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 MSCI Emerging Markets ETF
IEMG
|
+$89.7M |
| 2 |
Cummins
CMI
|
+$35.2M |
| 3 |
Royal Bank of Canada
RY
|
+$32.9M |
| 4 |
Toll Brothers
TOL
|
+$32.7M |
| 5 |
Toronto Dominion Bank
TD
|
+$31.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Emerging Markets ETF
EEM
|
+$188M |
| 2 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$147M |
| 3 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$76M |
| 4 |
NFX
Newfield Exploration
NFX
|
+$32.1M |
| 5 |
Procter & Gamble
PG
|
+$30.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 3.42% |
| 2 | Healthcare | 2.95% |
| 3 | Consumer Discretionary | 2.83% |
| 4 | Energy | 2.39% |
| 5 | Industrials | 2.01% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
ACC
326
DELISTED
American Campus Communities, Inc.
ACC
| $558K | 0.01% |
13,012
-7,250
| -36% | -$290K |
|
|
DHC
327
Diversified Healthcare Trust
DHC
$2.14B
| $557K | 0.01% |
30,818
-18,179
| -37% | -$301K |
|
328
Extra Space Storage
EXR
$31.6B
| $557K | 0.01% |
5,582
-4,926
| -47% | -$459K |
|
329
Gold Fields
GFI
$36.5B
| $557K | 0.01% |
156,122
+11,515
| +8% | +$43.1K |
|
330
Regency Centers
REG
$14.1B
| $557K | 0.01% |
8,976
-4,294
| -32% | -$252K |
|
331
SITE Centers
SITC
$165M
| $557K | 0.01% |
48,283
-34,888
| -42% | -$347K |
|
|
TWO
332
Two Harbors Investment
TWO
$1.27B
| $557K | 0.01% |
8,813
-3,687
| -29% | -$231K |
|
333
Waters Corp
WAT
$39.9B
| $557K | 0.01% |
2,879
-6,114
| -68% | -$1.2M |
|
334
Steris
STE
$23.1B
| $556K | 0.01% |
5,290
-4,770
| -47% | -$480K |
|
335
Steel Dynamics
STLD
$37.6B
| $556K | 0.01% |
12,100
-20,480
| -63% | -$969K |
|
336
Crown Holdings
CCK
$13.1B
| $555K | 0.01% |
12,390
-15,219
| -55% | -$713K |
|
337
COPT Defense Properties
CDP
$4.21B
| $555K | 0.01% |
19,147
-10,872
| -36% | -$298K |
|
338
Cooper Companies
COO
$14.5B
| $555K | 0.01% |
9,432
-30,028
| -76% | -$1.72M |
|
339
Federal Realty Investment Trust
FRT
$10.3B
| $555K | 0.01% |
4,387
-6,280
| -59% | -$741K |
|
340
Henry Schein
HSIC
$9.82B
| $555K | 0.01% |
9,735
-8,090
| -45% | -$456K |
|
|
VRE
341
DELISTED
Veris Residential
VRE
| $555K | 0.01% |
27,347
-19,493
| -42% | -$359K |
|
|
LPT
342
DELISTED
Liberty Property Trust
LPT
| $555K | 0.01% |
12,525
-21,173
| -63% | -$897K |
|
343
Equity Residential
EQR
$25.1B
| $554K | 0.01% |
+8,706
| New | +$543K |
|
344
EQT Corp
EQT
$32.3B
| $554K | 0.01% |
18,438
| – | – |
|
345
Bruker
BRKR
$8.14B
| $553K | 0.01% |
19,029
-12,108
| -39% | -$368K |
|
346
Flowserve
FLS
$10.2B
| $553K | 0.01% |
13,696
-5,123
| -27% | -$223K |
|
347
Starwood Property Trust
STWD
$6.09B
| $552K | 0.01% |
25,443
-12,130
| -32% | -$261K |
|
348
UDR
UDR
$12.3B
| $552K | 0.01% |
14,711
-8,848
| -38% | -$320K |
|
|
HR
349
DELISTED
Healthcare Realty Trust Incorporated
HR
| $550K | 0.01% |
18,915
-8,800
| -32% | -$242K |
|
|
ELME
350
Elme Communities
ELME
$144M
| $547K | 0.01% |
18,037
-10,014
| -36% | -$286K |
|
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Ray Dalio's Q2 2018 Portfolio in Review
As of Q2 2018, Ray Dalio held 552 positions worth $10B, down 4.6% from $10.5B the previous quarter. Its ten largest holdings account for 70% of the portfolio.
Ray Dalio's Q2 2018 filing shows 92 new, 126 increased, 226 reduced and 92 closed positions. Its largest new stake was Cummins: 235,261 shares worth $31.3M. The largest sale was iShares MSCI Emerging Markets ETF, an estimated $188M.
By sector, the portfolio is most concentrated in Financials at 3.4% of assets, up from 2% a quarter earlier, followed by Healthcare and Consumer Discretionary.
- Ray Dalio's largest Q2 2018 buy was Cummins: 235,261 shares worth $31.3M.
- Ray Dalio added most to iShares Core MSCI Emerging Markets ETF in Q2 2018, an estimated $89.7M increase.
- Ray Dalio's biggest Q2 2018 reduction was iShares MSCI Emerging Markets ETF, cutting an estimated $188M.
- Ray Dalio fully exited Procter & Gamble in Q2 2018, selling an estimated $30.9M.
- Ray Dalio's ten largest holdings make up 70% of its $10B portfolio in Q2 2018.
- Ray Dalio opened 92 new positions and closed 92 in Q2 2018.
- Ray Dalio's portfolio value fell 4.6% quarter-over-quarter to $10B.
Based on Bridgewater Associates's 13F filing for Q2 2018, filed 13 Aug 2018.