Bridgewater Associates is a global leader in institutional portfolio management, with approximately $154 billion in assets under management (as of December 2020), including $75 billion in its Pure Alpha strategies; $59 billion in its All Weather strategy; and $15 billion in its Optimal Portfolio strategy. Bridgewater began investment operations in 1975 and is a pioneer in risk budgeting and the separation of alpha and beta for a wide array of institutional clients globally, including pension funds, foreign governments and central banks, university endowments and charitable foundations.