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 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$4.36B |
| 2 |
AT&T
T
|
+$117M |
| 3 |
PayPal
PYPL
|
+$95.6M |
| 4 |
eBay
EBAY
|
+$95.2M |
| 5 |
Adobe
ADBE
|
+$94.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Procter & Gamble
PG
|
+$198M |
| 2 |
Walmart Inc
WMT
|
+$179M |
| 3 |
NVIDIA
NVDA
|
+$173M |
| 4 |
Johnson & Johnson
JNJ
|
+$144M |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$133M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 15.76% |
| 2 | Healthcare | 9.26% |
| 3 | Consumer Discretionary | 9.01% |
| 4 | Financials | 8.43% |
| 5 | Communication Services | 8.35% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
State Street SPDR S&P 500 ETF Trust
SPY
$781B
| $4.82B | 22.12% |
8,232,049
+7,395,084
| +884% | +$4.36B |
|
2
iShares Core S&P 500 ETF
IVV
$880B
| $1.2B | 5.5% |
2,039,343
-183,491
| -8% | -$109M |
|
3
iShares Core MSCI Emerging Markets ETF
IEMG
$151B
| $922M | 4.23% |
17,659,209
-120,169
| -0.7% | -$6.65M |
|
|
4
Alphabet (Google) Class A
GOOGL
$3.92T
| $686M | 3.14% |
3,621,308
-758,029
| -17% | -$133M |
|
|
5
NVIDIA
NVDA
$5.08T
| $470M | 2.15% |
3,497,362
-1,256,909
| -26% | -$173M |
|
6
Meta Platforms (Facebook)
META
$1.54T
| $364M | 1.67% |
621,088
-181,114
| -23% | -$106M |
|
7
Microsoft
MSFT
$2.85T
| $281M | 1.29% |
667,036
-203,142
| -23% | -$86.5M |
|
8
Vistra
VST
$57B
| $245M | 1.12% |
1,773,499
+657,217
| +59% | +$91.2M |
|
9
Advanced Micro Devices
AMD
$868B
| $217M | 1% |
1,797,655
+333,578
| +23% | +$48M |
|
10
Constellation Energy
CEG
$99.5B
| $212M | 0.97% |
946,244
+178,388
| +23% | +$44.5M |
|
11
Amazon
AMZN
$2.51T
| $202M | 0.93% |
919,786
-491,857
| -35% | -$101M |
|
|
12
PayPal
PYPL
$49.2B
| $201M | 0.92% |
2,358,408
+1,136,947
| +93% | +$95.6M |
|
13
Visa
V
$674B
| $193M | 0.89% |
612,004
+2,345
| +0.4% | +$705K |
|
14
McKesson
MCK
$98.7B
| $188M | 0.86% |
329,363
+83,126
| +34% | +$46.6M |
|
15
Lam Research
LRCX
$394B
| $183M | 0.84% |
2,533,399
-227,121
| -8% | -$17.2M |
|
16
Salesforce
CRM
$133B
| $168M | 0.77% |
502,427
+232,013
| +86% | +$74M |
|
17
iShares MSCI South Korea ETF
EWY
$22.3B
| $161M | 0.74% |
3,154,717
+1,227,157
| +64% | +$71.5M |
|
18
Cigna
CI
$76.2B
| $160M | 0.73% |
579,482
+255,646
| +79% | +$81.5M |
|
19
Applovin
APP
$131B
| $160M | 0.73% |
492,860
+227,270
| +86% | +$57.5M |
|
20
Expedia Group
EXPE
$31.7B
| $159M | 0.73% |
854,262
+361,543
| +73% | +$62.3M |
|
21
Booking.com
BKNG
$138B
| $157M | 0.72% |
790,225
+26,675
| +3% | +$5.13M |
|
22
Apple
AAPL
$4.9T
| $155M | 0.71% |
617,203
-414,653
| -40% | -$97.7M |
|
23
Broadcom
AVGO
$1.83T
| $152M | 0.7% |
657,290
-298,143
| -31% | -$55.1M |
|
|
24
AT&T
T
$163B
| $148M | 0.68% |
6,478,108
+5,188,460
| +402% | +$117M |
|
25
Merck
MRK
$324B
| $143M | 0.66% |
1,439,430
-114,840
| -7% | -$11.8M |
|
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Bridgewater Associates's Q4 2024 Portfolio in Review
As of Q4 2024, Bridgewater Associates held 855 positions worth $21.8B, up 24% from $17.7B the previous quarter. Its ten largest holdings account for 43% of the portfolio.
Bridgewater Associates deployed $4.28B of net new capital in Q4 2024, opening 82 new positions and adding to 262 existing holdings. Its largest new stake was ServiceNow: 281,970 shares worth $59.8M.
By sector, the portfolio is most concentrated in Technology at 16% of assets, down from 20% a quarter earlier, followed by Healthcare and Consumer Discretionary.
On the sell side, the largest reduction was Procter & Gamble, an estimated $198M trimmed.
- Bridgewater Associates's largest Q4 2024 buy was ServiceNow: 281,970 shares worth $59.8M.
- Bridgewater Associates added most to State Street SPDR S&P 500 ETF Trust in Q4 2024, an estimated $4.36B increase.
- Bridgewater Associates's biggest Q4 2024 reduction was Procter & Gamble, cutting an estimated $198M.
- Bridgewater Associates fully exited Micron Technology in Q4 2024, selling an estimated $102M.
- Bridgewater Associates's ten largest holdings make up 43% of its $21.8B portfolio in Q4 2024.
- Bridgewater Associates opened 82 new positions and closed 164 in Q4 2024.
- Bridgewater Associates's portfolio value rose 24% quarter-over-quarter to $21.8B.
Based on Bridgewater Associates's 13F filing for Q4 2024, filed 13 Feb 2025.