Bridgewater Associates, the world's largest hedge fund, made significant portfolio adjustments in the first quarter of 2025, according to the latest SEC 13F filings. Founded by Ray Dalio (Trades, Portfolio), the fund focused on technology, consumer, and financial sectors.
Bridgewater increased its stake in Netflix (NFLX) by 30,500 shares but reduced its holdings in Lam Research (LRCX) by 570,000 shares and Nvidia (NVDA) by 660,000 shares. The fund showed a preference for cloud computing services over traditional hardware, maintaining stable holdings in this area. For instance, it increased its stake in PayPal (PYPL) by 52.5% and Microsoft (MSFT, Financial) by 21.3%.
In the aviation sector, Bridgewater added 1.53 million shares of United Airlines (UAL) and increased its position in Chubb (CB) by 272,400 shares in insurance. The fund also boosted its investment in Goldman Sachs (GS) by 95,100 shares.
Consumer sector adjustments included a significant increase in Alibaba (BABA) holdings from 255,000 to 5.66 million shares, while completely divesting from Ulta Beauty (ULTA).
Bridgewater exited positions in healthcare companies 3M (MMM), Amgen (AMGN), Herbalife (HLF), and Teva Pharmaceuticals (TEVA), reflecting a strategic focus on post-pandemic consumer recovery and tech innovation. The fund's adjustments highlight three investment strategies: capitalizing on digital transformation, betting on consumer recovery, and optimizing risk-reward through sector concentration.
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