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 India ETF
INDA
|
+$105M |
| 2 |
SWN
Southwestern Energy Company
SWN
|
+$47.9M |
| 3 |
Kroger
KR
|
+$42.8M |
| 4 |
Bread Financial
BFH
|
+$42.8M |
| 5 |
Carnival Corporation Ltd
CCL
|
+$42.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Emerging Markets ETF
EEM
|
+$1.95B |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$1.1B |
| 3 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$907M |
| 4 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$342M |
| 5 |
Bristol-Myers Squibb
BMY
|
+$47.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 4.47% |
| 2 | Financials | 2.86% |
| 3 | Energy | 2.75% |
| 4 | Industrials | 1.72% |
| 5 | Healthcare | 1.67% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
IBM
IBM
$202B
| $7.67M | 0.06% |
58,148
+11,869
| +26% | +$1.56M |
|
127
Altria Group
MO
$122B
| $7.31M | 0.06% |
154,475
+45,960
| +42% | +$2.41M |
|
128
Textron
TXT
$16.6B
| $7.3M | 0.06% |
137,591
-187,754
| -58% | -$9.52M |
|
129
CGI
GIB
$13.9B
| $7.09M | 0.06% |
92,070
| – | – |
|
130
Marathon Petroleum
MPC
$90.3B
| $7.05M | 0.06% |
126,174
+51,565
| +69% | +$2.82M |
|
131
Martin Marietta Materials
MLM
$33.6B
| $6.96M | 0.05% |
30,251
+16,925
| +127% | +$3.67M |
|
132
Yum China
YUMC
$14.9B
| $6.86M | 0.05% |
148,422
+104,525
| +238% | +$4.54M |
|
133
Franco-Nevada
FNV
$41.4B
| $6.73M | 0.05% |
79,110
-10,707
| -12% | -$809K |
|
134
Lennar Class A
LEN
$20.4B
| $6.55M | 0.05% |
+139,735
| New | +$6.97M |
|
135
Duke Energy
DUK
$102B
| $6.4M | 0.05% |
72,481
+54,752
| +309% | +$4.84M |
|
136
DaVita
DVA
$15.1B
| $6.36M | 0.05% |
112,963
-315,112
| -74% | -$16.3M |
|
137
Coca-Cola
KO
$354B
| $6.28M | 0.05% |
+123,409
| New | +$6.05M |
|
138
Gilead Sciences
GILD
$161B
| $6.21M | 0.05% |
91,889
-32,739
| -26% | -$2.15M |
|
139
Rogers Communications
RCI
$17.7B
| $6.16M | 0.05% |
114,817
| – | – |
|
140
Helmerich & Payne
HP
$3.53B
| $5.95M | 0.05% |
117,530
-19,431
| -14% | -$1.07M |
|
141
Thomson Reuters
TRI
$39.4B
| $5.94M | 0.05% |
87,240
| – | – |
|
142
Pembina Pipeline
PBA
$29.9B
| $5.85M | 0.05% |
156,702
| – | – |
|
143
UnitedHealth
UNH
$382B
| $5.73M | 0.04% |
23,467
+9,835
| +72% | +$2.37M |
|
144
Booking.com
BKNG
$138B
| $5.68M | 0.04% |
75,800
-78,050
| -51% | -$5.61M |
|
145
Agnico Eagle Mines
AEM
$72.6B
| $5.6M | 0.04% |
109,071
-4,725
| -4% | -$206K |
|
146
Northrop Grumman
NOC
$77B
| $5.54M | 0.04% |
+17,144
| New | +$5.11M |
|
147
Restaurant Brands International
QSR
$25.1B
| $5.52M | 0.04% |
79,156
| – | – |
|
148
Fortis
FTS
$30B
| $5.4M | 0.04% |
136,548
| – | – |
|
149
Wheaton Precious Metals
WPM
$50.6B
| $5.22M | 0.04% |
215,709
-2,309
| -1% | -$51.2K |
|
150
Teck Resources
TECK
$29.5B
| $5.11M | 0.04% |
221,057
+1,807
| +0.8% | +$40.5K |
|
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Bridgewater Associates's Q2 2019 Portfolio in Review
As of Q2 2019, Bridgewater Associates held 380 positions worth $12.8B, down 22% from $16.3B the previous quarter. Its ten largest holdings account for 69% of the portfolio.
Bridgewater Associates withdrew a net $3.62B in Q2 2019, closing 75 positions and reducing 91 holdings. Its most notable exit was Bristol-Myers Squibb, an estimated $47.2M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 4.5% of assets, up from 2.1% a quarter earlier, followed by Financials and Energy.
Against the trend, Bridgewater Associates opened a new position in iShares China Large-Cap ETF worth $30.6M.
- Bridgewater Associates's largest Q2 2019 buy was iShares China Large-Cap ETF: 716,186 shares worth $30.6M.
- Bridgewater Associates added most to iShares MSCI India ETF in Q2 2019, an estimated $105M increase.
- Bridgewater Associates's biggest Q2 2019 reduction was iShares MSCI Emerging Markets ETF, cutting an estimated $1.95B.
- Bridgewater Associates fully exited Bristol-Myers Squibb in Q2 2019, selling an estimated $47.2M.
- Bridgewater Associates's ten largest holdings make up 69% of its $12.8B portfolio in Q2 2019.
- Bridgewater Associates opened 77 new positions and closed 75 in Q2 2019.
- Bridgewater Associates's portfolio value fell 22% quarter-over-quarter to $12.8B.
Based on Bridgewater Associates's 13F filing for Q2 2019, filed 13 Aug 2019.