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 MSCI Emerging Markets ETF
IEMG
|
+$61.9M |
| 2 |
Coca-Cola
KO
|
+$46.9M |
| 3 |
Broadcom
AVGO
|
+$46.8M |
| 4 |
SLB Ltd
SLB
|
+$40.3M |
| 5 |
Netflix
NFLX
|
+$40.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$76.6M |
| 2 |
Johnson & Johnson
JNJ
|
+$75.4M |
| 3 |
Alphabet (Google) Class A
GOOGL
|
+$49.3M |
| 4 |
Tradeweb Markets
TW
|
+$48M |
| 5 |
Visa
V
|
+$40.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 26.52% |
| 2 | Healthcare | 20.27% |
| 3 | Consumer Discretionary | 12.77% |
| 4 | Technology | 5.33% |
| 5 | Financials | 4.97% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
iShares Core MSCI Emerging Markets ETF
IEMG
$150B
| $913M | 5.52% |
19,184,515
+1,251,567
| +7% | +$61.9M |
|
2
iShares Core S&P 500 ETF
IVV
$876B
| $878M | 5.31% |
2,044,552
+31,144
| +2% | +$13.9M |
|
3
Procter & Gamble
PG
$342B
| $700M | 4.23% |
4,800,842
+184,527
| +4% | +$28.2M |
|
|
4
Coca-Cola
KO
$353B
| $504M | 3.04% |
8,996,115
+781,225
| +10% | +$46.9M |
|
5
Costco
COST
$414B
| $468M | 2.83% |
828,184
+20,475
| +3% | +$11.3M |
|
6
PepsiCo
PEP
$187B
| $454M | 2.74% |
2,680,191
+113,625
| +4% | +$20.6M |
|
7
Walmart Inc
WMT
$870B
| $431M | 2.6% |
8,076,432
+387,624
| +5% | +$20.6M |
|
8
State Street SPDR S&P 500 ETF Trust
SPY
$778B
| $426M | 2.57% |
995,975
-39,807
| -4% | -$17.7M |
|
|
9
Johnson & Johnson
JNJ
$633B
| $424M | 2.56% |
2,724,355
-457,073
| -14% | -$75.4M |
|
10
McDonald's
MCD
$188B
| $390M | 2.36% |
1,482,008
+63,016
| +4% | +$18M |
|
11
Pinduoduo
PDD
$118B
| $266M | 1.61% |
2,708,921
-22,591
| -0.8% | -$1.95M |
|
|
12
Vanguard FTSE Emerging Markets ETF
VWO
$119B
| $234M | 1.42% |
5,971,774
-1,876,729
| -24% | -$76.6M |
|
13
Starbucks
SBUX
$118B
| $231M | 1.4% |
2,529,869
-187,090
| -7% | -$18.4M |
|
|
14
Alphabet (Google) Class A
GOOGL
$3.91T
| $207M | 1.25% |
1,578,932
-381,016
| -19% | -$49.3M |
|
15
CVS Health
CVS
$137B
| $202M | 1.22% |
2,890,081
+203,663
| +8% | +$14.4M |
|
16
Abbott
ABT
$180B
| $201M | 1.21% |
2,074,463
+251,477
| +14% | +$26.4M |
|
|
17
Visa
V
$673B
| $195M | 1.18% |
848,432
-169,161
| -17% | -$40.7M |
|
18
Meta Platforms (Facebook)
META
$1.53T
| $187M | 1.13% |
622,131
+84,494
| +16% | +$25.5M |
|
19
Mondelez International
MDLZ
$77.6B
| $171M | 1.03% |
2,457,757
+51,508
| +2% | +$3.71M |
|
20
Merck
MRK
$324B
| $167M | 1.01% |
1,623,248
+262,304
| +19% | +$28.3M |
|
21
Intuitive Surgical
ISRG
$121B
| $148M | 0.89% |
506,124
+95,974
| +23% | +$30M |
|
22
McKesson
MCK
$98B
| $143M | 0.86% |
328,712
+36,169
| +12% | +$15.2M |
|
23
Chipotle Mexican Grill
CMG
$40.8B
| $137M | 0.83% |
3,731,450
+373,150
| +11% | +$14.5M |
|
24
iShares MBS ETF
MBB
$39B
| $132M | 0.8% |
1,481,300
+27,100
| +2% | +$2.48M |
|
25
Colgate-Palmolive
CL
$72.4B
| $121M | 0.73% |
1,699,647
+60,019
| +4% | +$4.49M |
|
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Bridgewater Associates's Q3 2023 Portfolio in Review
As of Q3 2023, Bridgewater Associates held 826 positions worth $16.5B, up 2.2% from $16.2B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Bridgewater Associates deployed $1.1B of net new capital in Q3 2023, opening 130 new positions and adding to 388 existing holdings. Its largest new stake was Broadcom: 540,410 shares worth $44.9M.
By sector, the portfolio is most concentrated in Consumer Staples at 27% of assets, down from 28% a quarter earlier, followed by Healthcare and Consumer Discretionary.
On the sell side, the largest reduction was Vanguard FTSE Emerging Markets ETF, an estimated $76.6M trimmed.
- Bridgewater Associates's largest Q3 2023 buy was Broadcom: 540,410 shares worth $44.9M.
- Bridgewater Associates added most to iShares Core MSCI Emerging Markets ETF in Q3 2023, an estimated $61.9M increase.
- Bridgewater Associates's biggest Q3 2023 reduction was Vanguard FTSE Emerging Markets ETF, cutting an estimated $76.6M.
- Bridgewater Associates fully exited Corteva in Q3 2023, selling an estimated $19M.
- Bridgewater Associates's ten largest holdings make up 34% of its $16.5B portfolio in Q3 2023.
- Bridgewater Associates opened 130 new positions and closed 86 in Q3 2023.
- Bridgewater Associates's portfolio value rose 2.2% quarter-over-quarter to $16.5B.
Based on Bridgewater Associates's 13F filing for Q3 2023, filed 13 Nov 2023.