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 Core S&P 500 ETF
IVV
|
+$1.12B |
| 2 |
Lam Research
LRCX
|
+$193M |
| 3 |
Adobe
ADBE
|
+$191M |
| 4 |
Mastercard
MA
|
+$138M |
| 5 |
Workday
WDAY
|
+$137M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$999M |
| 2 |
NVIDIA
NVDA
|
+$823M |
| 3 |
Alphabet (Google) Class A
GOOGL
|
+$617M |
| 4 |
SPDR Gold Trust
GLD
|
+$337M |
| 5 |
Microsoft
MSFT
|
+$315M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 28.56% |
| 2 | Financials | 12.71% |
| 3 | Consumer Discretionary | 8.78% |
| 4 | Healthcare | 7.77% |
| 5 | Communication Services | 7.44% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
301
SM Energy
SM
$6.87B
| $12M | 0.05% |
482,150
+133,116
| +38% | +$3.59M |
|
302
ADT
ADT
$5.58B
| $12M | 0.05% |
1,380,674
-534,088
| -28% | -$4.58M |
|
|
SNV
303
DELISTED
Synovus
SNV
| $12M | 0.05% |
+244,005
| New | +$12.5M |
|
304
HubSpot
HUBS
$10.5B
| $11.9M | 0.05% |
25,504
+7,450
| +41% | +$3.75M |
|
305
InterDigital
IDCC
$8.89B
| $11.9M | 0.05% |
34,540
+9,645
| +39% | +$2.62M |
|
306
Upwork
UPWK
$1.19B
| $11.9M | 0.05% |
+641,059
| New | +$9.55M |
|
307
Jackson Financial
JXN
$8.8B
| $11.9M | 0.05% |
+117,206
| New | +$10.9M |
|
308
PepsiCo
PEP
$190B
| $11.7M | 0.05% |
83,180
+5,570
| +7% | +$795K |
|
309
Lamb Weston
LW
$7.19B
| $11.6M | 0.05% |
200,189
+192,412
| +2,474% | +$10.5M |
|
310
Parker-Hannifin
PH
$135B
| $11.6M | 0.05% |
+15,283
| New | +$11.3M |
|
311
Scorpio Tankers
STNG
$3.81B
| $11.4M | 0.04% |
+204,078
| New | +$10.1M |
|
312
nVent Electric
NVT
$26.7B
| $11.4M | 0.04% |
+115,837
| New | +$10.1M |
|
313
Teleflex
TFX
$5.98B
| $11.3M | 0.04% |
92,558
+87,279
| +1,653% | +$10.6M |
|
314
Honeywell
HON
$78B
| $11.3M | 0.04% |
+57,012
| New | +$11.9M |
|
315
AppFolio
APPF
$7.04B
| $11.2M | 0.04% |
+40,594
| New | +$11M |
|
316
Incyte
INCY
$24.4B
| $11.1M | 0.04% |
131,284
-262,800
| -67% | -$20.8M |
|
317
Yelp
YELP
$1.41B
| $11.1M | 0.04% |
355,923
+56,707
| +19% | +$1.86M |
|
318
ATI
ATI
$31B
| $11.1M | 0.04% |
+136,458
| New | +$11.1M |
|
|
TMHC
319
DELISTED
Taylor Morrison
TMHC
| $10.9M | 0.04% |
164,891
-191,532
| -54% | -$12.6M |
|
320
Voya Financial
VOYA
$9.19B
| $10.9M | 0.04% |
145,224
+6,936
| +5% | +$511K |
|
321
Marriott International
MAR
$92.3B
| $10.8M | 0.04% |
+41,321
| New | +$11.1M |
|
322
Ziff Davis
ZD
$1.98B
| $10.7M | 0.04% |
+280,175
| New | +$9.81M |
|
323
American Financial Group
AFG
$12.1B
| $10.6M | 0.04% |
72,807
+38,715
| +114% | +$5.14M |
|
324
Progressive
PGR
$125B
| $10.5M | 0.04% |
+42,709
| New | +$10.5M |
|
|
EA
325
DELISTED
Electronic Arts
EA
| $10.5M | 0.04% |
+51,993
| New | +$8.61M |
|
Similar funds
Ray Dalio's Q3 2025 Portfolio in Review
As of Q3 2025, Ray Dalio held 1,078 positions worth $25.5B, up 3% from $24.8B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Ray Dalio withdrew a net $795M in Q3 2025, closing 64 positions and reducing 194 holdings. Its most notable exit was SPDR Gold Trust, an estimated $337M position sold in full.
By sector, the portfolio is most concentrated in Technology at 29% of assets, down from 29% a quarter earlier, followed by Financials and Consumer Discretionary.
Against the trend, Ray Dalio opened a new position in Reddit worth $142M.
- Ray Dalio's largest Q3 2025 buy was Reddit: 617,208 shares worth $142M.
- Ray Dalio added most to iShares Core S&P 500 ETF in Q3 2025, an estimated $1.12B increase.
- Ray Dalio's biggest Q3 2025 reduction was iShares Core MSCI Emerging Markets ETF, cutting an estimated $999M.
- Ray Dalio fully exited SPDR Gold Trust in Q3 2025, selling an estimated $337M.
- Ray Dalio's ten largest holdings make up 33% of its $25.5B portfolio in Q3 2025.
- Ray Dalio opened 493 new positions and closed 64 in Q3 2025.
- Ray Dalio's portfolio value rose 3% quarter-over-quarter to $25.5B.
Based on Bridgewater Associates's 13F filing for Q3 2025, filed 13 Nov 2025.