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Ray Dalio Joins Hedge Funds Buying Cliffs After Trump Tariffs

(Bloomberg) Cleveland-Cliffs Inc., the top U.S. iron-ore producer, is reaping the gains from U.S. President Donald Trump’s steel tariffs. Hedge funds including billionaire Ray Dalio’s Bridgewater Associates LP have taken notice. Money managers increased their position in Cliffs by 13.9 million shares in the first quarter, taking their combined stake in the company to about 160 million shares, according to data on over 4,000 regulatory filings compiled by Bloomberg as of 4 p.m. in New York. Fidelity Management & Research tripled its stake to become the iron ore producer’s third largest shareholder, Bridgewater added 1.89 million shares to his holdings, the second-largest position increase in his portfolio of U.S. listed securities.

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