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 Core S&P 500 ETF
IVV
|
+$118M |
| 2 |
JPMorgan Chase
JPM
|
+$87.7M |
| 3 |
Bank of America
BAC
|
+$66.7M |
| 4 |
Citigroup
C
|
+$58.3M |
| 5 |
Wells Fargo
WFC
|
+$33.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Procter & Gamble
PG
|
+$227M |
| 2 |
Johnson & Johnson
JNJ
|
+$198M |
| 3 |
Coca-Cola
KO
|
+$184M |
| 4 |
PepsiCo
PEP
|
+$179M |
| 5 |
McDonald's
MCD
|
+$141M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 27.91% |
| 2 | Healthcare | 19.75% |
| 3 | Financials | 10.48% |
| 4 | Consumer Discretionary | 9.62% |
| 5 | Communication Services | 3.02% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
iShares Core S&P 500 ETF
IVV
$876B
| $793M | 4.33% |
2,064,472
+305,962
| +17% | +$118M |
|
|
2
Procter & Gamble
PG
$342B
| $757M | 4.13% |
4,995,627
-1,619,826
| -24% | -$227M |
|
3
iShares Core MSCI Emerging Markets ETF
IEMG
$150B
| $680M | 3.71% |
14,553,204
-347,293
| -2% | -$15.8M |
|
|
4
Johnson & Johnson
JNJ
$633B
| $630M | 3.44% |
3,567,888
-1,144,625
| -24% | -$198M |
|
|
5
PepsiCo
PEP
$187B
| $546M | 2.98% |
3,020,578
-1,000,913
| -25% | -$179M |
|
6
Vanguard FTSE Emerging Markets ETF
VWO
$119B
| $539M | 2.94% |
13,828,541
-936,110
| -6% | -$35.7M |
|
|
7
Coca-Cola
KO
$353B
| $536M | 2.92% |
8,421,382
-3,045,898
| -27% | -$184M |
|
8
State Street SPDR S&P 500 ETF Trust
SPY
$778B
| $525M | 2.87% |
1,373,994
-89,318
| -6% | -$34.3M |
|
9
Walmart Inc
WMT
$870B
| $482M | 2.63% |
10,200,039
-1,890,012
| -16% | -$89.8M |
|
10
Costco
COST
$414B
| $428M | 2.34% |
937,521
-262,023
| -22% | -$128M |
|
|
11
McDonald's
MCD
$188B
| $416M | 2.27% |
1,579,019
-534,744
| -25% | -$141M |
|
12
Pinduoduo
PDD
$118B
| $297M | 1.62% |
3,645,830
-1,420,710
| -28% | -$98.9M |
|
13
Starbucks
SBUX
$118B
| $259M | 1.41% |
2,611,901
-385,941
| -13% | -$36.4M |
|
14
CVS Health
CVS
$137B
| $255M | 1.39% |
2,739,949
-339,755
| -11% | -$32.8M |
|
15
Abbott
ABT
$180B
| $244M | 1.33% |
2,220,791
-859,163
| -28% | -$89M |
|
16
SPDR Gold Trust
GLD
$131B
| $208M | 1.14% |
1,226,973
-75,257
| -6% | -$12.1M |
|
17
Mondelez International
MDLZ
$77.6B
| $192M | 1.05% |
2,886,197
-562,151
| -16% | -$35.5M |
|
18
Visa
V
$673B
| $174M | 0.95% |
838,784
-378,094
| -31% | -$76.2M |
|
19
Colgate-Palmolive
CL
$72.4B
| $149M | 0.81% |
1,892,734
-537,268
| -22% | -$40.3M |
|
20
Pfizer
PFE
$140B
| $140M | 0.77% |
2,736,588
-101,884
| -4% | -$4.88M |
|
21
iShares MBS ETF
MBB
$39B
| $138M | 0.76% |
1,492,000
+185,000
| +14% | +$17.1M |
|
22
Target
TGT
$62.2B
| $138M | 0.75% |
923,244
-340,350
| -27% | -$53.4M |
|
23
Stryker
SYK
$126B
| $124M | 0.68% |
506,012
-103,216
| -17% | -$23.4M |
|
24
Estee Lauder
EL
$29.1B
| $123M | 0.67% |
495,147
-188,178
| -28% | -$42M |
|
25
Dollar General
DG
$25.9B
| $120M | 0.66% |
487,826
-131,407
| -21% | -$32.5M |
|
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Bridgewater Associates's Q4 2022 Portfolio in Review
As of Q4 2022, Bridgewater Associates held 953 positions worth $18.3B, down 7.3% from $19.8B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Bridgewater Associates withdrew a net $3.25B in Q4 2022, closing 133 positions and reducing 457 holdings. Its most notable exit was Advanced Micro Devices, an estimated $45.8M position sold in full.
By sector, the portfolio is most concentrated in Consumer Staples at 28% of assets, down from 30% a quarter earlier, followed by Healthcare and Financials.
Against the trend, Bridgewater Associates opened a new position in JPMorgan Chase worth $92.8M.
- Bridgewater Associates's largest Q4 2022 buy was JPMorgan Chase: 692,356 shares worth $92.8M.
- Bridgewater Associates added most to iShares Core S&P 500 ETF in Q4 2022, an estimated $118M increase.
- Bridgewater Associates's biggest Q4 2022 reduction was Procter & Gamble, cutting an estimated $227M.
- Bridgewater Associates fully exited Advanced Micro Devices in Q4 2022, selling an estimated $45.8M.
- Bridgewater Associates's ten largest holdings make up 32% of its $18.3B portfolio in Q4 2022.
- Bridgewater Associates opened 87 new positions and closed 133 in Q4 2022.
- Bridgewater Associates's portfolio value fell 7.3% quarter-over-quarter to $18.3B.
Based on Bridgewater Associates's 13F filing for Q4 2022, filed 13 Feb 2023.