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
|
+$245M |
| 2 |
Procter & Gamble
PG
|
+$205M |
| 3 |
Coca-Cola
KO
|
+$129M |
| 4 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$128M |
| 5 |
Johnson & Johnson
JNJ
|
+$119M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SPDR Gold Trust
GLD
|
+$436M |
| 2 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$100M |
| 3 |
NetEase
NTES
|
+$26.7M |
| 4 |
iShares MSCI Emerging Markets ETF
EEM
|
+$25.5M |
| 5 |
Tesla
TSLA
|
+$15.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 23.66% |
| 2 | Consumer Discretionary | 13.07% |
| 3 | Healthcare | 9.52% |
| 4 | Technology | 3.33% |
| 5 | Financials | 3.05% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
State Street SPDR S&P 500 ETF Trust
SPY
$781B
| $1.38B | 11.93% |
3,686,443
-283,029
| -7% | -$100M |
|
2
Vanguard FTSE Emerging Markets ETF
VWO
$119B
| $660M | 5.71% |
13,167,118
+500,908
| +4% | +$23.5M |
|
|
3
SPDR Gold Trust
GLD
$131B
| $532M | 4.61% |
2,985,081
-2,477,461
| -45% | -$436M |
|
|
4
Walmart Inc
WMT
$867B
| $444M | 3.84% |
9,235,779
+5,053,218
| +121% | +$245M |
|
|
5
Procter & Gamble
PG
$344B
| $375M | 3.25% |
2,695,450
+1,469,974
| +120% | +$205M |
|
6
Alibaba
BABA
$271B
| $372M | 3.22% |
1,600,500
+266,419
| +20% | +$74M |
|
|
7
iShares Core MSCI Emerging Markets ETF
IEMG
$151B
| $334M | 2.89% |
5,382,732
+2,222,351
| +70% | +$128M |
|
8
iShares Core S&P 500 ETF
IVV
$880B
| $301M | 2.6% |
801,079
+185,794
| +30% | +$66.1M |
|
9
iShares Gold Trust
IAU
$63.3B
| $281M | 2.43% |
7,742,453
-156,109
| -2% | -$5.59M |
|
10
Pinduoduo
PDD
$118B
| $253M | 2.19% |
1,422,126
+327,238
| +30% | +$39.1M |
|
|
11
Coca-Cola
KO
$353B
| $248M | 2.15% |
4,530,008
+2,498,874
| +123% | +$129M |
|
|
12
Johnson & Johnson
JNJ
$632B
| $231M | 2% |
1,469,769
+804,367
| +121% | +$119M |
|
13
PepsiCo
PEP
$186B
| $219M | 1.9% |
1,477,688
+783,952
| +113% | +$111M |
|
|
14
iShares MSCI Emerging Markets ETF
EEM
$28.4B
| $198M | 1.71% |
3,824,428
-530,910
| -12% | -$25.5M |
|
15
Costco
COST
$412B
| $183M | 1.59% |
486,464
+267,802
| +122% | +$100M |
|
16
McDonald's
MCD
$189B
| $165M | 1.43% |
770,177
+419,269
| +119% | +$91.2M |
|
17
iShares China Large-Cap ETF
FXI
$4.32B
| $165M | 1.42% |
3,545,440
-141,921
| -4% | -$6.48M |
|
18
Vanguard FTSE Developed Markets ETF
VEA
$227B
| $161M | 1.39% |
3,402,353
-249,637
| -7% | -$11M |
|
19
iShares MSCI EAFE ETF
EFA
$76.8B
| $156M | 1.35% |
2,144,595
-157,371
| -7% | -$10.8M |
|
20
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$34.7B
| $152M | 1.32% |
1,101,203
+14,574
| +1% | +$1.98M |
|
21
JD.com
JD
$40.9B
| $151M | 1.3% |
1,713,988
+45,480
| +3% | +$3.8M |
|
22
iShares Core MSCI EAFE ETF
IEFA
$187B
| $144M | 1.25% |
2,086,557
-153,028
| -7% | -$9.9M |
|
23
iShares MSCI China ETF
MCHI
$6.06B
| $133M | 1.16% |
1,648,439
-50,664
| -3% | -$4.01M |
|
24
Starbucks
SBUX
$119B
| $128M | 1.1% |
1,193,014
+645,626
| +118% | +$61.6M |
|
25
Baidu
BIDU
$36.3B
| $108M | 0.94% |
501,736
+15,715
| +3% | +$2.33M |
|
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Bridgewater Associates's Q4 2020 Portfolio in Review
As of Q4 2020, Bridgewater Associates held 599 positions worth $11.6B, up 39% from $8.31B the previous quarter. Its ten largest holdings account for 43% of the portfolio.
Bridgewater Associates deployed $2.24B of net new capital in Q4 2020, opening 169 new positions and adding to 233 existing holdings. Its largest new stake was JPMorgan Chase: 412,755 shares worth $52.4M.
By sector, the portfolio is most concentrated in Consumer Staples at 24% of assets, up from 15% a quarter earlier, followed by Consumer Discretionary and Healthcare.
On the sell side, the largest reduction was SPDR Gold Trust, an estimated $436M trimmed.
- Bridgewater Associates's largest Q4 2020 buy was JPMorgan Chase: 412,755 shares worth $52.4M.
- Bridgewater Associates added most to Walmart Inc in Q4 2020, an estimated $245M increase.
- Bridgewater Associates's biggest Q4 2020 reduction was SPDR Gold Trust, cutting an estimated $436M.
- Bridgewater Associates fully exited Tesla in Q4 2020, selling an estimated $15.3M.
- Bridgewater Associates's ten largest holdings make up 43% of its $11.6B portfolio in Q4 2020.
- Bridgewater Associates opened 169 new positions and closed 74 in Q4 2020.
- Bridgewater Associates's portfolio value rose 39% quarter-over-quarter to $11.6B.
Based on Bridgewater Associates's 13F filing for Q4 2020, filed 12 Feb 2021.