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 |
McDonald's
MCD
|
+$6.41M |
| 2 |
UnitedHealth
UNH
|
+$6.05M |
| 3 |
Lockheed Martin
LMT
|
+$6.04M |
| 4 |
Philip Morris
PM
|
+$5.55M |
| 5 |
Accenture
ACN
|
+$5.35M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$1.04B |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$444M |
| 3 |
iShares Core S&P 500 ETF
IVV
|
+$277M |
| 4 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$226M |
| 5 |
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
|
+$132M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 4% |
| 2 | Financials | 2.7% |
| 3 | Industrials | 1.84% |
| 4 | Materials | 1.48% |
| 5 | Consumer Staples | 1.39% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
CMA
451
DELISTED
Comerica
CMA
| – | – |
-29,668
| Closed | -$2.13M |
|
452
Commercial Metals
CMC
$8.15B
| – | – |
-27,402
| Closed | -$610K |
|
453
Cummins
CMI
$88.7B
| – | – |
-6,505
| Closed | -$1.16M |
|
454
Carpenter Technology
CRS
$27.7B
| – | – |
-11,096
| Closed | -$552K |
|
455
Carlisle Companies
CSL
$15.2B
| – | – |
-13,113
| Closed | -$2.12M |
|
456
CSX Corp
CSX
$93.9B
| – | – |
-263,361
| Closed | -$6.35M |
|
457
Crane NXT
CXT
$3.13B
| – | – |
-40,148
| Closed | -$1.21M |
|
458
Delta Air Lines
DAL
$60.5B
| – | – |
-104,149
| Closed | -$6.09M |
|
459
Donaldson
DCI
$11.4B
| – | – |
-5,484
| Closed | -$316K |
|
460
3D Systems Corp
DDD
$588M
| – | – |
-27,211
| Closed | -$238K |
|
461
Dillards
DDS
$9.64B
| – | – |
-5,872
| Closed | -$431K |
|
462
Deere & Co
DE
$166B
| – | – |
-12,428
| Closed | -$2.15M |
|
463
Deckers Outdoor
DECK
$13.3B
| – | – |
-38,922
| Closed | -$1.09M |
|
464
Deluxe
DLX
$1.19B
| – | – |
-9,787
| Closed | -$489K |
|
465
Dover
DOV
$28.4B
| – | – |
-6,199
| Closed | -$714K |
|
466
Eastman Chemical
EMN
$8.4B
| – | – |
-7,272
| Closed | -$576K |
|
467
Emerson Electric
EMR
$87.5B
| – | – |
-24,603
| Closed | -$1.88M |
|
468
Equitable Holdings
EQH
$14.2B
| – | – |
-101,155
| Closed | -$2.51M |
|
469
Eaton
ETN
$174B
| – | – |
-17,635
| Closed | -$1.67M |
|
470
East-West Bancorp
EWBC
$18.1B
| – | – |
-30,092
| Closed | -$1.47M |
|
471
Expeditors International
EXPD
$23.2B
| – | – |
-9,117
| Closed | -$711K |
|
472
FedEx
FDX
$74.7B
| – | – |
-10,815
| Closed | -$1.64M |
|
473
F5
FFIV
$23.5B
| – | – |
-3,080
| Closed | -$430K |
|
474
Federated Hermes
FHI
$4.72B
| – | – |
-20,904
| Closed | -$681K |
|
475
First Horizon
FHN
$12.1B
| – | – |
-64,309
| Closed | -$1.06M |
|
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Bridgewater Associates's Q1 2020 Portfolio in Review
As of Q1 2020, Bridgewater Associates held 650 positions worth $5.04B, down 49% from $9.79B the previous quarter. Its ten largest holdings account for 68% of the portfolio.
Bridgewater Associates withdrew a net $3.42B in Q1 2020, closing 251 positions and reducing 191 holdings. Its most notable exit was JPMorgan Chase, an estimated $90.5M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 4% of assets, up from 3.6% a quarter earlier, followed by Financials and Industrials.
Against the trend, Bridgewater Associates opened a new position in McDonald's worth $5.38M.
- Bridgewater Associates's largest Q1 2020 buy was McDonald's: 32,541 shares worth $5.38M.
- Bridgewater Associates added most to Lowe's Companies in Q1 2020, an estimated $4.7M increase.
- Bridgewater Associates's biggest Q1 2020 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $1.04B.
- Bridgewater Associates fully exited JPMorgan Chase in Q1 2020, selling an estimated $90.5M.
- Bridgewater Associates's ten largest holdings make up 68% of its $5.04B portfolio in Q1 2020.
- Bridgewater Associates opened 179 new positions and closed 251 in Q1 2020.
- Bridgewater Associates's portfolio value fell 49% quarter-over-quarter to $5.04B.
Based on Bridgewater Associates's 13F filing for Q1 2020, filed 14 May 2020.