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
|
+$2.65B |
| 2 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$1.35B |
| 3 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$940M |
| 4 |
iShares MSCI Brazil ETF
EWZ
|
+$357M |
| 5 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$125M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
XEC
CIMAREX ENERGY CO
XEC
|
+$72.3M |
| 2 |
X
US Steel
X
|
+$66.9M |
| 3 |
CELG
Celgene Corp
CELG
|
+$56.3M |
| 4 |
International Paper
IP
|
+$46.6M |
| 5 |
SWN
Southwestern Energy Company
SWN
|
+$42.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 2.31% |
| 2 | Consumer Discretionary | 2.13% |
| 3 | Healthcare | 1.71% |
| 4 | Industrials | 1.43% |
| 5 | Materials | 1.41% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
426
Lam Research
LRCX
$373B
| – | – |
-1,587,530
| Closed | -$21.6M |
|
427
Las Vegas Sands
LVS
$32.3B
| – | – |
-119,032
| Closed | -$6.2M |
|
428
Microchip Technology
MCHP
$40.7B
| – | – |
-111,256
| Closed | -$4M |
|
429
Moody's
MCO
$83.5B
| – | – |
-39,299
| Closed | -$5.5M |
|
430
MDU Resources
MDU
$4.17B
| – | – |
-90,003
| Closed | -$816K |
|
431
MetLife
MET
$62.5B
| – | – |
-17,979
| Closed | -$738K |
|
432
McCormick & Company Non-Voting
MKC
$13.7B
| – | – |
-14,050
| Closed | -$978K |
|
433
Morningstar
MORN
$7.24B
| – | – |
-12,848
| Closed | -$1.41M |
|
434
Morgan Stanley
MS
$330B
| – | – |
-225,598
| Closed | -$8.95M |
|
435
MSCI
MSCI
$41.9B
| – | – |
-9,431
| Closed | -$1.39M |
|
436
MSC Industrial Direct
MSM
$6.78B
| – | – |
-12,228
| Closed | -$941K |
|
437
Mettler-Toledo International
MTD
$27.9B
| – | – |
-908
| Closed | -$514K |
|
438
Murphy USA
MUSA
$11.4B
| – | – |
-3,151
| Closed | -$241K |
|
439
Nasdaq
NDAQ
$53.2B
| – | – |
-42,861
| Closed | -$1.17M |
|
440
Nordson
NDSN
$16.4B
| – | – |
-4,372
| Closed | -$522K |
|
441
NewMarket
NEU
$7.97B
| – | – |
-1,627
| Closed | -$670K |
|
442
National Fuel Gas
NFG
$7.84B
| – | – |
-29,103
| Closed | -$1.49M |
|
|
NGD
443
DELISTED
New Gold Inc
NGD
| – | – |
-79,689
| Closed | -$61K |
|
444
NNN REIT
NNN
$9.16B
| – | – |
-8,647
| Closed | -$419K |
|
445
Northrop Grumman
NOC
$76B
| – | – |
-12,634
| Closed | -$3.09M |
|
446
NVIDIA
NVDA
$4.72T
| – | – |
-76,520
| Closed | -$255K |
|
447
NVR
NVR
$16.8B
| – | – |
-687
| Closed | -$1.67M |
|
448
News Corp Class A
NWSA
$15.2B
| – | – |
-126,159
| Closed | -$1.43M |
|
449
Realty Income
O
$60.1B
| – | – |
-19,349
| Closed | -$1.18M |
|
450
Owens Corning
OC
$11.2B
| – | – |
-39,302
| Closed | -$1.73M |
|
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Bridgewater Associates's Q1 2019 Portfolio in Review
As of Q1 2019, Bridgewater Associates held 555 positions worth $16.3B, up 49% from $10.9B the previous quarter. Its ten largest holdings account for 79% of the portfolio.
Bridgewater Associates deployed $4.28B of net new capital in Q1 2019, opening 83 new positions and adding to 78 existing holdings. Its largest new stake was TD Ameritrade Holding Corp: 574,854 shares worth $28.7M.
By sector, the portfolio is most concentrated in Financials at 2.3% of assets, down from 5.6% a quarter earlier, followed by Consumer Discretionary and Healthcare.
On the sell side, the largest reduction was CIMAREX ENERGY CO, an estimated $72.3M trimmed.
- Bridgewater Associates's largest Q1 2019 buy was TD Ameritrade Holding Corp: 574,854 shares worth $28.7M.
- Bridgewater Associates added most to iShares MSCI Emerging Markets ETF in Q1 2019, an estimated $2.65B increase.
- Bridgewater Associates's biggest Q1 2019 reduction was CIMAREX ENERGY CO, cutting an estimated $72.3M.
- Bridgewater Associates fully exited US Steel in Q1 2019, selling an estimated $66.9M.
- Bridgewater Associates's ten largest holdings make up 79% of its $16.3B portfolio in Q1 2019.
- Bridgewater Associates opened 83 new positions and closed 252 in Q1 2019.
- Bridgewater Associates's portfolio value rose 49% quarter-over-quarter to $16.3B.
Based on Bridgewater Associates's 13F filing for Q1 2019, filed 14 May 2019.