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
|
+$380M |
| 2 |
iShares MSCI South Korea ETF
EWY
|
+$171M |
| 3 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$146M |
| 4 |
XEC
CIMAREX ENERGY CO
XEC
|
+$84.8M |
| 5 |
Bread Financial
BFH
|
+$78.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Brazil ETF
EWZ
|
+$133M |
| 2 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$92.5M |
| 3 |
iShares MSCI Taiwan ETF
EWT
|
+$37M |
| 4 |
Toll Brothers
TOL
|
+$33.7M |
| 5 |
NFX
Newfield Exploration
NFX
|
+$24.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 5.66% |
| 2 | Consumer Discretionary | 4.57% |
| 3 | Energy | 3.57% |
| 4 | Healthcare | 3.01% |
| 5 | Industrials | 2.8% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
Cummins
CMI
$78.4B
| $18.3M | 0.17% |
137,080
+29,855
| +28% | +$4.22M |
|
77
IBM
IBM
$222B
| $17.6M | 0.16% |
162,204
+94,687
| +140% | +$11.4M |
|
78
Capri Holdings
CPRI
$1.52B
| $17.4M | 0.16% |
459,987
+298,817
| +185% | +$15M |
|
79
GameStop
GME
$7.99B
| $17.2M | 0.16% |
5,448,440
+1,187,124
| +28% | +$4.15M |
|
80
Cencora
COR
$61.6B
| $17.1M | 0.16% |
+229,301
| New | +$19.8M |
|
81
Bank of Montreal
BMO
$120B
| $16.9M | 0.15% |
258,308
-51,024
| -16% | -$3.78M |
|
82
Akamai
AKAM
$15.8B
| $16.8M | 0.15% |
275,272
+202,270
| +277% | +$13.5M |
|
83
Masco
MAS
$14.3B
| $16.8M | 0.15% |
+574,409
| New | +$17.8M |
|
84
Applied Materials
AMAT
$377B
| $16.6M | 0.15% |
506,450
-62,499
| -11% | -$2.14M |
|
85
Southwest Airlines
LUV
$19.7B
| $15.4M | 0.14% |
331,986
+283,558
| +586% | +$15.1M |
|
86
Meta Platforms (Facebook)
META
$1.49T
| $15.4M | 0.14% |
117,479
+108,059
| +1,147% | +$15.7M |
|
87
Macy's
M
$6.01B
| $15.2M | 0.14% |
509,161
+265,312
| +109% | +$8.73M |
|
88
Booking.com
BKNG
$155B
| $14.7M | 0.13% |
214,050
+188,875
| +750% | +$13.9M |
|
89
Host Hotels & Resorts
HST
$15.3B
| $14.7M | 0.13% |
880,227
+851,487
| +2,963% | +$16M |
|
90
Marathon Petroleum
MPC
$102B
| $14.6M | 0.13% |
247,035
+176,653
| +251% | +$12.1M |
|
91
Biogen
BIIB
$32.2B
| $13.8M | 0.13% |
45,895
+25,463
| +125% | +$8.13M |
|
92
TC Energy
TRP
$64.8B
| $13.7M | 0.13% |
384,564
-73,215
| -16% | -$2.89M |
|
93
Canadian Natural Resources
CNQ
$102B
| $13.5M | 0.12% |
1,146,089
-172,298
| -13% | -$2.32M |
|
94
Kohl's
KSS
$2.07B
| $13.4M | 0.12% |
201,961
+41,760
| +26% | +$2.93M |
|
95
Brookfield
BN
$92.7B
| $13.2M | 0.12% |
964,572
-198,355
| -17% | -$2.96M |
|
96
BCE
BCE
$21.8B
| $13M | 0.12% |
328,686
-69,473
| -17% | -$2.84M |
|
97
Oracle
ORCL
$434B
| $12.9M | 0.12% |
286,448
+246,834
| +623% | +$11.8M |
|
98
Canadian Imperial Bank of Commerce
CM
$104B
| $12.8M | 0.12% |
344,078
-70,256
| -17% | -$2.99M |
|
99
Murphy Oil
MUR
$4.94B
| $12.6M | 0.11% |
536,962
+446,371
| +493% | +$13.7M |
|
100
Alibaba
BABA
$278B
| $12.3M | 0.11% |
89,945
+4,667
| +5% | +$690K |
|
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Bridgewater Associates's Q4 2018 Portfolio in Review
As of Q4 2018, Bridgewater Associates held 528 positions worth $10.9B, up 13% from $9.65B the previous quarter. Its ten largest holdings account for 62% of the portfolio.
Bridgewater Associates deployed $2.53B of net new capital in Q4 2018, opening 174 new positions and adding to 210 existing holdings. Its largest new stake was Eastman Chemical: 624,555 shares worth $45.7M.
By sector, the portfolio is most concentrated in Financials at 5.7% of assets, up from 3.4% a quarter earlier, followed by Consumer Discretionary and Energy.
On the sell side, the largest reduction was iShares MSCI Brazil ETF, an estimated $133M trimmed.
- Bridgewater Associates's largest Q4 2018 buy was Eastman Chemical: 624,555 shares worth $45.7M.
- Bridgewater Associates added most to iShares Core S&P 500 ETF in Q4 2018, an estimated $380M increase.
- Bridgewater Associates's biggest Q4 2018 reduction was iShares MSCI Brazil ETF, cutting an estimated $133M.
- Bridgewater Associates fully exited iShares MSCI Taiwan ETF in Q4 2018, selling an estimated $37M.
- Bridgewater Associates's ten largest holdings make up 62% of its $10.9B portfolio in Q4 2018.
- Bridgewater Associates opened 174 new positions and closed 56 in Q4 2018.
- Bridgewater Associates's portfolio value rose 13% quarter-over-quarter to $10.9B.
Based on Bridgewater Associates's 13F filing for Q4 2018, filed 13 Feb 2019.