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
|
+$432M |
| 2 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$193M |
| 3 |
iShares MSCI South Korea ETF
EWY
|
+$95.9M |
| 4 |
Molson Coors Class B
TAP
|
+$28.7M |
| 5 |
iShares MSCI Brazil ETF
EWZ
|
+$24.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$172M |
| 2 |
iShares MSCI Emerging Markets ETF
EEM
|
+$47.9M |
| 3 |
Bristol-Myers Squibb
BMY
|
+$21.1M |
| 4 |
Intel
INTC
|
+$20.4M |
| 5 |
JNPR
Juniper Networks
JNPR
|
+$18.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 2.75% |
| 2 | Technology | 2.62% |
| 3 | Consumer Discretionary | 2.44% |
| 4 | Financials | 1.98% |
| 5 | Healthcare | 1.84% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
K
26
DELISTED
Kellanova
K
| $19M | 0.18% |
274,282
+124,711
| +83% | +$8.67M |
|
27
ExxonMobil
XOM
$648B
| $18.9M | 0.18% |
209,200
+20,200
| +11% | +$1.77M |
|
28
Imperial Oil
IMO
$62.1B
| $18M | 0.17% |
516,150
+6,700
| +1% | +$225K |
|
29
IBM
IBM
$203B
| $17.6M | 0.17% |
111,085
+3,242
| +3% | +$494K |
|
30
Simon Property Group
SPG
$74.2B
| $17.2M | 0.16% |
+97,000
| New | +$18M |
|
31
Capri Holdings
CPRI
$1.8B
| $17M | 0.16% |
+396,230
| New | +$18.8M |
|
32
Blackrock
BLK
$163B
| $17M | 0.16% |
44,700
+35,200
| +371% | +$12.9M |
|
33
Macy's
M
$6.14B
| $16.9M | 0.16% |
473,229
+51,849
| +12% | +$2.02M |
|
34
BP
BP
$113B
| $16.6M | 0.16% |
519,559
-31,785
| -6% | -$956K |
|
35
Moody's
MCO
$82.6B
| $16.6M | 0.16% |
+175,900
| New | +$17.8M |
|
36
Chevron
CVX
$387B
| $16.5M | 0.16% |
139,900
-21,100
| -13% | -$2.3M |
|
37
General Mills
GIS
$19.2B
| $15.9M | 0.15% |
258,002
+165,402
| +179% | +$10.2M |
|
38
ConocoPhillips
COP
$146B
| $15.5M | 0.15% |
308,844
-32,600
| -10% | -$1.5M |
|
39
Rio Tinto
RIO
$149B
| $15.4M | 0.15% |
401,200
-76,300
| -16% | -$2.8M |
|
40
Petrobras
PBR
$121B
| $15.2M | 0.14% |
1,504,400
-205,800
| -12% | -$2.2M |
|
41
PPG Industries
PPG
$26B
| $15.2M | 0.14% |
+160,207
| New | +$15.3M |
|
42
BHP
BHP
$213B
| $15.2M | 0.14% |
475,092
-50,221
| -10% | -$1.63M |
|
43
Dick's Sporting Goods
DKS
$18.4B
| $15.1M | 0.14% |
284,000
+276,300
| +3,588% | +$15.9M |
|
44
Manulife Financial
MFC
$72.6B
| $14.9M | 0.14% |
+836,700
| New | +$13.6M |
|
45
Tyson Foods
TSN
$20.1B
| $14.6M | 0.14% |
+236,000
| New | +$15.5M |
|
46
EOG Resources
EOG
$77.8B
| $14.5M | 0.14% |
143,765
-12,000
| -8% | -$1.17M |
|
47
FirstEnergy
FE
$28.8B
| $14.4M | 0.14% |
466,545
+337,300
| +261% | +$10.8M |
|
48
Walmart Inc
WMT
$868B
| $14.3M | 0.14% |
619,200
+348,900
| +129% | +$8.14M |
|
49
Texas Instruments
TXN
$257B
| $14M | 0.13% |
192,534
-99,247
| -34% | -$7.08M |
|
50
Occidental Petroleum
OXY
$56.7B
| $13.7M | 0.13% |
192,600
-27,200
| -12% | -$1.93M |
|
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Bridgewater Associates's Q4 2016 Portfolio in Review
As of Q4 2016, Bridgewater Associates held 377 positions worth $10.5B, up 3.7% from $10.2B the previous quarter. Its ten largest holdings account for 83% of the portfolio.
Bridgewater Associates deployed $653M of net new capital in Q4 2016, opening 78 new positions and adding to 101 existing holdings. Its largest new stake was UnitedHealth: 163,900 shares worth $26.2M.
By sector, the portfolio is most concentrated in Energy at 2.8% of assets, down from 2.9% a quarter earlier, followed by Technology and Consumer Discretionary.
On the sell side, the largest reduction was State Street SPDR S&P 500 ETF Trust, an estimated $172M trimmed.
- Bridgewater Associates's largest Q4 2016 buy was UnitedHealth: 163,900 shares worth $26.2M.
- Bridgewater Associates added most to Vanguard FTSE Emerging Markets ETF in Q4 2016, an estimated $432M increase.
- Bridgewater Associates's biggest Q4 2016 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $172M.
- Bridgewater Associates fully exited Bristol-Myers Squibb in Q4 2016, selling an estimated $21.1M.
- Bridgewater Associates's ten largest holdings make up 83% of its $10.5B portfolio in Q4 2016.
- Bridgewater Associates opened 78 new positions and closed 110 in Q4 2016.
- Bridgewater Associates's portfolio value rose 3.7% quarter-over-quarter to $10.5B.
Based on Bridgewater Associates's 13F filing for Q4 2016, filed 10 Feb 2017.