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 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$1.28B |
| 2 |
Oracle
ORCL
|
+$349M |
| 3 |
NVIDIA
NVDA
|
+$252M |
| 4 |
Micron Technology
MU
|
+$204M |
| 5 |
Amazon
AMZN
|
+$188M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class A
GOOGL
|
+$304M |
| 2 |
Uber
UBER
|
+$208M |
| 3 |
FISV
Fiserv Inc
FISV
|
+$205M |
| 4 |
Meta Platforms (Facebook)
META
|
+$129M |
| 5 |
Wells Fargo
WFC
|
+$121M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 28.43% |
| 2 | Miscellaneous | 24.29% |
| 3 | Financials | 11.06% |
| 4 | Consumer Discretionary | 8.45% |
| 5 | Healthcare | 6.54% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
376
FIVE9
FIVN
$2.55B
| $9.18M | 0.03% |
457,821
+176,628
| +63% | +$3.75M |
|
377
Fair Isaac
FICO
$25B
| $9.15M | 0.03% |
5,412
+2,583
| +91% | +$4.45M |
|
378
Remitly
RELY
$5.51B
| $9.12M | 0.03% |
661,116
-101,442
| -13% | -$1.47M |
|
379
NatWest
NWG
$73.2B
| $9.12M | 0.03% |
521,087
-23,565
| -4% | -$374K |
|
380
Carlisle Companies
CSL
$14.3B
| $9.1M | 0.03% |
28,451
-9,804
| -26% | -$3.18M |
|
381
RPM International
RPM
$13.5B
| $9.09M | 0.03% |
87,388
+70,945
| +431% | +$7.68M |
|
382
Coherent
COHR
$57.6B
| $9.04M | 0.03% |
+48,979
| New | +$7.33M |
|
383
IES Holdings
IESC
$13.3B
| $9M | 0.03% |
46,272
+11,564
| +33% | +$2.32M |
|
384
Western Union
WU
$2.25B
| $8.95M | 0.03% |
961,157
+160,601
| +20% | +$1.42M |
|
385
Boston Scientific
BSX
$67.7B
| $8.94M | 0.03% |
93,745
-65,984
| -41% | -$6.47M |
|
386
Advanced Drainage Systems
WMS
$10.4B
| $8.82M | 0.03% |
+60,895
| New | +$8.82M |
|
387
Ziff Davis
ZD
$1.91B
| $8.77M | 0.03% |
249,506
-30,669
| -11% | -$1.07M |
|
388
Pegasystems
PEGA
$5.91B
| $8.77M | 0.03% |
146,825
-71,667
| -33% | -$4.2M |
|
389
Fidelity National Information Services
FIS
$20.9B
| $8.74M | 0.03% |
131,466
+49,157
| +60% | +$3.24M |
|
|
VSXY
390
Victoria's Secret
VSXY
$7.17B
| $8.73M | 0.03% |
+161,092
| New | +$6.4M |
|
391
Oshkosh
OSK
$9.66B
| $8.7M | 0.03% |
69,216
+30,184
| +77% | +$3.88M |
|
392
Axsome Therapeutics
AXSM
$10.8B
| $8.67M | 0.03% |
+47,444
| New | +$6.62M |
|
393
American Eagle Outfitters
AEO
$2.83B
| $8.63M | 0.03% |
327,394
-1,267
| -0.4% | -$25K |
|
394
WEX
WEX
$6.8B
| $8.62M | 0.03% |
57,869
+38,715
| +202% | +$5.83M |
|
395
American Financial Group
AFG
$11.8B
| $8.62M | 0.03% |
63,073
-9,734
| -13% | -$1.34M |
|
396
Lincoln Electric
LECO
$15.8B
| $8.62M | 0.03% |
35,969
+8,304
| +30% | +$1.97M |
|
397
Wayfair
W
$14.5B
| $8.58M | 0.03% |
85,467
+14,650
| +21% | +$1.41M |
|
398
Harmony Biosciences
HRMY
$2.32B
| $8.55M | 0.03% |
228,514
+16,988
| +8% | +$559K |
|
399
Cencora
COR
$61.4B
| $8.51M | 0.03% |
25,186
-25,140
| -50% | -$8.57M |
|
400
Enphase Energy
ENPH
$5.15B
| $8.46M | 0.03% |
263,837
+54,781
| +26% | +$1.77M |
|
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Bridgewater Associates's Q4 2025 Portfolio in Review
As of Q4 2025, Bridgewater Associates held 1,205 positions worth $27.4B, up 7.4% from $25.5B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Bridgewater Associates deployed $1.36B of net new capital in Q4 2025, opening 191 new positions and adding to 450 existing holdings. Its largest new stake was Arm: 326,320 shares worth $35.7M.
By sector, the portfolio is most concentrated in Technology at 28% of assets, down from 29% a quarter earlier, followed by Miscellaneous and Financials.
On the sell side, the largest reduction was Alphabet (Google) Class A, an estimated $304M trimmed.
- Bridgewater Associates's largest Q4 2025 buy was Arm: 326,320 shares worth $35.7M.
- Bridgewater Associates added most to State Street SPDR S&P 500 ETF Trust in Q4 2025, an estimated $1.28B increase.
- Bridgewater Associates's biggest Q4 2025 reduction was Alphabet (Google) Class A, cutting an estimated $304M.
- Bridgewater Associates fully exited Fiserv Inc in Q4 2025, selling an estimated $205M.
- Bridgewater Associates's ten largest holdings make up 36% of its $27.4B portfolio in Q4 2025.
- Bridgewater Associates opened 191 new positions and closed 165 in Q4 2025.
- Bridgewater Associates's portfolio value rose 7.4% quarter-over-quarter to $27.4B.
Based on Bridgewater Associates's 13F filing for Q4 2025, filed 13 Feb 2026.