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 |
Eli Lilly
LLY
|
+$149M |
| 2 |
NVIDIA
NVDA
|
+$102M |
| 3 |
iShares MSCI Brazil ETF
EWZ
|
+$89.1M |
| 4 |
Comcast
CMCSA
|
+$71.1M |
| 5 |
Progressive
PGR
|
+$69.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Costco
COST
|
+$83.3M |
| 2 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$76.9M |
| 3 |
Coca-Cola
KO
|
+$56.4M |
| 4 |
Broadcom
AVGO
|
+$49.5M |
| 5 |
Lam Research
LRCX
|
+$44.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 23.82% |
| 2 | Healthcare | 20.59% |
| 3 | Consumer Discretionary | 12.23% |
| 4 | Financials | 6.67% |
| 5 | Communication Services | 5.5% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
601
NovoCure
NVCR
$1.73B
| $1.29M | 0.01% |
86,176
+59,048
| +218% | +$790K |
|
602
Jefferies Financial Group
JEF
$12.6B
| $1.28M | 0.01% |
31,693
+19,997
| +171% | +$707K |
|
603
Four Corners Property Trust
FCPT
$2.81B
| $1.28M | 0.01% |
50,559
-6,782
| -12% | -$155K |
|
604
Mine Safety
MSA
$7.35B
| $1.27M | 0.01% |
7,535
-519
| -6% | -$84.4K |
|
605
Host Hotels & Resorts
HST
$17.2B
| $1.27M | 0.01% |
65,039
-12,920
| -17% | -$222K |
|
606
Artisan Partners
APAM
$2.79B
| $1.23M | 0.01% |
27,890
+1,081
| +4% | +$40.8K |
|
607
National Healthcare
NHC
$3.53B
| $1.23M | 0.01% |
13,306
-1,460
| -10% | -$112K |
|
608
LeMaitre Vascular
LMAT
$2.32B
| $1.21M | 0.01% |
21,401
-2,235
| -9% | -$117K |
|
609
Rogers Communications
RCI
$18.3B
| $1.21M | 0.01% |
25,758
+4,813
| +23% | +$201K |
|
610
Nextpower Inc
NXT
$13.6B
| $1.2M | 0.01% |
25,532
-45,990
| -64% | -$1.8M |
|
611
Insperity
NSP
$1.93B
| $1.2M | 0.01% |
10,202
-774
| -7% | -$83.7K |
|
612
Lowe's Companies
LOW
$117B
| $1.19M | 0.01% |
5,369
-188,076
| -97% | -$38.1M |
|
613
Century Aluminum
CENX
$4.43B
| $1.19M | 0.01% |
+98,250
| New | +$771K |
|
|
PCH
614
DELISTED
PotlatchDeltic
PCH
| $1.18M | 0.01% |
+24,027
| New | +$1.1M |
|
615
NMI Holdings
NMIH
$3.33B
| $1.17M | 0.01% |
39,579
+4,258
| +12% | +$119K |
|
616
Digital Realty Trust
DLR
$69.7B
| $1.17M | 0.01% |
8,702
+2,095
| +32% | +$271K |
|
617
Ecolab
ECL
$78.1B
| $1.16M | 0.01% |
5,824
-5
| -0.1% | -$899 |
|
618
Green Brick Partners
GRBK
$3.04B
| $1.15M | 0.01% |
22,221
+619
| +3% | +$28.1K |
|
619
Alkermes
ALKS
$8.22B
| $1.14M | 0.01% |
40,984
+8,083
| +25% | +$210K |
|
620
Main Street Capital
MAIN
$5.06B
| $1.12M | 0.01% |
+26,019
| New | +$1.06M |
|
621
Shake Shack
SHAK
$2.53B
| $1.12M | 0.01% |
15,096
-1,218
| -7% | -$74.7K |
|
622
Vornado Realty Trust
VNO
$7.41B
| $1.11M | 0.01% |
39,449
-5,524
| -12% | -$131K |
|
623
Etsy
ETSY
$7.75B
| $1.1M | 0.01% |
13,538
-104,081
| -88% | -$7.45M |
|
624
Aaon
AAON
$7.3B
| $1.1M | 0.01% |
14,840
-4,988
| -25% | -$308K |
|
625
Xerox
XRX
$387M
| $1.09M | 0.01% |
59,260
-50,555
| -46% | -$747K |
|
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Bridgewater Associates's Q4 2023 Portfolio in Review
As of Q4 2023, Bridgewater Associates held 827 positions worth $17.9B, up 8% from $16.5B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Bridgewater Associates's Q4 2023 filing shows 87 new, 260 increased, 385 reduced and 85 closed positions. Its largest new stake was iShares MSCI Brazil ETF: 2,750,734 shares worth $96.2M. The largest sale was Costco, an estimated $83.3M.
By sector, the portfolio is most concentrated in Consumer Staples at 24% of assets, down from 27% a quarter earlier, followed by Healthcare and Consumer Discretionary.
- Bridgewater Associates's largest Q4 2023 buy was iShares MSCI Brazil ETF: 2,750,734 shares worth $96.2M.
- Bridgewater Associates added most to Eli Lilly in Q4 2023, an estimated $149M increase.
- Bridgewater Associates's biggest Q4 2023 reduction was Costco, cutting an estimated $83.3M.
- Bridgewater Associates fully exited Netflix in Q4 2023, selling an estimated $35.9M.
- Bridgewater Associates's ten largest holdings make up 31% of its $17.9B portfolio in Q4 2023.
- Bridgewater Associates opened 87 new positions and closed 85 in Q4 2023.
- Bridgewater Associates's portfolio value rose 8% quarter-over-quarter to $17.9B.
Based on Bridgewater Associates's 13F filing for Q4 2023, filed 14 Feb 2024.