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 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$1.28B |
| 2 |
Oracle
ORCL
|
+$349M |
| 3 |
NVIDIA
NVDA
|
+$252M |
| 4 |
Micron Technology
MU
|
+$204M |
| 5 |
Amazon
AMZN
|
+$188M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class A
GOOGL
|
+$304M |
| 2 |
Uber
UBER
|
+$208M |
| 3 |
FISV
Fiserv Inc
FISV
|
+$205M |
| 4 |
Meta Platforms (Facebook)
META
|
+$129M |
| 5 |
Wells Fargo
WFC
|
+$121M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 28.43% |
| 2 | Miscellaneous | 24.29% |
| 3 | Financials | 11.06% |
| 4 | Consumer Discretionary | 8.45% |
| 5 | Healthcare | 6.54% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
601
DaVita
DVA
$11.4B
| $3.98M | 0.01% |
35,022
+8,218
| +31% | +$999K |
|
602
Rubrik
RBRK
$22B
| $3.97M | 0.01% |
51,923
+13,983
| +37% | +$1.07M |
|
603
Denison Mines
DNN
$3.32B
| $3.91M | 0.01% |
1,469,470
-1,495,117
| -50% | -$4.07M |
|
604
Centene
CNC
$32.3B
| $3.89M | 0.01% |
94,532
-581,727
| -86% | -$21.8M |
|
605
Target
TGT
$75.4B
| $3.86M | 0.01% |
39,498
+11,968
| +43% | +$1.1M |
|
606
Valaris
VAL
$5.93B
| $3.83M | 0.01% |
75,950
+65,662
| +638% | +$3.52M |
|
607
Crane Co
CR
$12.1B
| $3.82M | 0.01% |
+20,711
| New | +$3.84M |
|
608
United Parcel Service
UPS
$89.9B
| $3.82M | 0.01% |
+38,507
| New | +$3.6M |
|
609
Guidewire Software
GWRE
$16.7B
| $3.81M | 0.01% |
18,962
-15,413
| -45% | -$3.41M |
|
610
Affiliated Managers Group
AMG
$9.58B
| $3.79M | 0.01% |
13,159
-1,175
| -8% | -$304K |
|
611
Sibanye-Stillwater
SBSW
$8.68B
| $3.79M | 0.01% |
265,680
-409,348
| -61% | -$4.95M |
|
612
Teleflex
TFX
$5.84B
| $3.78M | 0.01% |
30,978
-61,580
| -67% | -$7.46M |
|
613
Encompass Health
EHC
$11.8B
| $3.76M | 0.01% |
35,392
-22,406
| -39% | -$2.6M |
|
614
Olin
OLN
$1.97B
| $3.7M | 0.01% |
177,506
-5,814
| -3% | -$125K |
|
615
Acadia Pharmaceuticals
ACAD
$5.12B
| $3.69M | 0.01% |
138,179
-25,066
| -15% | -$599K |
|
616
Equinor
EQNR
$98.6B
| $3.66M | 0.01% |
154,964
-129,656
| -46% | -$3.06M |
|
617
Northrop Grumman
NOC
$77.4B
| $3.66M | 0.01% |
+6,420
| New | +$3.73M |
|
618
Viking Therapeutics
VKTX
$3.95B
| $3.65M | 0.01% |
103,659
-19,832
| -16% | -$703K |
|
|
APLS
619
DELISTED
Apellis Pharmaceuticals
APLS
| $3.61M | 0.01% |
+143,805
| New | +$3.37M |
|
|
FRMI
620
Fermi Inc
FRMI
$3.49B
| $3.61M | 0.01% |
+450,936
| New | +$8.8M |
|
621
Columbia Banking Systems
COLB
$8.68B
| $3.61M | 0.01% |
+129,033
| New | +$3.49M |
|
622
Choice Hotels
CHH
$4.89B
| $3.59M | 0.01% |
37,689
+20,305
| +117% | +$1.93M |
|
|
Q
623
Qnity Electronics Inc
Q
$26.4B
| $3.58M | 0.01% |
+43,803
| New | +$3.72M |
|
624
Nike
NKE
$57B
| $3.55M | 0.01% |
+55,752
| New | +$3.63M |
|
625
Moog Inc Class A
MOG.A
$12.1B
| $3.51M | 0.01% |
14,409
+3,475
| +32% | +$763K |
|
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Bridgewater Associates's Q4 2025 Portfolio in Review
As of Q4 2025, Bridgewater Associates held 1,205 positions worth $27.4B, up 7.4% from $25.5B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Bridgewater Associates deployed $1.36B of net new capital in Q4 2025, opening 191 new positions and adding to 450 existing holdings. Its largest new stake was Arm: 326,320 shares worth $35.7M.
By sector, the portfolio is most concentrated in Technology at 28% of assets, down from 29% a quarter earlier, followed by Miscellaneous and Financials.
On the sell side, the largest reduction was Alphabet (Google) Class A, an estimated $304M trimmed.
- Bridgewater Associates's largest Q4 2025 buy was Arm: 326,320 shares worth $35.7M.
- Bridgewater Associates added most to State Street SPDR S&P 500 ETF Trust in Q4 2025, an estimated $1.28B increase.
- Bridgewater Associates's biggest Q4 2025 reduction was Alphabet (Google) Class A, cutting an estimated $304M.
- Bridgewater Associates fully exited Fiserv Inc in Q4 2025, selling an estimated $205M.
- Bridgewater Associates's ten largest holdings make up 36% of its $27.4B portfolio in Q4 2025.
- Bridgewater Associates opened 191 new positions and closed 165 in Q4 2025.
- Bridgewater Associates's portfolio value rose 7.4% quarter-over-quarter to $27.4B.
Based on Bridgewater Associates's 13F filing for Q4 2025, filed 13 Feb 2026.