Big money shifted its holdings last quarter, tilting away from technology and toward energy. Holdings, meaning the shares a fund owns at the end of a reporting period, grew for Shell and PG&E at Bridgewater Associates during the second quarter, while the firm cut its stake in Amazon (AMZN).
Shell is an oil and gas company. PG&E is a regulated electric and gas utility serving much of California. Amazon spans e-commerce, cloud computing, and digital advertising. The second-quarter moves put weight on commodity-dependent businesses and pulled it from one driven by consumer and technology spending.
Increasing a holding means a fund bought more shares than it sold over the quarter, raising the total it owned by the reporting date. Reducing a position is the reverse: net selling left the fund with fewer shares than it started with. The moves tell you direction, not conviction or timing.
The disclosures come through 13F filings, quarterly reports that large institutional investors in the United States must submit to the Securities and Exchange Commission. These filings capture what a fund held at the close of a quarter. A manager can reposition after the reporting date, so a 13F shows a moment, not a current portfolio. Bridgewater's second-quarter 13F shows that moment: growth in Shell and PG&E, a reduction in Amazon.