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
|
+$949M |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$409M |
| 3 |
SPDR Gold Trust
GLD
|
+$403M |
| 4 |
iShares MSCI Emerging Markets ETF
EEM
|
+$392M |
| 5 |
iShares 20+ Year Treasury Bond ETF
TLT
|
+$171M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI South Korea ETF
EWY
|
+$92.2M |
| 2 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$27.9M |
| 3 |
CHK
Chesapeake Energy Corporation
CHK
|
+$26.1M |
| 4 |
SWN
Southwestern Energy Company
SWN
|
+$24.4M |
| 5 |
Intel
INTC
|
+$21.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 1.98% |
| 2 | Healthcare | 1.54% |
| 3 | Financials | 1.2% |
| 4 | Technology | 1.1% |
| 5 | Energy | 1.02% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
APC
201
DELISTED
Anadarko Petroleum
APC
| $1.32M | 0.01% |
27,112
-8,734
| -24% | -$385K |
|
202
BlackBerry
BB
$5.01B
| $1.32M | 0.01% |
118,625
| – | – |
|
|
PXD
203
DELISTED
Pioneer Natural Resource Co.
PXD
| $1.31M | 0.01% |
8,876
-1,793
| -17% | -$258K |
|
204
CenterPoint Energy
CNP
$29.1B
| $1.29M | 0.01% |
+44,094
| New | +$1.27M |
|
|
VAR
205
DELISTED
Varian Medical Systems, Inc.
VAR
| $1.28M | 0.01% |
12,779
-4
| -0% | -$411 |
|
206
Royal Gold
RGLD
$17.1B
| $1.27M | 0.01% |
14,770
-4,936
| -25% | -$427K |
|
207
SITE Centers
SITC
$230M
| $1.24M | 0.01% |
105,177
+92,909
| +757% | +$1.16M |
|
208
Allstate
ALL
$66.9B
| $1.21M | 0.01% |
+13,154
| New | +$1.2M |
|
209
CME Group
CME
$92.2B
| $1.18M | 0.01% |
8,716
-1,661
| -16% | -$210K |
|
210
CMS Energy
CMS
$23.1B
| $1.18M | 0.01% |
+25,542
| New | +$1.21M |
|
211
Elevance Health
ELV
$81.9B
| $1.18M | 0.01% |
+6,199
| New | +$1.18M |
|
212
Hartford Financial Services
HIG
$38.5B
| $1.18M | 0.01% |
+21,211
| New | +$1.15M |
|
213
DTE Energy
DTE
$31.1B
| $1.16M | 0.01% |
12,676
+4,883
| +63% | +$452K |
|
214
LyondellBasell Industries
LYB
$19.5B
| $1.11M | 0.01% |
11,163
-121,692
| -92% | -$10.9M |
|
215
Capital One
COF
$124B
| $1.07M | 0.01% |
12,617
-7,602
| -38% | -$627K |
|
216
Moody's
MCO
$81.7B
| $1.06M | 0.01% |
7,649
-4,562
| -37% | -$600K |
|
217
Emerson Electric
EMR
$82.9B
| $1.02M | 0.01% |
+16,170
| New | +$975K |
|
|
CXO
218
DELISTED
CONCHO RESOURCES INC.
CXO
| $1.01M | 0.01% |
7,705
-1,409
| -15% | -$170K |
|
219
Bausch Health
BHC
$1.65B
| $1M | 0.01% |
70,269
| – | – |
|
|
VRN
220
DELISTED
Veren
VRN
| $930K | 0.01% |
116,095
| – | – |
|
|
PX
221
DELISTED
Praxair Inc
PX
| $927K | 0.01% |
+6,637
| New | +$885K |
|
|
AUY
222
DELISTED
Yamana Gold, Inc.
AUY
| $924K | 0.01% |
349,291
-26,757
| -7% | -$71.2K |
|
223
Chubb
CB
$140B
| $923K | 0.01% |
+6,472
| New | +$937K |
|
224
Consolidated Edison
ED
$41.6B
| $921K | 0.01% |
+11,419
| New | +$945K |
|
225
Eversource Energy
ES
$28.2B
| $893K | 0.01% |
+14,772
| New | +$911K |
|
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Bridgewater Associates's Q3 2017 Portfolio in Review
As of Q3 2017, Bridgewater Associates held 426 positions worth $14.9B, up 37% from $10.9B the previous quarter. Its ten largest holdings account for 82% of the portfolio.
Bridgewater Associates deployed $3.33B of net new capital in Q3 2017, opening 83 new positions and adding to 81 existing holdings. Its largest new stake was Quest Diagnostics: 208,121 shares worth $19.5M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 2% of assets, down from 2.4% a quarter earlier, followed by Healthcare and Financials.
On the sell side, the largest reduction was iShares MSCI South Korea ETF, an estimated $92.2M trimmed.
- Bridgewater Associates's largest Q3 2017 buy was Quest Diagnostics: 208,121 shares worth $19.5M.
- Bridgewater Associates added most to iShares Core MSCI Emerging Markets ETF in Q3 2017, an estimated $949M increase.
- Bridgewater Associates's biggest Q3 2017 reduction was iShares MSCI South Korea ETF, cutting an estimated $92.2M.
- Bridgewater Associates fully exited Chesapeake Energy Corporation in Q3 2017, selling an estimated $26.1M.
- Bridgewater Associates's ten largest holdings make up 82% of its $14.9B portfolio in Q3 2017.
- Bridgewater Associates opened 83 new positions and closed 140 in Q3 2017.
- Bridgewater Associates's portfolio value rose 37% quarter-over-quarter to $14.9B.
Based on Bridgewater Associates's 13F filing for Q3 2017, filed 13 Nov 2017.