State Street Global Advisors Expands Access to Bridgewater Associates’ All Weather Asset Allocation Approach
State Street Global Advisors has launched the SPDR® Bridgewater® All Weather® ETF (ALLW), an actively managed global multi-asset allocation ETF, in partnership with Bridgewater Associates. The ETF implements Bridgewater's 'All Weather approach' to portfolio management, which aims to generate consistent returns across different economic environments.
The fund leverages Bridgewater's macro understanding and portfolio construction expertise across diverse global assets. ALLW invests based on a daily model portfolio provided by Bridgewater, focusing on how different asset classes react to shifts in growth and inflation. The ETF can invest across various global asset classes, including domestic and international equities, nominal and inflation-linked bonds, and commodity exposures.
This launch addresses the common issue of undiversified portfolios, where equities typically drive over 90% of the traditional 60/40 portfolio's risk. The partnership aims to broaden access to Bridgewater's investment expertise, traditionally available only to large institutional investors.
State Street Global Advisors ha lanciato il SPDR® Bridgewater® All Weather® ETF (ALLW), un ETF a gestione attiva con allocazione multi-asset globale, in collaborazione con Bridgewater Associates. L'ETF adotta l'approccio 'All Weather' di Bridgewater nella gestione del portafoglio, che mira a generare rendimenti costanti in diversi ambienti economici.
Il fondo sfrutta la comprensione macroeconomica di Bridgewater e l'esperienza nella costruzione di portafogli attraverso asset globali diversificati. ALLW investe sulla base di un portafoglio modello giornaliero fornito da Bridgewater, concentrandosi su come diverse classi di attivi reagiscono ai cambiamenti nella crescita e nell'inflazione. L'ETF può investire in varie classi di attivi globali, comprese azioni domestiche e internazionali, obbligazioni nominali e legate all'inflazione, e esposizioni alle materie prime.
Questo lancio affronta il problema comune dei portafogli non diversificati, dove le azioni generalmente rappresentano oltre il 90% del rischio del tradizionale portafoglio 60/40. La partnership mira ad ampliare l'accesso all'expertise di investimento di Bridgewater, tradizionalmente disponibile solo per grandi investitori istituzionali.
State Street Global Advisors ha lanzado el SPDR® Bridgewater® All Weather® ETF (ALLW), un ETF de asignación multi-activos global que se gestiona activamente, en colaboración con Bridgewater Associates. El ETF implementa el enfoque 'All Weather' de Bridgewater para la gestión de carteras, que busca generar rendimientos consistentes en diferentes entornos económicos.
El fondo aprovecha la comprensión macroeconómica de Bridgewater y la experiencia en construcción de carteras a través de activos globales diversos. ALLW invierte basado en un portafolio modelo diario proporcionado por Bridgewater, enfocándose en cómo diferentes clases de activos reaccionan a los cambios en el crecimiento y la inflación. El ETF puede invertir en varias clases de activos globales, incluyendo acciones nacionales e internacionales, bonos nominales y vinculados a la inflación, y exposiciones a materias primas.
Este lanzamiento aborda el problema común de los portafolios no diversificados, donde las acciones generalmente representan más del 90% del riesgo del tradicional portafolio 60/40. La asociación tiene como objetivo ampliar el acceso a la experiencia de inversión de Bridgewater, que tradicionalmente ha estado disponible solo para grandes inversores institucionales.
State Street Global Advisors는 SPDR® Bridgewater® All Weather® ETF (ALLW)를 출시했습니다. 이는 Bridgewater Associates와 협력하여 운영되는 글로벌 다중 자산 할당 ETF로, Bridgewater의 'All Weather 접근법'을 포트폴리오 관리에 적용하여 다양한 경제 환경에서 일관된 수익을 창출하는 것을 목표로 합니다.
이 펀드는 Bridgewater의 거시 경제 이해와 다양한 글로벌 자산에 대한 포트폴리오 구축 전문성을 활용합니다. ALLW는 Bridgewater에서 제공하는 일일 모델 포트폴리오를 기반으로 투자하며, 다양한 자산 클래스가 성장 및 인플레이션 변화에 어떻게 반응하는지를 중점적으로 분석합니다. 이 ETF는 국내외 주식, 명목 및 인플레이션 연동 채권, 원자재 노출 등 다양한 글로벌 자산 클래스에 투자할 수 있습니다.
