Ray Dalio Bridgewater Associates
Ray Dalio is the founder of Bridgewater Associates, one of the world’s largest hedge funds, known for its unique “principles-based” culture and systematic investment approach. Dalio’s investment philosophy emphasizes diversified portfolios, risk parity, and the importance of understanding economic cycles in shaping investment decisions. He has authored several books, including “Principles: Life & Work,” in which he details his management philosophies, personal experiences, and life lessons.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Emerging Markets ETF
EEM
|
+$199M |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$82.8M |
| 3 |
American Express
AXP
|
+$20.2M |
| 4 |
RTX Corp
RTX
|
+$15.4M |
| 5 |
United Parcel Service
UPS
|
+$14.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$364M |
| 2 |
Microsoft
MSFT
|
+$34.2M |
| 3 |
Ventas
VTR
|
+$15M |
| 4 |
Intel
INTC
|
+$14.6M |
| 5 |
Conagra Brands
CAG
|
+$12.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 2.58% |
| 2 | Energy | 1.96% |
| 3 | Materials | 1.29% |
| 4 | Consumer Discretionary | 1.01% |
| 5 | Industrials | 0.88% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
226
Packaging Corp of America
PKG
$22.8B
| $925K | 0.01% |
+14,500
| New | +$974K |
|
227
Westlake Corp
WLK
$9.9B
| $924K | 0.01% |
+10,666
| New | +$965K |
|
228
Intuitive Surgical
ISRG
$134B
| $888K | 0.01% |
+17,307
| New | +$859K |
|
|
AVP
229
DELISTED
Avon Products, Inc.
AVP
| $874K | 0.01% |
+69,400
| New | +$952K |
|
230
Core Laboratories
CLB
$521M
| $871K | 0.01% |
+5,949
| New | +$918K |
|
231
Harmony Gold Mining
HMY
$12.3B
| $860K | 0.01% |
398,200
+2,200
| +0.6% | +$6.43K |
|
|
DISCK
232
DELISTED
Discovery, Inc. Series C Common Stock
DISCK
| $857K | 0.01% |
+23,000
| New | +$931K |
|
|
CSC
233
DELISTED
Computer Sciences
CSC
| $855K | 0.01% |
33,198
+24,370
| +276% | +$627K |
|
234
JB Hunt Transport Services
JBHT
$25.2B
| $854K | 0.01% |
11,537
-28,614
| -71% | -$2.17M |
|
235
Idexx Laboratories
IDXX
$46.2B
| $838K | 0.01% |
+14,226
| New | +$899K |
|
236
Merck
MRK
$318B
| $838K | 0.01% |
+14,820
| New | +$832K |
|
237
Flowserve
FLS
$10.2B
| $837K | 0.01% |
+11,862
| New | +$879K |
|
238
Stryker
SYK
$130B
| $835K | 0.01% |
+10,341
| New | +$851K |
|
|
TW
239
DELISTED
TOWERS WATSON & CO COM STK CL A (DE)
TW
| $834K | 0.01% |
+8,384
| New | +$884K |
|
|
CIT
240
DELISTED
CIT Group Inc.
CIT
| $827K | 0.01% |
+18,000
| New | +$852K |
|
241
Alaska Air
ALK
$5.58B
| $797K | 0.01% |
+18,300
| New | +$849K |
|
242
Alamos Gold
AGI
$13.9B
| $792K | 0.01% |
99,122
+1,200
| +1% | +$11K |
|
243
Host Hotels & Resorts
HST
$16B
| $781K | 0.01% |
+36,618
| New | +$816K |
|
244
Verisk Analytics
VRSK
$25B
| $760K | 0.01% |
12,485
-4,500
| -26% | -$281K |
|
245
Public Storage
PSA
$61.3B
| $751K | 0.01% |
4,527
-34,673
| -88% | -$5.96M |
|
246
Albemarle
ALB
$15.5B
| $748K | 0.01% |
+12,700
| New | +$825K |
|
247
Boston Scientific
BSX
$71.5B
| $725K | 0.01% |
+61,384
| New | +$773K |
|
248
Annaly Capital Management
NLY
$17.4B
| $721K | 0.01% |
+16,875
| New | +$771K |
|
|
DHC
249
Diversified Healthcare Trust
DHC
$2.14B
| $710K | 0.01% |
+34,259
| New | +$776K |
|
250
Prologis
PLD
$133B
| $703K | 0.01% |
+18,645
| New | +$755K |
|
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Ray Dalio's Q3 2014 Portfolio in Review
As of Q3 2014, Ray Dalio held 455 positions worth $12.8B, down 3.9% from $13.3B the previous quarter. Its ten largest holdings account for 90% of the portfolio.
Ray Dalio's Q3 2014 filing shows 152 new, 111 increased, 96 reduced and 92 closed positions. Its largest new stake was American Express: 224,123 shares worth $19.6M. The largest sale was State Street SPDR S&P 500 ETF Trust, an estimated $364M.
By sector, the portfolio is most concentrated in Technology at 2.6% of assets, down from 3% a quarter earlier, followed by Energy and Materials.
- Ray Dalio's largest Q3 2014 buy was American Express: 224,123 shares worth $19.6M.
- Ray Dalio added most to iShares MSCI Emerging Markets ETF in Q3 2014, an estimated $199M increase.
- Ray Dalio's biggest Q3 2014 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $364M.
- Ray Dalio fully exited Conagra Brands in Q3 2014, selling an estimated $12.8M.
- Ray Dalio's ten largest holdings make up 90% of its $12.8B portfolio in Q3 2014.
- Ray Dalio opened 152 new positions and closed 92 in Q3 2014.
- Ray Dalio's portfolio value fell 3.9% quarter-over-quarter to $12.8B.
Based on Bridgewater Associates's 13F filing for Q3 2014, filed 12 Nov 2014.