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 MSCI Emerging Markets ETF
IEMG
|
+$949M |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$409M |
| 3 |
SPDR Gold Trust
GLD
|
+$403M |
| 4 |
iShares MSCI Emerging Markets ETF
EEM
|
+$392M |
| 5 |
iShares 20+ Year Treasury Bond ETF
TLT
|
+$171M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI South Korea ETF
EWY
|
+$92.2M |
| 2 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$27.9M |
| 3 |
CHK
Chesapeake Energy Corporation
CHK
|
+$26.1M |
| 4 |
SWN
Southwestern Energy Company
SWN
|
+$24.4M |
| 5 |
Intel
INTC
|
+$21.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 1.98% |
| 2 | Healthcare | 1.54% |
| 3 | Financials | 1.2% |
| 4 | Technology | 1.1% |
| 5 | Energy | 1.02% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
PepsiCo
PEP
$186B
| $9.68M | 0.07% |
86,908
+79,319
| +1,045% | +$9.16M |
|
77
Bank of Montreal
BMO
$125B
| $9.63M | 0.06% |
127,610
| – | – |
|
78
TC Energy
TRP
$73.5B
| $9.36M | 0.06% |
189,768
| – | – |
|
79
Applied Materials
AMAT
$426B
| $9.25M | 0.06% |
177,647
-36,200
| -17% | -$1.64M |
|
|
KSU
80
DELISTED
Kansas City Southern
KSU
| $9.02M | 0.06% |
+82,975
| New | +$8.7M |
|
81
Ralph Lauren
RL
$22.2B
| $8.87M | 0.06% |
100,510
-216,548
| -68% | -$17.8M |
|
|
FL
82
DELISTED
Foot Locker
FL
| $8.63M | 0.06% |
245,114
+16,175
| +7% | +$680K |
|
|
WBA
83
DELISTED
Walgreens Boots Alliance
WBA
| $8.56M | 0.06% |
110,893
+48,346
| +77% | +$3.87M |
|
84
O'Reilly Automotive
ORLY
$72.4B
| $8.14M | 0.05% |
567,060
+278,790
| +97% | +$3.68M |
|
85
Ecolab
ECL
$75.6B
| $7.86M | 0.05% |
+61,148
| New | +$8.04M |
|
86
Motorola Solutions
MSI
$69.4B
| $7.8M | 0.05% |
91,922
+28,850
| +46% | +$2.53M |
|
87
Salesforce
CRM
$134B
| $7.76M | 0.05% |
83,019
+55,142
| +198% | +$5.07M |
|
88
Mastercard
MA
$477B
| $7.72M | 0.05% |
+54,677
| New | +$7.24M |
|
89
Manulife Financial
MFC
$72.6B
| $7.71M | 0.05% |
380,945
| – | – |
|
90
Brookfield
BN
$102B
| $7.64M | 0.05% |
519,604
| – | – |
|
91
BCE
BCE
$19.9B
| $7.34M | 0.05% |
157,052
| – | – |
|
|
CA
92
DELISTED
CA, Inc.
CA
| $7.33M | 0.05% |
+219,626
| New | +$7.26M |
|
|
ATVI
93
DELISTED
Activision Blizzard
ATVI
| $7.28M | 0.05% |
+112,799
| New | +$7.04M |
|
94
Electronic Arts
EA
$52.4B
| $7.2M | 0.05% |
60,956
+45,669
| +299% | +$5.29M |
|
95
Darden Restaurants
DRI
$22.5B
| $7.05M | 0.05% |
89,536
+51,389
| +135% | +$4.33M |
|
96
Lam Research
LRCX
$382B
| $6.86M | 0.05% |
+370,830
| New | +$6.02M |
|
97
Labcorp
LH
$24.3B
| $6.44M | 0.04% |
+49,659
| New | +$6.62M |
|
98
Nucor
NUE
$56.4B
| $6.42M | 0.04% |
114,463
-17,499
| -13% | -$989K |
|
99
FirstEnergy
FE
$28.9B
| $6.36M | 0.04% |
206,267
-648,837
| -76% | -$20.4M |
|
100
Bath & Body Works
BBWI
$4.01B
| $6.23M | 0.04% |
185,150
+84,207
| +83% | +$2.83M |
|
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Bridgewater Associates's Q3 2017 Portfolio in Review
As of Q3 2017, Bridgewater Associates held 426 positions worth $14.9B, up 37% from $10.9B the previous quarter. Its ten largest holdings account for 82% of the portfolio.
Bridgewater Associates deployed $3.33B of net new capital in Q3 2017, opening 83 new positions and adding to 81 existing holdings. Its largest new stake was Quest Diagnostics: 208,121 shares worth $19.5M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 2% of assets, down from 2.4% a quarter earlier, followed by Healthcare and Financials.
On the sell side, the largest reduction was iShares MSCI South Korea ETF, an estimated $92.2M trimmed.
- Bridgewater Associates's largest Q3 2017 buy was Quest Diagnostics: 208,121 shares worth $19.5M.
- Bridgewater Associates added most to iShares Core MSCI Emerging Markets ETF in Q3 2017, an estimated $949M increase.
- Bridgewater Associates's biggest Q3 2017 reduction was iShares MSCI South Korea ETF, cutting an estimated $92.2M.
- Bridgewater Associates fully exited Chesapeake Energy Corporation in Q3 2017, selling an estimated $26.1M.
- Bridgewater Associates's ten largest holdings make up 82% of its $14.9B portfolio in Q3 2017.
- Bridgewater Associates opened 83 new positions and closed 140 in Q3 2017.
- Bridgewater Associates's portfolio value rose 37% quarter-over-quarter to $14.9B.
Based on Bridgewater Associates's 13F filing for Q3 2017, filed 13 Nov 2017.