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 |
Visa
V
|
+$148M |
| 2 |
Mondelez International
MDLZ
|
+$144M |
| 3 |
Johnson & Johnson
JNJ
|
+$64.3M |
| 4 |
Alphabet (Google) Class A
GOOGL
|
+$53.4M |
| 5 |
Microsoft
MSFT
|
+$51.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Medtronic
MDT
|
+$225M |
| 2 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$151M |
| 3 |
Berkshire Hathaway Class B
BRK.B
|
+$91.6M |
| 4 |
Walmart Inc
WMT
|
+$87.7M |
| 5 |
JPMorgan Chase
JPM
|
+$79.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 29.71% |
| 2 | Healthcare | 20.65% |
| 3 | Consumer Discretionary | 10.85% |
| 4 | Financials | 7.63% |
| 5 | Technology | 4.15% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Procter & Gamble
PG
$342B
| $835M | 4.23% |
6,615,453
-131,715
| -2% | -$18.7M |
|
|
2
Johnson & Johnson
JNJ
$624B
| $770M | 3.9% |
4,712,513
+379,880
| +9% | +$64.3M |
|
3
PepsiCo
PEP
$184B
| $657M | 3.32% |
4,021,491
+212,532
| +6% | +$36.6M |
|
4
Coca-Cola
KO
$349B
| $642M | 3.25% |
11,467,280
+646,521
| +6% | +$40.2M |
|
5
iShares Core MSCI Emerging Markets ETF
IEMG
$152B
| $640M | 3.24% |
14,900,497
-407,915
| -3% | -$19.6M |
|
6
iShares Core S&P 500 ETF
IVV
$875B
| $631M | 3.19% |
1,758,510
+60,709
| +4% | +$24.2M |
|
7
Costco
COST
$411B
| $567M | 2.87% |
1,199,544
-11,554
| -1% | -$6.01M |
|
8
Vanguard FTSE Emerging Markets ETF
VWO
$119B
| $539M | 2.73% |
14,764,651
-667,590
| -4% | -$27.1M |
|
|
9
Walmart Inc
WMT
$863B
| $523M | 2.65% |
12,090,051
-2,003,052
| -14% | -$87.7M |
|
|
10
State Street SPDR S&P 500 ETF Trust
SPY
$777B
| $523M | 2.65% |
1,463,312
-379,950
| -21% | -$151M |
|
11
McDonald's
MCD
$187B
| $488M | 2.47% |
2,113,763
+42,179
| +2% | +$10.8M |
|
12
Pinduoduo
PDD
$119B
| $317M | 1.61% |
5,066,540
+251,908
| +5% | +$14.6M |
|
13
Abbott
ABT
$175B
| $298M | 1.51% |
3,079,954
+280,041
| +10% | +$29.8M |
|
14
CVS Health
CVS
$136B
| $294M | 1.49% |
3,079,704
-66,532
| -2% | -$6.59M |
|
15
Starbucks
SBUX
$118B
| $253M | 1.28% |
2,997,842
-244,877
| -8% | -$20.8M |
|
|
16
Visa
V
$669B
| $216M | 1.09% |
1,216,878
+725,139
| +147% | +$148M |
|
17
SPDR Gold Trust
GLD
$130B
| $201M | 1.02% |
1,302,230
-4,225
| -0.3% | -$679K |
|
|
18
Mondelez International
MDLZ
$77.1B
| $189M | 0.96% |
3,448,348
+2,310,425
| +203% | +$144M |
|
19
Target
TGT
$61.1B
| $188M | 0.95% |
1,263,594
-296,606
| -19% | -$47.5M |
|
20
Colgate-Palmolive
CL
$72.1B
| $171M | 0.86% |
2,430,002
+139,805
| +6% | +$11M |
|
21
Mastercard
MA
$469B
| $164M | 0.83% |
577,218
+91,949
| +19% | +$30.5M |
|
22
Dollar General
DG
$25.4B
| $149M | 0.75% |
619,233
-11,717
| -2% | -$2.89M |
|
23
Estee Lauder
EL
$28.9B
| $148M | 0.75% |
683,325
+70,765
| +12% | +$18.1M |
|
|
24
Alphabet (Google) Class A
GOOGL
$3.89T
| $140M | 0.71% |
1,465,694
+481,734
| +49% | +$53.4M |
|
25
Chipotle Mexican Grill
CMG
$41.1B
| $131M | 0.66% |
4,347,900
-185,300
| -4% | -$5.74M |
|
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Bridgewater Associates's Q3 2022 Portfolio in Review
As of Q3 2022, Bridgewater Associates held 1,045 positions worth $19.8B, down 16% from $23.6B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Bridgewater Associates withdrew a net $2.53B in Q3 2022, closing 179 positions and reducing 498 holdings. Its most notable exit was Medtronic, an estimated $225M position sold in full.
By sector, the portfolio is most concentrated in Consumer Staples at 30% of assets, up from 26% a quarter earlier, followed by Healthcare and Consumer Discretionary.
Against the trend, Bridgewater Associates opened a new position in Accenture worth $29.3M.
- Bridgewater Associates's largest Q3 2022 buy was Accenture: 113,811 shares worth $29.3M.
- Bridgewater Associates added most to Visa in Q3 2022, an estimated $148M increase.
- Bridgewater Associates's biggest Q3 2022 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $151M.
- Bridgewater Associates fully exited Medtronic in Q3 2022, selling an estimated $225M.
- Bridgewater Associates's ten largest holdings make up 32% of its $19.8B portfolio in Q3 2022.
- Bridgewater Associates opened 60 new positions and closed 179 in Q3 2022.
- Bridgewater Associates's portfolio value fell 16% quarter-over-quarter to $19.8B.
Based on Bridgewater Associates's 13F filing for Q3 2022, filed 10 Nov 2022.