Bridgewater Associates is the world’s largest hedge fund and staffs approximately 1,500 people. Over the course of its existence as a hedge fund, it’s returned in the mid-to-upper teens on an annualized basis. Bridgewater is a “global macro” fund and invests in much more than US equities and is not systematically biased toward being long the market. Accordingly, what Bridgewater’s 13F reports isn’t especially helpful regarding what kind of portfolio(s) the firm creates. The firm builds a mutual-fund like product as one of its portfolios that is designed to give steady returns over time. For this purpose it uses low-cost ETFs, which accounts for the fact that these instruments are its top equity holdings by percentage, including VWO, SPY, and IEF. Endo Pharmaceuticals (ENDP; mislabeled in the image below) is its top non-ETF equity holding. The firm predominantly invests in mid- and large-caps due to liquidity issues that can manifest out of trying to move around large amounts of money. The firm is betting a decent amount of energy, with several O&G names among its top individual holdings. It has also invested into names such as Macy’s (M) and General Electric (GE), both of which have been disappointing in recent years despite the strong upward trajectory of the market. Below is a list of the top 50 names: