Return Attribution — Bridgewater Associates
← Portfolio Analysis
Clone backtest (value-weighted, one-quarter signal lag): each position's contribution = its portfolio weight × next-quarter return. Contribution sums equal the segment return of the clone.
Bridgewater Associates (13F portfolio cloned at quarter-end weights) delivered a +0.03% return over the 2026-Q2 → latest period. The clone return is the sum of each position's contribution — portfolio weight times next-quarter price return.
Top drivers in 2026-Q2 → latest: NVDA (+0.60%), MSFT (+0.45%), MPC (+0.27%). Biggest drags: LRCX (-0.40%), AMAT (-0.24%), WDC (-0.17%). Across all 20 segmented periods, 40 stocks made a positive cumulative contribution and 40 subtracted from performance.
This attribution is a diagnostic tool, not a trading signal. The clone uses end-of-quarter holdings (45+ days after filing, so stale by design), applies quarter-end prices only, and ignores intra-quarter trades, shorts, and derivatives that 13F cannot show.
2026-Q2 → latest segment return
+0.03%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| NVDA |
3.2% |
+19.0% |
+0.6% |
| MSFT |
1.1% |
+41.0% |
+0.45% |
| MPC |
0.4% |
+73.0% |
+0.27% |
| NEM |
1.0% |
+21.7% |
+0.22% |
| PBR |
0.4% |
+48.5% |
+0.21% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| LRCX |
1.7% |
-23.9% |
-0.4% |
| AMAT |
0.9% |
-28.1% |
-0.24% |
| WDC |
0.5% |
-36.8% |
-0.17% |
| KLAC |
0.4% |
-35.4% |
-0.14% |
| APP |
0.3% |
-45.4% |
-0.14% |
2026-Q1 → 2026-Q2 segment return
+29.24%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| MU |
2.2% |
+236.3% |
+5.26% |
| AMD |
1.2% |
+182.0% |
+2.14% |
| SPY |
12.7% |
+14.8% |
+1.88% |
| MRVL |
0.9% |
+193.6% |
+1.67% |
| LRCX |
1.5% |
+98.5% |
+1.48% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| KLAC |
0.7% |
-79.4% |
-0.57% |
| NEM |
1.1% |
-14.8% |
-0.17% |
| SBSW |
0.2% |
-31.1% |
-0.08% |
| INSM |
0.2% |
-34.8% |
-0.08% |
| HCA |
0.4% |
-17.6% |
-0.06% |
2025-Q4 → 2026-Q1 segment return
-3.72%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| GEV |
1.6% |
+33.7% |
+0.54% |
| LRCX |
1.9% |
+27.4% |
+0.52% |
| EWY |
0.7% |
+27.0% |
+0.2% |
| MU |
0.9% |
+19.7% |
+0.18% |
| JNJ |
1.0% |
+18.2% |
+0.18% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| CRM |
1.9% |
-29.5% |
-0.55% |
| SPY |
11.1% |
-4.6% |
-0.51% |
| ADBE |
1.6% |
-30.5% |
-0.5% |
| IVV |
10.5% |
-4.6% |
-0.48% |
| MSFT |
1.7% |
-22.8% |
-0.4% |
2025-Q3 → 2025-Q4 segment return
+1.78%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| GOOGL |
2.5% |
+28.8% |
+0.73% |
| LRCX |
1.8% |
+28.1% |
+0.51% |
| AMD |
1.1% |
+32.9% |
+0.37% |
| IVV |
10.6% |
+2.3% |
+0.25% |
| CRM |
1.9% |
+12.0% |
+0.22% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| FISV |
0.8% |
-47.9% |
-0.39% |
| SE |
1.1% |
-28.6% |
-0.32% |
| UBER |
1.4% |
-16.5% |
-0.23% |
| NOW |
1.1% |
-16.8% |
-0.18% |
| ORCL |
0.4% |
-30.9% |
-0.14% |
2025-Q2 → 2025-Q3 segment return
+6.83%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| GOOGL |
2.0% |
+37.9% |
+0.76% |
| GOOGL |
2.0% |
+37.9% |
+0.76% |
| NVDA |
2.3% |
+17.9% |
+0.41% |
| NVDA |
2.3% |
+17.9% |
+0.41% |
| SPY |
3.3% |
+7.8% |
+0.25% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| FTNT |
0.7% |
-20.9% |
-0.14% |
| FTNT |
0.7% |
-20.9% |
-0.14% |
| CHTR |
0.4% |
-32.7% |
-0.12% |
| CHTR |
0.4% |
-32.7% |
-0.12% |
| CRM |
0.9% |
-12.9% |
-0.12% |
2025-Q1 → 2025-Q2 segment return
+11.25%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| SPY |
4.3% |
+10.5% |
+0.45% |
| SPY |
4.3% |
+10.5% |
+0.45% |
| NVDA |
0.7% |
+46.5% |
+0.33% |
| NVDA |
0.7% |
+46.5% |
+0.33% |
| GEV |
0.4% |
+73.5% |
+0.32% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| BABA |
1.7% |
-14.3% |
-0.25% |
| BABA |
1.7% |
-14.3% |
-0.25% |
| FISV |
0.6% |
-21.9% |
-0.13% |
| FISV |
0.6% |
-21.9% |
-0.13% |
| BMY |
0.3% |
-23.3% |
-0.08% |
2024-Q4 → 2025-Q1 segment return
-3.08%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| T |
0.7% |
+24.2% |
+0.16% |
| MCK |
0.9% |
+18.1% |
+0.16% |
| CI |
0.7% |
+19.7% |
+0.14% |
| IEMG |
4.2% |
+3.4% |
+0.14% |
| PDD |
0.6% |
+21.4% |
+0.12% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| SPY |
22.1% |
-4.6% |
-1.01% |
| GOOGL |
3.1% |
-18.3% |
-0.58% |
| NVDA |
2.2% |
-19.9% |
-0.43% |
| IVV |
5.5% |
-4.5% |
-0.25% |
| PYPL |
0.9% |
-23.6% |
-0.22% |
2024-Q3 → 2024-Q4 segment return
+0.17%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| NVDA |
3.3% |
+10.7% |
+0.36% |
| AVGO |
1.0% |
+34.6% |
+0.33% |
| APP |
0.2% |
+148.3% |
+0.3% |
| AMZN |
1.5% |
+18.3% |
+0.28% |
| IVV |
7.4% |
+2.3% |
+0.17% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| AMD |
1.4% |
-26.5% |
-0.37% |
| PDD |
1.0% |
-26.9% |
-0.26% |
| KLAC |
0.9% |
-18.6% |
-0.17% |
| CEG |
1.2% |
-13.8% |
-0.16% |
| HCA |
0.6% |
-26.1% |
-0.15% |
2024-Q2 → 2024-Q3 segment return
+5.73%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| GOOGL |
4.3% |
+34.0% |
+1.47% |
| WMT |
2.3% |
+19.7% |
+0.46% |
| META |
2.5% |
+13.3% |
+0.34% |
| IVV |
6.0% |
+5.2% |
+0.31% |
| MCD |
1.4% |
+20.2% |
+0.29% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| DG |
0.3% |
-35.8% |
-0.11% |
| AMZN |
2.7% |
-3.9% |
-0.11% |
| MSFT |
2.6% |
-4.1% |
-0.1% |
| MRK |
1.2% |
-7.7% |
-0.09% |
