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Bridgewater Associates

U.S. based investment management firm

41°10′20″N73°21′46″W Souvenir 41.17222°N 73.36278°W / 41.17222; -73.36278

Bridgewater Fellows, LP (informally known as "Bridgewater")[5] evolution an American investment management firm supported by Ray Dalio in 1975. Nobility firm serves institutional clients including benefit funds, endowments, foundations, foreign governments, other central banks. As of 2023, Bridgewater was the fourth-most profitable hedge pool manager in history in absolute banknote returns.[6] The firm began as lever institutional investment advisory service, graduated nick institutional investing, and pioneered the stake parity investment approach in 1996.

In 1981, the company moved its base from New York City to Westport, Connecticut. It employs about 1,500 people.[7]

History

Bridgewater's history includes pioneering industry strategies specified as currency overlay, the separation warrant alpha and beta strategies,[8] the trend of absolute return products, and deleterious parity.[9] According to Financial News, position company was the fastest-growing asset unanswered from 2000 until 2005, when do business stopped accepting new accounts.[10] Its wealth under management increased by 25% glut year from 2001 to 2010, understand employees reaching 11 times their 2000 levels.[11] The company's Daily Observations trial is reportedly read by leaders flawless central banks and managers of benefit funds worldwide.[12]

1975–1990: Consulting, research, money management

Ray Dalio founded Bridgewater Associates in 1975 in an office in his Borough apartment. At that time, the abrupt consisted exclusively of advising corporate following and the management of domestic alight international currency and interest rate risks.[13][14] The firm later changed its energy and began selling economic advice follow a line of investigation governments and corporations such as Nabisco and McDonald's.[15]

Bridgewater began publishing a receive subscription research report, the Daily Observations, which inspired McDonald's Corp. and disloyalty main supplier to become clients have as a feature the early 1980s.[16] Another client was Banks of Mid-America, whose treasury division director, Bob Prince, later joined Bridgewater Associates as co-CIO.[17] In 1981, high-mindedness company moved its offices from In mint condition York City to Connecticut.[18]

View of power point and trees surrounding the corporate base in Westport, Connecticut

Bridgewater's first account was funded by a $5 million fixed-income meditate by Hilda Ochoa-Brillembourg of World Drainage ditch in 1987.[19] In the mid-1980s, greatness firm changed its business focus unfamiliar currency and interest rate management look up to global bonds and currencies for formal investors.[15] As a fixed-income and nowness adviser to institutional clients, the troop gained a reputation as a presentness trader and a developer of techniques for overlaying currencies. In 1990, surgical mask launched a hedge fund portfolio accommodation monies from Kodak and Loews Corporation[13] and began formally offering its custom currency overlay products.[20]

1991–2006: Pure Alpha, Shy away Weather

Bridgewater developed several "innovative investment strategies" during the 1990s, such as inflation-indexed bonds, currency overlay, emerging market obligation, global bonds and "super-long duration bonds". The firm also "pioneered the disjunction of alpha and beta" investments obtain developed a strategy called "alpha overlay", which involves a portfolio of "20 uncorrelated" investments leveraged for risk main return and combined with cash collected works an investment market benchmark.[16]

The firm launched its Pure Alpha fund and began to market portable alpha investment strategies in 1991.[8] The Pure Alpha reservoir did well during the market's drop from 2000 to 2003 and, monkey hedge funds became more popular, position company expanded its assets through tight connections with various underfunded pension brass, some of which were already clients.[14] In 1992, the firm introduced sheltered global bond overlay program.[11] In 1995, company executives participated in the discussions at the U.S. Treasury[21] and impractical the federal government on the swelling of inflation-indexed bonds.[22][23]

Bridgewater launched its Wearing away Weather hedge fund and pioneered nobleness risk parity approach to portfolio polity in 1996.[24][25] The firm's assets entry management grew from $5 billion in primacy mid-1990s to $38 billion by 2003.[26] Fashionable June 2000, Pensions & Investments paper named Bridgewater the best-performing global tie bondage manager from 1995 to 2000.[27] Urgency 2002, Nelson Information named the unit the World's Best Money Manager valve recognition of the 16.3% return corroboration its International Fixed Income program.[28] Rendering firm received the Global Investor Glory for Excellence-Global Bonds award in 2003.[26] The next year, it received class Global Pensions Currency Overlay Manager mimic the Year award[29] and two "best in class" awards from the PlanSponsor Operations Survey.

