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
|
+$61.9M |
| 2 |
Coca-Cola
KO
|
+$46.9M |
| 3 |
Broadcom
AVGO
|
+$46.8M |
| 4 |
SLB Ltd
SLB
|
+$40.3M |
| 5 |
Netflix
NFLX
|
+$40.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$76.6M |
| 2 |
Johnson & Johnson
JNJ
|
+$75.4M |
| 3 |
Alphabet (Google) Class A
GOOGL
|
+$49.3M |
| 4 |
Tradeweb Markets
TW
|
+$48M |
| 5 |
Visa
V
|
+$40.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 26.52% |
| 2 | Healthcare | 20.27% |
| 3 | Consumer Discretionary | 12.77% |
| 4 | Technology | 5.33% |
| 5 | Financials | 4.97% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
CSX Corp
CSX
$93.4B
| $21.6M | 0.13% |
703,101
+406,628
| +137% | +$12.9M |
|
127
Incyte
INCY
$24.2B
| $21.4M | 0.13% |
370,199
+52,454
| +17% | +$3.31M |
|
128
Thermo Fisher Scientific
TMO
$213B
| $21.3M | 0.13% |
42,085
-41,562
| -50% | -$22.1M |
|
129
O'Reilly Automotive
ORLY
$72.9B
| $21.1M | 0.13% |
348,705
+276,525
| +383% | +$17.3M |
|
130
NVIDIA
NVDA
$4.86T
| $20.9M | 0.13% |
+481,080
| New | +$21.6M |
|
131
Universal Health Services
UHS
$10.2B
| $20.7M | 0.13% |
164,982
+66,772
| +68% | +$9.11M |
|
132
Ameriprise Financial
AMP
$48.3B
| $20.6M | 0.12% |
62,515
+40,808
| +188% | +$13.9M |
|
133
Vistra
VST
$50B
| $20.5M | 0.12% |
619,341
+473,511
| +325% | +$14.2M |
|
134
Diamondback Energy
FANG
$57.1B
| $20.3M | 0.12% |
131,265
+58,469
| +80% | +$8.63M |
|
135
Nucor
NUE
$58.6B
| $20.3M | 0.12% |
129,764
+78,008
| +151% | +$12.9M |
|
136
iShares MSCI Emerging Markets ETF
EEM
$28.8B
| $19.9M | 0.12% |
525,680
-204,308
| -28% | -$8.09M |
|
137
Casey's General Stores
CASY
$32.2B
| $19.7M | 0.12% |
72,509
+3,257
| +5% | +$825K |
|
138
Liberty Broadband Class C
LBRDK
$4.88B
| $19.7M | 0.12% |
215,499
+80,570
| +60% | +$7.19M |
|
139
NNN REIT
NNN
$9.04B
| $19.6M | 0.12% |
554,226
+192,814
| +53% | +$7.73M |
|
140
F5
FFIV
$22.9B
| $19.2M | 0.12% |
119,308
+66,744
| +127% | +$10.4M |
|
141
GE Aerospace
GE
$374B
| $19.1M | 0.12% |
216,156
+173,047
| +401% | +$15.6M |
|
142
Humana
HUM
$43.7B
| $18.9M | 0.11% |
38,838
+15,440
| +66% | +$7.26M |
|
143
Apollo Global Management
APO
$72.4B
| $18.4M | 0.11% |
+204,858
| New | +$17.2M |
|
144
AMN Healthcare
AMN
$1.3B
| $18.3M | 0.11% |
214,747
+119,726
| +126% | +$11.4M |
|
145
Builders FirstSource
BLDR
$7.15B
| $17.9M | 0.11% |
143,815
+39,935
| +38% | +$5.51M |
|
|
BERY
146
DELISTED
Berry Global Group, Inc.
BERY
| $17.7M | 0.11% |
310,865
+151,387
| +95% | +$8.9M |
|
147
Ulta Beauty
ULTA
$22B
| $17.6M | 0.11% |
44,163
+6,095
| +16% | +$2.66M |
|
148
PACCAR
PCAR
$69.8B
| $17.6M | 0.11% |
206,769
+64,741
| +46% | +$5.51M |
|
149
Expedia Group
EXPE
$35.4B
| $17.3M | 0.1% |
167,852
-34,420
| -17% | -$3.8M |
|
150
Huazhu Hotels Group
HTHT
$13.1B
| $17.2M | 0.1% |
435,054
-10,006
| -2% | -$422K |
|
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Bridgewater Associates's Q3 2023 Portfolio in Review
As of Q3 2023, Bridgewater Associates held 826 positions worth $16.5B, up 2.2% from $16.2B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Bridgewater Associates deployed $1.1B of net new capital in Q3 2023, opening 130 new positions and adding to 388 existing holdings. Its largest new stake was Broadcom: 540,410 shares worth $44.9M.
By sector, the portfolio is most concentrated in Consumer Staples at 27% of assets, down from 28% a quarter earlier, followed by Healthcare and Consumer Discretionary.
On the sell side, the largest reduction was Vanguard FTSE Emerging Markets ETF, an estimated $76.6M trimmed.
- Bridgewater Associates's largest Q3 2023 buy was Broadcom: 540,410 shares worth $44.9M.
- Bridgewater Associates added most to iShares Core MSCI Emerging Markets ETF in Q3 2023, an estimated $61.9M increase.
- Bridgewater Associates's biggest Q3 2023 reduction was Vanguard FTSE Emerging Markets ETF, cutting an estimated $76.6M.
- Bridgewater Associates fully exited Corteva in Q3 2023, selling an estimated $19M.
- Bridgewater Associates's ten largest holdings make up 34% of its $16.5B portfolio in Q3 2023.
- Bridgewater Associates opened 130 new positions and closed 86 in Q3 2023.
- Bridgewater Associates's portfolio value rose 2.2% quarter-over-quarter to $16.5B.
Based on Bridgewater Associates's 13F filing for Q3 2023, filed 13 Nov 2023.