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 |
PG&E
PCG
|
+$47.4M |
| 2 |
iShares MSCI Brazil ETF
EWZ
|
+$37.4M |
| 3 |
CVS Health
CVS
|
+$30.6M |
| 4 |
Cardinal Health
CAH
|
+$29.4M |
| 5 |
PPL
PPL Corp
PPL
|
+$24.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Emerging Markets ETF
EEM
|
+$1.52B |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$866M |
| 3 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$516M |
| 4 |
Kroger
KR
|
+$42.3M |
| 5 |
ESRX
Express Scripts Holding Company
ESRX
|
+$36.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 1.72% |
| 2 | Consumer Discretionary | 1.46% |
| 3 | Financials | 1.05% |
| 4 | Materials | 0.96% |
| 5 | Energy | 0.92% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
301
Motorola Solutions
MSI
$77.4B
| – | – |
-91,922
| Closed | -$7.8M |
|
302
Nike
NKE
$61.9B
| – | – |
-44,766
| Closed | -$2.32M |
|
303
NetApp
NTAP
$37.2B
| – | – |
-274,012
| Closed | -$12M |
|
304
Northern Trust
NTRS
$33.9B
| – | – |
-3,662
| Closed | -$337K |
|
305
NVIDIA
NVDA
$5.42T
| – | – |
-1,068,320
| Closed | -$4.78M |
|
306
O-I Glass
OI
$1.08B
| – | – |
-8,266
| Closed | -$208K |
|
307
Progressive
PGR
$125B
| – | – |
-28,131
| Closed | -$1.36M |
|
308
Pultegroup
PHM
$25.3B
| – | – |
-141,495
| Closed | -$3.87M |
|
309
Philip Morris
PM
$295B
| – | – |
-14,901
| Closed | -$1.65M |
|
310
Pinnacle West Capital
PNW
$12.2B
| – | – |
-18,171
| Closed | -$1.54M |
|
311
PPG Industries
PPG
$26.6B
| – | – |
-12,663
| Closed | -$1.38M |
|
312
Regeneron Pharmaceuticals
REGN
$80.8B
| – | – |
-25,700
| Closed | -$11.5M |
|
313
RTX Corp
RTX
$301B
| – | – |
-28,646
| Closed | -$2.09M |
|
314
SITE Centers
SITC
$165M
| – | – |
-105,177
| Closed | -$1.24M |
|
315
J.M. Smucker
SJM
$12.8B
| – | – |
-2,114
| Closed | -$222K |
|
316
Simon Property Group
SPG
$72.3B
| – | – |
-10,872
| Closed | -$1.75M |
|
317
S&P Global
SPGI
$120B
| – | – |
-73,830
| Closed | -$11.5M |
|
318
Molson Coors Class B
TAP
$8.1B
| – | – |
-16,261
| Closed | -$1.33M |
|
319
Bio-Techne
TECH
$11.3B
| – | – |
-7,820
| Closed | -$236K |
|
320
Toll Brothers
TOL
$14.5B
| – | – |
-139,790
| Closed | -$5.8M |
|
321
Tyson Foods
TSN
$20.4B
| – | – |
-175,685
| Closed | -$12.4M |
|
322
Texas Instruments
TXN
$261B
| – | – |
-130,318
| Closed | -$11.7M |
|
323
UnitedHealth
UNH
$370B
| – | – |
-4,492
| Closed | -$880K |
|
324
Union Pacific
UNP
$174B
| – | – |
-20,321
| Closed | -$2.36M |
|
325
VF Corp
VFC
$5.89B
| – | – |
-86,379
| Closed | -$5.17M |
|
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Ray Dalio's Q4 2017 Portfolio in Review
As of Q4 2017, Ray Dalio held 337 positions worth $12.2B, down 18% from $14.9B the previous quarter. Its ten largest holdings account for 81% of the portfolio.
Ray Dalio withdrew a net $3.26B in Q4 2017, closing 91 positions and reducing 136 holdings. Its most notable exit was Kroger, an estimated $42.3M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 1.7% of assets, up from 1.5% a quarter earlier, followed by Consumer Discretionary and Financials.
Against the trend, Ray Dalio opened a new position in PG&E worth $38M.
- Ray Dalio's largest Q4 2017 buy was PG&E: 846,531 shares worth $38M.
- Ray Dalio added most to iShares MSCI Brazil ETF in Q4 2017, an estimated $37.4M increase.
- Ray Dalio's biggest Q4 2017 reduction was iShares MSCI Emerging Markets ETF, cutting an estimated $1.52B.
- Ray Dalio fully exited Kroger in Q4 2017, selling an estimated $42.3M.
- Ray Dalio's ten largest holdings make up 81% of its $12.2B portfolio in Q4 2017.
- Ray Dalio opened 51 new positions and closed 91 in Q4 2017.
- Ray Dalio's portfolio value fell 18% quarter-over-quarter to $12.2B.
Based on Bridgewater Associates's 13F filing for Q4 2017, filed 13 Feb 2018.