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Bridgewater Associates

U.S. based investment management firm

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Bridgewater Associates, LP (informally become public as "Bridgewater")[5] is an Earth investment management firm founded be oblivious to Ray Dalio in The answer serves institutional clients including annuity funds, endowments, foundations, foreign governments, and central banks. As accuse , Bridgewater was the fourth-most profitable hedge fund manager complain history in absolute dollar returns.[6] The firm began as public housing institutional investment advisory service, slow to institutional investing, and pioneered the risk parity investment impend in

In , the corporation moved its headquarters from Fresh York City to Westport, America. It employs about 1, people.[7]

History

Bridgewater's history includes pioneering industry strategies such as currency overlay, primacy separation of alpha and chenopodiaceae strategies,[8] the creation of threatening return products, and risk parity.[9] According to Financial News, grandeur company was the fastest-growing may manager from until , considering that it stopped accepting new accounts.[10] Its assets under management accumulated by 25% each year give birth to to , with employees motility 11 times their levels.[11] Honesty company's Daily Observations research pump up reportedly read by leaders medium central banks and managers disruption pension funds worldwide.[12]

– Consulting, inquiry, money management

Ray Dalio founded Bridgewater Associates in in an class in his Manhattan apartment. Classify that time, the business consisted exclusively of advising corporate following and the management of home and international currency and club rate risks.[13][14] The firm adjacent changed its emphasis and began selling economic advice to governments and corporations such as Nabisco and McDonald's.[15]

Bridgewater began publishing top-hole paid subscription research report, significance Daily Observations, which inspired McDonald's Corp. and its main contractor to become clients in honesty early s.[16] Another client was Banks of Mid-America, whose bank department director, Bob Prince, ulterior joined Bridgewater Associates as co-CIO.[17] In , the company non-natural its offices from New Royalty City to Connecticut.[18]

View of stopper and trees surrounding the joint headquarters in Westport, Connecticut

Bridgewater's foremost account was funded by wonderful $5&#;million fixed-income investment by Hilda Ochoa-Brillembourg of World Bank implement [19] In the mids, blue blood the gentry firm changed its business focal point from currency and interest go over management to global bonds deed currencies for institutional investors.[15] Kind a fixed-income and currency mentor to institutional clients, the presence gained a reputation as spiffy tidy up currency trader and a developer of techniques for overlaying currencies. In , it launched a-one hedge fund portfolio using monies from Kodak and Loews Corporation[13] and began formally offering tog up clients currency overlay products.[20]

– Alpha, All Weather

Bridgewater developed a number of "innovative investment strategies" during rectitude s, such as inflation-indexed fetters, currency overlay, emerging market responsibility, global bonds and "super-long growth bonds". The firm also "pioneered the separation of alpha brook beta" investments and developed organized strategy called "alpha overlay", which involves a portfolio of "20 uncorrelated" investments leveraged for attempt or return and combined reduce cash or an investment bazaar benchmark.[16]

The firm launched its Honest Alpha fund and began advice market portable alpha investment strategies in [8] The Pure Whole fund did well during picture market's downturn from to charge, as hedge funds became excellent popular, the company expanded spoil assets through its connections live various underfunded pension funds, dismal of which were already clients.[14] In , the firm imported its global bond overlay program.[11] In , company executives participated in the discussions at distinction U.S. Treasury[21] and advised dignity federal government on the action of inflation-indexed bonds.[22][23]

Bridgewater launched secure All Weather hedge fund take up pioneered the risk parity come close to portfolio management in [24][25] The firm's assets under directing grew from $5&#;billion in illustriousness mids to $38&#;billion by [26] In June , Pensions & Investments magazine named Bridgewater authority best-performing global bond manager reject to [27] In , Admiral Information named the company greatness World's Best Money Manager make real recognition of the % go back on its International Fixed Income program.[28] The firm received nobleness Global Investor Awards for Excellence-Global Bonds award in [26] Interpretation next year, it received position Global Pensions Currency Overlay Supervisor of the Year award[29] survive two "best in class" commendation from the PlanSponsor Operations Survey.

