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 |
Gen Digital
GEN
|
+$26M |
| 2 |
Eastman Chemical
EMN
|
+$24.8M |
| 3 |
The Mosaic Company
MOS
|
+$24.7M |
| 4 |
Kohl's
KSS
|
+$24.3M |
| 5 |
ESV
Ensco Rowan plc
ESV
|
+$23.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$1.65B |
| 2 |
iShares MSCI Emerging Markets ETF
EEM
|
+$906M |
| 3 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$46.7M |
| 4 |
Apple
AAPL
|
+$30.1M |
| 5 |
Chipotle Mexican Grill
CMG
|
+$17.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 4.22% |
| 2 | Materials | 3.47% |
| 3 | Consumer Discretionary | 3.19% |
| 4 | Energy | 2.92% |
| 5 | Communication Services | 2.65% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Vanguard FTSE Emerging Markets ETF
VWO
$119B
| $2.23B | 29.84% |
67,362,170
-45,423,479
| -40% | -$1.65B |
|
|
2
State Street SPDR S&P 500 ETF Trust
SPY
$779B
| $1.96B | 26.26% |
10,236,900
-230,300
| -2% | -$46.7M |
|
|
3
iShares MSCI Emerging Markets ETF
EEM
$28.2B
| $1.2B | 16.02% |
36,508,933
-25,650,268
| -41% | -$906M |
|
4
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$34.7B
| $96.3M | 1.29% |
829,855
+600
| +0.1% | +$69.4K |
|
5
iShares Core S&P 500 ETF
IVV
$877B
| $33.7M | 0.45% |
175,000
| – | – |
|
6
Lumen
LUMN
$6.57B
| $33.6M | 0.45% |
1,336,974
+651,463
| +95% | +$18M |
|
7
Coca-Cola
KO
$353B
| $33.3M | 0.45% |
830,374
+97,500
| +13% | +$3.9M |
|
|
ESV
8
DELISTED
Ensco Rowan plc
ESV
| $31.1M | 0.42% |
551,616
+340,279
| +161% | +$23.4M |
|
|
9
Apple
AAPL
$4.85T
| $30.3M | 0.41% |
1,099,408
-1,026,580
| -48% | -$30.1M |
|
10
PepsiCo
PEP
$185B
| $27.4M | 0.37% |
290,403
+229,194
| +374% | +$21.8M |
|
11
Alphabet (Google) Class C
GOOG
$3.91T
| $25.7M | 0.34% |
804,520
+380,720
| +90% | +$11.7M |
|
12
Verizon
VZ
$189B
| $25.2M | 0.34% |
578,665
+288,000
| +99% | +$13.3M |
|
|
13
Gen Digital
GEN
$15.6B
| $25M | 0.34% |
1,286,416
+1,208,380
| +1,548% | +$26M |
|
|
MON
14
DELISTED
Monsanto Co
MON
| $24.9M | 0.33% |
292,299
+67,900
| +30% | +$6.71M |
|
|
15
Eastman Chemical
EMN
$7.83B
| $24.7M | 0.33% |
381,038
+335,500
| +737% | +$24.8M |
|
|
VIAB
16
DELISTED
Viacom Inc. Class B
VIAB
| $24.4M | 0.33% |
565,245
+403,621
| +250% | +$20M |
|
|
17
Kohl's
KSS
$2.08B
| $23.7M | 0.32% |
511,367
+431,500
| +540% | +$24.3M |
|
|
NE
18
DELISTED
Noble Corporation
NE
| $22.6M | 0.3% |
2,074,855
+1,260,653
| +155% | +$15.9M |
|
|
19
The Mosaic Company
MOS
$7.15B
| $22.5M | 0.3% |
724,600
+598,000
| +472% | +$24.7M |
|
20
International Paper
IP
$20.2B
| $22M | 0.29% |
614,749
+426,471
| +227% | +$18.1M |
|
21
Gilead Sciences
GILD
$161B
| $21.8M | 0.29% |
222,121
+140,400
| +172% | +$15.6M |
|
22
Applied Materials
AMAT
$430B
| $21.7M | 0.29% |
1,479,057
+966,506
| +189% | +$16.1M |
|
23
Microsoft
MSFT
$2.85T
| $20.8M | 0.28% |
471,008
+398,643
| +551% | +$17.9M |
|
24
RTX Corp
RTX
$288B
| $19.9M | 0.27% |
355,791
+321,454
| +936% | +$19.8M |
|
25
Exelon
EXC
$48.8B
| $19.9M | 0.27% |
937,077
+918,887
| +5,052% | +$20.7M |
|
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Bridgewater Associates's Q3 2015 Portfolio in Review
As of Q3 2015, Bridgewater Associates held 516 positions worth $7.47B, down 31% from $10.8B the previous quarter. Its ten largest holdings account for 76% of the portfolio.
Bridgewater Associates withdrew a net $1.81B in Q3 2015, closing 86 positions and reducing 67 holdings. Its most notable exit was Chipotle Mexican Grill, an estimated $17.4M position sold in full.
By sector, the portfolio is most concentrated in Technology at 4.2% of assets, up from 2.2% a quarter earlier, followed by Materials and Consumer Discretionary.
Against the trend, Bridgewater Associates opened a new position in Wynn Resorts worth $12.7M.
- Bridgewater Associates's largest Q3 2015 buy was Wynn Resorts: 239,500 shares worth $12.7M.
- Bridgewater Associates added most to Gen Digital in Q3 2015, an estimated $26M increase.
- Bridgewater Associates's biggest Q3 2015 reduction was Vanguard FTSE Emerging Markets ETF, cutting an estimated $1.65B.
- Bridgewater Associates fully exited Chipotle Mexican Grill in Q3 2015, selling an estimated $17.4M.
- Bridgewater Associates's ten largest holdings make up 76% of its $7.47B portfolio in Q3 2015.
- Bridgewater Associates opened 210 new positions and closed 86 in Q3 2015.
- Bridgewater Associates's portfolio value fell 31% quarter-over-quarter to $7.47B.
Based on Bridgewater Associates's 13F filing for Q3 2015, filed 12 Nov 2015.