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
|
+$77.8M |
| 2 |
iShares China Large-Cap ETF
FXI
|
+$60.5M |
| 3 |
Merck
MRK
|
+$50.9M |
| 4 |
Pinduoduo
PDD
|
+$40.5M |
| 5 |
iShares MSCI China ETF
MCHI
|
+$36.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SPDR Gold Trust
GLD
|
+$162M |
| 2 |
Meta Platforms (Facebook)
META
|
+$115M |
| 3 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$82.8M |
| 4 |
iShares Gold Trust
IAU
|
+$66M |
| 5 |
Johnson & Johnson
JNJ
|
+$65.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 27.63% |
| 2 | Healthcare | 21.92% |
| 3 | Consumer Discretionary | 11.78% |
| 4 | Financials | 5.4% |
| 5 | Communication Services | 4.41% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
326
QuidelOrtho
QDEL
$1.13B
| $4.5M | 0.03% |
54,277
-5,763
| -10% | -$504K |
|
327
Lufax Holding
LU
$1.38B
| $4.49M | 0.03% |
784,393
-2,793,314
| -78% | -$18.5M |
|
328
Brunswick
BC
$5.18B
| $4.48M | 0.03% |
51,694
+3,402
| +7% | +$278K |
|
329
NewMarket
NEU
$7.97B
| $4.46M | 0.03% |
11,096
-23
| -0.2% | -$8.97K |
|
|
IPG
330
DELISTED
Interpublic Group of Companies
IPG
| $4.4M | 0.03% |
114,119
+83,330
| +271% | +$3.14M |
|
331
Skyworks Solutions
SWKS
$9.4B
| $4.34M | 0.03% |
39,202
+4,075
| +12% | +$430K |
|
332
NextEra Energy
NEE
$183B
| $4.32M | 0.03% |
+58,246
| New | +$4.41M |
|
333
Glaukos
GKOS
$9.94B
| $4.32M | 0.03% |
60,605
-10,513
| -15% | -$604K |
|
|
DOCU
334
DocuSign
DOCU
$10.4B
| $4.26M | 0.03% |
+83,477
| New | +$4.42M |
|
335
Papa John's
PZZA
$995M
| $4.25M | 0.03% |
57,586
-7,693
| -12% | -$571K |
|
336
Agree Realty
ADC
$9.42B
| $4.23M | 0.03% |
64,693
-277,559
| -81% | -$18.4M |
|
337
Certara
CERT
$1.21B
| $4.2M | 0.03% |
230,849
-5,737
| -2% | -$121K |
|
338
Workday
WDAY
$39B
| $4.09M | 0.03% |
18,105
+2,678
| +17% | +$536K |
|
339
J&J Snack Foods
JJSF
$1.44B
| $4.08M | 0.03% |
25,782
+2,742
| +12% | +$425K |
|
340
Eagle Materials
EXP
$6.3B
| $4.08M | 0.03% |
21,885
-97
| -0.4% | -$15.4K |
|
341
Snap-on
SNA
$21.2B
| $4.06M | 0.03% |
14,074
+6,928
| +97% | +$1.79M |
|
342
Omnicom Group
OMC
$21.8B
| $4.03M | 0.02% |
42,360
-41,910
| -50% | -$3.89M |
|
343
Lennox International
LII
$14.4B
| $4.02M | 0.02% |
12,317
-4,110
| -25% | -$1.16M |
|
344
Crocs
CROX
$6.14B
| $4M | 0.02% |
35,592
+17,835
| +100% | +$2.13M |
|
|
RCM
345
DELISTED
R1 RCM Inc. Common Stock
RCM
| $3.96M | 0.02% |
214,423
+37,019
| +21% | +$601K |
|
346
L3Harris
LHX
$50.7B
| $3.94M | 0.02% |
+20,117
| New | +$3.85M |
|
347
Sanmina
SANM
$9.83B
| $3.92M | 0.02% |
65,098
+36,203
| +125% | +$1.98M |
|
348
Murphy USA
MUSA
$11.4B
| $3.9M | 0.02% |
12,540
-3,901
| -24% | -$1.09M |
|
349
Ross Stores
ROST
$81B
| $3.88M | 0.02% |
34,609
+13,440
| +63% | +$1.41M |
|
350
Caterpillar
CAT
$373B
| $3.88M | 0.02% |
+15,761
| New | +$3.51M |
|
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Bridgewater Associates's Q2 2023 Portfolio in Review
As of Q2 2023, Bridgewater Associates held 787 positions worth $16.2B, down 1.2% from $16.4B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Bridgewater Associates withdrew a net $701M in Q2 2023, closing 91 positions and reducing 342 holdings. Its most notable exit was SPDR Gold Trust, an estimated $162M position sold in full.
By sector, the portfolio is most concentrated in Consumer Staples at 28% of assets, down from 28% a quarter earlier, followed by Healthcare and Consumer Discretionary.
Against the trend, Bridgewater Associates opened a new position in AT&T worth $31.6M.
- Bridgewater Associates's largest Q2 2023 buy was AT&T: 1,982,375 shares worth $31.6M.
- Bridgewater Associates added most to iShares Core S&P 500 ETF in Q2 2023, an estimated $77.8M increase.
- Bridgewater Associates's biggest Q2 2023 reduction was Meta Platforms (Facebook), cutting an estimated $115M.
- Bridgewater Associates fully exited SPDR Gold Trust in Q2 2023, selling an estimated $162M.
- Bridgewater Associates's ten largest holdings make up 35% of its $16.2B portfolio in Q2 2023.
- Bridgewater Associates opened 77 new positions and closed 91 in Q2 2023.
- Bridgewater Associates's portfolio value fell 1.2% quarter-over-quarter to $16.2B.
Based on Bridgewater Associates's 13F filing for Q2 2023, filed 11 Aug 2023.