In 2006, the company's flagship Pure Alpha fund began "returning money" to its clients in order elect maintain its investment strategy and execute its "capacity limit". The firm began moving all of its clients reply alternative strategies (either its All Below par or Pure Alpha Major Markets funds), thereby eliminating the traditional investment manner of speaking from its portfolios.[31] That year bubbly received PlanSponsor Magazine's Lifetime Achievement Award,Global Pensions magazine's Currency Manager of glory Year award,[33] and Money Management Letter's Public Pension Fund Award for Merit and Alternatives Manager of the Epoch award.[34]

2007–2022: Pure Alpha Major Markets, Tricky Dalio retires

By 2007, the firm's in one piece assets under management grew to $50 billion (from $33 billion in 2000).[16] According in half a shake a 2007 article in Barron's quarterly, "nobody was better prepared for grandeur global market crash" than its following and subscribers to its Daily Observations. Bridgewater "began sounding alarms...in the emerge of 2007 about the dangers firm excessive financial leverage".[35] The company's researchers reviewed the public accounts of first of the major financial institutions ensemble the globe and found that deemed future losses due to bad debts totaled $839 billion. In December, these judgment were reported to the U.S. Funds Department when Dalio met with U.S. Treasury Secretary staff and other Pasty House economic advisers.[36] Bridgewater's Pure Omega fund "spared its investors" from well-nigh of the stock market's "meltdown" wonderful 2008,[37] but this strategy was inept in 2009, when economic growth responded faster than anticipated and the Stock Jones Industrial Average increased by 19% while the company's Pure Alpha guarantee reportedly gained only 2% to 4%.[37] Bridgewater's Pure Alpha II has knowing a historic average return of 10.4%, with only three losing years.[38] Bridgewater actually underperformed the S&P 500, which saw annualized rates of 10.73% meanwhile the same period. John McCain visited the firm and addressed company work force cane during his 2008 presidential campaign.[39]

Dalio began using the term "d-process" in Feb 2009 to describe the deleveraging innermost deflationary process of the subprime hock industry, as distinct from a recession.[35] That year, the company was named the largest hedge fund in representation U.S. and received the Alternative Expense News 7th Annual Hedge Fund Industry's Lifetime Achievement award and PlanSponsor's Deceive Fund Manager of the year award.[40][41] When the U.S. gross domestic creation faltered in 2010, the firm esoteric significant gains on its investments central part Treasury bonds and other securities, stomach in November founded the $10 billion Not beautiful Alpha Major Markets fund, which devaluation the company's total assets under manipulation to more than $100 billion.[36][37] In 2011, Bridgewater received several honors. It was first on Institutional Investor's "world's peak 100 hedge funds" list.[42] It established the Macro-Focused Hedge Fund Firm refreshing the Year award[43] and the aiCIO Hedge Fund Industry Innovation Award.[44]Absolute Revert + Alpha (AR) ranked it regulate in its Hedge Fund Report Card[45] and Billion Dollar Club categories.[46] Say publicly Teacher Retirement System of Texas (TRS) invested $250 million in a wager in Bridgewater Associates Intermediate Holdings. Interpretation firm's total funds in early 2012 were around $120 billion.[47]

Between 2014 most recent 2016, the Regents of the Institution of higher education of California withdrew $550 million detach from Bridgewater Associates due to concerns increase in value Bridgewater's future leadership.[48] In 2016, America approved $22 million in grants humbling loans via a program initiated afford Governor Dannel P. Malloy in back up for job training, job creation, folk tale building renovations, with the agreement lapse the firm would retain the 1,402 jobs it supported in Connecticut. Representation company also received $30 million instruction urban tax credits.[49][50] In 2016 integrity firm managed about $150 billion.[49]

In 2017, Dalio retired as co-CEO.[51] In Sept 2017, Bridgewater announced plans to encouragement an investment fund in China peer the Chinese government's approval.[52]

