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
|
+$1.12B |
| 2 |
Lam Research
LRCX
|
+$193M |
| 3 |
Adobe
ADBE
|
+$191M |
| 4 |
Mastercard
MA
|
+$138M |
| 5 |
Workday
WDAY
|
+$137M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$999M |
| 2 |
NVIDIA
NVDA
|
+$823M |
| 3 |
Alphabet (Google) Class A
GOOGL
|
+$617M |
| 4 |
SPDR Gold Trust
GLD
|
+$337M |
| 5 |
Microsoft
MSFT
|
+$315M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 28.56% |
| 2 | Financials | 12.71% |
| 3 | Consumer Discretionary | 8.78% |
| 4 | Healthcare | 7.77% |
| 5 | Communication Services | 7.44% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
476
CSX Corp
CSX
$93.9B
| $5.5M | 0.02% |
154,988
+35,405
| +30% | +$1.21M |
|
477
Watts Water Technologies
WTS
$12.6B
| $5.48M | 0.02% |
+19,626
| New | +$5.26M |
|
478
Commerce Bancshares
CBSH
$8.51B
| $5.48M | 0.02% |
+96,217
| New | +$5.66M |
|
479
Fidelity National Information Services
FIS
$22.1B
| $5.43M | 0.02% |
82,309
-51,558
| -39% | -$3.76M |
|
480
Intuitive Surgical
ISRG
$132B
| $5.42M | 0.02% |
12,119
+357
| +3% | +$171K |
|
481
Casey's General Stores
CASY
$30.8B
| $5.42M | 0.02% |
9,583
+7,497
| +359% | +$3.92M |
|
482
BOK Financial
BOKF
$8.78B
| $5.4M | 0.02% |
+48,483
| New | +$5.18M |
|
483
Visteon
VC
$2.75B
| $5.4M | 0.02% |
+45,021
| New | +$5.3M |
|
484
Bank OZK
OZK
$5.63B
| $5.38M | 0.02% |
+105,534
| New | +$5.39M |
|
485
Carvana
CVNA
$75.1B
| $5.37M | 0.02% |
+71,145
| New | +$5.09M |
|
486
Credit Acceptance
CACC
$6.03B
| $5.31M | 0.02% |
11,370
+10,521
| +1,239% | +$5.25M |
|
487
SiriusXM
SIRI
$10.1B
| $5.28M | 0.02% |
+226,993
| New | +$5.25M |
|
488
Xcel Energy
XEL
$48.1B
| $5.27M | 0.02% |
+65,394
| New | +$4.73M |
|
|
EFOR
489
Everforth Inc
EFOR
$1.29B
| $5.21M | 0.02% |
110,003
+90,687
| +469% | +$4.63M |
|
490
NewMarket
NEU
$8.21B
| $5.17M | 0.02% |
6,247
+1,014
| +19% | +$781K |
|
491
Delta Air Lines
DAL
$60.5B
| $5.16M | 0.02% |
+90,969
| New | +$5.19M |
|
492
Goldman Sachs
GS
$301B
| $5.12M | 0.02% |
+6,428
| New | +$4.76M |
|
493
ITT
ITT
$19.2B
| $5.11M | 0.02% |
+28,584
| New | +$4.8M |
|
494
Oshkosh
OSK
$9.47B
| $5.06M | 0.02% |
39,032
+24,550
| +170% | +$3.26M |
|
495
HF Sinclair
DINO
$14.7B
| $5.04M | 0.02% |
+96,337
| New | +$4.57M |
|
496
Halliburton
HAL
$27.1B
| $5.03M | 0.02% |
+204,572
| New | +$4.53M |
|
497
Kroger
KR
$35.1B
| $5M | 0.02% |
74,161
-822,964
| -92% | -$57.3M |
|
498
First Bancorp
FBP
$4.44B
| $4.93M | 0.02% |
+223,459
| New | +$4.83M |
|
499
Cintas
CTAS
$80.9B
| $4.93M | 0.02% |
+23,996
| New | +$5.12M |
|
500
EXL Service
EXLS
$5.25B
| $4.88M | 0.02% |
+110,797
| New | +$4.8M |
|
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Bridgewater Associates's Q3 2025 Portfolio in Review
As of Q3 2025, Bridgewater Associates held 1,078 positions worth $25.5B, up 3% from $24.8B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Bridgewater Associates withdrew a net $795M in Q3 2025, closing 64 positions and reducing 194 holdings. Its most notable exit was SPDR Gold Trust, an estimated $337M position sold in full.
By sector, the portfolio is most concentrated in Technology at 29% of assets, down from 29% a quarter earlier, followed by Financials and Consumer Discretionary.
Against the trend, Bridgewater Associates opened a new position in Reddit worth $142M.
- Bridgewater Associates's largest Q3 2025 buy was Reddit: 617,208 shares worth $142M.
- Bridgewater Associates added most to iShares Core S&P 500 ETF in Q3 2025, an estimated $1.12B increase.
- Bridgewater Associates's biggest Q3 2025 reduction was iShares Core MSCI Emerging Markets ETF, cutting an estimated $999M.
- Bridgewater Associates fully exited SPDR Gold Trust in Q3 2025, selling an estimated $337M.
- Bridgewater Associates's ten largest holdings make up 33% of its $25.5B portfolio in Q3 2025.
- Bridgewater Associates opened 493 new positions and closed 64 in Q3 2025.
- Bridgewater Associates's portfolio value rose 3% quarter-over-quarter to $25.5B.
Based on Bridgewater Associates's 13F filing for Q3 2025, filed 13 Nov 2025.