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 |
Lam Research
LRCX
|
+$182M |
| 2 |
Qualcomm
QCOM
|
+$134M |
| 3 |
Apple
AAPL
|
+$126M |
| 4 |
Constellation Energy
CEG
|
+$114M |
| 5 |
Broadcom
AVGO
|
+$114M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Procter & Gamble
PG
|
+$338M |
| 2 |
Johnson & Johnson
JNJ
|
+$276M |
| 3 |
Walmart Inc
WMT
|
+$270M |
| 4 |
Costco
COST
|
+$236M |
| 5 |
McDonald's
MCD
|
+$231M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 19.57% |
| 2 | Consumer Discretionary | 11.09% |
| 3 | Healthcare | 10.72% |
| 4 | Consumer Staples | 9.72% |
| 5 | Communication Services | 9.13% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Vistra
VST
$50.1B
| $132M | 0.75% |
1,116,282
+641,893
| +135% | +$54.5M |
|
27
PepsiCo
PEP
$195B
| $129M | 0.73% |
757,894
-1,107,278
| -59% | -$190M |
|
28
Booking.com
BKNG
$154B
| $129M | 0.73% |
763,550
+139,825
| +22% | +$21.4M |
|
29
iShares MSCI South Korea ETF
EWY
$21.1B
| $123M | 0.7% |
1,927,560
+220,129
| +13% | +$14.3M |
|
30
McKesson
MCK
$104B
| $122M | 0.69% |
246,237
-11,028
| -4% | -$6.14M |
|
31
Cameco
CCJ
$37.9B
| $118M | 0.67% |
2,478,488
+410,711
| +20% | +$17.9M |
|
32
Applied Materials
AMAT
$378B
| $117M | 0.66% |
580,917
+464,061
| +397% | +$95.2M |
|
33
Cigna
CI
$79.6B
| $112M | 0.64% |
323,836
+41,140
| +15% | +$14.2M |
|
34
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$34.5B
| $111M | 0.63% |
983,200
-11,000
| -1% | -$1.22M |
|
35
ExxonMobil
XOM
$634B
| $107M | 0.61% |
911,527
-29,651
| -3% | -$3.42M |
|
36
Micron Technology
MU
$927B
| $102M | 0.58% |
+983,685
| New | +$103M |
|
37
HCA Healthcare
HCA
$92.8B
| $102M | 0.58% |
250,041
-45,857
| -15% | -$16.8M |
|
38
Chevron
CVX
$374B
| $98.5M | 0.56% |
669,119
+515,672
| +336% | +$76.8M |
|
|
FISV
39
Fiserv Inc
FISV
$28.9B
| $97M | 0.55% |
539,762
-165,215
| -23% | -$27.3M |
|
40
PayPal
PYPL
$51.4B
| $95.3M | 0.54% |
1,221,461
-384,474
| -24% | -$25.7M |
|
41
Vanguard S&P 500 ETF
VOO
$971B
| $90.8M | 0.51% |
172,089
+139,488
| +428% | +$70.9M |
|
42
Target
TGT
$65.5B
| $86.3M | 0.49% |
553,461
-209,529
| -27% | -$31.2M |
|
43
ON Semiconductor
ON
$32.8B
| $81.5M | 0.46% |
1,123,041
+1,109,778
| +8,367% | +$80.8M |
|
44
Abbott
ABT
$187B
| $80.7M | 0.46% |
707,615
-960,854
| -58% | -$105M |
|
45
Wells Fargo
WFC
$263B
| $79.6M | 0.45% |
1,409,035
+605,146
| +75% | +$34.2M |
|
46
Salesforce
CRM
$149B
| $74M | 0.42% |
270,414
-12,858
| -5% | -$3.29M |
|
47
Altria Group
MO
$125B
| $73.4M | 0.42% |
1,438,565
+330,105
| +30% | +$16.7M |
|
48
NRG Energy
NRG
$26.9B
| $73.3M | 0.42% |
804,801
+627,121
| +353% | +$49.9M |
|
49
Expedia Group
EXPE
$35.5B
| $72.9M | 0.41% |
492,719
+86,256
| +21% | +$11.4M |
|
50
Chipotle Mexican Grill
CMG
$43B
| $72.4M | 0.41% |
1,256,728
-833,722
| -40% | -$46.1M |
|
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Bridgewater Associates's Q3 2024 Portfolio in Review
As of Q3 2024, Bridgewater Associates held 956 positions worth $17.7B, down 7.8% from $19.2B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Bridgewater Associates withdrew a net $2.45B in Q3 2024, closing 183 positions and reducing 428 holdings. Its most notable exit was Walt Disney, an estimated $19.4M position sold in full.
By sector, the portfolio is most concentrated in Technology at 20% of assets, up from 14% a quarter earlier, followed by Consumer Discretionary and Healthcare.
Against the trend, Bridgewater Associates opened a new position in Micron Technology worth $102M.
- Bridgewater Associates's largest Q3 2024 buy was Micron Technology: 983,685 shares worth $102M.
- Bridgewater Associates added most to Lam Research in Q3 2024, an estimated $182M increase.
- Bridgewater Associates's biggest Q3 2024 reduction was Procter & Gamble, cutting an estimated $338M.
- Bridgewater Associates fully exited Walt Disney in Q3 2024, selling an estimated $19.4M.
- Bridgewater Associates's ten largest holdings make up 32% of its $17.7B portfolio in Q3 2024.
- Bridgewater Associates opened 79 new positions and closed 183 in Q3 2024.
- Bridgewater Associates's portfolio value fell 7.8% quarter-over-quarter to $17.7B.
Based on Bridgewater Associates's 13F filing for Q3 2024, filed 13 Nov 2024.