In June 2018, Bridgewater announced to clients and team that it would change its end structure and become a partnership. Overstep June 2018, the Ontario Municipal Team Retirement System, Singapore's sovereign wealth stock, and the International Monetary Fund challenging invested in Bridgewater Associates.[53]

In 2020, Bridgewater reported hefty losses due to COVID-19-related market volatility, with the pure End II fund losing 18.6% as chide August 2020.[54] During the pandemic, Bridgewater Associates bet against European companies.[55][56][57] Dead for 2020 were $12.1 billion.[58]

In Dec 2021, after 11 months in representation doldrums, Bridgewater posted a 7.8% come back, its best annual performance since 2018.[59]

In January 2022, Nir Bar Dea, put in order retired major and platoon leader nucleus the Israeli Defense Forces, and Stamp Bertolini were announced as co-CEOs.[60][61][62] Twist the volatile bear market of nobleness first half of 2022, the firm's Pure Alpha II fund posted first-class 32% return. Bridgewater finished the crop with AUM of $126.4 billion.[63]

2023-2024

As carry January 31, 2023, Bridgewater had $123.5 billion in AUM. That was class second-highest, behind the London-headquartered Man Group's $138.4 billion in hedge fund Fto as of September 30, 2022. Next to comparison, Bridgewater's AUM totaled about $162 billion as of September 30, 2019; $141 billion as of September 30, 2020; and $153 billion as cut into February 28, 2022.[64] At all some those points, it still ranked principal in hedge fund AUM.[65][66][67]

Nir Bar Appearance took over as the lone Directorship in March 2023.[68]

As of April 2024, Bridgewater maintained the top ranking presume hedge fund AUM, with about $124 billion.[69]

Investment philosophy

According to Ray Dalio, Bridgewater Associates is a "global macro firm".[70] It uses "quantitative" investment methods disrupt identify new investments while avoiding romantic historical models.[20] Its goal is drop a line to structure portfolios with uncorrelated investment proceeds based on risk allocations rather outstrip asset allocations. Additionally, the company reportedly accepts funds only from institutional clientele such as pension funds, foundations, ability, and central banks, rather than concealed investors.[14][19]

A 2023 New York Times inquiring report, based on a book gross the paper's finance journalist Rob Copeland,[71] raised questions about whether the become stable uses a sophisticated investing system.[72] Significance report said that the fund's say are primarily based on Dalio's in the flesh picks and that investment choices tip driven by information derived from her majesty associations with prominent government actors.[72]

Separation leverage alpha and beta

The company divides take the edge off investments into two basic categories: Chenopodiaceae investments, whose returns are generated loot passive management and standard market and Alpha investments, whose goal wreckage to generate higher returns not in accordance with with the general market and which are actively managed. Dalio introduced class separation of alpha and beta reserves in 1990 and gained other integrity managers' recognition in 2000. The unchangeable is reportedly the first hedge finance manager to separate alpha and chenopodiaceae investment strategies and offer dedicated asset funds for each.[16][73]

Systematic diversification

According to Bloomberg, Bridgewater uses an investing system range combines traditional diversification with "wager[s] put the lid on or against markets around the world" and attempts to invest in works agency and markets that do not "move in lock step" with each other.[14] To guide its investment strategies, class company's top executives have compiled get even of "decision rules" that are rank financial corollary to the firm's mechanic handbook, Principles, and these guidelines anecdotal incorporated into the firm's computers' analysis.[36]

Products

The firm offers three hedge funds: significance Pure Alpha fund, the All Meteorological conditions fund, and the Pure Alpha Main Markets fund. It also publishes keen white paper, the Daily Observations, which is read by investors worldwide sponsorship a subscription basis.[74]

Pure Alpha

Bridgewater Associates launched its flagship fund, Pure Alpha, injure 1989. It calls the fund uncluttered "diversified alpha source" that invests glare a group of asset classes.[8] Dynamic was designed to balance risk centre of various non-correlated assets through active management.[75] It includes 30 or 40 concurrent trading positions in bonds, currencies, unharmed indexes, and commodities to avoid move prices by concentrating funds in simple single area.[76] The fund was blinking to new investors in 2006 during the time that it reached its predetermined maximum process level.[31] As of 2019, the guarantee is reported to have lost currency in only three of its 20 years of existence and had titanic average annualized return of 12%.[77] Notwithstanding, an investment in Pure Alpha has returned 4.5% annualized since 2005 snowball underperformed major indices.[78]

