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 |
NFX
Newfield Exploration
NFX
|
+$44.6M |
| 2 |
Meta Platforms (Facebook)
META
|
+$35.1M |
| 3 |
XEC
CIMAREX ENERGY CO
XEC
|
+$33M |
| 4 |
AT&T
T
|
+$30.8M |
| 5 |
iShares MSCI Brazil ETF
EWZ
|
+$27.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Emerging Markets ETF
EEM
|
+$1.04B |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$833M |
| 3 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$391M |
| 4 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$147M |
| 5 |
iShares TIPS Bond ETF
TIP
|
+$92.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 3.02% |
| 2 | Energy | 2.11% |
| 3 | Consumer Discretionary | 2.02% |
| 4 | Financials | 1.95% |
| 5 | Consumer Staples | 1.45% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
151
Vale
VALE
$62.6B
| $2.7M | 0.03% |
212,328
-17,110
| -7% | -$225K |
|
152
Delta Air Lines
DAL
$58.8B
| $2.69M | 0.03% |
49,022
+36,961
| +306% | +$2.04M |
|
153
Jacobs Solutions
J
$16.6B
| $2.68M | 0.03% |
+54,815
| New | +$2.9M |
|
154
American Express
AXP
$227B
| $2.56M | 0.02% |
+27,430
| New | +$2.66M |
|
155
EOG Resources
EOG
$74.4B
| $2.45M | 0.02% |
23,234
-2,119
| -8% | -$228K |
|
|
ANSS
156
DELISTED
Ansys
ANSS
| $2.43M | 0.02% |
+15,502
| New | +$2.48M |
|
157
Teck Resources
TECK
$28.8B
| $2.43M | 0.02% |
94,379
-4,090
| -4% | -$115K |
|
158
Cheesecake Factory
CAKE
$4.42B
| $2.42M | 0.02% |
50,234
+45,631
| +991% | +$2.19M |
|
159
Lincoln National
LNC
$8.19B
| $2.42M | 0.02% |
33,067
+29,683
| +877% | +$2.33M |
|
160
Royal Gold
RGLD
$16.6B
| $2.4M | 0.02% |
27,986
+13,854
| +98% | +$1.17M |
|
161
Cognizant
CTSH
$23.8B
| $2.36M | 0.02% |
29,354
+597
| +2% | +$47.2K |
|
162
Celanese
CE
$4.77B
| $2.26M | 0.02% |
+22,564
| New | +$2.38M |
|
163
Cooper Companies
COO
$14.1B
| $2.26M | 0.02% |
+39,460
| New | +$2.3M |
|
164
Factset
FDS
$10.1B
| $2.22M | 0.02% |
+11,111
| New | +$2.24M |
|
165
CGI
GIB
$15B
| $2.19M | 0.02% |
37,923
-666
| -2% | -$37.8K |
|
166
US Bancorp
USB
$100B
| $2.16M | 0.02% |
+42,794
| New | +$2.34M |
|
|
PX
167
DELISTED
Praxair Inc
PX
| $2.12M | 0.02% |
14,668
+13,243
| +929% | +$2.06M |
|
168
RPM International
RPM
$14.3B
| $2.04M | 0.02% |
+42,878
| New | +$2.18M |
|
169
Citigroup
C
$222B
| $2.04M | 0.02% |
+30,163
| New | +$2.27M |
|
170
ManpowerGroup
MAN
$2.58B
| $2.02M | 0.02% |
+17,589
| New | +$2.17M |
|
|
TSS
171
DELISTED
Total System Services, Inc.
TSS
| $2.02M | 0.02% |
+23,414
| New | +$2.01M |
|
172
Occidental Petroleum
OXY
$53.6B
| $2.02M | 0.02% |
31,077
-3,416
| -10% | -$239K |
|
173
Imperial Oil
IMO
$60.8B
| $2M | 0.02% |
75,772
-4,912
| -6% | -$142K |
|
|
FLG
174
Flagstar Bank National Association
FLG
$5.83B
| $2M | 0.02% |
+51,151
| New | +$2.12M |
|
|
B
175
Barrick Mining
B
$61.5B
| $1.97M | 0.02% |
157,876
-3,075
| -2% | -$40.9K |
|
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Bridgewater Associates's Q1 2018 Portfolio in Review
As of Q1 2018, Bridgewater Associates held 508 positions worth $10.5B, down 14% from $12.2B the previous quarter. Its ten largest holdings account for 73% of the portfolio.
Bridgewater Associates withdrew a net $1.74B in Q1 2018, closing 48 positions and reducing 116 holdings. Its most notable exit was Costco, an estimated $15.6M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 3% of assets, up from 1.7% a quarter earlier, followed by Energy and Consumer Discretionary.
Against the trend, Bridgewater Associates opened a new position in Biogen worth $21.1M.
- Bridgewater Associates's largest Q1 2018 buy was Biogen: 77,197 shares worth $21.1M.
- Bridgewater Associates added most to Newfield Exploration in Q1 2018, an estimated $44.6M increase.
- Bridgewater Associates's biggest Q1 2018 reduction was iShares MSCI Emerging Markets ETF, cutting an estimated $1.04B.
- Bridgewater Associates fully exited Costco in Q1 2018, selling an estimated $15.6M.
- Bridgewater Associates's ten largest holdings make up 73% of its $10.5B portfolio in Q1 2018.
- Bridgewater Associates opened 262 new positions and closed 48 in Q1 2018.
- Bridgewater Associates's portfolio value fell 14% quarter-over-quarter to $10.5B.
Based on Bridgewater Associates's 13F filing for Q1 2018, filed 15 May 2018.