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 S&P 500 ETF
IVV
|
+$118M |
| 2 |
JPMorgan Chase
JPM
|
+$87.7M |
| 3 |
Bank of America
BAC
|
+$66.7M |
| 4 |
Citigroup
C
|
+$58.3M |
| 5 |
Wells Fargo
WFC
|
+$33.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Procter & Gamble
PG
|
+$227M |
| 2 |
Johnson & Johnson
JNJ
|
+$198M |
| 3 |
Coca-Cola
KO
|
+$184M |
| 4 |
PepsiCo
PEP
|
+$179M |
| 5 |
McDonald's
MCD
|
+$141M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 27.91% |
| 2 | Healthcare | 19.75% |
| 3 | Financials | 10.48% |
| 4 | Consumer Discretionary | 9.62% |
| 5 | Communication Services | 3.02% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
276
Acadia Healthcare
ACHC
$2.85B
| $8.11M | 0.04% |
98,523
-39,992
| -29% | -$3.3M |
|
277
DaVita
DVA
$15B
| $7.99M | 0.04% |
106,950
-182,589
| -63% | -$14.2M |
|
278
Keurig Dr Pepper
KDP
$42.1B
| $7.88M | 0.04% |
221,077
+139,471
| +171% | +$5.23M |
|
279
Qiagen
QGEN
$8.73B
| $7.77M | 0.04% |
146,916
+1,599
| +1% | +$78.8K |
|
280
Boston Beer
SAM
$1.94B
| $7.76M | 0.04% |
23,545
-4,235
| -15% | -$1.54M |
|
|
ATVI
281
DELISTED
Activision Blizzard
ATVI
| $7.7M | 0.04% |
100,525
+33,528
| +50% | +$2.49M |
|
282
Teladoc Health
TDOC
$1.21B
| $7.67M | 0.04% |
324,296
-89,204
| -22% | -$2.41M |
|
|
DQ
283
Daqo New Energy
DQ
$930M
| $7.65M | 0.04% |
198,107
-77,228
| -28% | -$3.78M |
|
284
Lumentum
LITE
$60.7B
| $7.63M | 0.04% |
146,239
+89,865
| +159% | +$5.52M |
|
285
Warner Music
WMG
$13.1B
| $7.52M | 0.04% |
214,645
+192,932
| +889% | +$5.62M |
|
286
Take-Two Interactive
TTWO
$45.8B
| $7.51M | 0.04% |
72,124
-2,724
| -4% | -$295K |
|
287
Sarepta Therapeutics
SRPT
$1.68B
| $7.51M | 0.04% |
57,935
-40,473
| -41% | -$4.69M |
|
288
Simply Good Foods
SMPL
$1B
| $7.49M | 0.04% |
196,970
-31,581
| -14% | -$1.17M |
|
289
RELX
RELX
$63.1B
| $7.42M | 0.04% |
267,658
+80,591
| +43% | +$2.17M |
|
|
CVSA
290
Covista Inc
CVSA
$4.34B
| $7.34M | 0.04% |
206,804
-76,793
| -27% | -$3M |
|
291
Doximity
DOCS
$3.89B
| $7.3M | 0.04% |
217,641
-44,648
| -17% | -$1.36M |
|
292
Agnico Eagle Mines
AEM
$74.6B
| $7.29M | 0.04% |
+140,249
| New | +$6.62M |
|
293
Bunge Global
BG
$20.2B
| $7.27M | 0.04% |
72,917
-19,990
| -22% | -$1.92M |
|
294
Cintas
CTAS
$81.6B
| $7.27M | 0.04% |
64,396
+52,240
| +430% | +$5.65M |
|
295
Encompass Health
EHC
$11.2B
| $7.26M | 0.04% |
121,371
-37,943
| -24% | -$2.06M |
|
296
Globe Life
GL
$14.3B
| $7.24M | 0.04% |
60,078
-5,141
| -8% | -$588K |
|
297
Chegg
CHGG
$114M
| $7.23M | 0.04% |
286,155
-85,809
| -23% | -$2.18M |
|
298
M&T Bank
MTB
$36.2B
| $7.2M | 0.04% |
49,617
+12,853
| +35% | +$2.11M |
|
299
Union Pacific
UNP
$173B
| $7.05M | 0.04% |
34,056
-1,580
| -4% | -$324K |
|
300
United Therapeutics
UTHR
$25.7B
| $6.98M | 0.04% |
25,104
-19,113
| -43% | -$4.82M |
|
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Bridgewater Associates's Q4 2022 Portfolio in Review
As of Q4 2022, Bridgewater Associates held 953 positions worth $18.3B, down 7.3% from $19.8B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Bridgewater Associates withdrew a net $3.25B in Q4 2022, closing 133 positions and reducing 457 holdings. Its most notable exit was Advanced Micro Devices, an estimated $45.8M position sold in full.
By sector, the portfolio is most concentrated in Consumer Staples at 28% of assets, down from 30% a quarter earlier, followed by Healthcare and Financials.
Against the trend, Bridgewater Associates opened a new position in JPMorgan Chase worth $92.8M.
- Bridgewater Associates's largest Q4 2022 buy was JPMorgan Chase: 692,356 shares worth $92.8M.
- Bridgewater Associates added most to iShares Core S&P 500 ETF in Q4 2022, an estimated $118M increase.
- Bridgewater Associates's biggest Q4 2022 reduction was Procter & Gamble, cutting an estimated $227M.
- Bridgewater Associates fully exited Advanced Micro Devices in Q4 2022, selling an estimated $45.8M.
- Bridgewater Associates's ten largest holdings make up 32% of its $18.3B portfolio in Q4 2022.
- Bridgewater Associates opened 87 new positions and closed 133 in Q4 2022.
- Bridgewater Associates's portfolio value fell 7.3% quarter-over-quarter to $18.3B.
Based on Bridgewater Associates's 13F filing for Q4 2022, filed 13 Feb 2023.