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 |
NFX
Newfield Exploration
NFX
|
+$44.6M |
| 2 |
Meta Platforms (Facebook)
META
|
+$35.1M |
| 3 |
XEC
CIMAREX ENERGY CO
XEC
|
+$33M |
| 4 |
AT&T
T
|
+$30.8M |
| 5 |
iShares MSCI Brazil ETF
EWZ
|
+$27.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Emerging Markets ETF
EEM
|
+$1.04B |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$833M |
| 3 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$391M |
| 4 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$147M |
| 5 |
iShares TIPS Bond ETF
TIP
|
+$92.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 3.02% |
| 2 | Energy | 2.11% |
| 3 | Consumer Discretionary | 2.02% |
| 4 | Financials | 1.95% |
| 5 | Consumer Staples | 1.45% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
International Paper
IP
$23.6B
| $12.1M | 0.12% |
+239,711
| New | +$13.3M |
|
52
HF Sinclair
DINO
$16.3B
| $12.1M | 0.12% |
247,274
+231,151
| +1,434% | +$11M |
|
53
Toronto Dominion Bank
TD
$197B
| $12.1M | 0.12% |
212,697
-4,859
| -2% | -$284K |
|
54
Quest Diagnostics
DGX
$26.4B
| $11.9M | 0.11% |
119,129
+98,569
| +479% | +$10.1M |
|
55
Walt Disney
DIS
$171B
| $11.3M | 0.11% |
+112,431
| New | +$11.9M |
|
56
Verizon
VZ
$203B
| $11.1M | 0.11% |
+232,367
| New | +$11.7M |
|
57
PepsiCo
PEP
$197B
| $10.9M | 0.1% |
100,321
+24,822
| +33% | +$2.82M |
|
58
Campbell Soup
CPB
$6.95B
| $10.8M | 0.1% |
+250,416
| New | +$11.3M |
|
59
Welltower
WELL
$173B
| $10.8M | 0.1% |
198,571
+98,786
| +99% | +$5.58M |
|
60
Merck
MRK
$332B
| $10.7M | 0.1% |
205,418
+44,858
| +28% | +$2.42M |
|
61
Amgen
AMGN
$214B
| $10.7M | 0.1% |
62,499
+46,512
| +291% | +$8.54M |
|
62
LyondellBasell Industries
LYB
$19.4B
| $10.2M | 0.1% |
+96,646
| New | +$10.8M |
|
63
Coca-Cola
KO
$387B
| $10.1M | 0.1% |
231,852
+181,550
| +361% | +$8.15M |
|
|
CA
64
DELISTED
CA, Inc.
CA
| $9.97M | 0.1% |
293,972
+177,079
| +151% | +$6.16M |
|
65
Capri Holdings
CPRI
$1.84B
| $9.9M | 0.09% |
159,547
+49,596
| +45% | +$3.16M |
|
66
Toll Brothers
TOL
$14.5B
| $9.88M | 0.09% |
+228,431
| New | +$10.7M |
|
67
Tyson Foods
TSN
$22.1B
| $9.87M | 0.09% |
+134,853
| New | +$10.3M |
|
68
F5
FFIV
$22.9B
| $9.85M | 0.09% |
68,094
+19,398
| +40% | +$2.78M |
|
69
Invesco
IVZ
$13.1B
| $9.71M | 0.09% |
+303,193
| New | +$10.5M |
|
70
Whirlpool
WHR
$2.55B
| $9.64M | 0.09% |
62,933
+44,034
| +233% | +$7.35M |
|
|
PARA
71
DELISTED
Paramount Global Class B
PARA
| $9.55M | 0.09% |
185,895
+23,719
| +15% | +$1.3M |
|
72
AutoZone
AZO
$51.3B
| $9.47M | 0.09% |
14,607
+5,746
| +65% | +$4.11M |
|
73
Freeport-McMoran
FCX
$86.8B
| $9.39M | 0.09% |
534,699
-310,067
| -37% | -$5.82M |
|
74
Scotiabank
BNS
$106B
| $9.33M | 0.09% |
151,531
-3,162
| -2% | -$200K |
|
75
ExxonMobil
XOM
$647B
| $9.22M | 0.09% |
123,568
+83,694
| +210% | +$6.69M |
|
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Bridgewater Associates's Q1 2018 Portfolio in Review
As of Q1 2018, Bridgewater Associates held 508 positions worth $10.5B, down 14% from $12.2B the previous quarter. Its ten largest holdings account for 73% of the portfolio.
Bridgewater Associates withdrew a net $1.74B in Q1 2018, closing 48 positions and reducing 116 holdings. Its most notable exit was Costco, an estimated $15.6M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 3% of assets, up from 1.7% a quarter earlier, followed by Energy and Consumer Discretionary.
Against the trend, Bridgewater Associates opened a new position in Biogen worth $21.1M.
- Bridgewater Associates's largest Q1 2018 buy was Biogen: 77,197 shares worth $21.1M.
- Bridgewater Associates added most to Newfield Exploration in Q1 2018, an estimated $44.6M increase.
- Bridgewater Associates's biggest Q1 2018 reduction was iShares MSCI Emerging Markets ETF, cutting an estimated $1.04B.
- Bridgewater Associates fully exited Costco in Q1 2018, selling an estimated $15.6M.
- Bridgewater Associates's ten largest holdings make up 73% of its $10.5B portfolio in Q1 2018.
- Bridgewater Associates opened 262 new positions and closed 48 in Q1 2018.
- Bridgewater Associates's portfolio value fell 14% quarter-over-quarter to $10.5B.
Based on Bridgewater Associates's 13F filing for Q1 2018, filed 15 May 2018.