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
|
+$147M |
| 2 |
PepsiCo
PEP
|
+$23.8M |
| 3 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$20.5M |
| 4 |
Welltower
WELL
|
+$18.3M |
| 5 |
CTXS
Citrix Systems Inc
CTXS
|
+$16.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$266M |
| 2 |
Micron Technology
MU
|
+$25.9M |
| 3 |
AGN
Allergan Inc
AGN
|
+$17.7M |
| 4 |
Intel
INTC
|
+$15.6M |
| 5 |
Valero Energy
VLO
|
+$14.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 2.38% |
| 2 | Energy | 2.15% |
| 3 | Materials | 1.21% |
| 4 | Healthcare | 0.97% |
| 5 | Consumer Discretionary | 0.96% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
326
Johnson Controls International
JCI
$92.2B
| – | – |
-28,090
| Closed | -$1.22M |
|
327
JPMorgan Chase
JPM
$950B
| – | – |
-83,742
| Closed | -$4.33M |
|
328
KeyCorp
KEY
$24.4B
| – | – |
-83,142
| Closed | -$948K |
|
329
Kimberly-Clark
KMB
$36.5B
| – | – |
-7,153
| Closed | -$646K |
|
330
Labcorp
LH
$25.9B
| – | – |
-41,691
| Closed | -$3.55M |
|
331
Lincoln National
LNC
$8.81B
| – | – |
-27,018
| Closed | -$1.13M |
|
332
Lowe's Companies
LOW
$125B
| – | – |
-142,253
| Closed | -$6.77M |
|
333
MetLife
MET
$62.4B
| – | – |
-197,095
| Closed | -$8.25M |
|
334
3M
MMM
$94.3B
| – | – |
-2,754
| Closed | -$275K |
|
335
Monster Beverage
MNST
$88.4B
| – | – |
-71,400
| Closed | -$622K |
|
336
Marathon Petroleum
MPC
$83.7B
| – | – |
-140,000
| Closed | -$4.5M |
|
337
Annaly Capital Management
NLY
$17.4B
| – | – |
-109,581
| Closed | -$5.08M |
|
338
Northern Trust
NTRS
$33.9B
| – | – |
-14,242
| Closed | -$774K |
|
339
Nucor
NUE
$62.1B
| – | – |
-35,100
| Closed | -$1.72M |
|
340
ON Semiconductor
ON
$19.3B
| – | – |
-61,617
| Closed | -$450K |
|
341
O'Reilly Automotive
ORLY
$76.3B
| – | – |
-124,815
| Closed | -$1.06M |
|
342
Prologis
PLD
$133B
| – | – |
-25,045
| Closed | -$942K |
|
343
PNC Financial Services
PNC
$101B
| – | – |
-13,800
| Closed | -$1M |
|
344
Prudential Financial
PRU
$41.8B
| – | – |
-72,776
| Closed | -$5.67M |
|
345
Regions Financial
RF
$26.8B
| – | – |
-196,296
| Closed | -$1.82M |
|
346
Ross Stores
ROST
$81.9B
| – | – |
-260,470
| Closed | -$9.48M |
|
|
SEE
347
DELISTED
Sealed Air
SEE
| – | – |
-101,699
| Closed | -$2.77M |
|
348
Sherwin-Williams
SHW
$89.8B
| – | – |
-17,490
| Closed | -$1.06M |
|
349
Southern Company
SO
$107B
| – | – |
-75,300
| Closed | -$3.1M |
|
350
Simon Property Group
SPG
$72.3B
| – | – |
-12,694
| Closed | -$1.77M |
|
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Ray Dalio's Q4 2013 Portfolio in Review
As of Q4 2013, Ray Dalio held 378 positions worth $12.5B, up 5% from $11.9B the previous quarter. Its ten largest holdings account for 90% of the portfolio.
Ray Dalio's Q4 2013 filing shows 67 new, 162 increased, 63 reduced and 85 closed positions. Its largest new stake was PepsiCo: 286,977 shares worth $23.8M. The largest sale was State Street SPDR S&P 500 ETF Trust, an estimated $266M.
By sector, the portfolio is most concentrated in Technology at 2.4% of assets, up from 2.2% a quarter earlier, followed by Energy and Materials.
- Ray Dalio's largest Q4 2013 buy was PepsiCo: 286,977 shares worth $23.8M.
- Ray Dalio added most to iShares MSCI Emerging Markets ETF in Q4 2013, an estimated $147M increase.
- Ray Dalio's biggest Q4 2013 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $266M.
- Ray Dalio fully exited Valero Energy in Q4 2013, selling an estimated $14.2M.
- Ray Dalio's ten largest holdings make up 90% of its $12.5B portfolio in Q4 2013.
- Ray Dalio opened 67 new positions and closed 85 in Q4 2013.
- Ray Dalio's portfolio value rose 5% quarter-over-quarter to $12.5B.
Based on Bridgewater Associates's 13F filing for Q4 2013, filed 12 Feb 2014.