Bridgewater made significant adjustments to its investment portfolio in the first quarter of 2025, expanding its layout in various fields such as Technology, Consumer, and Finance.
According to the latest 13F regulatory filings disclosed by the USA Securities and Exchange Commission (SEC), the world's largest hedge fund, Bridgewater Associates, made significant adjustments to its investment portfolio in the first quarter of 2025. It is understood that this asset management giant, founded by Ray Dalio, is making moves in various fields such as Technology, Consumer, and Financial.
Firstly, Bridgewater significantly increased its shareholding in the streaming giant Netflix (NFLX.US) by 0.0305 million shares, while reducing its holdings in the semiconductor equipment leader Lam Research Corporation (LRCX.US) by 0.57 million shares to 1.96 million shares and also decreased its position in semiconductor giant NVIDIA (NVDA.US) by 0.66 million shares to 2.84 million shares.
It is worth noting that Bridgewater's adjustments to Technology stocks exhibit a "transition between old and new" characteristic—while reducing positions in traditional Hardware suppliers, it maintained steady holdings in Cloud Computing infrastructure service providers. For example, the fund's shareholding in payment giant PayPal (PYPL.US) grew by 52.5% quarter-on-quarter (from 2.36 million shares to 3.6 million shares), and its holding in Cloud Computing service provider Microsoft (MSFT.US) increased by 21.3% (from 0.667 million shares to 0.8094 million shares).
Additionally, Bridgewater increased its stake in the Aviation sector by acquiring 1.53 million shares of United Airlines (UAL.US), added 0.2724 million shares in the insurance sector with Chubb Ltd (CB.US), and increased its holdings in the investment bank sector with Goldman Sachs (GS.US) by 0.0951 million shares.
In the Consumer sector, the fund saw explosive growth in its holdings of e-commerce giant Alibaba (BABA.US), surging from 0.255 million shares at the end of last year to 5.66 million shares, more than a 21-fold increase, while completely liquidating all holdings in the cosmetic retailer Ulta Beauty (ULTA.US).
In the Medical sector, Bridgewater completely exited its holdings in 3M (MMM.US), Amgen (AMGN.US), Herbalife (HLF.US), and Teva Pharmaceutical Industries (TEVA.US), contrasting this with continued increases in Technology stocks. This industry allocation adjustment reflects the fund's strategic emphasis on the post-pandemic consumer recovery and the technology innovation track.
In terms of traditional industry layout, Bridgewater's shareholding in Microsoft increased from 0.667 million shares to 0.8094 million shares, but its shareholding in eBay decreased by 0.45 million shares to 1.33 million shares, indicating a structural adjustment within technology stocks. It is noteworthy that the Fund adopts a strategy of "increasing holdings in the leaders and reducing holdings in the laggards" in the financial sector, increasing its position in Goldman Sachs while maintaining caution in its allocation to regional Financial Institutions.
Overall, this adjustment in holdings reveals three major investment logics of Bridgewater Fund: first, betting on the structural opportunities in technology stocks brought by the accelerated digital transformation; second, being bullish on the recovery elasticity in aviation, payments, and other sectors against the backdrop of consumer recovery; third, optimizing the risk-return ratio of the portfolio through the improvement of industry concentration.
