SAN - Ray Dalio's Bridgewater unwinds its $10.5B bet against European companies - report

• Bridgewater Associates, the world's biggest hedge fund, has walked back from its big bet against Europe, slashing its short positions to $845M from as much as $10.5B, Bloomberg reported Wednesday, citing data it compiled from regulatory filings.
• Ray Dalio's company still has short positions against three European companies — Banco Santander ( SAN ), Air Liquide ( OTCPK:AIQUF ) ( OTCPK:AIQUY ), and ING Groep ( ING ), according to Bloomberg — compared with as many as 28 earlier.
• Year-to-date the Stoxx Europe 600 Index continuous contract has dropped 9.4%, but in the past month it has risen 4.8%.
• Bridgewater's Pure Alpha II fund rose 21.5% through July, Bloomberg reported, citing a person with knowledge of the matter.
• Previously, Bridgewater ramped up its bet against European companies to $10.5B

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