Feb. 20 at 3:04 PM
Bridgewater Associates, the world’s largest hedge fund, reshuffled its portfolio in the fourth quarter, exiting several positions while adding new stakes in technology, industrial, and healthcare names.
The fund sold its entire stakes in Affirm Holdings and AT&T, including 37,777 AT&T shares. It also exited Elevance Health and fully divested its holdings in Novo Nordisk, while sharply reducing its position in Moderna.
At the same time, Bridgewater initiated new stakes in Dell Technologies, Caterpillar, and Spotify Technology. In healthcare, it added a small position in UnitedHealth Group, whose shares have fallen sharply over the past year amid rising Medicare Advantage costs.
The fund also increased its stake in Eli Lilly, widely seen as a leader in weight-loss drugs.
Bridgewater was founded in 1975 by Ray Dalio, who exited the firm in 2025 after completing a multiyear succession process.
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