On August 13, the world’s number one hedge fund, Jinqiao water fund, submitted its second quarter U.S. stock position to the U.S. Securities and Futures Commission. As we all know, after the bloodbath in March, gold and oil stocks rose violently in the second quarter of this year. What changes have happened to Dario’s position when the market is fully revived? < p > < p > in the first quarter, the bridge water fund almost cut its position, and the value of the shares as high as 9.8 billion US dollars dropped sharply to 5.04 billion US dollars, which can not be described as “heroic”. < p > < p > in the second quarter, Qiao Shui’s position seemed to remain cautious. In the second quarter, the market value of U.S. stock positions was $5.961 billion, only a small increase compared with the first quarter. < / P > < p > in the past three months, the number of new stocks purchased by qiaoshui was as high as 137, and the number of stocks with additional positions was as high as 68. However, at the same time, the number of stocks to be cleared and reduced was more, reaching 153 and 177 respectively. Net position decreased from more than 100% to 76%, indicating that the number of cleared stocks is relatively large. < p > < p > the MSCI Brazil Index ETF and several bond ETFs still on the list in the first quarter, including ASUS iboxx20 and above us Bond ETF, High Yield Bond ETF and investment machine Corporate Bond ETF are no longer on the list. < / P > < p > the “new favorites” to replace the above ETFs are a gold trust, two ETFs tracking China’s index and Baba. Among them, the position of SPDR gold trust gold ETF is 34%. It’s no surprise to abandon bonds and increase gold holdings. In a recent speech, Dario said that cash and bonds would become rubbish, and he recommended stocks and gold again. Dario was “in line with his words”. It is also a trend for Dario to sell emerging market stocks since September last year. In the first quarter, he has significantly reduced his holdings of several ETFs that track emerging market indexes. < / P > < p > it is worth noting that Dario’s increase in Alibaba’s position is as high as 244%, and that of ASUS China ETF and ASUS MSCI China Index ETF is as high as 717% and 486%, which shows Dario’s confidence in China’s market prospects. For a long time, the top 10 heavy positions of bridge water fund are occupied by ETF. It is very rare to transfer Alibaba shares to the top 10 heavy positions. < p > < p > the five most “conspicuous” buying and selling transactions in the second quarter of qiaoshui more intuitively reflect the trend of reducing holdings in emerging markets and increasing gold and China Index. < / P > < p > in addition to Alibaba, qiaoshui fund also increased its positions in Weilai (1028%), Zhongtong Express (894%), pinduoduo (432%), baidu (251%), Netease (251%), Jingdong (250%). In addition, it also established Cang Baishi group and Huya. On the U.S. stock market, the S & P 500 Index ETF is still the largest ETF. After the U.S. stock market bottomed out in March, Dario also made a large profit, increasing his position by 41%. However, it is worth noting that qiaoshui has significantly reduced its holding of Tesla, with a reduction ratio of 44% < / P > < p > in recent months, reports about qiaoshui’s “overturning” and “stepping down from the altar” have emerged in endlessly. The negative news such as lawsuit storm of former CEO, layoff crisis and huge loss of US $200 billion are just like brand marks. Many people sigh that qiaoshui is no longer prosperous. < / P > < p > from the 13F report, Qiao Shui fund’s position in the second quarter staged a “great shift of heaven and earth” – selling a large amount of emerging market stocks and bonds, turning to buy gold and China’s stocks… Such a drastic position adjustment is actually a market violent rebound when sniffing opportunities, so as to shift investment objectives? Or is it just a desperate struggle? < / P > < p > it should be noted that the 13F report is usually submitted within 45 days after the end of a quarter, that is to say, these position changes may have been a few months ago, with a certain lag. After the exchange of blood, whether bridge water can revive the strong wind, perhaps only time to tell us the answer.