이번 출시는 주식이 전통적인 60/40 포트폴리오의 위험을 90% 이상 차지하는 비다각화 포트폴리오의 일반적인 문제를 해결합니다. 이 파트너십은 전통적으로 대형 기관 투자자만 이용할 수 있었던 Bridgewater의 투자 전문성에 대한 접근을 넓히는 것을 목표로 합니다.
State Street Global Advisors a lancé le SPDR® Bridgewater® All Weather® ETF (ALLW), un ETF d'allocation multi-actifs global géré activement, en partenariat avec Bridgewater Associates. Cet ETF met en œuvre l'approche 'All Weather' de Bridgewater en matière de gestion de portefeuille, visant à générer des rendements constants dans différents environnements économiques.
Le fonds tire parti de la compréhension macroéconomique de Bridgewater et de son expertise en construction de portefeuilles à travers des actifs mondiaux diversifiés. ALLW investit sur la base d'un portefeuille modèle quotidien fourni par Bridgewater, en se concentrant sur la manière dont différentes classes d'actifs réagissent aux variations de la croissance et de l'inflation. L'ETF peut investir dans diverses classes d'actifs mondiaux, y compris des actions domestiques et internationales, des obligations nominales et liées à l'inflation, ainsi que des expositions aux matières premières.
Ce lancement répond au problème courant des portefeuilles non diversifiés, où les actions représentent généralement plus de 90 % du risque du portefeuille traditionnel 60/40. Le partenariat vise à élargir l'accès à l'expertise d'investissement de Bridgewater, traditionnellement disponible uniquement pour les grands investisseurs institutionnels.
State Street Global Advisors hat den SPDR® Bridgewater® All Weather® ETF (ALLW) ins Leben gerufen, einen aktiv verwalteten globalen Multi-Asset-Allocation-ETF, in Partnerschaft mit Bridgewater Associates. Der ETF setzt die 'All Weather'-Strategie von Bridgewater für das Portfoliomanagement um, die darauf abzielt, in verschiedenen wirtschaftlichen Umfeldern konsistente Renditen zu erzielen.
Der Fonds nutzt Bridgewaters makroökonomisches Verständnis und Expertise in der Portfoliokonstruktion über verschiedene globale Vermögenswerte hinweg. ALLW investiert basierend auf einem täglichen Modellportfolio von Bridgewater und konzentriert sich darauf, wie verschiedene Anlageklassen auf Veränderungen in Wachstum und Inflation reagieren. Der ETF kann in verschiedene globale Anlageklassen investieren, einschließlich inländischer und internationaler Aktien, nominaler und inflationsgebundener Anleihen sowie Rohstoffengagements.
Dieser Launch adressiert das häufige Problem undiversifizierter Portfolios, bei denen Aktien typischerweise über 90% des Risikos des traditionellen 60/40-Portfolios ausmachen. Die Partnerschaft zielt darauf ab, den Zugang zu Bridgewaters Investment-Expertise zu erweitern, die traditionell nur großen institutionellen Investoren zur Verfügung steht.
- Partnership with prestigious Bridgewater Associates expands STT's product offerings
- Addresses market need for better portfolio diversification
- Provides retail investors access to institutional-level investment strategy
- SSGA FM maintains discretion to deviate from Bridgewater's recommendations
- Success depends on accurate prediction of complex macro factors
Insights
State Street's strategic partnership with Bridgewater Associates represents a significant product expansion that democratizes access to institutional-caliber investment strategies. This move has noteworthy implications for STT's competitive positioning in the $10+ trillion ETF market.
The launch of ALLW creates a powerful differentiation opportunity for State Street by leveraging Bridgewater's respected 30-year "All Weather" approach—previously accessible only to large institutional investors. This addresses a critical market need amid heightened economic uncertainty, as traditional 60/40 portfolios (where
From a business perspective, this launch strategically positions State Street to capitalize on growing investor demand for sophisticated multi-asset solutions in ETF format. The SPDR brand's distribution strength combined with Bridgewater's intellectual capital creates a compelling value proposition that should attract assets from both retail and institutional channels.