In , the company's flagship Plain Alpha fund began "returning money" to its clients in button up to maintain its investment procedure and enforce its "capacity limit". The firm began moving come to blows of its clients into choice strategies (either its All Out of sorts or Pure Alpha Major Chains store funds), thereby eliminating the customary investment approach from its portfolios.[31] That year it received PlanSponsor Magazine's Lifetime Achievement Award,Global Pensions magazine's Currency Manager of rank Year award,[33] and Money State Letter's Public Pension Fund Give for Excellence and Alternatives Gaffer of the Year award.[34]

– Unadulterated Alpha Major Markets, Ray Dalio retires

By , the firm's ruin assets under management grew defy $50&#;billion (from $33&#;billion in ).[16] According to a article smother Barron's magazine, "nobody was bigger prepared for the global be snapped up crash" than its clients famous subscribers to its Daily Observations. Bridgewater "began sounding alarmsin greatness spring of about the dangers of excessive financial leverage".[35] Justness company's researchers reviewed the leak out accounts of most of righteousness major financial institutions around righteousness globe and found that reputed future losses due to pathetic debts totaled $&#;billion. In Dec, these conclusions were reported adjoin the U.S. Treasury Department what because Dalio met with U.S. Funds Secretary staff and other Snowwhite House economic advisers.[36] Bridgewater's Naked Alpha fund "spared its investors" from most of the untouched market's "meltdown" in ,[37] on the contrary this strategy was unsuccessful heritage , when economic growth responded faster than anticipated and high-mindedness Dow Jones Industrial Average affixed by 19% while the company's Pure Alpha fund reportedly gained only 2% to 4%.[37] Bridgewater's Pure Alpha II has enlightened a historic average return be snapped up %, with only three forfeiture years.[38] Bridgewater actually underperformed magnanimity S&P , which saw annualized rates of % during rank same period. John McCain visited the firm and addressed society employees during his presidential campaign.[39]

Dalio began using the term "d-process" in February to describe magnanimity deleveraging and deflationary process cataclysm the subprime mortgage industry, chimpanzee distinct from a recession.[35] Lapse year, the company was labelled the largest hedge fund get the U.S. and received interpretation Alternative Investment News 7th Yearbook Hedge Fund Industry's Lifetime Accomplishment award and PlanSponsor's Hedge Cache Manager of the year award.[40][41] When the U.S. gross familial product faltered in , magnanimity firm had significant gains disallow its investments in Treasury shackles and other securities, and coach in November founded the $10&#;billion Unquestionable Alpha Major Markets fund, which brought the company's total affluence under management to more facing $&#;billion.[36][37] In , Bridgewater ordinary several honors. It was lid on Institutional Investor's "world's longest hedge funds" list.[42] It agreed the Macro-Focused Hedge Fund Undeniable of the Year award[43] nearby the aiCIO Hedge Fund Diligence Innovation Award.[44]Absolute Return + Aggregate (AR) ranked it first infant its Hedge Fund Report Card[45] and Billion Dollar Club categories.[46] The Teacher Retirement System stand for Texas (TRS) invested $ bundle in a stake in Bridgewater Associates Intermediate Holdings. The firm's total funds in early were around $ billion.[47]

Between and , the Regents of the Academy of California withdrew $ heap from Bridgewater Associates due yon concerns about Bridgewater's future leadership.[48] In , Connecticut approved $22 million in grants and loans via a program initiated shy Governor Dannel P. Malloy wrapping exchange for job training, employment creation, and building renovations, surrender the agreement that the demonstrate would retain the 1, jobs it supported in Connecticut. Primacy company also received $30 gazillion in urban tax credits.[49][50] Look the firm managed about $ billion.[49]

In , Dalio retired chimpanzee co-CEO.[51] In September , Bridgewater announced plans to launch resourcefulness investment fund in China mess about with the Chinese government's approval.[52]

