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 Core MSCI Emerging Markets ETF
IEMG
|
+$89.7M |
| 2 |
Cummins
CMI
|
+$35.2M |
| 3 |
Royal Bank of Canada
RY
|
+$32.9M |
| 4 |
Toll Brothers
TOL
|
+$32.7M |
| 5 |
Toronto Dominion Bank
TD
|
+$31.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Emerging Markets ETF
EEM
|
+$188M |
| 2 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$147M |
| 3 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$76M |
| 4 |
NFX
Newfield Exploration
NFX
|
+$32.1M |
| 5 |
Procter & Gamble
PG
|
+$30.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 3.42% |
| 2 | Healthcare | 2.95% |
| 3 | Consumer Discretionary | 2.83% |
| 4 | Energy | 2.39% |
| 5 | Industrials | 2.01% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Oracle
ORCL
$331B
| $34.7M | 0.35% |
788,597
+21,963
| +3% | +$1.01M |
|
27
PG&E
PCG
$47.8B
| $33M | 0.33% |
775,654
-136,837
| -15% | -$5.93M |
|
|
28
Cummins
CMI
$91.7B
| $31.3M | 0.31% |
+235,261
| New | +$35.2M |
|
29
Suncor Energy
SU
$77.7B
| $29.8M | 0.3% |
733,430
+488,279
| +199% | +$19M |
|
30
Scotiabank
BNS
$106B
| $29.5M | 0.29% |
520,767
+369,236
| +244% | +$22.2M |
|
31
Caterpillar
CAT
$409B
| $29M | 0.29% |
213,507
+153,350
| +255% | +$22.9M |
|
32
GameStop
GME
$9.5B
| $28.2M | 0.28% |
7,737,496
-4,840,012
| -38% | -$16.6M |
|
33
Chevron
CVX
$388B
| $26.1M | 0.26% |
206,513
+181,568
| +728% | +$22.5M |
|
34
Applied Materials
AMAT
$426B
| $25.5M | 0.25% |
+551,724
| New | +$28.4M |
|
35
McDonald's
MCD
$188B
| $25.4M | 0.25% |
162,333
+140,183
| +633% | +$22.7M |
|
36
Canadian National Railway
CNI
$78.5B
| $24.7M | 0.25% |
301,682
+220,570
| +272% | +$17.5M |
|
37
TE Connectivity
TEL
$58.8B
| $23.7M | 0.24% |
262,904
+232,285
| +759% | +$22.2M |
|
38
Kimberly-Clark
KMB
$36.4B
| $22M | 0.22% |
208,490
-100,587
| -33% | -$10.5M |
|
39
Bread Financial
BFH
$4.21B
| $21.4M | 0.21% |
115,112
-74,739
| -39% | -$12.8M |
|
40
Bank of Montreal
BMO
$125B
| $20.4M | 0.2% |
264,561
+191,944
| +264% | +$14.8M |
|
|
XEC
41
DELISTED
CIMAREX ENERGY CO
XEC
| $20.4M | 0.2% |
200,375
-121,278
| -38% | -$11.5M |
|
|
NFX
42
DELISTED
Newfield Exploration
NFX
| $20.4M | 0.2% |
672,996
-1,134,000
| -63% | -$32.1M |
|
43
Canadian Natural Resources
CNQ
$96.9B
| $20.3M | 0.2% |
1,149,025
+731,487
| +175% | +$12.4M |
|
44
Eli Lilly
LLY
$1.07T
| $19.3M | 0.19% |
226,525
+727
| +0.3% | +$59.7K |
|
|
SWN
45
DELISTED
Southwestern Energy Company
SWN
| $19.3M | 0.19% |
3,640,204
-5,605,895
| -61% | -$26M |
|
46
Invesco
IVZ
$13.3B
| $19.2M | 0.19% |
721,566
+418,373
| +138% | +$12M |
|
47
Micron Technology
MU
$1.04T
| $18.9M | 0.19% |
360,008
+76,730
| +27% | +$4.15M |
|
|
DISH
48
DELISTED
DISH Network Corp.
DISH
| $18M | 0.18% |
535,515
+185,087
| +53% | +$6.31M |
|
|
X
49
DELISTED
US Steel
X
| $17.6M | 0.18% |
506,785
+54,950
| +12% | +$1.97M |
|
50
Cleveland-Cliffs
CLF
$6.81B
| $17.2M | 0.17% |
2,039,477
-3,173,937
| -61% | -$25.3M |
|
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Bridgewater Associates's Q2 2018 Portfolio in Review
As of Q2 2018, Bridgewater Associates held 552 positions worth $10B, down 4.6% from $10.5B the previous quarter. Its ten largest holdings account for 70% of the portfolio.
Bridgewater Associates's Q2 2018 filing shows 92 new, 126 increased, 226 reduced and 92 closed positions. Its largest new stake was Cummins: 235,261 shares worth $31.3M. The largest sale was iShares MSCI Emerging Markets ETF, an estimated $188M.
By sector, the portfolio is most concentrated in Financials at 3.4% of assets, up from 2% a quarter earlier, followed by Healthcare and Consumer Discretionary.
- Bridgewater Associates's largest Q2 2018 buy was Cummins: 235,261 shares worth $31.3M.
- Bridgewater Associates added most to iShares Core MSCI Emerging Markets ETF in Q2 2018, an estimated $89.7M increase.
- Bridgewater Associates's biggest Q2 2018 reduction was iShares MSCI Emerging Markets ETF, cutting an estimated $188M.
- Bridgewater Associates fully exited Procter & Gamble in Q2 2018, selling an estimated $30.9M.
- Bridgewater Associates's ten largest holdings make up 70% of its $10B portfolio in Q2 2018.
- Bridgewater Associates opened 92 new positions and closed 92 in Q2 2018.
- Bridgewater Associates's portfolio value fell 4.6% quarter-over-quarter to $10B.
Based on Bridgewater Associates's 13F filing for Q2 2018, filed 13 Aug 2018.