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 | |
|---|---|---|---|---|---|---|
|
1
State Street SPDR S&P 500 ETF Trust
SPY
$777B
| $919M | 18.23% |
3,564,043
-3,425,622
| -49% | -$1.04B |
|
2
SPDR Gold Trust
GLD
$130B
| $601M | 11.92% |
4,056,627
| – | – |
|
|
3
Vanguard FTSE Emerging Markets ETF
VWO
$119B
| $466M | 9.24% |
13,875,259
-10,882,387
| -44% | -$444M |
|
|
4
iShares Core S&P 500 ETF
IVV
$875B
| $332M | 6.59% |
1,284,789
-903,214
| -41% | -$277M |
|
5
iShares 20+ Year Treasury Bond ETF
TLT
$42.1B
| $279M | 5.54% |
1,692,081
-247,248
| -13% | -$36.9M |
|
6
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$34.7B
| $227M | 4.5% |
1,838,061
-492,872
| -21% | -$62.8M |
|
7
iShares MSCI Brazil ETF
EWZ
$9.16B
| $193M | 3.82% |
8,176,542
-2,810,792
| -26% | -$109M |
|
8
iShares Gold Trust
IAU
$62.9B
| $176M | 3.49% |
5,839,928
| – | – |
|
|
9
iShares Core MSCI Emerging Markets ETF
IEMG
$152B
| $135M | 2.67% |
3,324,674
-4,591,883
| -58% | -$226M |
|
|
10
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$16.3B
| $115M | 2.29% |
1,494,298
-1,566,560
| -51% | -$132M |
|
11
iShares MSCI Emerging Markets ETF
EEM
$28.6B
| $114M | 2.26% |
3,344,072
-227,071
| -6% | -$9.32M |
|
12
iShares MSCI South Korea ETF
EWY
$23.2B
| $98.6M | 1.96% |
2,101,769
-767,433
| -27% | -$43.2M |
|
13
iShares MSCI India ETF
INDA
$6.65B
| $91.7M | 1.82% |
3,802,938
+40,343
| +1% | +$1.29M |
|
14
iShares MSCI EAFE ETF
EFA
$76.1B
| $88.1M | 1.75% |
1,647,365
-1,066,944
| -39% | -$67.7M |
|
15
Vanguard FTSE Developed Markets ETF
VEA
$226B
| $86.8M | 1.72% |
2,602,332
-1,675,214
| -39% | -$67.2M |
|
16
iShares JPMorgan USD Emerging Markets Bond ETF
EMB
$14.9B
| $78.6M | 1.56% |
812,571
-499,138
| -38% | -$55M |
|
17
iShares Core MSCI EAFE ETF
IEFA
$185B
| $74.3M | 1.48% |
1,490,060
-1,180,447
| -44% | -$70.3M |
|
18
iShares MSCI Taiwan ETF
EWT
$10.2B
| $66.8M | 1.33% |
2,026,453
-2,381,445
| -54% | -$90.5M |
|
19
Alibaba
BABA
$273B
| $54.1M | 1.07% |
278,156
-33,048
| -11% | -$6.9M |
|
20
Royal Bank of Canada
RY
$290B
| $28.5M | 0.57% |
465,072
-5,846
| -1% | -$434K |
|
21
Toronto Dominion Bank
TD
$197B
| $24.9M | 0.49% |
593,053
-8,091
| -1% | -$415K |
|
22
iShares MSCI China ETF
MCHI
$6.04B
| $22.4M | 0.44% |
391,569
-267,226
| -41% | -$16.5M |
|
23
iShares TIPS Bond ETF
TIP
$14.5B
| $22.1M | 0.44% |
187,449
-103,710
| -36% | -$12.2M |
|
24
iShares China Large-Cap ETF
FXI
$4.29B
| $21.9M | 0.44% |
584,306
-356,313
| -38% | -$14.5M |
|
25
Canadian National Railway
CNI
$79.2B
| $18.2M | 0.36% |
234,870
-3,085
| -1% | -$269K |
|
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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.