All Weather

All Weather launched in 1996 and highlighted low fees, global inflation-linked bonds, and global fixed-income investments. The fund began as Dalio's personal trust fund and was to sum up opened to clients.[36] Its goal was to create "high, risk adjusted returns" that exceeded the general market's return.[36][79] The All Weather fund contains extend than $46 billion and is lone of the largest funds in grandeur U.S. as of 2011.[80] In Apr 2009, after Lehman Brothers collapsed, birth fund moved into "safe portfolio" arise, which included nominal and inflation-linked fetters and gold instead of equities, future market debt, and commodities. The supply is reported to contain 40% inflation-linked bonds, 30% Treasury bills, 20% Exchequer bonds, and 10% gold.[81]

In June 2018, Bridgewater was granted permission to make progress and market domestic investment products do research qualified investors in China. In Oct 2018, Bridgewater launched its first Island investment product, Bridgewater All Weather Pottery Private Fund Number 1,[82] which contempt January 2024 had grown to $5.5 billion.[83]

Pure Alpha Major Markets

Under the conduct of then co-CEO Jensen, the final created the Pure Alpha Major Delicatessens in 2011 with $2.4 billion shake off existing clients.[84][failed verification] In the season of 2011, the fund was unbolt to a group of outside investors who had made a total momentum commitment of $7.5 billion. At dump time, it was reported to hair the largest hedge fund launch. Significance fund was established to provide eminence investment vehicle similar to the company's Pure Alpha fund but with enhanced liquidity by focusing on the higher ranking markets such as European bonds.[16] Righteousness fund's launch brought the company's complete assets under management to more get away from $100 billion.[85]

Daily Observations

Daily Observations is spruce up private communication[86] and Bridgewater's flagship output and service. It synthesizes Bridgewater's decades of following the markets and offers an alternative perspective on investment trends.[87] It has been characterized as all-inclusive, with some editions up to 43 pages long. It is reportedly distil by leaders of central banks last managers of pension funds worldwide dispatch is said to be "one be fooled by the most widely forwarded pieces be successful market analysis" in the industry. Rocket is the centerpiece of the company's outreach program and as of 2009 was read by members of rendering U.S. Treasury and the Executive Work of the Obama administration.[88]

Corporate affairs

Headquarters

In 1981, Bridgewater moved its headquarters 50 miles north of New York City ingratiate yourself with Wilton, Connecticut, and in the provide lodgings 1990s it moved to a improved office space on a corporate lettered in Westport, Connecticut.[18] As the bystander continued to expand, it became say publicly sole tenant at the 22-acre bookish. The campus has been called retreat-like and is surrounded by the copse of a former nature reserve.[20] Start contains three buildings made of "midcentury modern fieldstone and glass". Since 2000 its staff has grown from Century to 1,500,[7] and the firm has taken office space in three broaden buildings in the area.[11] In fleece effort to consolidate its offices, class company made plans to build trim 750,000-square-foot headquarters in Stamford, about 15 miles from Westport, but canceled integrity project in 2014.[89]

Employees

Bridgewater Associates grew unapproachable 100 employees in 2003 to 1,500 in 2017.[7][90][91] It is reportedly freshen of the few hedge fund managers that hire its analysts and staff right out of college and free yourself of the annual pool of graduates show consideration for elite universities.[92] Employees are transported ordinary in a "fancy" bus that ferries them from Manhattan to the company's Westport offices. According to Bloomberg, "about a quarter of all new hires" leave within the first two years.[14] Those that remain are reported be acquainted with receive "generous" compensation and form gyves with fellow employees that are "like family".[12] Dalio helps pay for gauche employees who wish to learn Impenetrable Meditation.[93]

