of 2015. The portfolio consists of 328 positions, valued at $12.83 billion. The fund made the majority of investments in the financial sector, which represents around 87% of the total portfolio. We’ve already discussed Dalio’s top picks and in this article, we will take a look at Dalio’s top mining stock picks, which include Goldcorp Inc. (USA) (NYSE:GG), Barrick Gold Corporation (USA) (NYSE:ABX), Newmont Mining Corp (NYSE:NEM), and Rio Tinto plc (ADR) (NYSE:RIO).
Insider Monkey tracks hedge funds and prominent investors to learn about their investment patterns. Our research has shown that a select group of their top stock picks (small-cap picks) delivered superior risk-adjusted returns. According to our research, the 50 most popular large-cap stocks among hedge funds had a monthly alpha of about six basis points per month, while the 15 most popular small-cap stocks delivered a monthly alpha of 80 basis points between 1999 and 2012. This means investors would have generated a double-digit alpha per year simply by imitating the 15 most popular small-cap stocks among hedge funds. Moreover, we have been tracking the performance of these small-cap stocks since the end of August 2012, during which time it’s obtained returns of more than 139% vs. a less than 60% gain for the S&P 500 ETF (SPY) (see the details here).
Let’s take a look now at Dalio’s top mining as of the end of March. On the first spot is Goldcorp Inc. (USA) (NYSE:GG), in which Dalio held 908,861 shares, worth $16.47 million, as of the end of the first quarter, down by 140,900 shares over the quarter. Goldcorp Inc. (USA) (NYSE:GG) is a $15.31 billion market cap gold producer, which is engaged in the exploration and operation of gold properties in Canada, the United States, Mexico and Central and South America. For the first quarter of 2015, Goldcorp Inc. (USA) (NYSE:GG) posted a net loss of $87 million, or $0.11 per share, versus net earnings of $98 million, or $0.12 per share in the same period last year. Goldcorp’s stock dropped by 15.1% during last three months. Other large shareholders of Goldcorp Inc. (USA) (NYSE:GG) include Jean-Marie Eveillard’s First Eagle Investment Management, which held 38.89 million shares of the company as of March 31.