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 | |
|---|---|---|---|---|---|---|
276
Choice Hotels
CHH
$4.8B
| $1.34M | 0.01% |
12,928
+3,357
| +35% | +$313K |
|
277
Harley-Davidson
HOG
$2.71B
| $1.33M | 0.01% |
35,779
+27,725
| +344% | +$1.03M |
|
278
Goodyear
GT
$1.85B
| $1.32M | 0.01% |
85,213
+70,206
| +468% | +$1.1M |
|
279
Jefferies Financial Group
JEF
$13.1B
| $1.32M | 0.01% |
64,856
+31,207
| +93% | +$590K |
|
280
Ubiquiti
UI
$34.3B
| $1.3M | 0.01% |
+6,899
| New | +$1.11M |
|
|
JOBS
281
DELISTED
51job Inc
JOBS
| $1.29M | 0.01% |
15,200
-547
| -3% | -$43.8K |
|
|
PXD
282
DELISTED
Pioneer Natural Resource Co.
PXD
| $1.28M | 0.01% |
8,464
-3,248
| -28% | -$432K |
|
283
BOK Financial
BOKF
$8.74B
| $1.28M | 0.01% |
+14,648
| New | +$1.19M |
|
284
Cullen/Frost Bankers
CFR
$10.2B
| $1.26M | 0.01% |
+12,930
| New | +$1.2M |
|
285
Acuity Brands
AYI
$10.8B
| $1.26M | 0.01% |
+9,154
| New | +$1.18M |
|
286
JetBlue
JBLU
$2.29B
| $1.25M | 0.01% |
+66,981
| New | +$1.24M |
|
287
New York Times
NYT
$10.2B
| $1.24M | 0.01% |
+38,558
| New | +$1.2M |
|
288
Sibanye-Stillwater
SBSW
$7.53B
| $1.22M | 0.01% |
123,234
+9,184
| +8% | +$71K |
|
289
Bath & Body Works
BBWI
$4.1B
| $1.21M | 0.01% |
82,353
-3,291,859
| -98% | -$47.5M |
|
290
Crane NXT
CXT
$3.07B
| $1.21M | 0.01% |
+40,148
| New | +$1.14M |
|
291
KLA
KLAC
$259B
| $1.2M | 0.01% |
+67,430
| New | +$1.13M |
|
|
SNV
292
DELISTED
Synovus
SNV
| $1.2M | 0.01% |
+30,503
| New | +$1.12M |
|
293
Popular Inc
BPOP
$11.1B
| $1.17M | 0.01% |
+19,966
| New | +$1.11M |
|
294
Cummins
CMI
$88.7B
| $1.16M | 0.01% |
6,505
-7,077
| -52% | -$1.25M |
|
|
FLG
295
Flagstar Bank National Association
FLG
$5.82B
| $1.16M | 0.01% |
+32,204
| New | +$1.19M |
|
|
ANSS
296
DELISTED
Ansys
ANSS
| $1.16M | 0.01% |
4,502
+2,292
| +104% | +$542K |
|
297
TE Connectivity
TEL
$62.6B
| $1.16M | 0.01% |
+12,059
| New | +$1.12M |
|
298
First Solar
FSLR
$26.9B
| $1.15M | 0.01% |
+20,603
| New | +$1.13M |
|
299
Palo Alto Networks
PANW
$297B
| $1.15M | 0.01% |
+29,874
| New | +$1.13M |
|
300
BlackBerry
BB
$5.26B
| $1.15M | 0.01% |
178,500
-1,509
| -0.8% | -$8.28K |
|
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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.