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 |
McDonald's
MCD
|
+$6.41M |
| 2 |
UnitedHealth
UNH
|
+$6.05M |
| 3 |
Lockheed Martin
LMT
|
+$6.04M |
| 4 |
Philip Morris
PM
|
+$5.55M |
| 5 |
Accenture
ACN
|
+$5.35M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$1.04B |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$444M |
| 3 |
iShares Core S&P 500 ETF
IVV
|
+$277M |
| 4 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$226M |
| 5 |
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
|
+$132M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 4% |
| 2 | Financials | 2.7% |
| 3 | Industrials | 1.84% |
| 4 | Materials | 1.48% |
| 5 | Consumer Staples | 1.39% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
201
EOG Resources
EOG
$77.6B
| $1.04M | 0.02% |
29,025
-497
| -2% | -$32.3K |
|
202
Under Armour
UAA
$2.89B
| $1.02M | 0.02% |
111,039
-54,119
| -33% | -$870K |
|
203
Axalta
AXTA
$7.76B
| $999K | 0.02% |
57,852
-27,974
| -33% | -$716K |
|
204
Cintas
CTAS
$81.6B
| $990K | 0.02% |
+22,856
| New | +$1.49M |
|
205
Autoliv
ALV
$9.07B
| $989K | 0.02% |
21,487
-10,421
| -33% | -$715K |
|
206
iQIYI
IQ
$1.26B
| $953K | 0.02% |
53,535
+12,748
| +31% | +$286K |
|
207
Southern Company
SO
$107B
| $940K | 0.02% |
+17,361
| New | +$1.1M |
|
208
McKesson
MCK
$96.8B
| $935K | 0.02% |
+6,910
| New | +$1.01M |
|
209
Simon Property Group
SPG
$74.3B
| $925K | 0.02% |
+16,856
| New | +$2.02M |
|
210
AutoZone
AZO
$48.8B
| $915K | 0.02% |
+1,081
| New | +$1.12M |
|
211
Gildan
GIL
$10.2B
| $910K | 0.02% |
72,220
-1,749
| -2% | -$42.2K |
|
212
Yum! Brands
YUM
$40.6B
| $900K | 0.02% |
+13,127
| New | +$1.22M |
|
|
K
213
DELISTED
Kellanova
K
| $895K | 0.02% |
+15,891
| New | +$974K |
|
214
Xcel Energy
XEL
$48.5B
| $895K | 0.02% |
+14,845
| New | +$967K |
|
215
Brown-Forman Class B
BF.B
$12.8B
| $881K | 0.02% |
+15,863
| New | +$1.02M |
|
216
Tapestry
TPR
$31.4B
| $875K | 0.02% |
67,539
-33,429
| -33% | -$783K |
|
217
Leggett & Platt
LEG
$1.37B
| $866K | 0.02% |
32,450
-15,673
| -33% | -$652K |
|
218
Church & Dwight Co
CHD
$23.7B
| $865K | 0.02% |
+13,478
| New | +$957K |
|
219
Archer Daniels Midland
ADM
$37.6B
| $855K | 0.02% |
+24,302
| New | +$994K |
|
220
WEC Energy
WEC
$35.6B
| $847K | 0.02% |
+9,610
| New | +$924K |
|
221
Dominion Energy
D
$60.5B
| $845K | 0.02% |
+11,701
| New | +$955K |
|
|
KL
222
DELISTED
Kirkland Lake Gold Ltd Ordinary
KL
| $826K | 0.02% |
28,353
-9,720
| -26% | -$356K |
|
223
McCormick & Company Non-Voting
MKC
$13.9B
| $821K | 0.02% |
+11,628
| New | +$902K |
|
|
JOBS
224
DELISTED
51job Inc
JOBS
| $820K | 0.02% |
13,354
-1,846
| -12% | -$140K |
|
225
Sempra
SRE
$57.3B
| $817K | 0.02% |
+14,462
| New | +$1.03M |
|
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Bridgewater Associates's Q1 2020 Portfolio in Review
As of Q1 2020, Bridgewater Associates held 650 positions worth $5.04B, down 49% from $9.79B the previous quarter. Its ten largest holdings account for 68% of the portfolio.
Bridgewater Associates withdrew a net $3.42B in Q1 2020, closing 251 positions and reducing 191 holdings. Its most notable exit was JPMorgan Chase, an estimated $90.5M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 4% of assets, up from 3.6% a quarter earlier, followed by Financials and Industrials.
Against the trend, Bridgewater Associates opened a new position in McDonald's worth $5.38M.
- Bridgewater Associates's largest Q1 2020 buy was McDonald's: 32,541 shares worth $5.38M.
- Bridgewater Associates added most to Lowe's Companies in Q1 2020, an estimated $4.7M increase.
- Bridgewater Associates's biggest Q1 2020 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $1.04B.
- Bridgewater Associates fully exited JPMorgan Chase in Q1 2020, selling an estimated $90.5M.
- Bridgewater Associates's ten largest holdings make up 68% of its $5.04B portfolio in Q1 2020.
- Bridgewater Associates opened 179 new positions and closed 251 in Q1 2020.
- Bridgewater Associates's portfolio value fell 49% quarter-over-quarter to $5.04B.
Based on Bridgewater Associates's 13F filing for Q1 2020, filed 14 May 2020.