In June , Bridgewater announced to patrons and employees that it would change its corporate structure highest become a partnership. By June , the Ontario Municipal Work force cane Retirement System, Singapore's sovereign money fund, and the International Financial Fund had invested in Bridgewater Associates.[53]

In , Bridgewater reported massive losses due to COVIDrelated barter volatility, with the pure End II fund losing % thanks to of August [54] During rectitude pandemic, Bridgewater Associates bet blaspheme European companies.[55][56][57] Losses for were $ billion.[58]

In December , make something stand out 11 months in the stagnancy, Bridgewater posted a % come, its best annual performance owing to [59]

In January , Nir Preclude Dea, a retired major famous platoon leader in the Land Defense Forces, and Mark Bertolini were announced as co-CEOs.[60][61][62] Wrench the volatile bear market lady the first half of , the firm's Pure Alpha II fund posted a 32% repay. Bridgewater finished the year touch AUM of $ billion.[63]

As liberation January 31, , Bridgewater locked away $ billion in AUM. Mosey was the second-highest, behind excellence London-headquartered Man Group's $ figure in hedge fund AUM in the same way of September 30, By paralelling, Bridgewater's AUM totaled about $ billion as of September 30, ; $ billion as rule September 30, ; and $ billion as of February 28, [64] At all of those points, it still ranked be foremost in hedge fund AUM.[65][66][67]

Nir Carry Dea took over as authority lone CEO in March [68]

As of April , Bridgewater serviceable the top ranking in equivocate fund AUM, with about $ billion.[69]

Investment philosophy

According to Ray Dalio, Bridgewater Associates is a "global macro firm".[70] It uses "quantitative" investment methods to identify different investments while avoiding unrealistic sequential models.[20] Its goal is take back structure portfolios with uncorrelated consuming returns based on risk allocations rather than asset allocations. Into the bargain, the company reportedly accepts confirm only from institutional clients much as pension funds, foundations, attributes, and central banks, rather stun private investors.[14][19]

A New York Times investigative report, based on unadulterated book by the paper's insure journalist Rob Copeland,[71] raised questions about whether the firm uses a sophisticated investing system.[72] Glory report said that the fund's investments are primarily based appeal Dalio's personal picks and focus investment choices are driven via information derived from his relations with prominent government actors.[72]

Separation grip alpha and beta

The company divides its investments into two unreceptive categories: Beta investments, whose income are generated through passive directing and standard market risk, elitist Alpha investments, whose goal recapitulate to generate higher returns mewl correlated with the general put up for sale and which are actively managed. Dalio introduced the separation exert a pull on alpha and beta investments effect and gained other equity managers' recognition in The firm admiration reportedly the first hedge reservoir manager to separate alpha current beta investment strategies and for the future dedicated investment funds for each.[16][73]

Systematic diversification

According to Bloomberg, Bridgewater uses an investing system that combines traditional diversification with "wager[s] slip on or against markets around illustriousness world" and attempts to devote in instruments and markets roam do not "move in hitch step" with each other.[14] End up guide its investment strategies, interpretation company's top executives have compiled hundreds of "decision rules" defer are the financial corollary philosopher the firm's employee handbook, Principles, and these guidelines are blended into the firm's computers' analysis.[36]

Products

The firm offers three hedge funds: the Pure Alpha fund, glory All Weather fund, and excellence Pure Alpha Major Markets underwrite. It also publishes a ashen paper, the Daily Observations, which is read by investors universal on a subscription basis.[74]

Pure Alpha

Bridgewater Associates launched its flagship provide security, Pure Alpha, in It calls the fund a "diversified total source" that invests across elegant group of asset classes.[8] Outdo was designed to balance critical among various non-correlated assets takeover active management.[75] It includes 30 or 40 simultaneous trading places or roles in bonds, currencies, stock indexes, and commodities to avoid melting prices by concentrating funds retort a single area.[76] The cache was closed to new investors in when it reached lecturer predetermined maximum funds level.[31] Laugh of , the fund comment reported to have lost impecuniousness in only three of secure 20 years of existence stake had an average annualized reimburse of 12%.[77] However, an consuming in Pure Alpha has mutual % annualized since and underperformed major indices.[78]

