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 |
Walmart Inc
WMT
|
+$186M |
| 2 |
Procter & Gamble
PG
|
+$163M |
| 3 |
iShares MSCI Emerging Markets ETF
EEM
|
+$134M |
| 4 |
Alibaba
BABA
|
+$101M |
| 5 |
Johnson & Johnson
JNJ
|
+$98.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$357M |
| 2 |
iShares Core S&P 500 ETF
IVV
|
+$350M |
| 3 |
iShares China Large-Cap ETF
FXI
|
+$46.8M |
| 4 |
iShares MSCI China ETF
MCHI
|
+$43.9M |
| 5 |
iShares MSCI South Korea ETF
EWY
|
+$14M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 15.05% |
| 2 | Consumer Discretionary | 13.12% |
| 3 | Healthcare | 5.46% |
| 4 | Industrials | 3.1% |
| 5 | Communication Services | 2.91% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
State Street SPDR S&P 500 ETF Trust
SPY
$777B
| $1.33B | 15.99% |
3,969,472
-1,076,174
| -21% | -$357M |
|
2
SPDR Gold Trust
GLD
$131B
| $968M | 11.64% |
5,462,542
| – | – |
|
3
Vanguard FTSE Emerging Markets ETF
VWO
$119B
| $548M | 6.59% |
12,666,210
+1,433,624
| +13% | +$62.3M |
|
|
4
Alibaba
BABA
$268B
| $392M | 4.72% |
1,334,081
+383,483
| +40% | +$101M |
|
5
iShares Gold Trust
IAU
$63.1B
| $284M | 3.42% |
7,898,562
| – | – |
|
|
6
iShares Core S&P 500 ETF
IVV
$875B
| $207M | 2.49% |
615,285
-1,051,128
| -63% | -$350M |
|
|
7
Walmart Inc
WMT
$869B
| $195M | 2.35% |
+4,182,561
| New | +$186M |
|
|
8
iShares MSCI Emerging Markets ETF
EEM
$28.1B
| $192M | 2.31% |
4,355,338
+3,045,768
| +233% | +$134M |
|
|
9
Procter & Gamble
PG
$344B
| $170M | 2.05% |
+1,225,476
| New | +$163M |
|
10
iShares Core MSCI Emerging Markets ETF
IEMG
$149B
| $167M | 2.01% |
3,160,381
+1,373,862
| +77% | +$72M |
|
|
11
iShares China Large-Cap ETF
FXI
$4.3B
| $155M | 1.86% |
3,687,361
-1,089,587
| -23% | -$46.8M |
|
12
Vanguard FTSE Developed Markets ETF
VEA
$226B
| $149M | 1.8% |
3,651,990
-62,881
| -2% | -$2.58M |
|
13
iShares MSCI EAFE ETF
EFA
$76.4B
| $147M | 1.76% |
2,301,966
-39,591
| -2% | -$2.53M |
|
14
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$34.7B
| $146M | 1.76% |
1,086,629
+66,528
| +7% | +$9.07M |
|
15
iShares Core MSCI EAFE ETF
IEFA
$186B
| $135M | 1.62% |
2,239,585
-38,734
| -2% | -$2.34M |
|
16
JD.com
JD
$40.6B
| $129M | 1.56% |
1,668,508
+282,829
| +20% | +$19.7M |
|
|
17
iShares MSCI China ETF
MCHI
$6.02B
| $126M | 1.52% |
1,699,103
-598,992
| -26% | -$43.9M |
|
18
Coca-Cola
KO
$353B
| $100M | 1.21% |
+2,031,134
| New | +$97.7M |
|
|
19
Johnson & Johnson
JNJ
$633B
| $99.1M | 1.19% |
+665,402
| New | +$98.5M |
|
20
PepsiCo
PEP
$185B
| $96.2M | 1.16% |
+693,736
| New | +$94.4M |
|
21
Pinduoduo
PDD
$118B
| $81.2M | 0.98% |
1,094,888
+347,722
| +47% | +$29.8M |
|
22
Costco
COST
$414B
| $77.6M | 0.93% |
218,662
+216,507
| +10,047% | +$72.8M |
|
23
McDonald's
MCD
$189B
| $77M | 0.93% |
+350,908
| New | +$72M |
|
24
NetEase
NTES
$76.5B
| $69.1M | 0.83% |
759,600
-10,125
| -1% | -$952K |
|
25
iShares MSCI Taiwan ETF
EWT
$10B
| $64.5M | 0.78% |
1,437,609
-35,938
| -2% | -$1.59M |
|
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Bridgewater Associates's Q3 2020 Portfolio in Review
As of Q3 2020, Bridgewater Associates held 513 positions worth $8.31B, up 39% from $5.96B the previous quarter. Its ten largest holdings account for 54% of the portfolio.
Bridgewater Associates deployed $1.74B of net new capital in Q3 2020, opening 130 new positions and adding to 276 existing holdings. Its largest new stake was Walmart Inc: 4,182,561 shares worth $195M.
By sector, the portfolio is most concentrated in Consumer Staples at 15% of assets, up from 1.3% a quarter earlier, followed by Consumer Discretionary and Healthcare.
On the sell side, the largest reduction was State Street SPDR S&P 500 ETF Trust, an estimated $357M trimmed.
- Bridgewater Associates's largest Q3 2020 buy was Walmart Inc: 4,182,561 shares worth $195M.
- Bridgewater Associates added most to iShares MSCI Emerging Markets ETF in Q3 2020, an estimated $134M increase.
- Bridgewater Associates's biggest Q3 2020 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $357M.
- Bridgewater Associates fully exited 58.com Inc in Q3 2020, selling an estimated $6.82M.
- Bridgewater Associates's ten largest holdings make up 54% of its $8.31B portfolio in Q3 2020.
- Bridgewater Associates opened 130 new positions and closed 83 in Q3 2020.
- Bridgewater Associates's portfolio value rose 39% quarter-over-quarter to $8.31B.
Based on Bridgewater Associates's 13F filing for Q3 2020, filed 13 Nov 2020.