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 Emerging Markets ETF
EEM
|
+$147M |
| 2 |
PepsiCo
PEP
|
+$23.8M |
| 3 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$20.5M |
| 4 |
Welltower
WELL
|
+$18.3M |
| 5 |
CTXS
Citrix Systems Inc
CTXS
|
+$16.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$266M |
| 2 |
Micron Technology
MU
|
+$25.9M |
| 3 |
AGN
Allergan Inc
AGN
|
+$17.7M |
| 4 |
Intel
INTC
|
+$15.6M |
| 5 |
Valero Energy
VLO
|
+$14.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 2.38% |
| 2 | Energy | 2.15% |
| 3 | Materials | 1.21% |
| 4 | Healthcare | 0.97% |
| 5 | Consumer Discretionary | 0.96% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
326
Johnson Controls International
JCI
$84.9B
| – | – |
-28,090
| Closed | -$1.22M |
|
327
JPMorgan Chase
JPM
$946B
| – | – |
-83,742
| Closed | -$4.33M |
|
328
KeyCorp
KEY
$24.2B
| – | – |
-83,142
| Closed | -$948K |
|
329
Kimberly-Clark
KMB
$37.7B
| – | – |
-7,153
| Closed | -$646K |
|
330
Labcorp
LH
$25.5B
| – | – |
-41,691
| Closed | -$3.55M |
|
331
Lincoln National
LNC
$8.12B
| – | – |
-27,018
| Closed | -$1.13M |
|
332
Lowe's Companies
LOW
$122B
| – | – |
-142,253
| Closed | -$6.77M |
|
333
MetLife
MET
$62.4B
| – | – |
-197,095
| Closed | -$8.25M |
|
334
3M
MMM
$94.8B
| – | – |
-2,754
| Closed | -$275K |
|
335
Monster Beverage
MNST
$96B
| – | – |
-71,400
| Closed | -$622K |
|
336
Marathon Petroleum
MPC
$89.8B
| – | – |
-140,000
| Closed | -$4.5M |
|
337
Annaly Capital Management
NLY
$17.3B
| – | – |
-109,581
| Closed | -$5.08M |
|
338
Northern Trust
NTRS
$22.2B
| – | – |
-14,242
| Closed | -$774K |
|
339
Nucor
NUE
$60.2B
| – | – |
-35,100
| Closed | -$1.72M |
|
340
ON Semiconductor
ON
$33.1B
| – | – |
-61,617
| Closed | -$450K |
|
341
O'Reilly Automotive
ORLY
$76.2B
| – | – |
-124,815
| Closed | -$1.06M |
|
342
Prologis
PLD
$138B
| – | – |
-25,045
| Closed | -$942K |
|
343
PNC Financial Services
PNC
$100B
| – | – |
-13,800
| Closed | -$1M |
|
344
Prudential Financial
PRU
$43.2B
| – | – |
-72,776
| Closed | -$5.67M |
|
345
Regions Financial
RF
$26.5B
| – | – |
-196,296
| Closed | -$1.82M |
|
346
Ross Stores
ROST
$80.7B
| – | – |
-260,470
| Closed | -$9.48M |
|
|
SEE
347
DELISTED
Sealed Air
SEE
| – | – |
-101,699
| Closed | -$2.77M |
|
348
Sherwin-Williams
SHW
$87.5B
| – | – |
-17,490
| Closed | -$1.06M |
|
349
Southern Company
SO
$110B
| – | – |
-75,300
| Closed | -$3.1M |
|
350
Simon Property Group
SPG
$76.7B
| – | – |
-12,694
| Closed | -$1.77M |
|
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Bridgewater Associates's Q4 2013 Portfolio in Review
As of Q4 2013, Bridgewater Associates held 378 positions worth $12.5B, up 5% from $11.9B the previous quarter. Its ten largest holdings account for 90% of the portfolio.
Bridgewater Associates's Q4 2013 filing shows 67 new, 162 increased, 63 reduced and 85 closed positions. Its largest new stake was PepsiCo: 286,977 shares worth $23.8M. The largest sale was State Street SPDR S&P 500 ETF Trust, an estimated $266M.
By sector, the portfolio is most concentrated in Technology at 2.4% of assets, up from 2.2% a quarter earlier, followed by Energy and Materials.
- Bridgewater Associates's largest Q4 2013 buy was PepsiCo: 286,977 shares worth $23.8M.
- Bridgewater Associates added most to iShares MSCI Emerging Markets ETF in Q4 2013, an estimated $147M increase.
- Bridgewater Associates's biggest Q4 2013 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $266M.
- Bridgewater Associates fully exited Valero Energy in Q4 2013, selling an estimated $14.2M.
- Bridgewater Associates's ten largest holdings make up 90% of its $12.5B portfolio in Q4 2013.
- Bridgewater Associates opened 67 new positions and closed 85 in Q4 2013.
- Bridgewater Associates's portfolio value rose 5% quarter-over-quarter to $12.5B.
Based on Bridgewater Associates's 13F filing for Q4 2013, filed 12 Feb 2014.