Bridgewater Associates, the world’s largest hedge fund by AUM, made a series of notable portfolio adjustments in the fourth quarter, increasing exposure to technology and healthcare stocks while exiting positions in telecoms and pharmaceuticals, according to a report by Barron’s.
The report cites a recent regulatory filing as showing that the firm sold its entire holding in AT&T, disposing of 37,777 shares during the quarter. The move meant Bridgewater missed a sharp rally in the wireless carrier’s shares following its fourth-quarter earnings release in late January.
Bridgewater also exited its relatively small position in Affirm Holdings, selling 8,860 shares that had been acquired earlier in 2025. The buy-now-pay-later group’s shares have come under pressure amid concerns over artificial intelligence disruption and a more challenging macroeconomic backdrop.
On the buying side, the fund initiated a new position in Dell Technologies, purchasing 156,332 shares, and added exposure to industrials and consumer technology through new stakes in Caterpillar and Spotify Technology.
Healthcare was another area of active repositioning, with Bridgewater selling its entire holding in Elevance Health, while taking a new, smaller stake in UnitedHealth Group. The purchase appears to reflect a contrarian bet, with UnitedHealth shares having fallen sharply over the past year amid rising costs in its Medicare Advantage business and weaker earnings performance.
Elsewhere in the sector, the fund exited Novo Nordisk, significantly reduced its holding in Moderna, and sharply increased its exposure to Eli Lilly, widely regarded as a leader in the fast-growing weight-loss drug market.
