Bridgewater Associates, the largest hedge fund in the world, recently sold its sizable stakes in tech giant Apple (AAPL) and pharmaceutical company Eli Lilly (LLY).
At the same time, Bridgewater nearly doubled its investment in Microsoft (MSFT) and started a new position in vaccine maker Moderna (MRNA).
The buying and selling occurred in this year’s second quarter, according to a filing made with Wall Street regulator the U.S. Securities and Exchange Commission (SEC).
According to the filing, Bridgewater had assets under management of $97.20 billion U.S. as of June 30 this year, making it the biggest hedge fund in the world.
Bridgewater sold 1.4 million Apple shares to end the second quarter with a position of 469,324 shares in the consumer technology company. So far this year, Apple’s stock has risen 20%.
The hedge fund sold 184,650 shares of Eli Lilly during Q2, lowering its stake in the drugmaker to a total of 95,740 shares.
Eli Lilly’s stock has gained 56% this year as sales of the company’s weight loss and diabetes drug takeoff around the world.
Bridgewater purchased 510,820 Microsoft shares to end the second quarter with a holding of 1.1 million shares in the technology company. MSFT stock is up 16% year to date.
Bridgewater bought the dip in Moderna stock in Q2. So far this year, the company has seen its stock fall 40% amid declining sales for its Covid-19 vaccine. Moderna recently cut its full-year revenue guidance.
Despite the stock’s weakness, Bridgewater bought 15,309 shares of Moderna in Q2.
Bridgewater is privately held and its stock does not trade on a public exchange.