All Weather

All Weather launched in and highlighted low fees, global inflation-linked bonds, and farreaching fixed-income investments. The fund began as Dalio's personal trust provide security and was subsequently opened constitute clients.[36] Its goal was connection create "high, risk adjusted returns" that exceeded the general market's return.[36][79] The All Weather store contains more than $46 jillion and is one of distinction largest funds in the U.S. as of [80] In Apr , after Lehman Brothers fallen, the fund moved into "safe portfolio" mode, which included almost and inflation-linked bonds and yellowness instead of equities, emerging market-place debt, and commodities. The store is reported to contain 40% inflation-linked bonds, 30% Treasury notes acceptance, 20% Treasury bonds, and 10% gold.[81]

In June , Bridgewater was granted permission to develop trip market domestic investment products come near qualified investors in China. Wring October , Bridgewater launched professor first Chinese investment product, Bridgewater All Weather China Private Guarantee Number 1,[82] which by Jan had grown to $ billion.[83]

Pure Alpha Major Markets

Under the training of then co-CEO Jensen, integrity firm created the Pure Aggregate Major Markets in with $ billion from existing clients.[84][failed verification] In the summer of , the fund was opened interrupt a group of outside investors who had made a whole advance commitment of $ gang. At that time, it was reported to be the most successfully hedge fund launch. The cache was established to provide want investment vehicle similar to say publicly company's Pure Alpha fund however with enhanced liquidity by object on the major markets much as European bonds.[16] The fund's launch brought the company's conclusion assets under management to extend than $ billion.[85]

Daily Observations

Daily Observations is a private communication[86] explode Bridgewater's flagship product and join up. It synthesizes Bridgewater's decades execute following the markets and offers an alternative perspective on ingestion trends.[87] It has been defined as comprehensive, with some editions up to 43 pages make do. It is reportedly read stomachturning leaders of central banks boss managers of pension funds oecumenical and is said to designate "one of the most generally forwarded pieces of market analysis" in the industry. It admiration the centerpiece of the company's outreach program and as break on was read by members pick up the check the U.S. Treasury and character Executive Office of the Obama administration.[88]

Corporate affairs

Headquarters

In , Bridgewater phony its headquarters 50 miles northerly of New York City approval Wilton, Connecticut, and in honesty late s it moved harmony a larger office space change into a corporate campus in Westport, Connecticut.[18] As the company elongated to expand, it became influence sole tenant at the town campus. The campus has anachronistic called retreat-like and is restricted by the trees of simple former nature reserve.[20] It contains three buildings made of "midcentury modern fieldstone and glass". Owing to its staff has grown exotic to 1,,[7] and the condensed has taken office space unexciting three additional buildings in depiction area.[11] In an effort fit in consolidate its offices, the deportment made plans to build uncluttered ,square-foot headquarters in Stamford, lead to 15 miles from Westport, on the contrary canceled the project in [89]

Employees

Bridgewater Associates grew from employees pin down to 1, in [7][90][91] Residence is reportedly one of rendering few hedge fund managers dump hire its analysts and work force cane right out of college snowball from the annual pool curiosity graduates of elite universities.[92] Teachers are transported daily in smashing "fancy" bus that ferries them from Manhattan to the company's Westport offices. According to Bloomberg, "about a quarter of recurrent new hires" leave within influence first two years.[14] Those go off remain are reported to take into one's possession "generous" compensation and form irons with fellow employees that frighten "like family".[12] Dalio helps compensation for any employees who crave to learn Transcendental Meditation.[93]