| DXCM |
0.2% |
-40.9% |
-0.08% |
2024-Q1 → 2024-Q2 segment return
+1.32%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| NVDA |
3.2% |
+37.3% |
+1.21% |
| AAPL |
1.6% |
+23.6% |
+0.38% |
| COST |
2.0% |
+16.1% |
+0.32% |
| WMT |
2.1% |
+12.1% |
+0.25% |
| IVV |
5.6% |
+4.2% |
+0.23% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| CVS |
1.0% |
-25.2% |
-0.25% |
| JNJ |
2.3% |
-7.6% |
-0.17% |
| MCD |
1.7% |
-9.0% |
-0.16% |
| SBUX |
0.9% |
-14.9% |
-0.13% |
| EWZ |
0.8% |
-15.5% |
-0.12% |
2023-Q4 → 2024-Q1 segment return
+5.9%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| NVDA |
0.7% |
+82.7% |
+0.62% |
| IVV |
5.7% |
+10.0% |
+0.57% |
| META |
1.3% |
+37.6% |
+0.5% |
| PG |
3.8% |
+11.4% |
+0.44% |
| LLY |
1.0% |
+33.5% |
+0.35% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| PDD |
2.0% |
-20.1% |
-0.4% |
| MCD |
2.3% |
-4.4% |
-0.1% |
| HUM |
0.3% |
-24.1% |
-0.08% |
| SBUX |
1.3% |
-4.6% |
-0.06% |
| EWZ |
0.5% |
-7.4% |
-0.04% |
2023-Q3 → 2023-Q4 segment return
+6.02%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| PDD |
1.6% |
+49.2% |
+0.79% |
| IVV |
5.3% |
+11.1% |
+0.59% |
| COST |
2.8% |
+16.6% |
+0.47% |
| MCD |
2.4% |
+13.2% |
+0.31% |
| SPY |
2.6% |
+11.2% |
+0.29% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| BMY |
0.5% |
-10.7% |
-0.05% |
| SLB |
0.5% |
-10.3% |
-0.05% |
| WMT |
2.6% |
-1.4% |
-0.04% |
| ALGN |
0.3% |
-10.3% |
-0.03% |
| CSCO |
0.5% |
-6.1% |
-0.03% |
2023-Q2 → 2023-Q3 segment return
-1.85%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| PDD |
1.2% |
+41.8% |
+0.49% |
| COST |
2.7% |
+5.0% |
+0.13% |
| BKNG |
0.7% |
+14.2% |
+0.1% |
| REGN |
0.4% |
+14.5% |
+0.07% |
| ABBV |
0.5% |
+11.9% |
+0.06% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| MCD |
2.6% |
-11.2% |
-0.3% |
| PEP |
2.9% |
-8.5% |
-0.25% |
| KO |
3.1% |
-6.9% |
-0.21% |
| IVV |
5.6% |
-3.5% |
-0.19% |
| JNJ |
3.3% |
-5.7% |
-0.19% |
2023-Q1 → 2023-Q2 segment return
+2.87%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| META |
1.3% |
+35.3% |
+0.46% |
| IVV |
4.6% |
+8.0% |
+0.37% |
| ISRG |
0.8% |
+33.8% |
+0.28% |
| SPY |
3.1% |
+8.1% |
+0.25% |
| JNJ |
3.4% |
+6.5% |
+0.22% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| DG |
0.5% |
-19.1% |
-0.1% |
| PDD |
1.0% |
-9.1% |
-0.09% |
| KO |
3.1% |
-2.9% |
-0.09% |
| PYPL |
0.7% |
-12.3% |
-0.09% |
| SBUX |
1.6% |
-4.8% |
-0.08% |
2022-Q4 → 2023-Q1 segment return
+1.13%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| IVV |
4.3% |
+7.3% |
+0.32% |
| META |
0.4% |
+75.4% |
+0.27% |
| COST |
2.3% |
+8.8% |
+0.21% |
| SPY |
2.9% |
+7.1% |
+0.21% |
| MCD |
2.3% |
+6.7% |