While the announcement doesn't quantify potential asset gathering targets or fee structures, these actively-managed strategy ETFs typically command premium pricing compared to passive offerings, potentially enhancing State Street's revenue per asset. The timing appears opportune as investors increasingly seek protection against inflation risks and economic regime changes.
For State Street shareholders, this represents a meaningful business development that enhances the firm's asset management capabilities and potentially drives new revenue streams, though the magnitude of financial impact will depend on asset gathering success and fee compression pressures in the competitive ETF landscape.
The introduction of Bridgewater's All Weather approach in ETF format marks a noteworthy development in democratizing sophisticated risk-balanced investment strategies. This isn't merely another product launch—it's making available a methodology developed by one of the world's most successful hedge funds that has previously been reserved for institutional investors with
The strategic value comes from Bridgewater's distinctive approach to balanced risk allocation across economic environments. Unlike traditional portfolios that concentrate risk in equities, All Weather applies risk parity principles to construct portfolios resilient to various economic regimes (growth/inflation shifts). This directly addresses a fundamental vulnerability in most retail investor portfolios.
What makes this partnership particularly valuable is that it combines Bridgewater's macro research capabilities and asset allocation expertise with State Street's operational infrastructure and distribution network. The daily model portfolio provision structure allows for systematic implementation while preserving Bridgewater's intellectual property.
The market timing is astute given growing investor concerns about inflation persistence, geopolitical tensions, and potential paradigm shifts in the economic landscape that Bridgewater's CIO specifically references. These factors create natural demand for diversification approaches beyond traditional stock/bond allocations.
For State Street, this represents more than just fee revenue potential—it establishes the firm as an innovation leader capable of bringing institutional-quality solutions to the broader market, enhancing its competitive position against rivals like BlackRock and Vanguard in the increasingly important actively-managed ETF segment.
SPDR®
The SPDR Bridgewater All Weather ETF leverages Bridgewater’s deep macro understanding and portfolio construction expertise across a global mix of diversified assets. Almost 30 years ago,
“For more than three decades, ETFs have eliminated barriers to entry across a range of asset classes and strategies,” said Anna Paglia, chief business officer at State Street Global Advisors. “Our launch of ALLW is a testament to our commitment to leveling the playing field for all investors to reach their financial goals and ‘all weather’ diversification is one way we’re helping them get there. We’re thrilled to be partnering with
The SPDR Bridgewater All Weather ETF (ALLW) invests based on a daily model portfolio provided by
“We’ve consistently focused on how to make our clients’ portfolios more resilient to a wider range of economic outcomes. The next 10 years could look very different than the past due to dynamics like geopolitical tensions, heightened inflation, deglobalization, AI, and more. Predicting exactly how this will play out will be extremely difficult, but all investors have a chance to prepare better for what’s ahead. We’re excited that the launch of ALLW gives us the ability to help a broader set of investors do exactly that,” said Karen Karniol-Tambour, co-Chief Investment Officer at
Today, many investors hold undiversified portfolios, where risk is primarily concentrated in a single asset class, specifically equities. For example, equities drive over
Learn more about ALLW and All Weather investing.
About Bridgewater Associates
Bridgewater Associates is a premier asset management firm, focused on delivering unique insight and partnership for the most sophisticated global investors. As a global macro-investment manager, we take a diversified approach spanning more than 150 different markets. With deep expertise in portfolio construction and risk management, we develop insights and design strategies to deliver value to our clients through any economic environment. Founded in 1975, we are a community of independent thinkers who share a commitment for excellence. By fostering a culture of openness, transparency, and inclusion, we strive to unlock the most complex questions in investment strategy, management, and corporate culture.
About State Street Global Advisors
For over four decades, State Street Global Advisors has served the world’s governments, institutions, and financial advisors. With a rigorous, risk-aware approach built on research, analysis, and market-tested experience, and as pioneers in index and ETF investing, we are always inventing new ways to invest. As a result, we have become the world’s fourth-largest asset manager* with US
*Pensions & Investments Research Center, as of 12/31/23.
