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 |
Cleveland-Cliffs
CLF
|
+$36.6M |
| 2 |
ENDP
Endo International plc
ENDP
|
+$28.4M |
| 3 |
iShares MSCI Brazil ETF
EWZ
|
+$22.1M |
| 4 |
Devon Energy
DVN
|
+$19.4M |
| 5 |
GE Aerospace
GE
|
+$18.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Emerging Markets ETF
EEM
|
+$1.16B |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$773M |
| 3 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$52.5M |
| 4 |
Apple
AAPL
|
+$48.2M |
| 5 |
Microsoft
MSFT
|
+$40.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 2.89% |
| 2 | Consumer Discretionary | 2.25% |
| 3 | Materials | 2.16% |
| 4 | Healthcare | 2.09% |
| 5 | Technology | 1.47% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
BP
BP
$113B
| $15.1M | 0.17% |
502,417
-17,142
| -3% | -$521K |
|
27
Chevron
CVX
$388B
| $15M | 0.17% |
139,900
| – | – |
|
28
ExxonMobil
XOM
$651B
| $14.8M | 0.17% |
181,004
-28,196
| -13% | -$2.36M |
|
29
Capri Holdings
CPRI
$1.77B
| $14.8M | 0.17% |
387,108
-9,122
| -2% | -$359K |
|
30
IBM
IBM
$202B
| $14.7M | 0.17% |
88,540
-22,545
| -20% | -$3.78M |
|
31
Walt Disney
DIS
$165B
| $14.7M | 0.17% |
+129,847
| New | +$14.3M |
|
32
BHP
BHP
$213B
| $14.5M | 0.16% |
447,402
-27,690
| -6% | -$957K |
|
33
Rio Tinto
RIO
$148B
| $14.3M | 0.16% |
351,670
-49,530
| -12% | -$2.1M |
|
34
EOG Resources
EOG
$78B
| $14M | 0.16% |
143,765
| – | – |
|
35
United Parcel Service
UPS
$97.6B
| $13.8M | 0.16% |
+128,914
| New | +$14.1M |
|
36
Simon Property Group
SPG
$74.5B
| $13.2M | 0.15% |
76,784
-20,216
| -21% | -$3.61M |
|
37
Bread Financial
BFH
$4.21B
| $12.9M | 0.15% |
64,859
-6,130
| -9% | -$1.16M |
|
38
Suncor Energy
SU
$77.7B
| $12.8M | 0.14% |
416,700
-606,000
| -59% | -$19.1M |
|
39
CVS Health
CVS
$137B
| $12.7M | 0.14% |
161,883
+52,870
| +48% | +$4.22M |
|
40
Vale
VALE
$62.9B
| $12.6M | 0.14% |
1,321,105
+21,305
| +2% | +$212K |
|
41
Biogen
BIIB
$29.9B
| $12.4M | 0.14% |
+45,447
| New | +$12.9M |
|
42
Occidental Petroleum
OXY
$57B
| $12.2M | 0.14% |
192,609
+9
| +0% | +$599 |
|
|
SPLS
43
DELISTED
Staples Inc
SPLS
| $11.9M | 0.14% |
1,361,128
+338,826
| +33% | +$3.05M |
|
44
Micron Technology
MU
$1.04T
| $11.7M | 0.13% |
+405,342
| New | +$9.9M |
|
45
Adobe
ADBE
$89.5B
| $11.7M | 0.13% |
+89,664
| New | +$10.5M |
|
46
Lumen
LUMN
$6.53B
| $11.1M | 0.13% |
471,769
-609,472
| -56% | -$14.9M |
|
47
Tyson Foods
TSN
$20.2B
| $11.1M | 0.13% |
180,099
-55,901
| -24% | -$3.52M |
|
|
AET
48
DELISTED
Aetna Inc
AET
| $11M | 0.12% |
85,970
-103,030
| -55% | -$12.9M |
|
49
Franco-Nevada
FNV
$41.4B
| $11M | 0.12% |
167,703
-29,725
| -15% | -$1.92M |
|
50
Kohl's
KSS
$2.03B
| $10.6M | 0.12% |
266,435
+201,825
| +312% | +$8.24M |
|
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Bridgewater Associates's Q1 2017 Portfolio in Review
As of Q1 2017, Bridgewater Associates held 340 positions worth $8.82B, down 16% from $10.5B the previous quarter. Its ten largest holdings account for 86% of the portfolio.
Bridgewater Associates withdrew a net $2.5B in Q1 2017, closing 104 positions and reducing 103 holdings. Its most notable exit was Apple, an estimated $48.2M position sold in full.
By sector, the portfolio is most concentrated in Energy at 2.9% of assets, up from 2.8% a quarter earlier, followed by Consumer Discretionary and Materials.
Against the trend, Bridgewater Associates opened a new position in Cleveland-Cliffs worth $31.6M.
- Bridgewater Associates's largest Q1 2017 buy was Cleveland-Cliffs: 3,848,295 shares worth $31.6M.
- Bridgewater Associates added most to Endo International plc in Q1 2017, an estimated $28.4M increase.
- Bridgewater Associates's biggest Q1 2017 reduction was iShares MSCI Emerging Markets ETF, cutting an estimated $1.16B.
- Bridgewater Associates fully exited Apple in Q1 2017, selling an estimated $48.2M.
- Bridgewater Associates's ten largest holdings make up 86% of its $8.82B portfolio in Q1 2017.
- Bridgewater Associates opened 73 new positions and closed 104 in Q1 2017.
- Bridgewater Associates's portfolio value fell 16% quarter-over-quarter to $8.82B.
Based on Bridgewater Associates's 13F filing for Q1 2017, filed 11 May 2017.