Bridgewater Associates Portfolio holdings
Bridgewater Associates, founded in 1975 by Ray Dalio in New York and now headquartered in Westport, Connecticut, is the world’s largest hedge fund, managing over $125 billion in assets as of late 2024, serving institutional clients like pension funds, endowments, and sovereign wealth funds. Known for its pioneering "Pure Alpha" and "All Weather" strategies, the firm uses a systematic, macroeconomic approach to deliver uncorrelated returns and risk parity across global markets, including equities, bonds, currencies, and commodities, guided by rigorous data analysis and radical transparency. Dalio, who stepped down as co-CIO in 2022, built a unique culture of "radical truth" and "thoughtful disagreement," documented in his book *Principles*, though the firm transitioned leadership to co-CEOs Nir Bar Dea and Mark Bertolini in 2023 amid succession planning. With around 1,300 employees and a history of navigating crises like 2008 with gains, Bridgewater remains a titan in alternative investments, blending intellectual rigor with a distinctive, often polarizing management philosophy.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$162M |
| 2 |
Alphabet (Google) Class A
GOOGL
|
+$150M |
| 3 |
Meta Platforms (Facebook)
META
|
+$79.3M |
| 4 |
Microsoft
MSFT
|
+$61.4M |
| 5 |
AbbVie
ABBV
|
+$58.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$218M |
| 2 |
Pinduoduo
PDD
|
+$136M |
| 3 |
Berkshire Hathaway Class B
BRK.B
|
+$111M |
| 4 |
Bank of America
BAC
|
+$106M |
| 5 |
Walmart Inc
WMT
|
+$104M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 28.42% |
| 2 | Healthcare | 21.25% |
| 3 | Consumer Discretionary | 10.73% |
| 4 | Financials | 6.5% |
| 5 | Communication Services | 4.49% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
226
NetApp
NTAP
$37.4B
| $8.33M | 0.05% |
130,487
+78,225
| +150% | +$5.05M |
|
227
CDW
CDW
$19.7B
| $8.3M | 0.05% |
+42,601
| New | +$8.37M |
|
228
Qiagen
QGEN
$8.73B
| $8.24M | 0.05% |
169,254
+22,338
| +15% | +$1.14M |
|
229
Inspire Medical Systems
INSP
$1.85B
| $8.23M | 0.05% |
35,159
+1,531
| +5% | +$387K |
|
230
Cenovus Energy
CVE
$53B
| $8.15M | 0.05% |
467,492
-886,931
| -65% | -$16.3M |
|
231
APA Corp
APA
$12.7B
| $8.08M | 0.05% |
224,094
-87,280
| -28% | -$3.5M |
|
232
Teladoc Health
TDOC
$1.22B
| $8.08M | 0.05% |
311,843
-12,453
| -4% | -$333K |
|
233
ON Semiconductor
ON
$31.4B
| $8.06M | 0.05% |
97,945
+92,726
| +1,777% | +$7.04M |
|
234
Wabtec
WAB
$50.5B
| $8.01M | 0.05% |
79,254
+71,705
| +950% | +$7.32M |
|
235
Celsius Holdings
CELH
$7.55B
| $7.99M | 0.05% |
257,916
+19,563
| +8% | +$617K |
|
236
Omnicom Group
OMC
$22.4B
| $7.95M | 0.05% |
84,270
-23,668
| -22% | -$2.1M |
|
237
Lumentum
LITE
$66.1B
| $7.89M | 0.05% |
146,167
-72
| -0% | -$4.02K |
|
238
American International
AIG
$42.1B
| $7.88M | 0.05% |
156,563
-23,833
| -13% | -$1.39M |
|
|
MZTI
239
The Marzetti Company
MZTI
$3.02B
| $7.83M | 0.05% |
38,610
-9,204
| -19% | -$1.79M |
|
240
Acadia Healthcare
ACHC
$2.95B
| $7.81M | 0.05% |
108,078
+9,555
| +10% | +$745K |
|
241
Honeywell
HON
$78.9B
| $7.81M | 0.05% |
43,337
-54,797
| -56% | -$10.3M |
|
242
Pultegroup
PHM
$25.1B
| $7.76M | 0.05% |
133,075
+123,314
| +1,263% | +$6.66M |
|
243
NovoCure
NVCR
$1.89B
| $7.68M | 0.05% |
127,744
-7,999
| -6% | -$639K |
|
244
Simply Good Foods
SMPL
$1B
| $7.66M | 0.05% |
192,492
-4,478
| -2% | -$165K |
|
245
Atkore
ATKR
$3.16B
| $7.63M | 0.05% |
+54,346
| New | +$7.36M |
|
246
Ollie's Bargain Outlet
OLLI
$4.66B
| $7.45M | 0.05% |
128,522
-3,052
| -2% | -$168K |
|
247
Ameriprise Financial
AMP
$48.9B
| $7.44M | 0.05% |
24,282
-13,794
| -36% | -$4.52M |
|
|
CTRA
248
DELISTED
Coterra Energy
CTRA
| $7.4M | 0.05% |
301,442
-156,931
| -34% | -$3.86M |
|
249
Liberty Broadband Class C
LBRDK
$5.17B
| $7.16M | 0.04% |
87,604
-105,837
| -55% | -$9.14M |
|
250
Evolent Health
EVH
$350M
| $6.99M | 0.04% |
215,477
+19,542
| +10% | +$618K |
|
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Bridgewater Associates's Q1 2023 Portfolio in Review
As of Q1 2023, Bridgewater Associates held 938 positions worth $16.4B, down 11% from $18.3B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Bridgewater Associates withdrew a net $2.44B in Q1 2023, closing 228 positions and reducing 360 holdings. Its most notable exit was Bank of America, an estimated $106M position sold in full.
By sector, the portfolio is most concentrated in Consumer Staples at 28% of assets, up from 28% a quarter earlier, followed by Healthcare and Consumer Discretionary.
Against the trend, Bridgewater Associates opened a new position in Home Depot worth $43.5M.
- Bridgewater Associates's largest Q1 2023 buy was Home Depot: 147,495 shares worth $43.5M.
- Bridgewater Associates added most to iShares Core MSCI Emerging Markets ETF in Q1 2023, an estimated $162M increase.
- Bridgewater Associates's biggest Q1 2023 reduction was Vanguard FTSE Emerging Markets ETF, cutting an estimated $218M.
- Bridgewater Associates fully exited Bank of America in Q1 2023, selling an estimated $106M.
- Bridgewater Associates's ten largest holdings make up 35% of its $16.4B portfolio in Q1 2023.
- Bridgewater Associates opened 118 new positions and closed 228 in Q1 2023.
- Bridgewater Associates's portfolio value fell 11% quarter-over-quarter to $16.4B.
Based on Bridgewater Associates's 13F filing for Q1 2023, filed 12 May 2023.