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 |
NFX
Newfield Exploration
NFX
|
+$44.6M |
| 2 |
Meta Platforms (Facebook)
META
|
+$35.1M |
| 3 |
XEC
CIMAREX ENERGY CO
XEC
|
+$33M |
| 4 |
AT&T
T
|
+$30.8M |
| 5 |
iShares MSCI Brazil ETF
EWZ
|
+$27.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Emerging Markets ETF
EEM
|
+$1.04B |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$833M |
| 3 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$391M |
| 4 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$147M |
| 5 |
iShares TIPS Bond ETF
TIP
|
+$92.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 3.02% |
| 2 | Energy | 2.11% |
| 3 | Consumer Discretionary | 2.02% |
| 4 | Financials | 1.95% |
| 5 | Consumer Staples | 1.45% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
251
Zions Bancorporation
ZION
$10.3B
| $1.14M | 0.01% |
+21,603
| New | +$1.16M |
|
252
Nucor
NUE
$62.1B
| $1.12M | 0.01% |
18,390
-21,702
| -54% | -$1.44M |
|
253
Quanta Services
PWR
$101B
| $1.11M | 0.01% |
+32,398
| New | +$1.17M |
|
254
Deluxe
DLX
$1.15B
| $1.11M | 0.01% |
+15,019
| New | +$1.11M |
|
255
News Corp Class A
NWSA
$15.4B
| $1.1M | 0.01% |
+69,845
| New | +$1.15M |
|
256
Cenovus Energy
CVE
$52.1B
| $1.1M | 0.01% |
129,279
-2,688
| -2% | -$23.7K |
|
257
Morningstar
MORN
$7.53B
| $1.09M | 0.01% |
+11,403
| New | +$1.1M |
|
258
John Wiley & Sons Class A
WLY
$2.66B
| $1.09M | 0.01% |
+17,075
| New | +$1.11M |
|
259
Owens Corning
OC
$12.4B
| $1.08M | 0.01% |
+13,433
| New | +$1.17M |
|
|
CMA
260
DELISTED
Comerica
CMA
| $1.07M | 0.01% |
+11,126
| New | +$1.06M |
|
261
Idexx Laboratories
IDXX
$46.2B
| $1.05M | 0.01% |
+5,495
| New | +$1.01M |
|
262
M&T Bank
MTB
$36.2B
| $1.03M | 0.01% |
+5,604
| New | +$1.04M |
|
263
Progressive
PGR
$125B
| $1.03M | 0.01% |
+16,930
| New | +$967K |
|
264
Principal Financial Group
PFG
$24.3B
| $1.01M | 0.01% |
+16,622
| New | +$1.09M |
|
|
WRK
265
DELISTED
WestRock Company
WRK
| $995K | 0.01% |
+15,501
| New | +$1.02M |
|
266
Cullen/Frost Bankers
CFR
$10.2B
| $983K | 0.01% |
+9,270
| New | +$968K |
|
267
Align Technology
ALGN
$12.3B
| $975K | 0.01% |
+3,881
| New | +$997K |
|
268
Packaging Corp of America
PKG
$22.8B
| $972K | 0.01% |
+8,621
| New | +$1.04M |
|
|
FITB
269
Fifth Third Bancorp
FITB
$51.8B
| $969K | 0.01% |
+30,505
| New | +$996K |
|
270
Huntington Bancshares
HBAN
$35.5B
| $957K | 0.01% |
+63,352
| New | +$996K |
|
271
ResMed
RMD
$30.7B
| $948K | 0.01% |
+9,632
| New | +$910K |
|
272
Henry Schein
HSIC
$9.82B
| $940K | 0.01% |
+17,825
| New | +$988K |
|
273
Steris
STE
$23.1B
| $939K | 0.01% |
+10,060
| New | +$915K |
|
274
Tenet Healthcare
THC
$21.1B
| $937K | 0.01% |
+38,658
| New | +$770K |
|
|
HRC
275
DELISTED
HILL-ROM HOLDINGS, INC.
HRC
| $936K | 0.01% |
+10,759
| New | +$920K |
|
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Ray Dalio's Q1 2018 Portfolio in Review
As of Q1 2018, Ray Dalio held 508 positions worth $10.5B, down 14% from $12.2B the previous quarter. Its ten largest holdings account for 73% of the portfolio.
Ray Dalio withdrew a net $1.74B in Q1 2018, closing 48 positions and reducing 116 holdings. Its most notable exit was Costco, an estimated $15.6M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 3% of assets, up from 1.7% a quarter earlier, followed by Energy and Consumer Discretionary.
Against the trend, Ray Dalio opened a new position in Biogen worth $21.1M.
- Ray Dalio's largest Q1 2018 buy was Biogen: 77,197 shares worth $21.1M.
- Ray Dalio added most to Newfield Exploration in Q1 2018, an estimated $44.6M increase.
- Ray Dalio's biggest Q1 2018 reduction was iShares MSCI Emerging Markets ETF, cutting an estimated $1.04B.
- Ray Dalio fully exited Costco in Q1 2018, selling an estimated $15.6M.
- Ray Dalio's ten largest holdings make up 73% of its $10.5B portfolio in Q1 2018.
- Ray Dalio opened 262 new positions and closed 48 in Q1 2018.
- Ray Dalio's portfolio value fell 14% quarter-over-quarter to $10.5B.
Based on Bridgewater Associates's 13F filing for Q1 2018, filed 15 May 2018.