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 | |
|---|---|---|---|---|---|---|
176
Legend Biotech
LEGN
$3.59B
| $13.5M | 0.08% |
278,942
-174,681
| -39% | -$8.54M |
|
177
Expedia Group
EXPE
$35.4B
| $13.2M | 0.08% |
135,802
+1,253
| +0.9% | +$131K |
|
178
Vipshop
VIPS
$7.37B
| $13.2M | 0.08% |
866,495
-727,466
| -46% | -$10.8M |
|
179
Corpay
CPAY
$25B
| $13.1M | 0.08% |
62,238
+3,336
| +6% | +$677K |
|
180
Henry Schein
HSIC
$9.77B
| $13M | 0.08% |
159,863
-63,110
| -28% | -$5.14M |
|
181
United Rentals
URI
$67.2B
| $12.6M | 0.08% |
31,744
+31,018
| +4,272% | +$13M |
|
182
Penumbra
PEN
$12.7B
| $12.4M | 0.08% |
44,375
-227
| -0.5% | -$57.9K |
|
183
Warner Music
WMG
$13.5B
| $12.2M | 0.07% |
367,043
+152,398
| +71% | +$5.13M |
|
184
BioMarin Pharmaceuticals
BMRN
$11.6B
| $12.1M | 0.07% |
124,044
+17,665
| +17% | +$1.83M |
|
185
Extra Space Storage
EXR
$31.3B
| $12M | 0.07% |
73,901
-141,359
| -66% | -$22.2M |
|
186
Bentley Systems
BSY
$10.8B
| $11.8M | 0.07% |
274,557
+193,659
| +239% | +$7.7M |
|
187
Tencent Music
TME
$15.5B
| $11.7M | 0.07% |
1,418,099
-975,856
| -41% | -$7.98M |
|
188
Netflix
NFLX
$299B
| $11.7M | 0.07% |
339,700
-504,520
| -60% | -$16.7M |
|
189
O'Reilly Automotive
ORLY
$72.9B
| $11.7M | 0.07% |
206,790
+51,360
| +33% | +$2.81M |
|
190
Willis Towers Watson
WTW
$31.2B
| $11.6M | 0.07% |
49,941
+1,209
| +2% | +$292K |
|
191
Fox Class A
FOXA
$24.5B
| $11.5M | 0.07% |
338,640
+133,505
| +65% | +$4.51M |
|
192
Teleflex
TFX
$6.05B
| $11.5M | 0.07% |
45,508
+10,128
| +29% | +$2.46M |
|
193
Prudential Financial
PRU
$42.4B
| $11.4M | 0.07% |
137,895
+134,005
| +3,445% | +$12.8M |
|
194
Oneok
OKE
$57.2B
| $11.4M | 0.07% |
178,741
+39,102
| +28% | +$2.6M |
|
|
MASI
195
DELISTED
Masimo
MASI
| $11.3M | 0.07% |
61,450
+882
| +1% | +$149K |
|
196
Dentsply Sirona
XRAY
$2.68B
| $11.3M | 0.07% |
287,867
-51,448
| -15% | -$1.89M |
|
197
Devon Energy
DVN
$52.1B
| $11.2M | 0.07% |
221,209
+40,729
| +23% | +$2.32M |
|
198
Sprouts Farmers Market
SFM
$8.13B
| $11.1M | 0.07% |
315,920
-79,018
| -20% | -$2.56M |
|
199
Lam Research
LRCX
$367B
| $10.9M | 0.07% |
206,370
+197,580
| +2,248% | +$9.7M |
|
200
Planet Labs
PL
$7.3B
| $10.9M | 0.07% |
2,775,744
+1,276,666
| +85% | +$5.72M |
|
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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.