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 | |
|---|---|---|---|---|---|---|
326
Cummins
CMI
$91.3B
| – | – |
-33,436
| Closed | -$5.28M |
|
327
Carlisle Companies
CSL
$13.8B
| – | – |
-7,607
| Closed | -$933K |
|
328
Cintas
CTAS
$84.4B
| – | – |
-33,220
| Closed | -$1.68M |
|
329
CVR Energy
CVI
$3.43B
| – | – |
-50,390
| Closed | -$2.08M |
|
330
Commault Systems
CVLT
$6.19B
| – | – |
-6,662
| Closed | -$431K |
|
331
Domino's
DPZ
$11.4B
| – | – |
-1,632
| Closed | -$421K |
|
332
Darden Restaurants
DRI
$23.4B
| – | – |
-7,289
| Closed | -$885K |
|
333
East-West Bancorp
EWBC
$17.8B
| – | – |
-118,394
| Closed | -$5.68M |
|
334
Expeditors International
EXPD
$22.4B
| – | – |
-12,790
| Closed | -$971K |
|
335
Expedia Group
EXPE
$33.4B
| – | – |
-17,947
| Closed | -$2.14M |
|
336
Fortune Brands Innovations
FBIN
$6.14B
| – | – |
-33,375
| Closed | -$1.36M |
|
|
FITB
337
Fifth Third Bancorp
FITB
$51.7B
| – | – |
-126,152
| Closed | -$3.18M |
|
338
Flex
FLEX
$42.5B
| – | – |
-89,862
| Closed | -$677K |
|
339
Globe Life
GL
$13.5B
| – | – |
-5,592
| Closed | -$458K |
|
340
Goldman Sachs
GS
$309B
| – | – |
-64,423
| Closed | -$12.4M |
|
341
Huntington Bancshares
HBAN
$34.7B
| – | – |
-275,384
| Closed | -$3.49M |
|
|
JBGS
342
JBG SMITH
JBGS
$832M
| – | – |
-21,460
| Closed | -$887K |
|
343
KeyCorp
KEY
$24.1B
| – | – |
-542,629
| Closed | -$8.55M |
|
344
Labcorp
LH
$24.7B
| – | – |
-25,102
| Closed | -$3.3M |
|
345
Lockheed Martin
LMT
$134B
| – | – |
-13,472
| Closed | -$4.04M |
|
346
Cheniere Energy
LNG
$53.6B
| – | – |
-4,879
| Closed | -$334K |
|
347
ManpowerGroup
MAN
$2.5B
| – | – |
-26,039
| Closed | -$2.15M |
|
348
Pediatrix Medical
MD
$2.15B
| – | – |
-28,491
| Closed | -$774K |
|
349
Mohawk Industries
MHK
$7.05B
| – | – |
-106,261
| Closed | -$13.4M |
|
350
The Mosaic Company
MOS
$7.1B
| – | – |
-792,697
| Closed | -$21.6M |
|
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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.