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 |
Eli Lilly
LLY
|
+$149M |
| 2 |
NVIDIA
NVDA
|
+$102M |
| 3 |
iShares MSCI Brazil ETF
EWZ
|
+$89.1M |
| 4 |
Comcast
CMCSA
|
+$71.1M |
| 5 |
Progressive
PGR
|
+$69.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Costco
COST
|
+$83.3M |
| 2 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$76.9M |
| 3 |
Coca-Cola
KO
|
+$56.4M |
| 4 |
Broadcom
AVGO
|
+$49.5M |
| 5 |
Lam Research
LRCX
|
+$44.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 23.82% |
| 2 | Healthcare | 20.59% |
| 3 | Consumer Discretionary | 12.23% |
| 4 | Financials | 6.67% |
| 5 | Communication Services | 5.5% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
EXE
301
Expand Energy Corp
EXE
$21.9B
| $7.58M | 0.04% |
98,581
-1,379
| -1% | -$113K |
|
302
Acadia Healthcare
ACHC
$2.85B
| $7.53M | 0.04% |
96,880
+46,372
| +92% | +$3.43M |
|
|
SWAV
303
DELISTED
Shockwave Medical, Inc. Common Stock
SWAV
| $7.52M | 0.04% |
39,465
-4,063
| -9% | -$768K |
|
304
Federated Hermes
FHI
$4.85B
| $7.52M | 0.04% |
221,998
+55,035
| +33% | +$1.79M |
|
305
Northern Oil and Gas
NOG
$2.25B
| $7.5M | 0.04% |
202,451
+62,716
| +45% | +$2.37M |
|
306
TJX Companies
TJX
$174B
| $7.5M | 0.04% |
79,931
+23,071
| +41% | +$2.07M |
|
307
Kosmos Energy
KOS
$1.5B
| $7.49M | 0.04% |
1,116,939
+369,197
| +49% | +$2.58M |
|
308
Toll Brothers
TOL
$14.1B
| $7.46M | 0.04% |
72,567
-9,237
| -11% | -$770K |
|
|
ESGR
309
DELISTED
Enstar Group
ESGR
| $7.34M | 0.04% |
24,940
+22,775
| +1,052% | +$5.95M |
|
310
Yum! Brands
YUM
$40.6B
| $7.31M | 0.04% |
55,923
-38,589
| -41% | -$4.82M |
|
311
Assurant
AIZ
$14B
| $7.26M | 0.04% |
43,084
-6,177
| -13% | -$982K |
|
312
Everest Group
EG
$14.4B
| $7.2M | 0.04% |
20,367
+1,627
| +9% | +$630K |
|
313
Assured Guaranty
AGO
$3.72B
| $7.18M | 0.04% |
95,997
-2,640
| -3% | -$174K |
|
314
Freshpet
FRPT
$2.93B
| $7.15M | 0.04% |
82,377
-9,349
| -10% | -$640K |
|
315
LyondellBasell Industries
LYB
$19.6B
| $7.04M | 0.04% |
74,023
+28,042
| +61% | +$2.62M |
|
|
ERF
316
DELISTED
Enerplus Corporation
ERF
| $7.01M | 0.04% |
457,006
+293,051
| +179% | +$4.76M |
|
317
United Parks & Resorts
PRKS
$2.15B
| $6.95M | 0.04% |
131,640
-19,732
| -13% | -$939K |
|
318
Option Care Health
OPCH
$3.55B
| $6.93M | 0.04% |
205,831
+99,396
| +93% | +$3.05M |
|
319
Encompass Health
EHC
$11.2B
| $6.93M | 0.04% |
103,886
+34,356
| +49% | +$2.23M |
|
320
SLM Corp
SLM
$5.09B
| $6.79M | 0.04% |
355,361
+77,692
| +28% | +$1.17M |
|
321
Evolent Health
EVH
$353M
| $6.75M | 0.04% |
204,377
-18,590
| -8% | -$526K |
|
322
Teladoc Health
TDOC
$1.21B
| $6.72M | 0.04% |
311,849
-35,721
| -10% | -$659K |
|
|
GMS
323
DELISTED
GMS Inc
GMS
| $6.7M | 0.04% |
81,223
+13,908
| +21% | +$931K |
|
324
Southwest Airlines
LUV
$23B
| $6.68M | 0.04% |
+231,391
| New | +$6.02M |
|
325
Rio Tinto
RIO
$156B
| $6.68M | 0.04% |
89,702
+18,058
| +25% | +$1.21M |
|
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Bridgewater Associates's Q4 2023 Portfolio in Review
As of Q4 2023, Bridgewater Associates held 827 positions worth $17.9B, up 8% from $16.5B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Bridgewater Associates's Q4 2023 filing shows 87 new, 260 increased, 385 reduced and 85 closed positions. Its largest new stake was iShares MSCI Brazil ETF: 2,750,734 shares worth $96.2M. The largest sale was Costco, an estimated $83.3M.
By sector, the portfolio is most concentrated in Consumer Staples at 24% of assets, down from 27% a quarter earlier, followed by Healthcare and Consumer Discretionary.
- Bridgewater Associates's largest Q4 2023 buy was iShares MSCI Brazil ETF: 2,750,734 shares worth $96.2M.
- Bridgewater Associates added most to Eli Lilly in Q4 2023, an estimated $149M increase.
- Bridgewater Associates's biggest Q4 2023 reduction was Costco, cutting an estimated $83.3M.
- Bridgewater Associates fully exited Netflix in Q4 2023, selling an estimated $35.9M.
- Bridgewater Associates's ten largest holdings make up 31% of its $17.9B portfolio in Q4 2023.
- Bridgewater Associates opened 87 new positions and closed 85 in Q4 2023.
- Bridgewater Associates's portfolio value rose 8% quarter-over-quarter to $17.9B.
Based on Bridgewater Associates's 13F filing for Q4 2023, filed 14 Feb 2024.