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 |
Eli Lilly
LLY
|
+$149M |
| 2 |
NVIDIA
NVDA
|
+$102M |
| 3 |
iShares MSCI Brazil ETF
EWZ
|
+$89.1M |
| 4 |
Comcast
CMCSA
|
+$71.1M |
| 5 |
Progressive
PGR
|
+$69.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Costco
COST
|
+$83.3M |
| 2 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$76.9M |
| 3 |
Coca-Cola
KO
|
+$56.4M |
| 4 |
Broadcom
AVGO
|
+$49.5M |
| 5 |
Lam Research
LRCX
|
+$44.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 23.82% |
| 2 | Healthcare | 20.59% |
| 3 | Consumer Discretionary | 12.23% |
| 4 | Financials | 6.67% |
| 5 | Communication Services | 5.5% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
iShares Core S&P 500 ETF
IVV
$880B
| $1.01B | 5.67% |
2,122,214
+77,662
| +4% | +$34.8M |
|
2
iShares Core MSCI Emerging Markets ETF
IEMG
$151B
| $945M | 5.29% |
18,692,550
-491,965
| -3% | -$23.8M |
|
3
Procter & Gamble
PG
$344B
| $680M | 3.81% |
4,643,522
-157,320
| -3% | -$23.3M |
|
|
4
Coca-Cola
KO
$353B
| $472M | 2.64% |
8,003,344
-992,771
| -11% | -$56.4M |
|
|
5
Costco
COST
$414B
| $454M | 2.54% |
687,572
-140,612
| -17% | -$83.3M |
|
6
Johnson & Johnson
JNJ
$633B
| $435M | 2.43% |
2,774,687
+50,332
| +2% | +$7.72M |
|
7
PepsiCo
PEP
$186B
| $415M | 2.32% |
2,441,850
-238,341
| -9% | -$39.5M |
|
8
McDonald's
MCD
$189B
| $402M | 2.25% |
1,355,664
-126,344
| -9% | -$34.4M |
|
9
Walmart Inc
WMT
$869B
| $401M | 2.24% |
7,631,367
-445,065
| -6% | -$23.5M |
|
|
10
State Street SPDR S&P 500 ETF Trust
SPY
$781B
| $391M | 2.19% |
823,251
-172,724
| -17% | -$76.9M |
|
11
Pinduoduo
PDD
$118B
| $357M | 2% |
2,436,655
-272,266
| -10% | -$33M |
|
12
Alphabet (Google) Class A
GOOGL
$3.92T
| $286M | 1.6% |
2,044,437
+465,505
| +29% | +$62.5M |
|
13
Visa
V
$674B
| $283M | 1.58% |
1,085,719
+237,287
| +28% | +$58.5M |
|
14
CVS Health
CVS
$137B
| $241M | 1.35% |
3,054,404
+164,323
| +6% | +$11.7M |
|
15
Meta Platforms (Facebook)
META
$1.54T
| $236M | 1.32% |
666,059
+43,928
| +7% | +$14.3M |
|
16
Starbucks
SBUX
$119B
| $232M | 1.3% |
2,419,064
-110,805
| -4% | -$10.8M |
|
17
Vanguard FTSE Emerging Markets ETF
VWO
$119B
| $221M | 1.24% |
5,372,037
-599,737
| -10% | -$23.8M |
|
18
Merck
MRK
$324B
| $213M | 1.19% |
1,957,062
+333,814
| +21% | +$34.7M |
|
19
Abbott
ABT
$181B
| $209M | 1.17% |
1,897,219
-177,244
| -9% | -$17.7M |
|
|
20
Eli Lilly
LLY
$1.07T
| $185M | 1.04% |
317,586
+255,619
| +413% | +$149M |
|
21
Mondelez International
MDLZ
$77.4B
| $176M | 0.98% |
2,425,314
-32,443
| -1% | -$2.22M |
|
|
22
Comcast
CMCSA
$79.1B
| $173M | 0.97% |
3,943,507
+1,658,464
| +73% | +$71.1M |
|
23
McKesson
MCK
$98.7B
| $155M | 0.87% |
335,265
+6,553
| +2% | +$2.98M |
|
24
Intuitive Surgical
ISRG
$122B
| $141M | 0.79% |
419,035
-87,089
| -17% | -$26M |
|
25
iShares MBS ETF
MBB
$39.1B
| $137M | 0.76% |
1,451,800
-29,500
| -2% | -$2.65M |
|
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Bridgewater Associates's Q4 2023 Portfolio in Review
As of Q4 2023, Bridgewater Associates held 827 positions worth $17.9B, up 8% from $16.5B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Bridgewater Associates's Q4 2023 filing shows 87 new, 260 increased, 385 reduced and 85 closed positions. Its largest new stake was iShares MSCI Brazil ETF: 2,750,734 shares worth $96.2M. The largest sale was Costco, an estimated $83.3M.
By sector, the portfolio is most concentrated in Consumer Staples at 24% of assets, down from 27% a quarter earlier, followed by Healthcare and Consumer Discretionary.
- Bridgewater Associates's largest Q4 2023 buy was iShares MSCI Brazil ETF: 2,750,734 shares worth $96.2M.
- Bridgewater Associates added most to Eli Lilly in Q4 2023, an estimated $149M increase.
- Bridgewater Associates's biggest Q4 2023 reduction was Costco, cutting an estimated $83.3M.
- Bridgewater Associates fully exited Netflix in Q4 2023, selling an estimated $35.9M.
- Bridgewater Associates's ten largest holdings make up 31% of its $17.9B portfolio in Q4 2023.
- Bridgewater Associates opened 87 new positions and closed 85 in Q4 2023.
- Bridgewater Associates's portfolio value rose 8% quarter-over-quarter to $17.9B.
Based on Bridgewater Associates's 13F filing for Q4 2023, filed 14 Feb 2024.