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 Emerging Markets ETF
EEM
|
+$935M |
| 2 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$606M |
| 3 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$598M |
| 4 |
Alibaba
BABA
|
+$340M |
| 5 |
SPDR Gold Trust
GLD
|
+$130M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Danaher
DHR
|
+$47.4M |
| 2 |
Linde
LIN
|
+$29.9M |
| 3 |
Walmart Inc
WMT
|
+$28.5M |
| 4 |
Microsoft
MSFT
|
+$28.4M |
| 5 |
Deere & Co
DE
|
+$26.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 24.27% |
| 2 | Consumer Discretionary | 16.92% |
| 3 | Healthcare | 15.14% |
| 4 | Financials | 5.73% |
| 5 | Industrials | 3.25% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Vanguard FTSE Emerging Markets ETF
VWO
$119B
| $1.17B | 6.42% |
23,445,821
+11,572,635
| +97% | +$598M |
|
|
2
iShares MSCI Emerging Markets ETF
EEM
$28.3B
| $1.01B | 5.56% |
20,138,284
+17,955,775
| +823% | +$935M |
|
|
3
iShares Core MSCI Emerging Markets ETF
IEMG
$151B
| $850M | 4.65% |
13,760,158
+9,520,583
| +225% | +$606M |
|
4
State Street SPDR S&P 500 ETF Trust
SPY
$781B
| $844M | 4.62% |
1,967,605
-7,456
| -0.4% | -$3.29M |
|
|
5
Walmart Inc
WMT
$868B
| $700M | 3.84% |
15,077,208
-590,520
| -4% | -$28.5M |
|
6
Procter & Gamble
PG
$344B
| $655M | 3.59% |
4,687,538
-65,649
| -1% | -$9.31M |
|
|
7
Alibaba
BABA
$271B
| $487M | 2.67% |
3,290,232
+1,871,172
| +132% | +$340M |
|
8
Johnson & Johnson
JNJ
$633B
| $445M | 2.44% |
2,754,036
-69,070
| -2% | -$11.8M |
|
9
Coca-Cola
KO
$353B
| $439M | 2.4% |
8,370,857
+138,669
| +2% | +$7.73M |
|
10
PepsiCo
PEP
$186B
| $403M | 2.21% |
2,679,193
+10,102
| +0.4% | +$1.56M |
|
|
11
SPDR Gold Trust
GLD
$131B
| $393M | 2.15% |
2,392,278
+775,650
| +48% | +$130M |
|
12
Costco
COST
$413B
| $382M | 2.09% |
850,594
+7,326
| +0.9% | +$3.22M |
|
13
iShares Core S&P 500 ETF
IVV
$880B
| $356M | 1.95% |
825,977
+180,403
| +28% | +$79.9M |
|
14
McDonald's
MCD
$189B
| $352M | 1.93% |
1,458,380
+61,713
| +4% | +$14.7M |
|
15
Starbucks
SBUX
$119B
| $252M | 1.38% |
2,280,667
+187,184
| +9% | +$21.9M |
|
16
Abbott
ABT
$181B
| $221M | 1.21% |
1,870,393
+73,563
| +4% | +$9.04M |
|
17
Target
TGT
$62.3B
| $218M | 1.2% |
954,208
+59,559
| +7% | +$14.9M |
|
|
18
Danaher
DHR
$135B
| $214M | 1.17% |
793,757
-173,935
| -18% | -$47.4M |
|
19
Estee Lauder
EL
$29.1B
| $212M | 1.16% |
706,899
+20,677
| +3% | +$6.75M |
|
20
Pinduoduo
PDD
$118B
| $174M | 0.95% |
1,919,812
+802,394
| +72% | +$78M |
|
21
iShares China Large-Cap ETF
FXI
$4.32B
| $166M | 0.91% |
4,261,980
+562,248
| +15% | +$23.2M |
|
22
JD.com
JD
$40.9B
| $144M | 0.79% |
1,989,498
+802,281
| +68% | +$59.1M |
|
23
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$34.7B
| $142M | 0.78% |
1,064,706
-10,159
| -0.9% | -$1.37M |
|
24
iShares MSCI China ETF
MCHI
$6.06B
| $139M | 0.76% |
2,052,898
+317,374
| +18% | +$22.8M |
|
25
iShares Gold Trust
IAU
$63.3B
| $127M | 0.7% |
3,805,198
-405,989
| -10% | -$13.8M |
|
Similar funds
Bridgewater Associates's Q3 2021 Portfolio in Review
As of Q3 2021, Bridgewater Associates held 821 positions worth $18.3B, up 17% from $15.6B the previous quarter. Its ten largest holdings account for 38% of the portfolio.
Bridgewater Associates deployed $3.42B of net new capital in Q3 2021, opening 117 new positions and adding to 343 existing holdings. Its largest new stake was DiDi Global Inc. American depositary shares, each four representing one Class A ordinary share: 8,990,211 shares worth $70M.
By sector, the portfolio is most concentrated in Consumer Staples at 24% of assets, down from 28% a quarter earlier, followed by Consumer Discretionary and Healthcare.
On the sell side, the largest reduction was Danaher, an estimated $47.4M trimmed.
- Bridgewater Associates's largest Q3 2021 buy was DiDi Global Inc. American depositary shares, each four representing one Class A ordinary share: 8,990,211 shares worth $70M.
- Bridgewater Associates added most to iShares MSCI Emerging Markets ETF in Q3 2021, an estimated $935M increase.
- Bridgewater Associates's biggest Q3 2021 reduction was Danaher, cutting an estimated $47.4M.
- Bridgewater Associates fully exited Linde in Q3 2021, selling an estimated $29.9M.
- Bridgewater Associates's ten largest holdings make up 38% of its $18.3B portfolio in Q3 2021.
- Bridgewater Associates opened 117 new positions and closed 138 in Q3 2021.
- Bridgewater Associates's portfolio value rose 17% quarter-over-quarter to $18.3B.
Based on Bridgewater Associates's 13F filing for Q3 2021, filed 12 Nov 2021.