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 | |
|---|---|---|---|---|---|---|
151
Southwest Airlines
LUV
$22.2B
| $3.02M | 0.03% |
+48,428
| New | +$2.83M |
|
152
Murphy Oil
MUR
$5.38B
| $3.02M | 0.03% |
90,591
-32,752
| -27% | -$1.04M |
|
153
BlackBerry
BB
$4.93B
| $2.98M | 0.03% |
263,003
+29,740
| +13% | +$304K |
|
154
Coca-Cola Europacific Partners
CCEP
$48.1B
| $2.94M | 0.03% |
64,767
-45,432
| -41% | -$1.93M |
|
155
BHP
BHP
$213B
| $2.68M | 0.03% |
60,226
-11,850
| -16% | -$513K |
|
156
Petrobras
PBR
$116B
| $2.68M | 0.03% |
221,778
-20,740
| -9% | -$230K |
|
157
Gilead Sciences
GILD
$162B
| $2.67M | 0.03% |
34,650
-17,666
| -34% | -$1.33M |
|
158
Vale
VALE
$62.9B
| $2.63M | 0.03% |
177,495
-22,767
| -11% | -$307K |
|
159
Rio Tinto
RIO
$150B
| $2.63M | 0.03% |
51,579
-2,699
| -5% | -$138K |
|
160
ExxonMobil
XOM
$642B
| $2.61M | 0.03% |
30,734
-42,675
| -58% | -$3.49M |
|
161
CNX Resources
CNX
$4.77B
| $2.58M | 0.03% |
+179,942
| New | +$2.85M |
|
162
Lam Research
LRCX
$365B
| $2.55M | 0.03% |
+168,170
| New | +$2.87M |
|
163
TJX Companies
TJX
$173B
| $2.5M | 0.03% |
44,564
-95,482
| -68% | -$4.91M |
|
164
BP
BP
$109B
| $2.47M | 0.03% |
56,085
-20,093
| -26% | -$840K |
|
165
Goldman Sachs
GS
$309B
| $2.44M | 0.03% |
10,886
-22,159
| -67% | -$5.15M |
|
|
PARA
166
DELISTED
Paramount Global Class B
PARA
| $2.4M | 0.02% |
41,836
-75,968
| -64% | -$4.19M |
|
167
Cameco
CCJ
$38.9B
| $2.4M | 0.02% |
210,618
+26,378
| +14% | +$277K |
|
168
Alphabet (Google) Class A
GOOGL
$3.99T
| $2.39M | 0.02% |
+39,660
| New | +$2.4M |
|
169
Procter & Gamble
PG
$346B
| $2.36M | 0.02% |
+28,325
| New | +$2.32M |
|
170
Boston Properties
BXP
$11B
| $2.35M | 0.02% |
19,097
+13,684
| +253% | +$1.74M |
|
|
AMTD
171
DELISTED
TD Ameritrade Holding Corp
AMTD
| $2.33M | 0.02% |
44,071
-6,950
| -14% | -$395K |
|
172
Ventas
VTR
$48.7B
| $2.29M | 0.02% |
+42,095
| New | +$2.44M |
|
173
Kinross Gold
KGC
$28.6B
| $2.26M | 0.02% |
830,857
+68,725
| +9% | +$223K |
|
|
PXD
174
DELISTED
Pioneer Natural Resource Co.
PXD
| $2.23M | 0.02% |
12,774
+6,202
| +94% | +$1.11M |
|
175
Deere & Co
DE
$169B
| $2.16M | 0.02% |
14,382
-12,290
| -46% | -$1.76M |
|
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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.