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 |
JPMorgan Chase
JPM
|
+$83.3M |
| 2 |
Bank of America
BAC
|
+$60.7M |
| 3 |
Wells Fargo
WFC
|
+$46.3M |
| 4 |
Citigroup
C
|
+$33.4M |
| 5 |
US Bancorp
USB
|
+$18.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$535M |
| 2 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$484M |
| 3 |
iShares MSCI Emerging Markets ETF
EEM
|
+$386M |
| 4 |
iShares MSCI Brazil ETF
EWZ
|
+$74.6M |
| 5 |
Biogen
BIIB
|
+$55.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 6.62% |
| 2 | Consumer Discretionary | 3.62% |
| 3 | Industrials | 2.16% |
| 4 | Materials | 1.56% |
| 5 | Technology | 1.16% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
226
Lam Research
LRCX
$390B
| $1.83M | 0.02% |
+62,590
| New | +$1.66M |
|
227
Zions Bancorporation
ZION
$10.3B
| $1.83M | 0.02% |
+35,220
| New | +$1.71M |
|
228
Micron Technology
MU
$991B
| $1.83M | 0.02% |
33,953
-344,386
| -91% | -$16.4M |
|
229
Pentair
PNR
$11B
| $1.79M | 0.02% |
+39,076
| New | +$1.65M |
|
230
Analog Devices
ADI
$190B
| $1.79M | 0.02% |
+15,055
| New | +$1.7M |
|
231
Carter's
CRI
$1.47B
| $1.77M | 0.02% |
16,199
+13,307
| +460% | +$1.35M |
|
|
SGI
232
Somnigroup International
SGI
$13.7B
| $1.73M | 0.02% |
+79,340
| New | +$1.66M |
|
233
Steel Dynamics
STLD
$37.6B
| $1.7M | 0.02% |
50,055
+39,519
| +375% | +$1.26M |
|
|
GRA
234
DELISTED
W.R. Grace & Co.
GRA
| $1.7M | 0.02% |
+24,401
| New | +$1.64M |
|
235
Robert Half
RHI
$4.37B
| $1.7M | 0.02% |
26,958
+18,096
| +204% | +$1.05M |
|
236
Voya Financial
VOYA
$9.19B
| $1.7M | 0.02% |
+27,871
| New | +$1.57M |
|
237
Invesco
IVZ
$13.9B
| $1.69M | 0.02% |
93,831
-1,437,629
| -94% | -$24.5M |
|
|
EA
238
DELISTED
Electronic Arts
EA
| $1.69M | 0.02% |
15,686
-25,830
| -62% | -$2.56M |
|
239
Ashland
ASH
$3.5B
| $1.68M | 0.02% |
+21,975
| New | +$1.67M |
|
|
KL
240
DELISTED
Kirkland Lake Gold Ltd Ordinary
KL
| $1.68M | 0.02% |
38,073
+2,865
| +8% | +$127K |
|
241
Eaton
ETN
$174B
| $1.67M | 0.02% |
17,635
-27,349
| -61% | -$2.43M |
|
242
Ares Capital
ARCC
$14.4B
| $1.65M | 0.02% |
+88,271
| New | +$1.64M |
|
243
AngloGold Ashanti
AU
$48.7B
| $1.64M | 0.02% |
73,409
+379
| +0.5% | +$7.63K |
|
244
Amphenol
APH
$209B
| $1.64M | 0.02% |
60,564
+43,408
| +253% | +$1.11M |
|
245
FedEx
FDX
$75.4B
| $1.64M | 0.02% |
10,815
-31,076
| -74% | -$4.79M |
|
246
AutoNation
AN
$6.92B
| $1.59M | 0.02% |
+32,616
| New | +$1.65M |
|
247
Commerce Bancshares
CBSH
$8.5B
| $1.59M | 0.02% |
+31,282
| New | +$1.46M |
|
|
HDS
248
DELISTED
HD Supply Holdings, Inc.
HDS
| $1.58M | 0.02% |
+39,227
| New | +$1.56M |
|
249
Aecom
ACM
$9.75B
| $1.58M | 0.02% |
+36,555
| New | +$1.51M |
|
250
LyondellBasell Industries
LYB
$19.2B
| $1.55M | 0.02% |
16,441
-165,646
| -91% | -$15.2M |
|
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Ray Dalio's Q4 2019 Portfolio in Review
As of Q4 2019, Ray Dalio held 589 positions worth $9.79B, down 14% from $11.4B the previous quarter. Its ten largest holdings account for 67% of the portfolio.
Ray Dalio withdrew a net $2.32B in Q4 2019, closing 118 positions and reducing 104 holdings. Its most notable exit was Biogen, an estimated $55.3M position sold in full.
By sector, the portfolio is most concentrated in Financials at 6.6% of assets, up from 3.2% a quarter earlier, followed by Consumer Discretionary and Industrials.
Against the trend, Ray Dalio opened a new position in JPMorgan Chase worth $90.5M.
- Ray Dalio's largest Q4 2019 buy was JPMorgan Chase: 649,376 shares worth $90.5M.
- Ray Dalio added most to iShares MSCI Taiwan ETF in Q4 2019, an estimated $16.2M increase.
- Ray Dalio's biggest Q4 2019 reduction was Vanguard FTSE Emerging Markets ETF, cutting an estimated $535M.
- Ray Dalio fully exited Biogen in Q4 2019, selling an estimated $55.3M.
- Ray Dalio's ten largest holdings make up 67% of its $9.79B portfolio in Q4 2019.
- Ray Dalio opened 256 new positions and closed 118 in Q4 2019.
- Ray Dalio's portfolio value fell 14% quarter-over-quarter to $9.79B.
Based on Bridgewater Associates's 13F filing for Q4 2019, filed 13 Feb 2020.