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
|
+$43.1M |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$36M |
| 3 |
GE Aerospace
GE
|
+$25.9M |
| 4 |
iShares MSCI South Korea ETF
EWY
|
+$24.9M |
| 5 |
Intel
INTC
|
+$23.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Brazil ETF
EWZ
|
+$159M |
| 2 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$152M |
| 3 |
CVS Health
CVS
|
+$43.4M |
| 4 |
WBA
Walgreens Boots Alliance
WBA
|
+$37M |
| 5 |
Oracle
ORCL
|
+$36.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 3.43% |
| 2 | Consumer Discretionary | 3.34% |
| 3 | Energy | 2.23% |
| 4 | Healthcare | 1.95% |
| 5 | Industrials | 1.84% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
326
Vornado Realty Trust
VNO
$7.38B
| $263K | ﹤0.01% |
+3,597
| New | +$267K |
|
|
FISV
327
Fiserv Inc
FISV
$27.9B
| $260K | ﹤0.01% |
3,151
-9,292
| -75% | -$729K |
|
328
Regions Financial
RF
$26.8B
| $258K | ﹤0.01% |
14,055
-31,691
| -69% | -$596K |
|
329
Xcel Energy
XEL
$48.8B
| $258K | ﹤0.01% |
5,455
-2,334
| -30% | -$110K |
|
330
Global Payments
GPN
$22.8B
| $255K | ﹤0.01% |
1,998
-6,317
| -76% | -$760K |
|
331
Owens Corning
OC
$12.4B
| $255K | ﹤0.01% |
4,705
-7,427
| -61% | -$447K |
|
332
Republic Services
RSG
$65.7B
| $250K | ﹤0.01% |
+3,445
| New | +$249K |
|
|
PVG
333
DELISTED
PRETIUM RESOURCES INC.
PVG
| $246K | ﹤0.01% |
32,374
-780
| -2% | -$6.4K |
|
334
Gartner
IT
$11.7B
| $244K | ﹤0.01% |
1,539
-5,210
| -77% | -$755K |
|
|
TSS
335
DELISTED
Total System Services, Inc.
TSS
| $244K | ﹤0.01% |
2,468
-18,339
| -88% | -$1.73M |
|
336
Deluxe
DLX
$1.15B
| $242K | ﹤0.01% |
4,254
-5,835
| -58% | -$352K |
|
337
CACI
CACI
$14.2B
| $240K | ﹤0.01% |
1,303
-4,014
| -75% | -$741K |
|
338
CMS Energy
CMS
$22.3B
| $240K | ﹤0.01% |
4,898
-2,603
| -35% | -$127K |
|
|
CMA
339
DELISTED
Comerica
CMA
| $238K | ﹤0.01% |
2,634
-5,642
| -68% | -$538K |
|
340
News Corp Class A
NWSA
$15.4B
| $230K | ﹤0.01% |
17,406
-24,152
| -58% | -$339K |
|
341
J.M. Smucker
SJM
$12.8B
| $230K | ﹤0.01% |
+2,237
| New | +$244K |
|
342
Sibanye-Stillwater
SBSW
$7.53B
| $227K | ﹤0.01% |
91,026
-25,783
| -22% | -$62K |
|
343
Cullen/Frost Bankers
CFR
$10.2B
| $225K | ﹤0.01% |
+2,153
| New | +$239K |
|
344
Morningstar
MORN
$7.53B
| $224K | ﹤0.01% |
1,778
-3,281
| -65% | -$442K |
|
|
SEE
345
DELISTED
Sealed Air
SEE
| $223K | ﹤0.01% |
+5,561
| New | +$230K |
|
346
Expeditors International
EXPD
$23.2B
| $220K | ﹤0.01% |
2,986
-1,952
| -40% | -$144K |
|
347
John Wiley & Sons Class A
WLY
$2.66B
| $218K | ﹤0.01% |
3,595
-6,622
| -65% | -$412K |
|
|
DNKN
348
DELISTED
Dunkin' Brands Group, Inc.
DNKN
| $202K | ﹤0.01% |
+2,745
| New | +$198K |
|
|
TRQ
349
DELISTED
Turquoise Hill Resources Ltd
TRQ
| $164K | ﹤0.01% |
7,695
-282
| -4% | -$7.05K |
|
|
TAHO
350
DELISTED
Tahoe Resources Inc
TAHO
| $153K | ﹤0.01% |
55,279
-1,110
| -2% | -$4.3K |
|
Similar funds
Ray Dalio's Q3 2018 Portfolio in Review
As of Q3 2018, Ray Dalio held 523 positions worth $9.65B, down 3.5% from $10B the previous quarter. Its ten largest holdings account for 71% of the portfolio.
Ray Dalio withdrew a net $469M in Q3 2018, closing 169 positions and reducing 149 holdings. Its most notable exit was PG&E, an estimated $33M position sold in full.
By sector, the portfolio is most concentrated in Financials at 3.4% of assets, up from 3.4% a quarter earlier, followed by Consumer Discretionary and Energy.
Against the trend, Ray Dalio opened a new position in GE Aerospace worth $22.7M.
- Ray Dalio's largest Q3 2018 buy was GE Aerospace: 419,966 shares worth $22.7M.
- Ray Dalio added most to iShares Core MSCI Emerging Markets ETF in Q3 2018, an estimated $43.1M increase.
- Ray Dalio's biggest Q3 2018 reduction was iShares MSCI Brazil ETF, cutting an estimated $159M.
- Ray Dalio fully exited PG&E in Q3 2018, selling an estimated $33M.
- Ray Dalio's ten largest holdings make up 71% of its $9.65B portfolio in Q3 2018.
- Ray Dalio opened 63 new positions and closed 169 in Q3 2018.
- Ray Dalio's portfolio value fell 3.5% quarter-over-quarter to $9.65B.
Based on Bridgewater Associates's 13F filing for Q3 2018, filed 13 Nov 2018.