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
|
+$709M |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$272M |
| 3 |
iShares TIPS Bond ETF
TIP
|
+$141M |
| 4 |
iShares 20+ Year Treasury Bond ETF
TLT
|
+$91.1M |
| 5 |
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
|
+$79M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$66.1M |
| 2 |
ENDP
Endo International plc
ENDP
|
+$26.8M |
| 3 |
Cleveland-Cliffs
CLF
|
+$15.9M |
| 4 |
Walt Disney
DIS
|
+$14.7M |
| 5 |
IPG
Interpublic Group of Companies
IPG
|
+$14.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 2.42% |
| 2 | Energy | 2.05% |
| 3 | Technology | 1.4% |
| 4 | Healthcare | 1.37% |
| 5 | Financials | 1.14% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
376
Lumen
LUMN
$6.53B
| – | – |
-471,769
| Closed | -$11.1M |
|
377
McDonald's
MCD
$188B
| – | – |
-14,886
| Closed | -$1.93M |
|
378
Meta Platforms (Facebook)
META
$1.51T
| – | – |
-12,411
| Closed | -$1.76M |
|
379
Morgan Stanley
MS
$337B
| – | – |
-69,834
| Closed | -$2.99M |
|
380
Micron Technology
MU
$1.04T
| – | – |
-405,342
| Closed | -$11.7M |
|
381
NNN REIT
NNN
$9.39B
| – | – |
-7,312
| Closed | -$319K |
|
382
OGE Energy
OGE
$10.3B
| – | – |
-11,157
| Closed | -$390K |
|
383
Progressive
PGR
$124B
| – | – |
-17,169
| Closed | -$673K |
|
384
Packaging Corp of America
PKG
$22.7B
| – | – |
-5,017
| Closed | -$460K |
|
385
Reinsurance Group of America
RGA
$15.7B
| – | – |
-6,051
| Closed | -$768K |
|
386
Transocean
RIG
$5.92B
| – | – |
-386,224
| Closed | -$4.81M |
|
387
Roper Technologies
ROP
$36.3B
| – | – |
-1,829
| Closed | -$378K |
|
388
Sally Beauty Holdings
SBH
$1.4B
| – | – |
-104,377
| Closed | -$2.13M |
|
|
SCHW
389
Charles Schwab
SCHW
$177B
| – | – |
-28,638
| Closed | -$1.17M |
|
|
SEE
390
DELISTED
Sealed Air
SEE
| – | – |
-28,227
| Closed | -$1.23M |
|
391
J.M. Smucker
SJM
$12.6B
| – | – |
-16,354
| Closed | -$2.14M |
|
392
Truist Financial
TFC
$63.2B
| – | – |
-23,790
| Closed | -$1.06M |
|
393
Tapestry
TPR
$28.8B
| – | – |
-8,891
| Closed | -$367K |
|
394
Vulcan Materials
VMC
$36.3B
| – | – |
-9,420
| Closed | -$1.14M |
|
395
Vornado Realty Trust
VNO
$7.47B
| – | – |
-19,924
| Closed | -$1.62M |
|
396
Walmart Inc
WMT
$871B
| – | – |
-245,892
| Closed | -$5.91M |
|
|
X
397
DELISTED
US Steel
X
| – | – |
-249,917
| Closed | -$8.45M |
|
398
Zions Bancorporation
ZION
$10.1B
| – | – |
-30,547
| Closed | -$1.28M |
|
399
Corpay
CPAY
$24.2B
| – | – |
-13,223
| Closed | -$2M |
|
|
PBCT
400
DELISTED
People's United Financial Inc
PBCT
| – | – |
-45,412
| Closed | -$826K |
|
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Bridgewater Associates's Q2 2017 Portfolio in Review
As of Q2 2017, Bridgewater Associates held 410 positions worth $10.9B, up 24% from $8.82B the previous quarter. Its ten largest holdings account for 83% of the portfolio.
Bridgewater Associates deployed $1.94B of net new capital in Q2 2017, opening 174 new positions and adding to 72 existing holdings. Its largest new stake was iShares TIPS Bond ETF: 1,233,390 shares worth $140M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 2.4% of assets, up from 2.2% a quarter earlier, followed by Energy and Technology.
On the sell side, the largest reduction was State Street SPDR S&P 500 ETF Trust, an estimated $66.1M trimmed.
- Bridgewater Associates's largest Q2 2017 buy was iShares TIPS Bond ETF: 1,233,390 shares worth $140M.
- Bridgewater Associates added most to iShares MSCI Emerging Markets ETF in Q2 2017, an estimated $709M increase.
- Bridgewater Associates's biggest Q2 2017 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $66.1M.
- Bridgewater Associates fully exited Walt Disney in Q2 2017, selling an estimated $14.7M.
- Bridgewater Associates's ten largest holdings make up 83% of its $10.9B portfolio in Q2 2017.
- Bridgewater Associates opened 174 new positions and closed 67 in Q2 2017.
- Bridgewater Associates's portfolio value rose 24% quarter-over-quarter to $10.9B.
Based on Bridgewater Associates's 13F filing for Q2 2017, filed 10 Aug 2017.