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 |
McDonald's
MCD
|
+$6.41M |
| 2 |
UnitedHealth
UNH
|
+$6.05M |
| 3 |
Lockheed Martin
LMT
|
+$6.04M |
| 4 |
Philip Morris
PM
|
+$5.55M |
| 5 |
Accenture
ACN
|
+$5.35M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$1.04B |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$444M |
| 3 |
iShares Core S&P 500 ETF
IVV
|
+$277M |
| 4 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$226M |
| 5 |
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
|
+$132M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 4% |
| 2 | Financials | 2.7% |
| 3 | Industrials | 1.84% |
| 4 | Materials | 1.48% |
| 5 | Consumer Staples | 1.39% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
301
Erie Indemnity
ERIE
$13.2B
| $426K | 0.01% |
+2,872
| New | +$463K |
|
302
Globe Life
GL
$14.4B
| $423K | 0.01% |
+5,873
| New | +$554K |
|
|
CXO
303
DELISTED
CONCHO RESOURCES INC.
CXO
| $417K | 0.01% |
9,720
-451
| -4% | -$31.4K |
|
304
Snap
SNAP
$8.9B
| $415K | 0.01% |
34,887
-288,663
| -89% | -$4.43M |
|
305
Cooper Companies
COO
$14.4B
| $413K | 0.01% |
+5,992
| New | +$488K |
|
306
Keurig Dr Pepper
KDP
$41.2B
| $413K | 0.01% |
+17,007
| New | +$459K |
|
307
Amdocs
DOX
$6.29B
| $406K | 0.01% |
+7,392
| New | +$496K |
|
|
AGR
308
DELISTED
Avangrid, Inc.
AGR
| $405K | 0.01% |
+9,261
| New | +$466K |
|
309
Leidos
LDOS
$16.9B
| $404K | 0.01% |
+4,412
| New | +$445K |
|
310
Cardinal Health
CAH
$55.2B
| $398K | 0.01% |
+8,303
| New | +$431K |
|
311
Henry Schein
HSIC
$9.79B
| $398K | 0.01% |
+7,874
| New | +$499K |
|
312
KB Home
KBH
$3.49B
| $397K | 0.01% |
21,930
-10,421
| -32% | -$334K |
|
313
Capri Holdings
CPRI
$1.75B
| $394K | 0.01% |
36,536
-18,913
| -34% | -$497K |
|
314
Service Corp International
SCI
$11.4B
| $389K | 0.01% |
+9,936
| New | +$462K |
|
315
Arista Networks
ANET
$242B
| $382K | 0.01% |
30,160
-253,344
| -89% | -$3.29M |
|
316
Waters Corp
WAT
$38.8B
| $378K | 0.01% |
+2,074
| New | +$437K |
|
317
Evergy
EVRG
$19B
| $375K | 0.01% |
+6,808
| New | +$447K |
|
318
Iron Mountain
IRM
$36.2B
| $375K | 0.01% |
+15,775
| New | +$477K |
|
|
ATVI
319
DELISTED
Activision Blizzard
ATVI
| $372K | 0.01% |
6,262
-34,830
| -85% | -$2.07M |
|
320
Avery Dennison
AVY
$13.1B
| $370K | 0.01% |
+3,632
| New | +$445K |
|
|
HRC
321
DELISTED
HILL-ROM HOLDINGS, INC.
HRC
| $370K | 0.01% |
+3,678
| New | +$381K |
|
322
Darden Restaurants
DRI
$23.7B
| $363K | 0.01% |
+6,674
| New | +$649K |
|
323
Alliant Energy
LNT
$17.9B
| $359K | 0.01% |
+7,442
| New | +$408K |
|
324
Air Products & Chemicals
APD
$66.5B
| $358K | 0.01% |
1,792
-10,004
| -85% | -$2.28M |
|
|
MDC
325
DELISTED
M.D.C. Holdings, Inc.
MDC
| $357K | 0.01% |
16,626
-8,165
| -33% | -$286K |
|
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Bridgewater Associates's Q1 2020 Portfolio in Review
As of Q1 2020, Bridgewater Associates held 650 positions worth $5.04B, down 49% from $9.79B the previous quarter. Its ten largest holdings account for 68% of the portfolio.
Bridgewater Associates withdrew a net $3.42B in Q1 2020, closing 251 positions and reducing 191 holdings. Its most notable exit was JPMorgan Chase, an estimated $90.5M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 4% of assets, up from 3.6% a quarter earlier, followed by Financials and Industrials.
Against the trend, Bridgewater Associates opened a new position in McDonald's worth $5.38M.
- Bridgewater Associates's largest Q1 2020 buy was McDonald's: 32,541 shares worth $5.38M.
- Bridgewater Associates added most to Lowe's Companies in Q1 2020, an estimated $4.7M increase.
- Bridgewater Associates's biggest Q1 2020 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $1.04B.
- Bridgewater Associates fully exited JPMorgan Chase in Q1 2020, selling an estimated $90.5M.
- Bridgewater Associates's ten largest holdings make up 68% of its $5.04B portfolio in Q1 2020.
- Bridgewater Associates opened 179 new positions and closed 251 in Q1 2020.
- Bridgewater Associates's portfolio value fell 49% quarter-over-quarter to $5.04B.
Based on Bridgewater Associates's 13F filing for Q1 2020, filed 14 May 2020.