BRIDGEWATER ASSOCIATES Top 10 13F Positions in Q3 2015

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Bridgewater Associates Lp Positions Overview

Ray Dalio’s Bridgewater Associates Lp just filed its Q3 2015 13F. Dated 12/11/2015, the filing reveals the hedge fund has a portfolio value of $7.47 billion, representing a decrease of $3.36 billion from the previous quarter when it was $10.83 billion. Note: This filling reprents only assets that which are listed in the US. Does such a noteworthy change means that the investment managers at Bridgewater Associates Lp are getting more bearish on the market or just the opportunity on the short side is constrained?

Portfolio Q32015
Market Value:$7,470,250,000
Previous Mkt Value:$10,828,837,000
Chg Mkt Value %:-31.02 %
Sentiment:
Turnover %:6.36 %
Stocks Activity
New Purchases:211
Additional Purchases:151
Sold out:87
Reduced:67
Top 10 Holdings %:75.96%

New Positions

During this quarter, Ray Dalio’s Bridgewater Associates Lp opened new positions in Ralph Lauren Corp (RL) for $18.53 million, At&T Inc (T) for $18.51 million, Fedex Corp (FDX) for $17.72 million, Host Hotels & Resorts Inc (HST) for $16.04 million and Oracle Corp (ORCL) for $15.34 million. These were the 5 biggest new positions. In total the hedge fund bought 211 new stocks.

Portfolio New Buys

Top 5 New Buys
Ralph Lauren Corp0.25%
At&T Inc0.25%
Fedex Corp0.24%
Host Hotels & Resorts Inc0.21%
Oracle Corp0.21%
13F Sector Allocation
Finance75 %
Information Technology5 %
Materials4 %
Energy4 %
Utilities & Telecommunications3 %

Increased Positions

According to this filing the hedge fund increased its stakes in Coca Cola Co (KO) by 13% to $33.32 million, Monsanto Co New (MON) by 30% to $24.95 million, Centurylink Inc (CTL) by 95% to $33.59 million, Ensco Plc (ESV) by 161% to $31.07 million and Entergy Corp New (ETR) by 13% to $15.91 million. Bridgewater Associates Lp also acquired smaller stakes in Bp Plc (BP) by 5.74% to $11.43 million, Micron Technology Inc (MU) by 32.08% to $14.30 million and Petroleo Brasileiro Sa Petro (PBR) by 11.87% to $7.60 million. Building positions gradually is normal trading strategy for many institutional investors.

Sold Positions

Ray Dalio’s fund sold out its stakes in Chipotle Mexican Grill Inc (CMG), Enbridge Inc (ENB), Sysco Corp (SYY), Varian Med Sys Inc (VAR) and Comcast Corp New (CMCSA). These securities constituted 0.16 %, 0.11 %, 0.10 %, 0.10 % and 0.09 % of the manager’s portfolio, respectively. We can only speculate about the reasons for this selling but we believe it has to do with either value, momentum or a better place for Bridgewater Associates Lp’s capital.

Portfolio Sold All

Reduced Positions

The fund also reduced its postitons in Vanguard Intl Equity Index F (VWO) by -40.27%, Ishares Tr (EEM) by -41.27%, Spdr S&P 500 Etf Tr (SPY) by -2.20%, Apple Inc (AAPL) by -48.29% and Suncor Energy Inc New (SU) by -55.54%.

Top 3 Holdings

Vanguard Intl Equity Index F (VWO), Spdr S&P 500 Etf Tr (SPY) and Ishares Tr (EEM) made up the majority of Bridgewater Associates Lp’s total US long portfolio in this quarter. These positions were top 3 and constitute 72.12% of Bridgewater Associates Lp’s US-listed securities. The top 10 positions make about 75.96% of the fund’s value.

Portfolio Top Holdings

It seems Ray Dalio ‘s Bridgewater Associates Lp holds concentrated portfolio. We wonder do they believe, same as many legendary traders, that diversification is losing investment strategy? The picture above provides an overview of Bridgewater Associates Lp’s top 10 US-listed equities in this quarter.

13F Sector Weights

Information Technology Sector Bridgewater Associates Lp - Ray DalioBridgewater Associates Lp increased the information technology sector from 2 % to 5 %. According to the filing, the active investment manager also has securities for 4 % in the materials sector. The energy sector is 4 % of Bridgewater Associates Lp’s 13F reported securities. The fund reduced the Finance sector stakes by 75 %.

So these are Q3 2015 fund’s sector weights now: finance 75 % for $5.60 billion, information technology 5 % for $373.51 million, materials 4 % for $298.81 million, energy 4 % for $298.81 million, utilities & telecommunications 3 % for $224.11 million, consumer discretionary 3 % for $224.11 million, industrials 2 % for $149.41 million, health care 2 % for $149.41 million, consumer staples 2 % for $149.41 million and transports 1 % for $74.70 million.

Important Position Changes

Top 10 Q3 2015 New Positions: Ralph Lauren Corp (RL), At&T Inc (T), Fedex Corp (FDX), Host Hotels & Resorts Inc (HST), Oracle Corp (ORCL), Whirlpool Corp (WHR), Wynn Resorts Ltd (WYNN), Csx Corp (CSX), Firstenergy Corp (FE) and Ppg Inds Inc (PPG).

Top 10 Q3 2015 Sold Out Completely: Chipotle Mexican Grill Inc (CMG), Enbridge Inc (ENB), Sysco Corp (SYY), Varian Med Sys Inc (VAR), Comcast Corp New (CMCSA), Berkshire Hathaway Inc Del (BRKB), Transcanada Corp (TRP), Intuit (INTU), Davita Healthcare Partners I (DVA) and Interpublic Group Cos Inc (IPG).

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Download the full 13F form in CSV: Q3-2015-Bridgewater-Associates-Lp-Ray-Dalio-13F-Portfolio-Stock-Holdings.csv

Research more Connecticut hedge funds in our free database. Read ‘What is a Hedge Fund’ at our Hedge Funds resource page.

Bridgewater Associates Lp – website

13F Filing Link: 000114036115040647

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  • Gasper Sopi

    You say concentrated portfolio but the top 3 positions or highly diversified ETF’s, arent they?.