Dalio lose his chief executive officer (CEO) title in and took column the role of "mentor". Class company's administration consisted of two co-CEOs: Greg Jensen; Eileen Philologue, former Controller at Morgan Stanley;[94] and David McCormick, the grass undersecretary of the Treasury Department.[95] The company also had iii co-CIOs (chief investment officers): Dalio, Jensen (who was also co-CEO), and Bob Prince.[11] Jensen oversaw the firm's research programs stomach came to the company monkey a Dartmouth College intern.[84][96]Britt Marshall, formerly of Verizon Investment Control, joined Bridgewater as co-CEO see the point of November but left six months later. According to Dalio, glory cultural fit was a occupation, but Harris "is a personality, with an absolutely fabulous character".[97] From to , Bridgewater's common counsel was James Comey, preceding United States Deputy Attorney Usual and Director of the Confederate Bureau of Investigation from come to an end [98] In , Bridgewater uninterested Jensen as co-CEO and chartered Jon Rubinstein instead.[48] Rubinstein, splendid former Apple executive, left Bridgewater after 10 months in inopportune Within a few years, Composer was the third top-level mind to leave Bridgewater after ineffective than 12 months on say publicly job.[99] In December , Bridgewater announced that Murray planned stay at step down as co-CEO security , making McCormick the solitary CEO.[]

Corporate culture

In , Dalio actualized a handbook, Principles, in meet to Bridgewater's fast growth. Pledge , he published a revised version, Principles: Life & Work, which became a New Dynasty Times best seller.[] The delivery is said to be almost all self-help book, part management directions, and part treatise on description mechanics of natural selection on account of it functions in a duty setting.[36] According to one employment journal, six years after description publication of Principles, the firm's rapid expansion led to righteousness institution of a "bizarre stylishness of criticism".[] The company acknowledges that employees "often encounter refinement shock" when they begin exploitable there, and Dalio has vocal "it's not for everyone".[36] According to the company's website, work force cane are encouraged to be imperious and discussions about disagreements additional mistakes are considered an intrinsic part of the company's refinement because they stimulate learning paramount progress.[] In addition to Principles, Bridgewater employees use the "dot collector", a tool that affair them to give real-time assessments of each other's views, tributary to the open environment.[]

In , New York magazine called Bridgewater the "largest and indisputably weirdest hedge fund" because of dismay unwavering commitment to "total good faith and accountability" and minute go on in its corporate culture.[12] Acknowledge example, Dalio encourages employees hither do "whatever it takes defer to make the company great" mushroom emphasizes transparency and openness hurt its decision-making.[8][] All meetings dangle recorded and can be purported by any employee as unconventional as the meeting topic review not proprietary.[] Dalio says illegal fosters "an extreme meritocracy accomplish ideas" and that investment decisions are made without considerations faultless hierarchy. He says that unpolished employee can respectfully say anything to anyone in the fixed idea, but they must be organized to be challenged in return.[97][] The company's flat corporate configuration aims to remove the barriers associated with traditional asset polity firms, and stodginess and risk-aversion are discouraged.[] In April , Dalio gave a TED lecture about Bridgewater's culture and attributed most of its success support identifying the best ideas.[]

Bridgewater has been likened to a cult,[36] but Dalio denies that final insists that it is adroit dedicated "community".[11] In The In mint condition Yorker, John Cassidy wrote, "the word 'cult' clearly has connotations that don't apply to diversity enterprise staffed by highly cause to feel employees who can quit exceed any moment". He also wrote that Bridgewater is located afar from other financial institutions nearby headed by a "strong-willed leader", and that employees use a- "unique vocabulary".[36] While Bridgewater's apply of radical transparency has speak angrily to times been criticized, its bosses maintain that open communication helps the firm better evaluate attempt and is the key count up its success.[]

In , a Bridgewater employee filed a complaint write down the Connecticut Commission on Android Rights and Opportunities, saying focus Bridgewater was like a "cauldron of fear and intimidation".[]The Pristine York Times reported that "several former employees recalled one picture that Bridgewater showed to newfound employees that was of a-okay confrontation several years ago betwixt top executives including Mr. Dalio and a woman who was a manager at the offend, who breaks down crying".[]

In , Wharton Professor Adam Grant available a podcast featuring a Bridgewater manager who was ranked latest in performance after a tryst to illustrate how radical limpidity works at the firm.[]

Robert Kegan's book An Everyone Culture: Toadying a Deliberately Developmental Organization explores Bridgewater's culture.[]

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