Billionaire Ray Dalio is Selling These 4 Tech Stocks in 2024

In this article we will take a look at 4 important tech stocks billionaire Ray Dalio’s Bridgewater Associates dumped in the first quarter of 2024.

Ray Dalio’s Bridgewater Associates’ new management has been making big changes to cut costs and tighten its belt following lackluster returns over the past few years. However, the fund, on an overall basis, increased its exposure to technology stocks. Insider Monkey’s analysis shows that tech accounted for about 17% of Bridgewater’s Q1’2024 portfolio, up from just 7% in the previous quarter. The portfolio’s total worth stood at about $19.8 billion.

Ray Dalio’s fund increased its holdings in major tech names like Nvidia (+163%), Apple (+166010%) and Alphabet (+163%).

However, in this article our focus remains on the stocks the fund sold off in the March quarter.

4. SunPower Corporation (NYSE:SPWR)

Number of Hedge Fund Holders: 14

SunPower Corporation (NYSE:SPWR) makes photovoltaic solar energy generation systems and battery energy storage products. Over the past one year, SunPower Corporation (NYSE:SPWR) has lost about 71% in value, and perhaps that’s why Ray Dalio’s hedge fund gave up on the stock, selling 41,337 shares in the company, and exiting its position completely.

3. Sensata Technologies Holding plc (NYSE:ST)

Number of Hedge Fund Holders: 35

Sensors company Sensata Technologies Holding plc (NYSE:ST) has gained about 15% so far this year. Ray Dalio’s hedge fund dumped all 115,865 shares of Sensata Technologies Holding plc (NYSE:ST) in the first quarter.

As of the end of the March quarter, the biggest stakeholder of Sensata Technologies Holding plc (NYSE:ST) was Israel Englander’s Millennium Management which owns a $100 million stake in the company.

Diamond Hill Capital mentioned Sensata Technologies Holding plc (NYSE:ST) in its Q4 2023 investor letter. Here is what the firm has to say:

“Among our bottom contributors in Q4 were Sensata Technologies Holding plc (NYSE:ST) and BorgWarner. Sensata Technologies, an electronics component manufacturer, was pressured by United Auto Workers (UAW) strikes during the quarter, which weighed on its near-term guidance. Further, the company’s management team has executed poorly recently. However, we maintain our conviction in the long-term outlook for Sensata, which should benefit from increased use of sensors and controls in new cars.”