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 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$131M |
| 2 |
Gen Digital
GEN
|
+$20.4M |
| 3 |
Microsoft
MSFT
|
+$18.2M |
| 4 |
Intel
INTC
|
+$17M |
| 5 |
Gilead Sciences
GILD
|
+$16.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Emerging Markets ETF
EEM
|
+$307M |
| 2 |
American Express
AXP
|
+$18.2M |
| 3 |
PepsiCo
PEP
|
+$16.8M |
| 4 |
Intuitive Surgical
ISRG
|
+$15.6M |
| 5 |
CTXS
Citrix Systems Inc
CTXS
|
+$15.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 2.61% |
| 2 | Energy | 2.12% |
| 3 | Healthcare | 1.28% |
| 4 | Materials | 1.26% |
| 5 | Industrials | 1.01% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
351
Celanese
CE
$4.82B
| – | – |
-14,926
| Closed | -$826K |
|
352
CF Industries
CF
$19.6B
| – | – |
-22,000
| Closed | -$1.02M |
|
353
CME Group
CME
$95.4B
| – | – |
-74,868
| Closed | -$5.87M |
|
354
Capital One
COF
$128B
| – | – |
-106,343
| Closed | -$8.15M |
|
355
Copart
CPRT
$28.5B
| – | – |
-202,400
| Closed | -$927K |
|
356
CSX Corp
CSX
$94B
| – | – |
-247,815
| Closed | -$2.38M |
|
357
Cognizant
CTSH
$26.5B
| – | – |
-9,068
| Closed | -$458K |
|
358
HF Sinclair
DINO
$16.2B
| – | – |
-98,426
| Closed | -$4.89M |
|
359
Electronic Arts
EA
$52.4B
| – | – |
-342,345
| Closed | -$7.85M |
|
360
Enovis
ENOV
$1.74B
| – | – |
-9,213
| Closed | -$1.01M |
|
361
Exelon
EXC
$48.1B
| – | – |
-169,458
| Closed | -$3.31M |
|
362
Expeditors International
EXPD
$22.3B
| – | – |
-109,580
| Closed | -$4.85M |
|
363
Fastenal
FAST
$54.8B
| – | – |
-535,444
| Closed | -$6.36M |
|
364
FirstEnergy
FE
$28.4B
| – | – |
-112,800
| Closed | -$3.72M |
|
365
HP
HPQ
$26B
| – | – |
-1,016,884
| Closed | -$12.9M |
|
|
JWN
366
DELISTED
Nordstrom
JWN
| – | – |
-27,103
| Closed | -$1.68M |
|
367
Coca-Cola
KO
$383B
| – | – |
-270,674
| Closed | -$11.2M |
|
368
Lamar Advertising Co
LAMR
$16.7B
| – | – |
-19,698
| Closed | -$1.03M |
|
369
Cheniere Energy
LNG
$54.2B
| – | – |
-19,478
| Closed | -$840K |
|
370
Mastercard
MA
$498B
| – | – |
-15,710
| Closed | -$1.31M |
|
371
Moody's
MCO
$83.7B
| – | – |
-54,300
| Closed | -$4.26M |
|
372
Nabors Industries
NBR
$1.17B
| – | – |
-799
| Closed | -$679K |
|
373
NRG Energy
NRG
$26.2B
| – | – |
-28,208
| Closed | -$810K |
|
374
Norfolk Southern
NSC
$75.4B
| – | – |
-17,015
| Closed | -$1.58M |
|
375
PG&E
PCG
$39B
| – | – |
-206,342
| Closed | -$8.31M |
|
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Bridgewater Associates's Q1 2014 Portfolio in Review
As of Q1 2014, Bridgewater Associates held 416 positions worth $12.2B, down 1.9% from $12.5B the previous quarter. Its ten largest holdings account for 89% of the portfolio.
Bridgewater Associates's Q1 2014 filing shows 123 new, 75 increased, 132 reduced and 77 closed positions. Its largest new stake was Berkshire Hathaway Class B: 93,308 shares worth $11.7M. The largest sale was iShares MSCI Emerging Markets ETF, an estimated $307M.
By sector, the portfolio is most concentrated in Technology at 2.6% of assets, up from 2.4% a quarter earlier, followed by Energy and Healthcare.
- Bridgewater Associates's largest Q1 2014 buy was Berkshire Hathaway Class B: 93,308 shares worth $11.7M.
- Bridgewater Associates added most to Vanguard FTSE Emerging Markets ETF in Q1 2014, an estimated $131M increase.
- Bridgewater Associates's biggest Q1 2014 reduction was iShares MSCI Emerging Markets ETF, cutting an estimated $307M.
- Bridgewater Associates fully exited American Express in Q1 2014, selling an estimated $18.2M.
- Bridgewater Associates's ten largest holdings make up 89% of its $12.2B portfolio in Q1 2014.
- Bridgewater Associates opened 123 new positions and closed 77 in Q1 2014.
- Bridgewater Associates's portfolio value fell 1.9% quarter-over-quarter to $12.2B.
Based on Bridgewater Associates's 13F filing for Q1 2014, filed 14 May 2014.