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 Core S&P 500 ETF
IVV
|
+$1.12B |
| 2 |
Lam Research
LRCX
|
+$193M |
| 3 |
Adobe
ADBE
|
+$191M |
| 4 |
Mastercard
MA
|
+$138M |
| 5 |
Workday
WDAY
|
+$137M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$999M |
| 2 |
NVIDIA
NVDA
|
+$823M |
| 3 |
Alphabet (Google) Class A
GOOGL
|
+$617M |
| 4 |
SPDR Gold Trust
GLD
|
+$337M |
| 5 |
Microsoft
MSFT
|
+$315M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 28.56% |
| 2 | Financials | 12.71% |
| 3 | Consumer Discretionary | 8.78% |
| 4 | Healthcare | 7.77% |
| 5 | Communication Services | 7.44% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
226
Applovin
APP
$116B
| $17.6M | 0.07% |
24,454
+17,039
| +230% | +$7.86M |
|
227
Cullen/Frost Bankers
CFR
$10.2B
| $17.6M | 0.07% |
138,524
+73,402
| +113% | +$9.54M |
|
228
Teva Pharmaceuticals
TEVA
$41.2B
| $17.5M | 0.07% |
+864,782
| New | +$15.2M |
|
229
Medpace
MEDP
$16.5B
| $17.1M | 0.07% |
+33,230
| New | +$14.5M |
|
230
PNC Financial Services
PNC
$101B
| $16.9M | 0.07% |
84,142
+40,715
| +94% | +$8.05M |
|
231
Old Republic International
ORI
$10.4B
| $16.9M | 0.07% |
397,979
+275,148
| +224% | +$10.6M |
|
232
Leidos
LDOS
$17.3B
| $16.8M | 0.07% |
89,101
-89,090
| -50% | -$15.5M |
|
233
Coca-Cola
KO
$375B
| $16.7M | 0.07% |
251,459
+31,552
| +14% | +$2.17M |
|
|
SARO
234
StandardAero Inc
SARO
$9.7B
| $16.7M | 0.07% |
610,751
+180,223
| +42% | +$5.06M |
|
235
AngloGold Ashanti
AU
$48.7B
| $16.4M | 0.06% |
232,754
-242,885
| -51% | -$13.6M |
|
236
Duolingo
DUOL
$6.12B
| $16.3M | 0.06% |
+50,576
| New | +$16.9M |
|
|
CADE
237
DELISTED
Cadence Bank
CADE
| $16.1M | 0.06% |
+429,634
| New | +$15.5M |
|
238
Flex
FLEX
$44.8B
| $16.1M | 0.06% |
277,572
-30,170
| -10% | -$1.6M |
|
239
Agnico Eagle Mines
AEM
$90.5B
| $16.1M | 0.06% |
95,322
-222,395
| -70% | -$30.6M |
|
240
Gold Fields
GFI
$36.5B
| $16M | 0.06% |
381,952
-620,927
| -62% | -$19.3M |
|
241
Abbott
ABT
$187B
| $16M | 0.06% |
119,235
+62,345
| +110% | +$8.18M |
|
242
Texas Capital Bancshares
TCBI
$4.32B
| $16M | 0.06% |
188,837
+58,670
| +45% | +$5.01M |
|
243
Jack Henry & Associates
JKHY
$11.1B
| $15.8M | 0.06% |
106,297
+64,874
| +157% | +$10.8M |
|
244
Cencora
COR
$61.2B
| $15.7M | 0.06% |
50,326
-62,580
| -55% | -$18.4M |
|
245
Gartner
IT
$11.7B
| $15.7M | 0.06% |
+59,780
| New | +$17.4M |
|
246
Corebridge Financial
CRBG
$15B
| $15.7M | 0.06% |
+488,321
| New | +$16.7M |
|
247
Boston Scientific
BSX
$71.5B
| $15.6M | 0.06% |
159,729
+111,445
| +231% | +$11.5M |
|
248
NorthWestern Energy
NWE
$4.43B
| $15.5M | 0.06% |
264,141
+11,388
| +5% | +$629K |
|
249
Alnylam Pharmaceuticals
ALNY
$29.3B
| $15.5M | 0.06% |
+33,911
| New | +$13.8M |
|
250
Lantheus
LNTH
$6.59B
| $15.2M | 0.06% |
296,918
-100,934
| -25% | -$6.31M |
|
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Ray Dalio's Q3 2025 Portfolio in Review
As of Q3 2025, Ray Dalio held 1,078 positions worth $25.5B, up 3% from $24.8B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Ray Dalio withdrew a net $795M in Q3 2025, closing 64 positions and reducing 194 holdings. Its most notable exit was SPDR Gold Trust, an estimated $337M position sold in full.
By sector, the portfolio is most concentrated in Technology at 29% of assets, down from 29% a quarter earlier, followed by Financials and Consumer Discretionary.
Against the trend, Ray Dalio opened a new position in Reddit worth $142M.
- Ray Dalio's largest Q3 2025 buy was Reddit: 617,208 shares worth $142M.
- Ray Dalio added most to iShares Core S&P 500 ETF in Q3 2025, an estimated $1.12B increase.
- Ray Dalio's biggest Q3 2025 reduction was iShares Core MSCI Emerging Markets ETF, cutting an estimated $999M.
- Ray Dalio fully exited SPDR Gold Trust in Q3 2025, selling an estimated $337M.
- Ray Dalio's ten largest holdings make up 33% of its $25.5B portfolio in Q3 2025.
- Ray Dalio opened 493 new positions and closed 64 in Q3 2025.
- Ray Dalio's portfolio value rose 3% quarter-over-quarter to $25.5B.
Based on Bridgewater Associates's 13F filing for Q3 2025, filed 13 Nov 2025.