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 MSCI India ETF
INDA
|
+$105M |
| 2 |
SWN
Southwestern Energy Company
SWN
|
+$47.9M |
| 3 |
Kroger
KR
|
+$42.8M |
| 4 |
Bread Financial
BFH
|
+$42.8M |
| 5 |
Carnival Corporation Ltd
CCL
|
+$42.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Emerging Markets ETF
EEM
|
+$1.95B |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$1.1B |
| 3 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$907M |
| 4 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$342M |
| 5 |
Bristol-Myers Squibb
BMY
|
+$47.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 4.47% |
| 2 | Financials | 2.86% |
| 3 | Energy | 2.75% |
| 4 | Industrials | 1.72% |
| 5 | Healthcare | 1.67% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
251
Tencent Music
TME
$15.3B
| $590K | ﹤0.01% |
+39,348
| New | +$622K |
|
252
Unum
UNM
$13.8B
| $588K | ﹤0.01% |
+17,520
| New | +$607K |
|
253
CME Group
CME
$92.3B
| $583K | ﹤0.01% |
3,001
-17,301
| -85% | -$3.19M |
|
254
Pinnacle West Capital
PNW
$12.8B
| $573K | ﹤0.01% |
+6,090
| New | +$580K |
|
255
Realty Income
O
$61.1B
| $570K | ﹤0.01% |
+8,535
| New | +$583K |
|
256
APA Corp
APA
$12.3B
| $566K | ﹤0.01% |
19,523
+2,173
| +13% | +$67.6K |
|
|
DFS
257
DELISTED
Discover Financial Services
DFS
| $553K | ﹤0.01% |
7,132
-21,334
| -75% | -$1.65M |
|
|
NBL
258
DELISTED
Noble Energy, Inc.
NBL
| $553K | ﹤0.01% |
24,680
+2,395
| +11% | +$56.9K |
|
259
Boston Scientific
BSX
$67.6B
| $538K | ﹤0.01% |
12,506
-28,819
| -70% | -$1.11M |
|
260
LKQ Corp
LKQ
$6.69B
| $521K | ﹤0.01% |
19,567
-4,325
| -18% | -$121K |
|
|
SGEN
261
DELISTED
Seagen Inc. Common Stock
SGEN
| $515K | ﹤0.01% |
+7,437
| New | +$521K |
|
262
NVR
NVR
$16.9B
| $502K | ﹤0.01% |
+149
| New | +$478K |
|
|
AIV
263
Aimco
AIV
$377M
| $494K | ﹤0.01% |
+74,047
| New | +$495K |
|
264
Owens Corning
OC
$11.6B
| $472K | ﹤0.01% |
+8,106
| New | +$414K |
|
265
B2Gold
BTG
$5.16B
| $459K | ﹤0.01% |
150,722
-9,391
| -6% | -$25.7K |
|
266
Essex Property Trust
ESS
$18.7B
| $444K | ﹤0.01% |
+1,520
| New | +$438K |
|
267
Jack in the Box
JACK
$299M
| $439K | ﹤0.01% |
5,399
+1,624
| +43% | +$131K |
|
268
Sibanye-Stillwater
SBSW
$6.05B
| $439K | ﹤0.01% |
92,317
-2,914
| -3% | -$11.5K |
|
|
WRK
269
DELISTED
WestRock Company
WRK
| $431K | ﹤0.01% |
+11,811
| New | +$434K |
|
270
Corpay
CPAY
$24.8B
| $425K | ﹤0.01% |
1,513
-1,788
| -54% | -$468K |
|
271
Intercontinental Exchange
ICE
$84.1B
| $424K | ﹤0.01% |
4,934
-20,157
| -80% | -$1.65M |
|
|
AUY
272
DELISTED
Yamana Gold, Inc.
AUY
| $411K | ﹤0.01% |
163,005
+135,844
| +500% | +$299K |
|
273
Gen Digital
GEN
$16.1B
| $409K | ﹤0.01% |
+18,816
| New | +$404K |
|
274
Iron Mountain
IRM
$37.8B
| $404K | ﹤0.01% |
+12,911
| New | +$423K |
|
|
NUAN
275
DELISTED
Nuance Communications, Inc.
NUAN
| $399K | ﹤0.01% |
28,829
+3,375
| +13% | +$49.8K |
|
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Bridgewater Associates's Q2 2019 Portfolio in Review
As of Q2 2019, Bridgewater Associates held 380 positions worth $12.8B, down 22% from $16.3B the previous quarter. Its ten largest holdings account for 69% of the portfolio.
Bridgewater Associates withdrew a net $3.62B in Q2 2019, closing 75 positions and reducing 91 holdings. Its most notable exit was Bristol-Myers Squibb, an estimated $47.2M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 4.5% of assets, up from 2.1% a quarter earlier, followed by Financials and Energy.
Against the trend, Bridgewater Associates opened a new position in iShares China Large-Cap ETF worth $30.6M.
- Bridgewater Associates's largest Q2 2019 buy was iShares China Large-Cap ETF: 716,186 shares worth $30.6M.
- Bridgewater Associates added most to iShares MSCI India ETF in Q2 2019, an estimated $105M increase.
- Bridgewater Associates's biggest Q2 2019 reduction was iShares MSCI Emerging Markets ETF, cutting an estimated $1.95B.
- Bridgewater Associates fully exited Bristol-Myers Squibb in Q2 2019, selling an estimated $47.2M.
- Bridgewater Associates's ten largest holdings make up 69% of its $12.8B portfolio in Q2 2019.
- Bridgewater Associates opened 77 new positions and closed 75 in Q2 2019.
- Bridgewater Associates's portfolio value fell 22% quarter-over-quarter to $12.8B.
Based on Bridgewater Associates's 13F filing for Q2 2019, filed 13 Aug 2019.