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
|
+$77.8M |
| 2 |
iShares China Large-Cap ETF
FXI
|
+$60.5M |
| 3 |
Merck
MRK
|
+$50.9M |
| 4 |
Pinduoduo
PDD
|
+$40.5M |
| 5 |
iShares MSCI China ETF
MCHI
|
+$36.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SPDR Gold Trust
GLD
|
+$162M |
| 2 |
Meta Platforms (Facebook)
META
|
+$115M |
| 3 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$82.8M |
| 4 |
iShares Gold Trust
IAU
|
+$66M |
| 5 |
Johnson & Johnson
JNJ
|
+$65.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 27.63% |
| 2 | Healthcare | 21.92% |
| 3 | Consumer Discretionary | 11.78% |
| 4 | Financials | 5.4% |
| 5 | Communication Services | 4.41% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
OCFT
751
DELISTED
OneConnect Financial Technology
OCFT
| – | – |
-34,576
| Closed | -$184K |
|
752
Old Dominion Freight Line
ODFL
$44.2B
| – | – |
-10,804
| Closed | -$1.84M |
|
753
Okta
OKTA
$24.4B
| – | – |
-4,101
| Closed | -$354K |
|
754
Ollie's Bargain Outlet
OLLI
$4.4B
| – | – |
-128,522
| Closed | -$7.45M |
|
755
Oracle
ORCL
$367B
| – | – |
-2,809
| Closed | -$261K |
|
756
Pitney Bowes
PBI
$2.46B
| – | – |
-52,380
| Closed | -$204K |
|
757
PennyMac Financial
PFSI
$3.94B
| – | – |
-10,245
| Closed | -$611K |
|
758
Pentair
PNR
$10.6B
| – | – |
-3,994
| Closed | -$221K |
|
759
PVH
PVH
$4.01B
| – | – |
-19,964
| Closed | -$1.78M |
|
760
Qorvo
QRVO
$8.01B
| – | – |
-22,551
| Closed | -$2.29M |
|
761
Royal Gold
RGLD
$17.2B
| – | – |
-12,371
| Closed | -$1.6M |
|
762
RLX Technology
RLX
$2.42B
| – | – |
-160,834
| Closed | -$466K |
|
763
Reliance Steel & Aluminium
RS
$20.5B
| – | – |
-19,347
| Closed | -$4.97M |
|
764
Semtech
SMTC
$10.7B
| – | – |
-46,065
| Closed | -$1.11M |
|
|
SPTN
765
DELISTED
SpartanNash
SPTN
| – | – |
-23,071
| Closed | -$572K |
|
766
Synchrony
SYF
$25.1B
| – | – |
-14,092
| Closed | -$410K |
|
|
TIGR
767
UP Fintech Holding
TIGR
$872M
| – | – |
-46,593
| Closed | -$155K |
|
768
Tractor Supply
TSCO
$15.8B
| – | – |
-12,690
| Closed | -$597K |
|
769
UFP Industries
UFPI
$4.87B
| – | – |
-38,120
| Closed | -$3.03M |
|
770
US Bancorp
USB
$98B
| – | – |
-97,729
| Closed | -$3.52M |
|
|
VNET
771
VNET Group
VNET
$2.08B
| – | – |
-51,900
| Closed | -$168K |
|
772
Verisk Analytics
VRSK
$26.1B
| – | – |
-73,095
| Closed | -$14M |
|
|
WBA
773
DELISTED
Walgreens Boots Alliance
WBA
| – | – |
-46,562
| Closed | -$1.61M |
|
|
WCC
774
WESCO International
WCC
$16.7B
| – | – |
-27,152
| Closed | -$4.2M |
|
775
WEC Energy
WEC
$35.8B
| – | – |
-30,263
| Closed | -$2.87M |
|
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Bridgewater Associates's Q2 2023 Portfolio in Review
As of Q2 2023, Bridgewater Associates held 787 positions worth $16.2B, down 1.2% from $16.4B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Bridgewater Associates withdrew a net $701M in Q2 2023, closing 91 positions and reducing 342 holdings. Its most notable exit was SPDR Gold Trust, an estimated $162M position sold in full.
By sector, the portfolio is most concentrated in Consumer Staples at 28% of assets, down from 28% a quarter earlier, followed by Healthcare and Consumer Discretionary.
Against the trend, Bridgewater Associates opened a new position in AT&T worth $31.6M.
- Bridgewater Associates's largest Q2 2023 buy was AT&T: 1,982,375 shares worth $31.6M.
- Bridgewater Associates added most to iShares Core S&P 500 ETF in Q2 2023, an estimated $77.8M increase.
- Bridgewater Associates's biggest Q2 2023 reduction was Meta Platforms (Facebook), cutting an estimated $115M.
- Bridgewater Associates fully exited SPDR Gold Trust in Q2 2023, selling an estimated $162M.
- Bridgewater Associates's ten largest holdings make up 35% of its $16.2B portfolio in Q2 2023.
- Bridgewater Associates opened 77 new positions and closed 91 in Q2 2023.
- Bridgewater Associates's portfolio value fell 1.2% quarter-over-quarter to $16.2B.
Based on Bridgewater Associates's 13F filing for Q2 2023, filed 11 Aug 2023.