Even the world's biggest hedge fund was caught flat-footed by the coronavirus market sell-off

The Financial Times reported Bridgewater's flagship fund is down about 20% for the year following the swift plummet from all-time highs into a bear market from stocks.

, has navigated several market downturns with great success. The recent coronavirus-induced sell-off is not one of them, however.reported Bridgewater's flagship fund — the Pure Alpha Fund II — is down about 20% for the year following the swift plummet from all-time highs into a bear market from stocks. For March, the fund was down about 13% through Thursday's close, according to the report. Overall, Bridgewater manages more than $160 billion in assets.

"We did not know how to navigate the virus and chose not to because we didn't think we had an edge in trading it. So, we stayed in our positions and in retrospect we should have cut all risk," Dalio told the Financial Times in a statement. Bridgewater's massive losses come after Dalio told CNBC in late January investors should take cash out of their portfolio, noting: "He also said "everybody is missing out." Dalio added, however, investors should have some balance in their portfolio and advised investors buy gold as a hedge."

Equities have tumbled more than 20% since reaching their record highs just last month, officially ending the longest bull run in history and kicking off a bear market.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

CNBC /  🏆 12. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Diane Warren Says Nothing's Gonna Stop Joe Biden, He Can Even Use Her SongDiane Warren says nothing's gonna stop Joe Biden, so he might as well use her song.
Read more »

Pelosi promises House will pass free universal coronavirus testing, paid sick leave even without GOP supportThe statement from the speaker comes amid intense talks and more than a dozen phone conversations over the past two days with Treasury Secretary Steven Mnuchin.
Read more »

This Manicure Lasts Even Longer Than GelsThis manicure lasts even longer than gels, and doesn't require UV light. 🙌
Read more »

29 Things Reviewers Said Were Even Better Than They ExpectedI ~expect~ that you'll like these items a lot.
Read more »