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
|
+$43.1M |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$36M |
| 3 |
GE Aerospace
GE
|
+$25.9M |
| 4 |
iShares MSCI South Korea ETF
EWY
|
+$24.9M |
| 5 |
Intel
INTC
|
+$23.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Brazil ETF
EWZ
|
+$159M |
| 2 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$152M |
| 3 |
CVS Health
CVS
|
+$43.4M |
| 4 |
WBA
Walgreens Boots Alliance
WBA
|
+$37M |
| 5 |
Oracle
ORCL
|
+$36.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 3.43% |
| 2 | Consumer Discretionary | 3.34% |
| 3 | Energy | 2.23% |
| 4 | Healthcare | 1.95% |
| 5 | Industrials | 1.84% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
Copart
CPRT
$28.4B
| $5.1M | 0.05% |
395,984
+351,084
| +782% | +$5.24M |
|
127
Imperial Oil
IMO
$60.7B
| $5.1M | 0.05% |
157,720
+9,650
| +7% | +$309K |
|
128
Cenovus Energy
CVE
$51.8B
| $5.08M | 0.05% |
506,183
+71,349
| +16% | +$696K |
|
|
CTXS
129
DELISTED
Citrix Systems Inc
CTXS
| $5.08M | 0.05% |
+45,651
| New | +$5.05M |
|
130
Liberty Global Class A
LBTYA
$3.49B
| $4.81M | 0.05% |
+166,144
| New | +$4.64M |
|
131
Texas Instruments
TXN
$255B
| $4.48M | 0.05% |
+41,789
| New | +$4.65M |
|
132
Altria Group
MO
$125B
| $4.4M | 0.05% |
72,937
+43,453
| +147% | +$2.58M |
|
133
Bausch Health
BHC
$1.68B
| $4.36M | 0.05% |
169,886
+24,460
| +17% | +$560K |
|
134
McKesson
MCK
$104B
| $4.34M | 0.05% |
32,716
-24,036
| -42% | -$3.13M |
|
135
AutoZone
AZO
$50.8B
| $4.09M | 0.04% |
5,269
-1,259
| -19% | -$927K |
|
136
Target
TGT
$65.4B
| $4.08M | 0.04% |
46,239
-42,133
| -48% | -$3.5M |
|
|
SJR
137
DELISTED
Shaw Communications Inc.
SJR
| $3.95M | 0.04% |
202,836
+30,827
| +18% | +$623K |
|
138
EOG Resources
EOG
$74.7B
| $3.81M | 0.04% |
29,901
-17,835
| -37% | -$2.17M |
|
139
O'Reilly Automotive
ORLY
$75.7B
| $3.74M | 0.04% |
161,535
-132,615
| -45% | -$2.82M |
|
140
Open Text
OTEX
$5.97B
| $3.68M | 0.04% |
96,886
+18,351
| +23% | +$701K |
|
141
Cleveland-Cliffs
CLF
$6.84B
| $3.65M | 0.04% |
288,629
-1,750,848
| -86% | -$18M |
|
142
Waste Management
WM
$96.8B
| $3.64M | 0.04% |
+40,273
| New | +$3.57M |
|
143
Quest Diagnostics
DGX
$26B
| $3.59M | 0.04% |
33,261
+6,706
| +25% | +$736K |
|
144
JD.com
JD
$42.7B
| $3.52M | 0.04% |
135,070
+21,926
| +19% | +$718K |
|
145
Capital One
COF
$129B
| $3.52M | 0.04% |
37,062
+29,999
| +425% | +$2.92M |
|
146
Monster Beverage
MNST
$95.7B
| $3.45M | 0.04% |
+118,446
| New | +$3.56M |
|
147
NetEase
NTES
$81.8B
| $3.33M | 0.03% |
72,915
+11,830
| +19% | +$544K |
|
148
Rockwell Automation
ROK
$52.3B
| $3.32M | 0.03% |
+17,681
| New | +$3.16M |
|
149
Gildan
GIL
$9.55B
| $3.27M | 0.03% |
107,502
+14,098
| +15% | +$410K |
|
150
General Dynamics
GD
$107B
| $3.1M | 0.03% |
15,135
+5,086
| +51% | +$995K |
|
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Bridgewater Associates's Q3 2018 Portfolio in Review
As of Q3 2018, Bridgewater Associates held 523 positions worth $9.65B, down 3.5% from $10B the previous quarter. Its ten largest holdings account for 71% of the portfolio.
Bridgewater Associates withdrew a net $469M in Q3 2018, closing 169 positions and reducing 149 holdings. Its most notable exit was PG&E, an estimated $33M position sold in full.
By sector, the portfolio is most concentrated in Financials at 3.4% of assets, up from 3.4% a quarter earlier, followed by Consumer Discretionary and Energy.
Against the trend, Bridgewater Associates opened a new position in GE Aerospace worth $22.7M.
- Bridgewater Associates's largest Q3 2018 buy was GE Aerospace: 419,966 shares worth $22.7M.
- Bridgewater Associates added most to iShares Core MSCI Emerging Markets ETF in Q3 2018, an estimated $43.1M increase.
- Bridgewater Associates's biggest Q3 2018 reduction was iShares MSCI Brazil ETF, cutting an estimated $159M.
- Bridgewater Associates fully exited PG&E in Q3 2018, selling an estimated $33M.
- Bridgewater Associates's ten largest holdings make up 71% of its $9.65B portfolio in Q3 2018.
- Bridgewater Associates opened 63 new positions and closed 169 in Q3 2018.
- Bridgewater Associates's portfolio value fell 3.5% quarter-over-quarter to $9.65B.
Based on Bridgewater Associates's 13F filing for Q3 2018, filed 13 Nov 2018.