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 |
PG&E
PCG
|
+$47.4M |
| 2 |
iShares MSCI Brazil ETF
EWZ
|
+$37.4M |
| 3 |
CVS Health
CVS
|
+$30.6M |
| 4 |
Cardinal Health
CAH
|
+$29.4M |
| 5 |
PPL
PPL Corp
PPL
|
+$24.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Emerging Markets ETF
EEM
|
+$1.52B |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$866M |
| 3 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$516M |
| 4 |
Kroger
KR
|
+$42.3M |
| 5 |
ESRX
Express Scripts Holding Company
ESRX
|
+$36.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 1.72% |
| 2 | Consumer Discretionary | 1.46% |
| 3 | Financials | 1.05% |
| 4 | Materials | 0.96% |
| 5 | Energy | 0.92% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
Bank of Montreal
BMO
$125B
| $5.97M | 0.05% |
74,326
-53,284
| -42% | -$4.15M |
|
77
O'Reilly Automotive
ORLY
$72.4B
| $5.86M | 0.05% |
365,625
-201,435
| -36% | -$3M |
|
78
Macy's
M
$6.15B
| $5.82M | 0.05% |
230,910
-1,245,163
| -84% | -$27.3M |
|
79
Xcel Energy
XEL
$51B
| $5.81M | 0.05% |
120,718
+81,634
| +209% | +$4.05M |
|
80
Microchip Technology
MCHP
$42.8B
| $5.65M | 0.05% |
128,606
-236,884
| -65% | -$10.7M |
|
81
Newmont
NEM
$98.2B
| $5.56M | 0.05% |
148,185
+90,676
| +158% | +$3.33M |
|
82
IBM
IBM
$202B
| $5.49M | 0.05% |
37,444
-60,286
| -62% | -$8.77M |
|
|
AMTD
83
DELISTED
TD Ameritrade Holding Corp
AMTD
| $5.48M | 0.04% |
107,216
+100,633
| +1,529% | +$5.03M |
|
84
Royal Caribbean
RCL
$78.7B
| $5.34M | 0.04% |
44,808
-94,130
| -68% | -$11.6M |
|
|
FL
85
DELISTED
Foot Locker
FL
| $5.15M | 0.04% |
109,815
-135,299
| -55% | -$5.05M |
|
|
XL
86
DELISTED
XL Group Ltd.
XL
| $5.05M | 0.04% |
143,524
+85,842
| +149% | +$3.33M |
|
|
SCG
87
DELISTED
Scana
SCG
| $5.04M | 0.04% |
126,618
+33,143
| +35% | +$1.48M |
|
88
Brookfield
BN
$102B
| $4.93M | 0.04% |
316,734
-202,870
| -39% | -$3.06M |
|
89
Caterpillar
CAT
$409B
| $4.79M | 0.04% |
30,363
-17,888
| -37% | -$2.48M |
|
|
X
90
DELISTED
US Steel
X
| $4.67M | 0.04% |
132,742
-351,140
| -73% | -$10.2M |
|
91
Bio-Rad Laboratories Class A
BIO
$8.42B
| $4.6M | 0.04% |
+19,255
| New | +$4.67M |
|
92
Manulife Financial
MFC
$72.6B
| $4.58M | 0.04% |
218,974
-161,971
| -43% | -$3.37M |
|
93
Ventas
VTR
$48.9B
| $4.49M | 0.04% |
74,800
+47,400
| +173% | +$3M |
|
94
Darden Restaurants
DRI
$22.5B
| $4.39M | 0.04% |
45,733
-43,803
| -49% | -$3.7M |
|
95
Boston Scientific
BSX
$65.8B
| $4.37M | 0.04% |
+176,079
| New | +$4.86M |
|
96
Canadian Imperial Bank of Commerce
CM
$107B
| $4.3M | 0.04% |
88,038
-54,400
| -38% | -$2.48M |
|
97
Warner Bros
WBD
$64.6B
| $4.29M | 0.04% |
191,669
-825,324
| -81% | -$16.1M |
|
98
Chubb
CB
$140B
| $4.23M | 0.03% |
28,931
+22,459
| +347% | +$3.36M |
|
|
MXIM
99
DELISTED
Maxim Integrated Products
MXIM
| $4.22M | 0.03% |
+80,639
| New | +$4.19M |
|
100
Salesforce
CRM
$134B
| $4.17M | 0.03% |
40,841
-42,178
| -51% | -$4.3M |
|
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Bridgewater Associates's Q4 2017 Portfolio in Review
As of Q4 2017, Bridgewater Associates held 337 positions worth $12.2B, down 18% from $14.9B the previous quarter. Its ten largest holdings account for 81% of the portfolio.
Bridgewater Associates withdrew a net $3.26B in Q4 2017, closing 91 positions and reducing 136 holdings. Its most notable exit was Kroger, an estimated $42.3M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 1.7% of assets, up from 1.5% a quarter earlier, followed by Consumer Discretionary and Financials.
Against the trend, Bridgewater Associates opened a new position in PG&E worth $38M.
- Bridgewater Associates's largest Q4 2017 buy was PG&E: 846,531 shares worth $38M.
- Bridgewater Associates added most to iShares MSCI Brazil ETF in Q4 2017, an estimated $37.4M increase.
- Bridgewater Associates's biggest Q4 2017 reduction was iShares MSCI Emerging Markets ETF, cutting an estimated $1.52B.
- Bridgewater Associates fully exited Kroger in Q4 2017, selling an estimated $42.3M.
- Bridgewater Associates's ten largest holdings make up 81% of its $12.2B portfolio in Q4 2017.
- Bridgewater Associates opened 51 new positions and closed 91 in Q4 2017.
- Bridgewater Associates's portfolio value fell 18% quarter-over-quarter to $12.2B.
Based on Bridgewater Associates's 13F filing for Q4 2017, filed 13 Feb 2018.