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Bridgewater Founder Ray Dalio Exits Stakes as Shareholders Dump Holdings Despite Pure Alpha's 34% Gain

GateNews
Stocks
In late 2025, shareholders of Bridgewater Associates, the world's largest hedge fund, began selling their stakes at a discount, even as the firm's flagship Pure Alpha fund posted a 34% return in 2025—its best year on record. The paradoxical exodus stems from management's strategic overhaul: Bridgewater cut assets under management from $150 billion to $102 billion to improve investment performance, which directly narrowed the fee-based revenue that equity holders depend on. Founder Ray Dalio, along with long-standing institutional investors including the Koch family and Canada's Omers pension fund, all discounted their shares back to the company in late 2025. Texas Teachers Retirement System's stake shrank to $279 million valuation, while Bridgewater's overall worth fell from a peak of $16.3 billion to $11.6 billion. Internally, however, employee buyback plans saw minimal selling; Brunei's sovereign wealth fund simultaneously purchased nearly 20% of the firm, signaling confidence in the smaller-scale, higher-return strategy.
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