According to the 13F, Dalio owned almost 360,000 shares of Expeditors International of Washington (NASDAQ:EXPD) as of the beginning of April. The $7.9 billion market cap logistics services company has been experiencing stable financial performance, which concerns us given the high valuation of the stock (it is priced at 19 times forward earnings estimates). We’re not sure what the fund is going for here, and certainly we would avoid the stock at least for now- this forward P/E actually represents a premium to peers such as UPS and FedEx.
Bridgewater initiated a position of about 110,000 shares in Boston Properties, Inc. (NYSE:BXP), a real estate investment trust focused on office properties in “luxury cities” such as Boston, the Manhattan borough of New York City, and San Francisco. Real estate investment trusts receive favorable tax treatment conditional on distributing a large share of taxable income to shareholders. While this often results in high yields, Boston Properties, Inc. (NYSE:BXP) currently offers investors a dividend yield of only 2.4% and so we aren’t sure it matches up that well with other income opportunities.
If there is a dividend play here we imagine it would be CenturyLink, Inc. (NYSE:CTL) though of course we’d first have to study the business’s fundamentals to ensure that its dividends will not decline too much going forward. Along with Boston Properties, we don’t consider General Electric Company (NYSE:GE) or Expeditors International of Washington (NASDAQ:EXPD) buys at this time given their combination of valuation and recent performance. As for The Walt Disney Company (NYSE:DIS), it does have attractive characteristics though it is trading more or less in line with industry peers.
Disclosure: I own no shares of any stocks mentioned in this article.