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
|
+$162M |
| 2 |
Alphabet (Google) Class A
GOOGL
|
+$150M |
| 3 |
Meta Platforms (Facebook)
META
|
+$79.3M |
| 4 |
Microsoft
MSFT
|
+$61.4M |
| 5 |
AbbVie
ABBV
|
+$58.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$218M |
| 2 |
Pinduoduo
PDD
|
+$136M |
| 3 |
Berkshire Hathaway Class B
BRK.B
|
+$111M |
| 4 |
Bank of America
BAC
|
+$106M |
| 5 |
Walmart Inc
WMT
|
+$104M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 28.42% |
| 2 | Healthcare | 21.25% |
| 3 | Consumer Discretionary | 10.73% |
| 4 | Financials | 6.5% |
| 5 | Communication Services | 4.49% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
FTCH
151
DELISTED
Farfetch Limited Class A Ordinary Shares
FTCH
| $16.4M | 0.1% |
3,338,706
+1,451,296
| +77% | +$7.88M |
|
152
Cohen & Steers
CNS
$4.23B
| $16.3M | 0.1% |
255,389
+53,323
| +26% | +$3.72M |
|
153
TSMC
TSM
$2.1T
| $16M | 0.1% |
172,510
-64,420
| -27% | -$5.78M |
|
154
Casey's General Stores
CASY
$32.2B
| $16M | 0.1% |
73,753
-1,873
| -2% | -$410K |
|
155
Elevance Health
ELV
$81.5B
| $15.8M | 0.1% |
34,387
-50,917
| -60% | -$24.2M |
|
156
Cardinal Health
CAH
$53.9B
| $15.8M | 0.1% |
208,934
-31,050
| -13% | -$2.34M |
|
157
Ventas
VTR
$48B
| $15.4M | 0.09% |
355,534
+317,612
| +838% | +$15.3M |
|
158
Cognizant
CTSH
$24.9B
| $15.4M | 0.09% |
252,029
+1,757
| +0.7% | +$110K |
|
159
Global Payments
GPN
$23B
| $15.3M | 0.09% |
145,563
-45,702
| -24% | -$4.95M |
|
160
TransUnion
TRU
$15.1B
| $15.2M | 0.09% |
244,772
+219,958
| +886% | +$14.4M |
|
161
Texas Roadhouse
TXRH
$13.5B
| $15M | 0.09% |
138,826
-3,083
| -2% | -$316K |
|
162
NXP Semiconductors
NXPI
$57.8B
| $14.9M | 0.09% |
79,920
+61,972
| +345% | +$11M |
|
163
LyondellBasell Industries
LYB
$20B
| $14.8M | 0.09% |
+158,158
| New | +$14.7M |
|
164
Phillips 66
PSX
$84.9B
| $14.8M | 0.09% |
+146,436
| New | +$14.9M |
|
165
Freeport-McMoran
FCX
$90B
| $14.8M | 0.09% |
362,043
+230,575
| +175% | +$9.59M |
|
166
Uber
UBER
$143B
| $14.6M | 0.09% |
460,508
-194,267
| -30% | -$6.16M |
|
167
Insulet
PODD
$11.5B
| $14.5M | 0.09% |
45,492
-15,483
| -25% | -$4.59M |
|
168
The Mosaic Company
MOS
$7.03B
| $14.5M | 0.09% |
315,798
+39,645
| +14% | +$1.92M |
|
169
Corteva
CTVA
$52.6B
| $14.5M | 0.09% |
239,956
-239,459
| -50% | -$14.6M |
|
170
Builders FirstSource
BLDR
$7.15B
| $14.3M | 0.09% |
160,797
+20,926
| +15% | +$1.66M |
|
171
Occidental Petroleum
OXY
$56.8B
| $14.1M | 0.09% |
225,435
-125,185
| -36% | -$7.78M |
|
172
Verisk Analytics
VRSK
$25.4B
| $14M | 0.09% |
73,095
+4,167
| +6% | +$755K |
|
173
Diamondback Energy
FANG
$57.1B
| $13.6M | 0.08% |
100,721
-9,615
| -9% | -$1.34M |
|
174
Lennar Class A
LEN
$19.8B
| $13.5M | 0.08% |
132,444
+120,434
| +1,003% | +$11.6M |
|
175
Grand Canyon Education
LOPE
$3.79B
| $13.5M | 0.08% |
118,275
+4,675
| +4% | +$526K |
|
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Bridgewater Associates's Q1 2023 Portfolio in Review
As of Q1 2023, Bridgewater Associates held 938 positions worth $16.4B, down 11% from $18.3B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Bridgewater Associates withdrew a net $2.44B in Q1 2023, closing 228 positions and reducing 360 holdings. Its most notable exit was Bank of America, an estimated $106M position sold in full.
By sector, the portfolio is most concentrated in Consumer Staples at 28% of assets, up from 28% a quarter earlier, followed by Healthcare and Consumer Discretionary.
Against the trend, Bridgewater Associates opened a new position in Home Depot worth $43.5M.
- Bridgewater Associates's largest Q1 2023 buy was Home Depot: 147,495 shares worth $43.5M.
- Bridgewater Associates added most to iShares Core MSCI Emerging Markets ETF in Q1 2023, an estimated $162M increase.
- Bridgewater Associates's biggest Q1 2023 reduction was Vanguard FTSE Emerging Markets ETF, cutting an estimated $218M.
- Bridgewater Associates fully exited Bank of America in Q1 2023, selling an estimated $106M.
- Bridgewater Associates's ten largest holdings make up 35% of its $16.4B portfolio in Q1 2023.
- Bridgewater Associates opened 118 new positions and closed 228 in Q1 2023.
- Bridgewater Associates's portfolio value fell 11% quarter-over-quarter to $16.4B.
Based on Bridgewater Associates's 13F filing for Q1 2023, filed 12 May 2023.