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 MSCI Taiwan ETF
EWT
|
+$141M |
| 2 |
iShares MSCI Brazil ETF
EWZ
|
+$141M |
| 3 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$76.7M |
| 4 |
ALXN
Alexion Pharmaceuticals
ALXN
|
+$50.2M |
| 5 |
Bath & Body Works
BBWI
|
+$38.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Emerging Markets ETF
EEM
|
+$543M |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$420M |
| 3 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$299M |
| 4 |
iShares TIPS Bond ETF
TIP
|
+$119M |
| 5 |
iShares JPMorgan USD Emerging Markets Bond ETF
EMB
|
+$52.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 4.52% |
| 2 | Healthcare | 3.3% |
| 3 | Financials | 3.21% |
| 4 | Energy | 2.63% |
| 5 | Communication Services | 1.8% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Nutrien
NTR
$32.4B
| $10.5M | 0.09% |
210,584
| – | – |
|
|
B
102
Barrick Mining
B
$62.6B
| $10.5M | 0.09% |
603,845
+13,970
| +2% | +$247K |
|
103
CNX Resources
CNX
$4.77B
| $9.79M | 0.09% |
1,348,555
-461,122
| -25% | -$3.45M |
|
104
Union Pacific
UNP
$178B
| $9.64M | 0.08% |
+59,528
| New | +$10M |
|
105
Sun Life Financial
SLF
$46B
| $9.44M | 0.08% |
211,056
| – | – |
|
106
Alphabet (Google) Class A
GOOGL
$3.99T
| $8.82M | 0.08% |
144,420
-8,160
| -5% | -$483K |
|
107
Boston Properties
BXP
$11B
| $8.77M | 0.08% |
+67,657
| New | +$8.79M |
|
108
Booking.com
BKNG
$145B
| $8.52M | 0.07% |
108,575
+32,775
| +43% | +$2.54M |
|
109
Pultegroup
PHM
$24.9B
| $8.19M | 0.07% |
224,013
-506,615
| -69% | -$16.9M |
|
110
Gilead Sciences
GILD
$162B
| $7.78M | 0.07% |
122,718
+30,829
| +34% | +$2.02M |
|
111
Duke Energy
DUK
$100B
| $7.51M | 0.07% |
78,390
+5,909
| +8% | +$538K |
|
112
Northrop Grumman
NOC
$77.8B
| $7.51M | 0.07% |
20,047
+2,903
| +17% | +$1.03M |
|
113
Franco-Nevada
FNV
$41.4B
| $7.43M | 0.07% |
81,471
+2,361
| +3% | +$216K |
|
114
Telus
TU
$16.2B
| $7.37M | 0.06% |
414,042
| – | – |
|
115
F5
FFIV
$23B
| $7.36M | 0.06% |
52,407
-89,128
| -63% | -$12.3M |
|
116
Mohawk Industries
MHK
$7.05B
| $7.33M | 0.06% |
+59,072
| New | +$7.58M |
|
117
CGI
GIB
$14.5B
| $7.29M | 0.06% |
92,070
| – | – |
|
118
Erie Indemnity
ERIE
$11.9B
| $7.14M | 0.06% |
+38,474
| New | +$8.74M |
|
119
Monster Beverage
MNST
$93.2B
| $7.02M | 0.06% |
241,714
-381,184
| -61% | -$11.5M |
|
120
CenterPoint Energy
CNP
$28.8B
| $6.96M | 0.06% |
230,529
-200,626
| -47% | -$5.78M |
|
121
Yum China
YUMC
$15.3B
| $6.73M | 0.06% |
148,203
-219
| -0.1% | -$9.78K |
|
122
Emerson Electric
EMR
$83.6B
| $6.45M | 0.06% |
96,413
-101,711
| -51% | -$6.39M |
|
123
Thomson Reuters
TRI
$42.7B
| $6.15M | 0.05% |
87,240
| – | – |
|
124
Oracle
ORCL
$345B
| $6.12M | 0.05% |
111,155
+93,783
| +540% | +$5.18M |
|
125
FedEx
FDX
$73.5B
| $6.1M | 0.05% |
41,891
+33,821
| +419% | +$5.45M |
|
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Bridgewater Associates's Q3 2019 Portfolio in Review
As of Q3 2019, Bridgewater Associates held 415 positions worth $11.4B, down 11% from $12.8B the previous quarter. Its ten largest holdings account for 66% of the portfolio.
Bridgewater Associates withdrew a net $1.1B in Q3 2019, closing 82 positions and reducing 89 holdings. Its most notable exit was Bed Bath & Beyond Inc, an estimated $42.5M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 4.5% of assets, up from 4.5% a quarter earlier, followed by Healthcare and Financials.
Against the trend, Bridgewater Associates opened a new position in iShares MSCI Taiwan ETF worth $145M.
- Bridgewater Associates's largest Q3 2019 buy was iShares MSCI Taiwan ETF: 3,996,522 shares worth $145M.
- Bridgewater Associates added most to iShares MSCI Brazil ETF in Q3 2019, an estimated $141M increase.
- Bridgewater Associates's biggest Q3 2019 reduction was iShares MSCI Emerging Markets ETF, cutting an estimated $543M.
- Bridgewater Associates fully exited Bed Bath & Beyond Inc in Q3 2019, selling an estimated $42.5M.
- Bridgewater Associates's ten largest holdings make up 66% of its $11.4B portfolio in Q3 2019.
- Bridgewater Associates opened 110 new positions and closed 82 in Q3 2019.
- Bridgewater Associates's portfolio value fell 11% quarter-over-quarter to $11.4B.
Based on Bridgewater Associates's 13F filing for Q3 2019, filed 13 Nov 2019.