†This figure is presented as of December 31, 2024 and includes ETF AUM of
1Bloomberg Finance L.P. as of December 31, 2024 based on a 60/40 blend of the MSCI ACWI Index and the Bloomberg US Aggregate Bond Index
Important Risk Information
Investing involves risk including the risk loss of principal.
ETFs trade like stocks, are subject to investment risk, fluctuate in market value and may trade at prices above or below the ETFs net asset value. Brokerage commissions and ETF expenses will reduce returns.
While the shares of ETFs are tradable on secondary markets, they may not readily trade in all market conditions and may trade at significant discounts in periods of market stress.
The Fund is actively managed. The Adviser’s judgments about the attractiveness, relative value, or potential appreciation of a particular sector, security, commodity or investment strategy may prove to be incorrect, and may cause the Fund to incur losses. There can be no assurance that the Adviser’s investment techniques and decisions will produce the desired results.
Equity securities may fluctuate in value and can decline significantly in response to the activities of individual companies and general market and economic conditions.
The value of the debt securities may increase or decrease as a result of the following: market fluctuations, increases in interest rates, inability of issuers to repay principal and interest or illiquidity in the debt securities markets; the risk of low rates of return due to reinvestment of securities during periods of falling interest rates or repayment by issuers with higher coupon or interest rates; and/or the risk of low income due to falling interest rates.
Commodities and Commodity-Linked Derivatives: Commodity prices can have significant volatility, and exposure to commodities can cause the net asset value of Fund Shares to decline or fluctuate in a rapid and unpredictable manner. A liquid secondary market may not exist for certain commodity investments, which may make it difficult for the Fund to sell them at a desirable price or at the price at which it is carrying them.
The Fund may seek exposure to commodities by, among other things, investing in a wholly-owned subsidiary, an exempted limited company organized under the laws of the
Derivatives Risk: A derivative is a financial contract the value of which depends on, or is derived from, the value of an underlying asset, interest rate, or index. Derivative transactions typically involve leverage and may have significant volatility. It is possible that a derivative transaction will result in a loss greater than the principal amount invested, and the Fund may not be able to close out a derivative transaction at a favorable time or price.
Market Risk: The Fund's investments are subject to changes in general economic conditions, general market fluctuations and the risks inherent in investing in markets. Investment markets can be volatile and prices of investments can change substantially due to various factors including, but not limited to, economic growth or recession, changes in interest rates, inflation, changes in the actual or perceived creditworthiness of issuers, and general market liquidity.
Intellectual Property Information:
Bridgewater® and All Weather® are registered trademarks of Bridgewater® Associates, LP.
The S&P 500® Index is a product of S&P Dow Jones Indices LLC or its affiliates (“S&P DJI”) and have been licensed for use by State Street Global Advisors. S&P®, SPDR®, S&P 500®,US 500 and the 500 are trademarks of Standard & Poor’s Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”) and has been licensed for use by S&P Dow Jones Indices; and these trademarks have been licensed for use by S&P DJI and sublicensed for certain purposes by State Street Global Advisors. The fund is not sponsored, endorsed, sold or promoted by S&P DJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of these indices.
SSGA Funds Management, Inc. (“SSGA FM”) is the adviser of the fund and has retained Bridgewater Associates, LP (“Bridgewater”) as a sub-adviser. SSGA FD and SSGA FM are not affiliated with
Distributor: State Street Global Advisors Funds Distributors, LLC, member FINRA, SIPC, an indirect wholly owned subsidiary of State Street Corporation. References to State Street may include State Street Corporation and its affiliates.
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The information provided does not constitute investment advice and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security. It does not take into account any investor's particular investment objectives, strategies, tax status or investment horizon. You should consult your tax and financial advisor.
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Source: State Street Corporation
FAQ
What is the investment objective of the new SPDR Bridgewater All Weather ETF (ALLW)?
How does the SPDR Bridgewater All Weather ETF (ALLW) manage its investments?
What problem does the ALLW ETF address in traditional portfolio management?
How does State Street (STT) implement Bridgewater's investment recommendations for ALLW?