+0.15% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| JNJ |
3.4% |
-12.3% |
-0.43% |
| CVS |
1.4% |
-19.7% |
-0.28% |
| PDD |
1.6% |
-6.5% |
-0.11% |
| SCHW |
0.3% |
-36.9% |
-0.1% |
| ABT |
1.3% |
-7.4% |
-0.1% |
2022-Q3 → 2022-Q4 segment return
+10.13%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| PG |
4.2% |
+20.9% |
+0.89% |
| PDD |
1.6% |
+29.9% |
+0.48% |
| KO |
3.3% |
+13.2% |
+0.43% |
| MCD |
2.5% |
+14.9% |
+0.37% |
| PEP |
3.3% |
+10.7% |
+0.36% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| NIO |
0.5% |
-38.2% |
-0.18% |
| COST |
2.9% |
-3.5% |
-0.1% |
| BEKE |
0.4% |
-20.0% |
-0.07% |
| ABNB |
0.4% |
-18.3% |
-0.07% |
| META |
0.6% |
-11.2% |
-0.06% |
2022-Q2 → 2022-Q3 segment return
-5.99%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| WMT |
2.4% |
+7.1% |
+0.17% |
| SBUX |
1.1% |
+10.6% |
+0.11% |
| PYPL |
0.4% |
+23.2% |
+0.09% |
| CMG |
0.5% |
+15.0% |
+0.08% |
| BIIB |
0.2% |
+30.9% |
+0.07% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| PG |
4.1% |
-11.6% |
-0.48% |
| IEMG |
3.2% |
-12.4% |
-0.4% |
| VWO |
2.7% |
-12.4% |
-0.34% |
| KO |
2.9% |
-10.7% |
-0.31% |
| JNJ |
3.3% |
-8.4% |
-0.28% |
2022-Q1 → 2022-Q2 segment return
-4.2%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| PDD |
0.8% |
+56.2% |
+0.45% |
| BABA |
3.3% |
+6.0% |
+0.2% |
| LI |
0.4% |
+48.4% |
+0.17% |
| BEKE |
0.2% |
+45.9% |
+0.08% |
| BIDU |
0.6% |
+12.4% |
+0.08% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| SPY |
3.5% |
-16.8% |
-0.58% |
| COST |
2.8% |
-17.2% |
-0.48% |
| WMT |
2.4% |
-18.7% |
-0.46% |
| IVV |
2.1% |
-16.7% |
-0.35% |
| PG |
4.2% |
-5.4% |
-0.23% |
2021-Q4 → 2022-Q1 segment return
-3.69%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| KO |
3.0% |
+4.8% |
+0.14% |
| GLD |
2.3% |
+5.7% |
+0.13% |
| JNJ |
3.1% |
+3.7% |
+0.11% |
| KR |
0.4% |
+26.7% |
+0.1% |
| WMT |
2.4% |
+3.3% |
+0.08% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| SBUX |
1.8% |
-21.9% |
-0.38% |
| PG |
5.0% |
-6.1% |
-0.3% |
| PDD |
0.9% |
-31.9% |
-0.29% |
| ABT |
1.8% |
-15.6% |
-0.28% |
| BABA |
3.0% |
-8.6% |
-0.26% |
2021-Q3 → 2021-Q4 segment return
+3.09%
Top contributors
| Symbol | Weight | Return | Contrib |
|---|
| PG |
3.6% |
+17.7% |
+0.64% |
| COST |
2.1% |
+26.3% |
+0.55% |
| SPY |
4.7% |
+10.5% |
+0.49% |
| PEP |
2.2% |
+15.1% |
+0.34% |
| KO |
2.4% |
+12.6% |
+0.31% |
Biggest drags
| Symbol | Weight | Return | Contrib |
|---|
| BABA |
2.7% |
-19.8% |
-0.53% |
| PDD |
1.0% |
-35.8% |
-0.34% |
| ONC |
0.4% |
-25.4% |
-0.09% |
| TCOM |
0.2% |
-19.8% |
-0.04% |
| C |
0.3% |
-13.3% |
-0.04% |
Cumulative Contribution (all segments)