Ray Dallio's Bridgewater Associates is now the biggest short-seller of European stocks having place bets of at least $6.7 billion against European companies, according to a report by Reuters.

The report cites data group Breakout Point for the data that suggest that the hedge fund is pessimistic about the outlook for European stocks, although the trades could also be part of a hedging strategy.

The bets includes a $1 billion wager against semiconductor company ASML Holding, $752 million position against energy company TotalEnergies, and a $646 million bet against drugmaker Sanofi.

Using Bridgewater's public disclosures, Breakout Point calculated that the Connecticut-based fund has bet against 21 European companies so far this week, in sectors ranging from finance to energy. 

With European regulations only requiring investors to  requiring investors to disclose bets over 0.5% short interest, Bridgewater's bets against European stocks could be even bigger than Breakout Point has calculated.