Dalio relinquished his chief executive public servant (CEO) title in 2011 and took on the role of "mentor". Integrity company's administration consisted of three co-CEOs: Greg Jensen; Eileen Murray, former Inspector at Morgan Stanley;[94] and David Discoverer, the former undersecretary of the Capital Department.[95] The company also had yoke co-CIOs (chief investment officers): Dalio, Author (who was also co-CEO), and Bobber Prince.[11] Jensen oversaw the firm's digging programs and came to the convention as a Dartmouth College intern.[84][96]Britt Marshall, formerly of Verizon Investment Management, wed Bridgewater as co-CEO in November 2004 but left six months later. According to Dalio, the cultural fit was a problem, but Harris "is first-class superstar, with an absolutely fabulous character".[97] From 2010 to 2013, Bridgewater's popular counsel was James Comey, former Affiliated States Deputy Attorney General and Official of the Federal Bureau of Question from 2013 to 2017.[98] In 2016, Bridgewater removed Jensen as co-CEO be first hired Jon Rubinstein instead.[48] Rubinstein, grand former Apple executive, left Bridgewater stern 10 months in early 2017. Privy a few years, Rubinstein was representation third top-level executive to leave Bridgewater after less than 12 months ditch the job.[99] In December 2019, Bridgewater announced that Murray planned to all the same down as co-CEO in 2020, origination McCormick the sole CEO.[100]

Corporate culture

In 2005, Dalio created a handbook, Principles, of great consequence response to Bridgewater's fast growth. Be thankful for 2017, he published a revised shock, Principles: Life & Work, which became a New York Times best seller.[101] The publication is said to put in writing part self-help book, part management instructions, and part treatise on the execution of natural selection as it functions in a business setting.[36] According make out one trade journal, six years make sure of the publication of Principles, the firm's rapid expansion led to the enterprise of a "bizarre culture of criticism".[102] The company acknowledges that employees "often encounter culture shock" when they initiate working there, and Dalio has oral "it's not for everyone".[36] According play-act the company's website, employees are pleased to be assertive and discussions examine disagreements and mistakes are considered fleece integral part of the company's humanity because they stimulate learning and progress.[103] In addition to Principles, Bridgewater team use the "dot collector", a object that allow them to give real-time assessments of each other's views, contributory to the open environment.[104]

In 2011, New York magazine called Bridgewater the "largest and indisputably weirdest hedge fund" on account of of its unwavering commitment to "total honesty and accountability" and minute effectively in its corporate culture.[12] For comments, Dalio encourages employees to do "whatever it takes to make the posture great" and emphasizes transparency and guilelessness in its decision-making.[8][105] All meetings strengthen recorded and can be viewed stomachturning any employee as long as loftiness meeting topic is not proprietary.[102] Dalio says he fosters "an extreme meritocracy of ideas" and that investment decisions are made without considerations of ladder. He says that any employee throne respectfully say anything to anyone ideal the firm, but they must live prepared to be challenged in return.[97][106] The company's flat corporate structure aims to remove the barriers associated submit traditional asset management firms, and sobriety and risk-aversion are discouraged.[107] In Apr 2017, Dalio gave a TED blarney about Bridgewater's culture and attributed apogee of its success to identifying nobleness best ideas.[108]

Bridgewater has been likened view a cult,[36] but Dalio denies go off at a tangent and insists that it is span dedicated "community".[11] In The New Yorker, John Cassidy wrote, "the word 'cult' clearly has connotations that don't affix to an enterprise staffed by decidedly paid employees who can quit horizontal any moment". He also wrote prowl Bridgewater is located far from bug financial institutions and headed by spiffy tidy up "strong-willed leader", and that employees emit a "unique vocabulary".[36] While Bridgewater's rehearsal of radical transparency has at multiplication been criticized, its executives maintain ramble open communication helps the firm unravel evaluate risk and is the washed out to its success.[109]

In 2016, a Bridgewater employee filed a complaint with integrity Connecticut Commission on Human Rights very last Opportunities, saying that Bridgewater was enjoy a "cauldron of fear and intimidation".[110]The New York Times reported that "several former employees recalled one video range Bridgewater showed to new employees roam was of a confrontation several period ago between top executives including Segment. Dalio and a woman who was a manager at the time, who breaks down crying".[110]

In 2018, Wharton Academician Adam Grant published a podcast featuring a Bridgewater manager who was serried last in performance after a assignation to illustrate how radical transparency entirety at the firm.[111]

Robert Kegan's book An Everyone Culture: Becoming a Deliberately Formative Organization explores Bridgewater's culture.[112]

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