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 S&P 500 ETF
IVV
|
+$380M |
| 2 |
iShares MSCI South Korea ETF
EWY
|
+$171M |
| 3 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$146M |
| 4 |
XEC
CIMAREX ENERGY CO
XEC
|
+$84.8M |
| 5 |
Bread Financial
BFH
|
+$78.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Brazil ETF
EWZ
|
+$133M |
| 2 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$92.5M |
| 3 |
iShares MSCI Taiwan ETF
EWT
|
+$37M |
| 4 |
Toll Brothers
TOL
|
+$33.7M |
| 5 |
Newfield Exploration
NFX
|
+$24.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 70.1% |
| 2 | Financials | 5.66% |
| 3 | Consumer Discretionary | 4.57% |
| 4 | Energy | 3.57% |
| 5 | Healthcare | 3.01% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
26
Eastman Chemical
EMN
$7.3B
| $45.7M | 0.42% |
+624,555
| New | +$49.8M |
2018 Q4
0 quarters
|
|
27
HF Sinclair
DINO
$22.2B
| $44.7M | 0.41% |
874,180
+774,449
| +777% | +$47.4M |
2017 Q4
4 quarters
|
|
28
DELISTED
Southwestern Energy Company
SWN
| $44.2M | 0.4% |
12,957,878
+11,592,414
| +849% | +$57M |
2016 Q3
9 quarters
|
|
|
BBBY
29
DELISTED
Bed Bath & Beyond Inc
BBBY
| $42.6M | 0.39% |
3,759,819
+2,538,821
| +208% | +$33.2M |
2014 Q2
18 quarters
|
|
30
Royal Bank of Canada
RY
$272B
| $40M | 0.37% |
584,435
-114,878
| -16% | -$8.39M |
2017 Q2
6 quarters
|
|
|
DISH
31
DELISTED
DISH Network Corp.
DISH
| $39.5M | 0.36% |
1,583,906
+1,067,396
| +207% | +$33.5M |
2017 Q3
5 quarters
|
|
32
CVS Health
CVS
$118B
| $39.1M | 0.36% |
597,410
+505,194
| +548% | +$37.7M |
2017 Q4
4 quarters
|
|
|
33
iShares MSCI Brazil ETF
EWZ
$11.6B
| $38.7M | 0.35% |
1,012,041
-3,437,787
| -77% | -$133M |
2016 Q1
11 quarters
|
|
34
Toronto Dominion Bank
TD
$196B
| $37.1M | 0.34% |
746,631
-146,985
| -16% | -$8.05M |
2017 Q2
6 quarters
|
|
35
GE Aerospace
GE
$324B
| $36.4M | 0.33% |
1,004,108
+584,142
| +139% | +$26.4M |
2018 Q3
1 quarter
|
|
36
NetApp
NTAP
$42.2B
| $35.7M | 0.33% |
598,957
+591,738
| +8,197% | +$42.5M |
2018 Q3
1 quarter
|
|
37
Goldman Sachs
GS
$260B
| $35.6M | 0.33% |
213,259
+202,373
| +1,859% | +$40.8M |
2018 Q2
2 quarters
|
|
38
Ameriprise Financial
AMP
$44.4B
| $35.1M | 0.32% |
+335,850
| New | +$42.2M |
2018 Q4
0 quarters
|
|
39
Cardinal Health
CAH
$58.7B
| $34.9M | 0.32% |
782,043
+603,494
| +338% | +$31.5M |
2017 Q4
4 quarters
|
|
40
Colgate-Palmolive
CL
$73.9B
| $34.5M | 0.32% |
579,911
+488,966
| +538% | +$30.6M |
2018 Q3
1 quarter
|
|
41
Lincoln National
LNC
$7.66B
| $34.5M | 0.32% |
672,203
+651,262
| +3,110% | +$39.6M |
2017 Q1
7 quarters
|
|
42
Micron Technology
MU
$1.05T
| $33.7M | 0.31% |
1,060,657
+606,611
| +134% | +$23M |
2017 Q3
5 quarters
|
|
43
Invesco
IVZ
$12.7B
| $32.8M | 0.3% |
1,960,843
+932,770
| +91% | +$18.7M |
2018 Q1
3 quarters
|
|
44
Capital One
COF
$122B
| $32.7M | 0.3% |
432,413
+395,351
| +1,067% | +$34.2M |
2018 Q1
3 quarters
|
|
45
Urban Outfitters
URBN
$7.49B
| $30.5M | 0.28% |
918,127
+492,138
| +116% | +$18.4M |
2018 Q2
2 quarters
|
|
46
Phillips 66
PSX
$115B
| $29M | 0.27% |
337,063
+282,837
| +522% | +$27.6M |
2018 Q1
3 quarters
|
|
47
Bristol-Myers Squibb
BMY
$124B
| $28.9M | 0.26% |
555,523
+298,453
| +116% | +$16M |
2018 Q2
2 quarters
|
|
48
Pultegroup
PHM
$21.5B
| $28.8M | 0.26% |
1,106,397
+54,627
| +5% | +$1.35M |
2018 Q2
2 quarters
|
|
49
Skyworks Solutions
SWKS
$18.6B
| $28.6M | 0.26% |
426,662
+327,317
| +329% | +$25.3M |
2018 Q3
1 quarter
|
|
|
ALXN
50
DELISTED
Alexion Pharmaceuticals
ALXN
| $27.1M | 0.25% |
+277,885
| New | +$32.8M |
2018 Q4
0 quarters
|
|
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Bridgewater Associates's Q4 2018 Portfolio in Review
As of Q4 2018, Bridgewater Associates held 528 positions worth $10.9B, up 13% from $9.65B the previous quarter. Its ten largest holdings account for 62% of the portfolio.
Bridgewater Associates deployed $2.53B of net new capital in Q4 2018, opening 174 new positions and adding to 210 existing holdings. Its largest new stake was Eastman Chemical: 624,555 shares worth $45.7M.
By sector, the portfolio is most concentrated in Miscellaneous at 70% of assets, down from 81% a quarter earlier, followed by Financials and Consumer Discretionary.
On the sell side, the largest reduction was iShares MSCI Brazil ETF, an estimated $133M trimmed.
- Bridgewater Associates's largest Q4 2018 buy was Eastman Chemical: 624,555 shares worth $45.7M.
- Bridgewater Associates added most to iShares Core S&P 500 ETF in Q4 2018, an estimated $380M increase.
- Bridgewater Associates's biggest Q4 2018 reduction was iShares MSCI Brazil ETF, cutting an estimated $133M.
- Bridgewater Associates fully exited iShares MSCI Taiwan ETF in Q4 2018, selling an estimated $37M.
- Bridgewater Associates's ten largest holdings make up 62% of its $10.9B portfolio in Q4 2018.
- Bridgewater Associates opened 174 new positions and closed 56 in Q4 2018.
- Bridgewater Associates's portfolio value rose 13% quarter-over-quarter to $10.9B.
Based on Bridgewater Associates's 13F filing for Q4 2018, filed 13 Feb 2019.