Billionaire Ray Dalio Loads Up On Lyondell, Mining Stocks in Q2

#3. LyondellBasell Industries NV (NYSE:LYB)

– Shares Owned by Bridgewater Associates (as of June 30): 353,116

– Value of Bridgewater Associates’ Holding (as of June 30): $26.28 Million

The Connecticut-based hedge fund vehicle had 353,116 shares of LyondellBasell Industries NV (NYSE:LYB) in its portfolio at the end of the June quarter, a whopping 253,400 shares more than it did at the end of the March quarter. The boosted stake was worth $26.28 million on June 30. The Dutch chemicals and polymer producer, which emerged from bankruptcy in 2010, has seen the value of its stock decline by 14% since the start of the year. The company’s second quarter revenue decreased by $1.82 billion year-over-year to $7.33 billion, reflecting lower average sales prices due to decreases in the prices of crude oil and other feedstocks. However, LyondellBasell’s cost of sales for the quarter decreased by 19% year-over-year due to the same declines in some feedstocks and energy costs. There were 54 hedge funds followed by Insider Monkey with long positions in LyondellBasell at the end of the March quarter, which accumulated 6% of the company’s outstanding shares. Iridian Asset Management, founded by David Cohen and Harold Levy, has 4.05 million shares of LyondellBasell Industries NV (NYSE:LYB) among its holdings as of the end of the second quarter.

#2. Goldcorp Inc. (USA) (NYSE:GG)

– Shares Owned by Bridgewater Associates (as of June 30): 1.72 Million

– Value of Bridgewater Associates’ Holding (as of June 30): $32.89 Million

The $150 billion hedge fund firm increased its exposure to Goldcorp Inc. (USA) (NYSE:GG) by 78% during the three-month period ended June 30, to 1.72 million shares. The reshuffled position was valued at $32.89 million at the end of June. The senior gold producer has lagged peers thus far in 2016, with its shares gaining “only” 64% year-to-date. The world’s third-largest bullion producer by market value recently reported a second quarter net loss that missed analysts’ expectations, as output declined and costs increased more than anticipated. Goldcorp embarked on a company-wide program to optimize all areas of its business during the second quarter, with the aim of achieving $250 million in sustainable annual efficiencies by 2018. The number of hedge funds invested in Goldcorp rose to 33 from 25 during the March quarter. Robert B. Gillam’s McKinley Capital Management reported owning 1.88 million shares of Goldcorp Inc. (USA) (NYSE:GG) through the latest round of 13F filings.

#1. Barrick Gold Corporation (USA) (NYSE:ABX)

– Shares Owned by Bridgewater Associates (as of June 30): 2.11 Million

– Value of Bridgewater Associates’ Holding (as of June 30): $45.11 Million

Barrick Gold Corporation (USA) (NYSE:ABX) was the sixth-largest position and the largest equity position (excluding positions in ETFs and other instruments) in Bridgewater Associates’ pool of holdings at the end of June. The Connecticut-based asset manager upped its stake in Barrick by 74% during the April-to-June period, to 2.11 million shares. The world’s largest gold miner reported revenue of $2.01 billion for the second quarter, down from $2.23 billion posted a year prior. Meanwhile, the company’s second quarter cash flow increased to $527 million from $525 million year-over-year despite registering lower production as a result of non-core asset sales. Barrick plans to reduce its debt load by at least $2 billion in 2016, with nearly half of the debt reduction target being met already. As a result, the company has less than $150 million in debt due before 2018 and approximately $5 billion of its $9 billion debt load does not mature until after 2032. Barrick shares are 194% in the green year-to-date. Kopernik Global Investors owns 2.56 million shares of Barrick Gold Corporation (USA) (NYSE:ABX) as of June 30.

Disclosure: None