Ray Dalio's Bridgewater Associates has seemingly had a change of heart regarding European stocks with the hedge fund cutting back most of its big bets against continental companies, according to a report by Reuters.

The report cites data company Breakout Point, whose calculations are based in on Bridgewater's public disclosures, as revealing that the company's short wagers against stocks in more than 50 European companies have been cut from roughly €10 billion to €475 million. Just two financial institutions remain on Bridgewater's 'short' list – Banco Santander SA and ING Groep.
 
With European regulations only requiring funds to disclose bets over 0.5% short interest, Bridgewater’s shorts against European stocks could be bigger than reported.