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 MSCI Emerging Markets ETF
EEM
|
+$199M |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$82.8M |
| 3 |
American Express
AXP
|
+$20.2M |
| 4 |
RTX Corp
RTX
|
+$15.4M |
| 5 |
United Parcel Service
UPS
|
+$14.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$364M |
| 2 |
Microsoft
MSFT
|
+$34.2M |
| 3 |
Ventas
VTR
|
+$15M |
| 4 |
Intel
INTC
|
+$14.6M |
| 5 |
Conagra Brands
CAG
|
+$12.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 2.58% |
| 2 | Energy | 1.96% |
| 3 | Materials | 1.29% |
| 4 | Consumer Discretionary | 1.01% |
| 5 | Industrials | 0.88% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
301
AT&T
T
$163B
| $412K | ﹤0.01% |
15,486
-36,944
| -70% | -$983K |
|
302
Realty Income
O
$59.1B
| $406K | ﹤0.01% |
+10,271
| New | +$438K |
|
303
Progressive
PGR
$125B
| $401K | ﹤0.01% |
+15,851
| New | +$391K |
|
304
Royal Caribbean
RCL
$85.6B
| $397K | ﹤0.01% |
5,900
-28,200
| -83% | -$1.75M |
|
305
Mastercard
MA
$493B
| $390K | ﹤0.01% |
+5,277
| New | +$402K |
|
306
Corpay
CPAY
$25.7B
| $384K | ﹤0.01% |
+2,700
| New | +$372K |
|
307
Exelon
EXC
$47B
| $381K | ﹤0.01% |
+15,659
| New | +$367K |
|
308
Invesco
IVZ
$13.9B
| $379K | ﹤0.01% |
+9,600
| New | +$378K |
|
309
J.M. Smucker
SJM
$12.8B
| $374K | ﹤0.01% |
+3,783
| New | +$388K |
|
310
LyondellBasell Industries
LYB
$19.2B
| $369K | ﹤0.01% |
3,400
+700
| +26% | +$75.7K |
|
311
Duke Energy
DUK
$97.3B
| $361K | ﹤0.01% |
4,834
-111,700
| -96% | -$8.15M |
|
312
Unum
UNM
$14.3B
| $358K | ﹤0.01% |
+10,400
| New | +$366K |
|
313
TripAdvisor
TRIP
$1.26B
| $357K | ﹤0.01% |
+3,900
| New | +$386K |
|
314
Waters Corp
WAT
$39.9B
| $357K | ﹤0.01% |
+3,600
| New | +$371K |
|
315
Vornado Realty Trust
VNO
$7.38B
| $356K | ﹤0.01% |
+4,866
| New | +$375K |
|
|
JWN
316
DELISTED
Nordstrom
JWN
| $352K | ﹤0.01% |
5,143
-34,760
| -87% | -$2.39M |
|
|
OCR
317
DELISTED
OMNICARE INC
OCR
| $351K | ﹤0.01% |
+5,634
| New | +$358K |
|
|
PBCT
318
DELISTED
People's United Financial Inc
PBCT
| $349K | ﹤0.01% |
+24,100
| New | +$358K |
|
319
Hartford Financial Services
HIG
$39.3B
| $345K | ﹤0.01% |
+9,256
| New | +$335K |
|
|
LVLT
320
DELISTED
Level 3 Communications Inc
LVLT
| $338K | ﹤0.01% |
+7,400
| New | +$329K |
|
|
SPN
321
DELISTED
Superior Energy Services, Inc.
SPN
| $329K | ﹤0.01% |
+1,000
| New | +$346K |
|
322
Madison Square Garden
MSGS
$9.39B
| $327K | ﹤0.01% |
+6,941
| New | +$313K |
|
323
Kimco Realty
KIM
$16.4B
| $320K | ﹤0.01% |
+14,600
| New | +$335K |
|
|
RKT
324
DELISTED
ROCK-TENN COMPANY CL-A
RKT
| $313K | ﹤0.01% |
+6,582
| New | +$327K |
|
325
Equity Residential
EQR
$25.1B
| $310K | ﹤0.01% |
+5,026
| New | +$325K |
|
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Ray Dalio's Q3 2014 Portfolio in Review
As of Q3 2014, Ray Dalio held 455 positions worth $12.8B, down 3.9% from $13.3B the previous quarter. Its ten largest holdings account for 90% of the portfolio.
Ray Dalio's Q3 2014 filing shows 152 new, 111 increased, 96 reduced and 92 closed positions. Its largest new stake was American Express: 224,123 shares worth $19.6M. The largest sale was State Street SPDR S&P 500 ETF Trust, an estimated $364M.
By sector, the portfolio is most concentrated in Technology at 2.6% of assets, down from 3% a quarter earlier, followed by Energy and Materials.
- Ray Dalio's largest Q3 2014 buy was American Express: 224,123 shares worth $19.6M.
- Ray Dalio added most to iShares MSCI Emerging Markets ETF in Q3 2014, an estimated $199M increase.
- Ray Dalio's biggest Q3 2014 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $364M.
- Ray Dalio fully exited Conagra Brands in Q3 2014, selling an estimated $12.8M.
- Ray Dalio's ten largest holdings make up 90% of its $12.8B portfolio in Q3 2014.
- Ray Dalio opened 152 new positions and closed 92 in Q3 2014.
- Ray Dalio's portfolio value fell 3.9% quarter-over-quarter to $12.8B.
Based on Bridgewater Associates's 13F filing for Q3 2014, filed 12 Nov 2014.