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 |
McDonald's
MCD
|
+$6.41M |
| 2 |
UnitedHealth
UNH
|
+$6.05M |
| 3 |
Lockheed Martin
LMT
|
+$6.04M |
| 4 |
Philip Morris
PM
|
+$5.55M |
| 5 |
Accenture
ACN
|
+$5.35M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$1.04B |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$444M |
| 3 |
iShares Core S&P 500 ETF
IVV
|
+$277M |
| 4 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$226M |
| 5 |
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
|
+$132M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 4% |
| 2 | Financials | 2.7% |
| 3 | Industrials | 1.84% |
| 4 | Materials | 1.48% |
| 5 | Consumer Staples | 1.39% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
501
Illinois Tool Works
ITW
$85.5B
| – | – |
-13,617
| Closed | -$2.45M |
|
502
Invesco
IVZ
$14.1B
| – | – |
-93,831
| Closed | -$1.69M |
|
503
Jacobs Solutions
J
$16.9B
| – | – |
-8,611
| Closed | -$640K |
|
504
JetBlue
JBLU
$2.4B
| – | – |
-66,981
| Closed | -$1.25M |
|
505
Jabil
JBL
$35.5B
| – | – |
-8,002
| Closed | -$331K |
|
506
Jefferies Financial Group
JEF
$13B
| – | – |
-64,856
| Closed | -$1.32M |
|
|
JNPR
507
DELISTED
Juniper Networks
JNPR
| – | – |
-17,434
| Closed | -$429K |
|
508
JPMorgan Chase
JPM
$955B
| – | – |
-649,376
| Closed | -$90.5M |
|
|
JWN
509
DELISTED
Nordstrom
JWN
| – | – |
-36,017
| Closed | -$1.47M |
|
510
KBR
KBR
$4.58B
| – | – |
-27,506
| Closed | -$839K |
|
511
Kelly Services Class A
KELYA
$528M
| – | – |
-9,068
| Closed | -$205K |
|
512
KeyCorp
KEY
$24.8B
| – | – |
-204,154
| Closed | -$4.13M |
|
513
Keysight
KEYS
$57.4B
| – | – |
-9,579
| Closed | -$983K |
|
514
KLA
KLAC
$252B
| – | – |
-67,430
| Closed | -$1.2M |
|
515
Kennametal
KMT
$2.6B
| – | – |
-19,264
| Closed | -$711K |
|
516
Lamar Advertising Co
LAMR
$16.1B
| – | – |
-23,301
| Closed | -$2.08M |
|
517
Lincoln Electric
LECO
$15.2B
| – | – |
-2,606
| Closed | -$252K |
|
518
LPL Financial
LPLA
$28.3B
| – | – |
-16,812
| Closed | -$1.55M |
|
519
Lam Research
LRCX
$385B
| – | – |
-62,590
| Closed | -$1.83M |
|
520
LyondellBasell Industries
LYB
$19.1B
| – | – |
-16,441
| Closed | -$1.55M |
|
521
Macy's
M
$6.71B
| – | – |
-53,154
| Closed | -$904K |
|
522
ManpowerGroup
MAN
$2.53B
| – | – |
-3,169
| Closed | -$308K |
|
523
Matsons
MATX
$6.15B
| – | – |
-8,088
| Closed | -$330K |
|
524
Microchip Technology
MCHP
$42.2B
| – | – |
-20,658
| Closed | -$1.08M |
|
525
Middleby
MIDD
$6.12B
| – | – |
-13,025
| Closed | -$1.43M |
|
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Bridgewater Associates's Q1 2020 Portfolio in Review
As of Q1 2020, Bridgewater Associates held 650 positions worth $5.04B, down 49% from $9.79B the previous quarter. Its ten largest holdings account for 68% of the portfolio.
Bridgewater Associates withdrew a net $3.42B in Q1 2020, closing 251 positions and reducing 191 holdings. Its most notable exit was JPMorgan Chase, an estimated $90.5M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 4% of assets, up from 3.6% a quarter earlier, followed by Financials and Industrials.
Against the trend, Bridgewater Associates opened a new position in McDonald's worth $5.38M.
- Bridgewater Associates's largest Q1 2020 buy was McDonald's: 32,541 shares worth $5.38M.
- Bridgewater Associates added most to Lowe's Companies in Q1 2020, an estimated $4.7M increase.
- Bridgewater Associates's biggest Q1 2020 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $1.04B.
- Bridgewater Associates fully exited JPMorgan Chase in Q1 2020, selling an estimated $90.5M.
- Bridgewater Associates's ten largest holdings make up 68% of its $5.04B portfolio in Q1 2020.
- Bridgewater Associates opened 179 new positions and closed 251 in Q1 2020.
- Bridgewater Associates's portfolio value fell 49% quarter-over-quarter to $5.04B.
Based on Bridgewater Associates's 13F filing for Q1 2020, filed 14 May 2020.