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 MSCI India ETF
INDA
|
+$105M |
| 2 |
SWN
Southwestern Energy Company
SWN
|
+$47.9M |
| 3 |
Kroger
KR
|
+$42.8M |
| 4 |
Bread Financial
BFH
|
+$42.8M |
| 5 |
Carnival Corporation Ltd
CCL
|
+$42.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Emerging Markets ETF
EEM
|
+$1.95B |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$1.1B |
| 3 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$907M |
| 4 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$342M |
| 5 |
Bristol-Myers Squibb
BMY
|
+$47.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 4.47% |
| 2 | Financials | 2.86% |
| 3 | Energy | 2.75% |
| 4 | Industrials | 1.72% |
| 5 | Healthcare | 1.67% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Vanguard FTSE Emerging Markets ETF
VWO
$119B
| $2.02B | 15.86% |
47,554,277
-26,079,335
| -35% | -$1.1B |
|
|
2
State Street SPDR S&P 500 ETF Trust
SPY
$777B
| $1.99B | 15.58% |
6,778,936
-1,189,183
| -15% | -$342M |
|
|
3
iShares Core MSCI Emerging Markets ETF
IEMG
$152B
| $1.2B | 9.41% |
23,330,286
-17,757,011
| -43% | -$907M |
|
|
4
iShares MSCI Emerging Markets ETF
EEM
$28.6B
| $1.1B | 8.65% |
25,706,638
-45,868,404
| -64% | -$1.95B |
|
5
iShares Core S&P 500 ETF
IVV
$875B
| $645M | 5.06% |
2,186,917
-10,760
| -0.5% | -$3.12M |
|
6
SPDR Gold Trust
GLD
$130B
| $540M | 4.24% |
4,056,627
+28,655
| +0.7% | +$3.54M |
|
7
iShares MSCI Brazil ETF
EWZ
$9.16B
| $412M | 3.23% |
9,430,594
+106,095
| +1% | +$4.38M |
|
8
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$34.7B
| $328M | 2.57% |
2,634,994
+12,640
| +0.5% | +$1.52M |
|
9
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$16.3B
| $281M | 2.2% |
3,223,574
+381,144
| +13% | +$32.9M |
|
10
iShares 20+ Year Treasury Bond ETF
TLT
$42.1B
| $266M | 2.09% |
2,002,297
-230,246
| -10% | -$29.2M |
|
11
iShares MSCI South Korea ETF
EWY
$23.2B
| $214M | 1.68% |
3,569,710
-198,249
| -5% | -$11.8M |
|
12
iShares JPMorgan USD Emerging Markets Bond ETF
EMB
$14.9B
| $204M | 1.6% |
1,799,781
-48,285
| -3% | -$5.32M |
|
13
iShares MSCI EAFE ETF
EFA
$76.1B
| $169M | 1.32% |
2,566,986
-26,678
| -1% | -$1.75M |
|
14
Vanguard FTSE Developed Markets ETF
VEA
$226B
| $169M | 1.32% |
4,045,054
-42,540
| -1% | -$1.75M |
|
15
iShares Gold Trust
IAU
$62.9B
| $158M | 1.24% |
5,839,928
+35,318
| +0.6% | +$885K |
|
16
iShares Core MSCI EAFE ETF
IEFA
$185B
| $154M | 1.21% |
2,513,246
-28,520
| -1% | -$1.75M |
|
17
iShares TIPS Bond ETF
TIP
$14.5B
| $150M | 1.17% |
1,295,152
-103,461
| -7% | -$11.8M |
|
|
18
iShares MSCI India ETF
INDA
$6.65B
| $106M | 0.83% |
3,006,076
+2,984,292
| +13,699% | +$105M |
|
|
19
Bread Financial
BFH
$4.19B
| $76.2M | 0.6% |
681,081
+354,047
| +108% | +$42.8M |
|
20
Biogen
BIIB
$29.6B
| $58.2M | 0.46% |
248,933
+8,555
| +4% | +$1.98M |
|
21
Alibaba
BABA
$273B
| $53.2M | 0.42% |
313,923
+222,685
| +244% | +$38.4M |
|
|
SWN
22
DELISTED
Southwestern Energy Company
SWN
| $49M | 0.38% |
15,519,475
+12,337,947
| +388% | +$47.9M |
|
23
PVH
PVH
$3.59B
| $49M | 0.38% |
517,571
+236,173
| +84% | +$26.1M |
|
|
24
Carnival Corporation Ltd
CCL
$34.6B
| $47.5M | 0.37% |
1,019,798
+810,391
| +387% | +$42.4M |
|
|
XEC
25
DELISTED
CIMAREX ENERGY CO
XEC
| $45.2M | 0.35% |
761,277
+660,851
| +658% | +$42.3M |
|
Similar funds
Bridgewater Associates's Q2 2019 Portfolio in Review
As of Q2 2019, Bridgewater Associates held 380 positions worth $12.8B, down 22% from $16.3B the previous quarter. Its ten largest holdings account for 69% of the portfolio.
Bridgewater Associates withdrew a net $3.62B in Q2 2019, closing 75 positions and reducing 91 holdings. Its most notable exit was Bristol-Myers Squibb, an estimated $47.2M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 4.5% of assets, up from 2.1% a quarter earlier, followed by Financials and Energy.
Against the trend, Bridgewater Associates opened a new position in iShares China Large-Cap ETF worth $30.6M.
- Bridgewater Associates's largest Q2 2019 buy was iShares China Large-Cap ETF: 716,186 shares worth $30.6M.
- Bridgewater Associates added most to iShares MSCI India ETF in Q2 2019, an estimated $105M increase.
- Bridgewater Associates's biggest Q2 2019 reduction was iShares MSCI Emerging Markets ETF, cutting an estimated $1.95B.
- Bridgewater Associates fully exited Bristol-Myers Squibb in Q2 2019, selling an estimated $47.2M.
- Bridgewater Associates's ten largest holdings make up 69% of its $12.8B portfolio in Q2 2019.
- Bridgewater Associates opened 77 new positions and closed 75 in Q2 2019.
- Bridgewater Associates's portfolio value fell 22% quarter-over-quarter to $12.8B.
Based on Bridgewater Associates's 13F filing for Q2 2019, filed 13 Aug 2019.