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 |
Gen Digital
GEN
|
+$26M |
| 2 |
Eastman Chemical
EMN
|
+$24.8M |
| 3 |
The Mosaic Company
MOS
|
+$24.7M |
| 4 |
Kohl's
KSS
|
+$24.3M |
| 5 |
ESV
Ensco Rowan plc
ESV
|
+$23.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$1.65B |
| 2 |
iShares MSCI Emerging Markets ETF
EEM
|
+$906M |
| 3 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$46.7M |
| 4 |
Apple
AAPL
|
+$30.1M |
| 5 |
Chipotle Mexican Grill
CMG
|
+$17.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 4.22% |
| 2 | Materials | 3.47% |
| 3 | Consumer Discretionary | 3.19% |
| 4 | Energy | 2.92% |
| 5 | Communication Services | 2.65% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
CAB
276
DELISTED
Cabela's Inc
CAB
| $694K | 0.01% |
+15,229
| New | +$711K |
|
|
CVSA
277
Covista Inc
CVSA
$4.8B
| $693K | 0.01% |
+25,455
| New | +$724K |
|
|
JNPR
278
DELISTED
Juniper Networks
JNPR
| $693K | 0.01% |
26,938
-86,300
| -76% | -$2.28M |
|
|
DNB
279
DELISTED
Dun & Bradstreet
DNB
| $693K | 0.01% |
+6,600
| New | +$754K |
|
280
H&R Block
HRB
$5.86B
| $692K | 0.01% |
19,113
+5,200
| +37% | +$176K |
|
281
Republic Services
RSG
$65.7B
| $689K | 0.01% |
+16,735
| New | +$689K |
|
282
Brown-Forman Class B
BF.B
$13.1B
| $687K | 0.01% |
+22,159
| New | +$722K |
|
283
Pitney Bowes
PBI
$2.39B
| $683K | 0.01% |
+34,400
| New | +$706K |
|
284
Jack Henry & Associates
JKHY
$11.1B
| $682K | 0.01% |
+9,801
| New | +$674K |
|
|
IHS
285
DELISTED
IHS INC CL-A COM STK
IHS
| $678K | 0.01% |
+5,849
| New | +$708K |
|
286
Cintas
CTAS
$81.3B
| $674K | 0.01% |
+31,436
| New | +$675K |
|
|
SRCL
287
DELISTED
Stericycle Inc
SRCL
| $674K | 0.01% |
4,837
+3,100
| +178% | +$432K |
|
|
NUAN
288
DELISTED
Nuance Communications, Inc.
NUAN
| $671K | 0.01% |
+47,363
| New | +$708K |
|
289
Fair Isaac
FICO
$22.5B
| $666K | 0.01% |
+7,882
| New | +$695K |
|
290
CoreCivic
CXW
$3.19B
| $665K | 0.01% |
+22,496
| New | +$722K |
|
|
WCN
291
Waste Connections
WCN
$42B
| $661K | 0.01% |
+20,424
| New | +$660K |
|
292
CNX Resources
CNX
$5.2B
| $656K | 0.01% |
80,304
+10,920
| +16% | +$136K |
|
293
Commault Systems
CVLT
$5.61B
| $655K | 0.01% |
+19,300
| New | +$721K |
|
294
Pediatrix Medical
MD
$2.2B
| $655K | 0.01% |
+8,534
| New | +$689K |
|
|
CIT
295
DELISTED
CIT Group Inc.
CIT
| $652K | 0.01% |
+16,300
| New | +$731K |
|
296
Danaher
DHR
$144B
| $646K | 0.01% |
11,285
-22,047
| -66% | -$1.3M |
|
297
Nasdaq
NDAQ
$52.9B
| $640K | 0.01% |
+36,000
| New | +$617K |
|
298
Avnet
AVT
$7.92B
| $637K | 0.01% |
14,931
+5,200
| +53% | +$216K |
|
299
JPMorgan Chase
JPM
$950B
| $631K | 0.01% |
+10,342
| New | +$677K |
|
300
Welltower
WELL
$171B
| $628K | 0.01% |
9,271
+1,200
| +15% | +$80.1K |
|
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Ray Dalio's Q3 2015 Portfolio in Review
As of Q3 2015, Ray Dalio held 516 positions worth $7.47B, down 31% from $10.8B the previous quarter. Its ten largest holdings account for 76% of the portfolio.
Ray Dalio withdrew a net $1.81B in Q3 2015, closing 86 positions and reducing 67 holdings. Its most notable exit was Chipotle Mexican Grill, an estimated $17.4M position sold in full.
By sector, the portfolio is most concentrated in Technology at 4.2% of assets, up from 2.2% a quarter earlier, followed by Materials and Consumer Discretionary.
Against the trend, Ray Dalio opened a new position in Wynn Resorts worth $12.7M.
- Ray Dalio's largest Q3 2015 buy was Wynn Resorts: 239,500 shares worth $12.7M.
- Ray Dalio added most to Gen Digital in Q3 2015, an estimated $26M increase.
- Ray Dalio's biggest Q3 2015 reduction was Vanguard FTSE Emerging Markets ETF, cutting an estimated $1.65B.
- Ray Dalio fully exited Chipotle Mexican Grill in Q3 2015, selling an estimated $17.4M.
- Ray Dalio's ten largest holdings make up 76% of its $7.47B portfolio in Q3 2015.
- Ray Dalio opened 210 new positions and closed 86 in Q3 2015.
- Ray Dalio's portfolio value fell 31% quarter-over-quarter to $7.47B.
Based on Bridgewater Associates's 13F filing for Q3 2015, filed 12 Nov 2015.