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 |
Alibaba
BABA
|
+$142M |
| 2 |
Procter & Gamble
PG
|
+$74.5M |
| 3 |
PepsiCo
PEP
|
+$60.9M |
| 4 |
Pinduoduo
PDD
|
+$58.5M |
| 5 |
Johnson & Johnson
JNJ
|
+$56.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Emerging Markets ETF
EEM
|
+$565M |
| 2 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$337M |
| 3 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$335M |
| 4 |
Walmart Inc
WMT
|
+$314M |
| 5 |
Danaher
DHR
|
+$214M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 27.98% |
| 2 | Consumer Discretionary | 17.74% |
| 3 | Healthcare | 17.12% |
| 4 | Industrials | 3.53% |
| 5 | Financials | 3.42% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Merck
MRK
$321B
| $29.9M | 0.17% |
390,342
+251,339
| +181% | +$20M |
|
102
Steris
STE
$22.5B
| $29.9M | 0.17% |
122,721
+9,543
| +8% | +$2.18M |
|
103
VF Corp
VFC
$5.87B
| $28.6M | 0.17% |
390,923
-201,374
| -34% | -$14.7M |
|
104
J.M. Smucker
SJM
$13.1B
| $28.5M | 0.17% |
209,855
+7,627
| +4% | +$973K |
|
|
SCHW
105
Charles Schwab
SCHW
$181B
| $28M | 0.16% |
333,322
-423,913
| -56% | -$34.3M |
|
106
Teladoc Health
TDOC
$1.19B
| $27.7M | 0.16% |
301,392
+31,202
| +12% | +$3.73M |
|
107
Carrier Global
CARR
$50.6B
| $27.6M | 0.16% |
509,125
-173,088
| -25% | -$9.34M |
|
108
Tesla
TSLA
$1.22T
| $26.9M | 0.16% |
76,464
-116,934
| -60% | -$39.2M |
|
109
iShares MSCI Mexico ETF
EWW
$1.93B
| $26.8M | 0.16% |
529,074
-45,519
| -8% | -$2.2M |
|
110
Albemarle
ALB
$13.9B
| $26.1M | 0.15% |
111,616
-58,349
| -34% | -$14.4M |
|
111
Cooper Companies
COO
$14.2B
| $25.1M | 0.15% |
239,508
+33,368
| +16% | +$3.4M |
|
112
Blackrock
BLK
$170B
| $25M | 0.15% |
27,335
-33,195
| -55% | -$30.3M |
|
113
Philip Morris
PM
$299B
| $25M | 0.15% |
262,893
+190,756
| +264% | +$17.8M |
|
114
Quest Diagnostics
DGX
$25.9B
| $24.5M | 0.14% |
141,406
+8,794
| +7% | +$1.34M |
|
115
Cencora
COR
$60.7B
| $24.1M | 0.14% |
181,005
-32,742
| -15% | -$4.03M |
|
116
Goldman Sachs
GS
$302B
| $23.7M | 0.14% |
61,950
-78,939
| -56% | -$31.3M |
|
|
HOLX
117
DELISTED
Hologic
HOLX
| $23.1M | 0.13% |
302,210
+16,128
| +6% | +$1.19M |
|
118
CarMax
KMX
$8.33B
| $22.6M | 0.13% |
173,223
-74,936
| -30% | -$10.5M |
|
119
GDS Holdings
GDS
$6.41B
| $22.4M | 0.13% |
475,940
+90,183
| +23% | +$4.97M |
|
120
Pool Corp
POOL
$6.95B
| $22M | 0.13% |
38,793
-20,264
| -34% | -$10.6M |
|
121
Honeywell
HON
$76.7B
| $21.5M | 0.13% |
109,386
+101,236
| +1,242% | +$20.4M |
|
122
Citigroup
C
$222B
| $21.3M | 0.12% |
353,106
-444,862
| -56% | -$29.6M |
|
123
International Flavors & Fragrances
IFF
$20.3B
| $21.1M | 0.12% |
140,114
-100,682
| -42% | -$14.7M |
|
124
JB Hunt Transport Services
JBHT
$25.3B
| $20.8M | 0.12% |
101,988
-59,934
| -37% | -$11.5M |
|
125
NVR
NVR
$16.8B
| $20.8M | 0.12% |
3,527
-1,953
| -36% | -$10.3M |
|
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Bridgewater Associates's Q4 2021 Portfolio in Review
As of Q4 2021, Bridgewater Associates held 820 positions worth $17.2B, down 5.8% from $18.3B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Bridgewater Associates withdrew a net $1.89B in Q4 2021, closing 89 positions and reducing 292 holdings. Its most notable exit was Ecolab, an estimated $14.2M position sold in full.
By sector, the portfolio is most concentrated in Consumer Staples at 28% of assets, up from 24% a quarter earlier, followed by Consumer Discretionary and Healthcare.
Against the trend, Bridgewater Associates opened a new position in RTX Corp worth $16M.
- Bridgewater Associates's largest Q4 2021 buy was RTX Corp: 186,232 shares worth $16M.
- Bridgewater Associates added most to Alibaba in Q4 2021, an estimated $142M increase.
- Bridgewater Associates's biggest Q4 2021 reduction was iShares MSCI Emerging Markets ETF, cutting an estimated $565M.
- Bridgewater Associates fully exited Ecolab in Q4 2021, selling an estimated $14.2M.
- Bridgewater Associates's ten largest holdings make up 36% of its $17.2B portfolio in Q4 2021.
- Bridgewater Associates opened 137 new positions and closed 89 in Q4 2021.
- Bridgewater Associates's portfolio value fell 5.8% quarter-over-quarter to $17.2B.
Based on Bridgewater Associates's 13F filing for Q4 2021, filed 14 Feb 2022.