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
|
+$380M |
| 2 |
iShares MSCI South Korea ETF
EWY
|
+$171M |
| 3 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$146M |
| 4 |
XEC
CIMAREX ENERGY CO
XEC
|
+$84.8M |
| 5 |
Bread Financial
BFH
|
+$78.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Brazil ETF
EWZ
|
+$133M |
| 2 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$92.5M |
| 3 |
iShares MSCI Taiwan ETF
EWT
|
+$37M |
| 4 |
Toll Brothers
TOL
|
+$33.7M |
| 5 |
NFX
Newfield Exploration
NFX
|
+$24.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 5.64% |
| 2 | Consumer Discretionary | 4.56% |
| 3 | Energy | 3.53% |
| 4 | Healthcare | 2.96% |
| 5 | Industrials | 2.8% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
326
OGE Energy
OGE
$9.71B
| $999K | 0.01% |
25,493
-1,267
| -5% | -$48.6K |
|
327
American Financial Group
AFG
$12.1B
| $991K | 0.01% |
+10,947
| New | +$1.1M |
|
328
McCormick & Company Non-Voting
MKC
$14.2B
| $978K | 0.01% |
+14,050
| New | +$1.01M |
|
|
HBI
329
DELISTED
Hanesbrands
HBI
| $959K | 0.01% |
+76,536
| New | +$1.19M |
|
330
Service Corp International
SCI
$11.6B
| $958K | 0.01% |
+23,784
| New | +$1.03M |
|
|
WRK
331
DELISTED
WestRock Company
WRK
| $953K | 0.01% |
+25,236
| New | +$1.11M |
|
332
Lamar Advertising Co
LAMR
$16.3B
| $950K | 0.01% |
+13,733
| New | +$1.01M |
|
333
MSC Industrial Direct
MSM
$6.86B
| $941K | 0.01% |
+12,228
| New | +$1.01M |
|
334
Bruker
BRKR
$8.14B
| $933K | 0.01% |
+31,339
| New | +$989K |
|
335
Steris
STE
$23.1B
| $932K | 0.01% |
+8,726
| New | +$974K |
|
|
HRC
336
DELISTED
HILL-ROM HOLDINGS, INC.
HRC
| $932K | 0.01% |
+10,522
| New | +$956K |
|
|
KL
337
DELISTED
Kirkland Lake Gold Ltd Ordinary
KL
| $929K | 0.01% |
35,627
-414
| -1% | -$8.78K |
|
|
FLIR
338
DELISTED
FLIR Systems, Inc. (DE) Common Stock
FLIR
| $926K | 0.01% |
21,276
+16,802
| +376% | +$826K |
|
339
ResMed
RMD
$30.7B
| $925K | 0.01% |
+8,119
| New | +$870K |
|
340
Waters Corp
WAT
$39.9B
| $925K | 0.01% |
+4,905
| New | +$932K |
|
341
Dentsply Sirona
XRAY
$2.43B
| $922K | 0.01% |
24,774
+2,789
| +13% | +$101K |
|
342
Trip.com Group
TCOM
$29.1B
| $909K | 0.01% |
33,582
+1,758
| +6% | +$53.6K |
|
343
Tenet Healthcare
THC
$21.1B
| $906K | 0.01% |
+52,869
| New | +$1.28M |
|
|
PDCO
344
DELISTED
Patterson Companies, Inc.
PDCO
| $903K | 0.01% |
+45,931
| New | +$1.07M |
|
345
Align Technology
ALGN
$12.3B
| $895K | 0.01% |
+4,274
| New | +$1.08M |
|
346
Copart
CPRT
$27.5B
| $886K | 0.01% |
74,188
-321,796
| -81% | -$3.97M |
|
347
AngloGold Ashanti
AU
$48.7B
| $884K | 0.01% |
70,471
+705
| +1% | +$7.23K |
|
348
Gentex
GNTX
$5.07B
| $867K | 0.01% |
42,887
+25,739
| +150% | +$539K |
|
349
Thor Industries
THO
$4.14B
| $865K | 0.01% |
+16,628
| New | +$1.13M |
|
350
IDEX
IEX
$17.3B
| $864K | 0.01% |
+6,843
| New | +$916K |
|
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Ray Dalio's Q4 2018 Portfolio in Review
As of Q4 2018, Ray Dalio held 528 positions worth $10.9B, up 13% from $9.65B the previous quarter. Its ten largest holdings account for 62% of the portfolio.
Ray Dalio deployed $2.53B of net new capital in Q4 2018, opening 174 new positions and adding to 210 existing holdings. Its largest new stake was Eastman Chemical: 624,555 shares worth $45.7M.
By sector, the portfolio is most concentrated in Financials at 5.6% of assets, up from 3.4% a quarter earlier, followed by Consumer Discretionary and Energy.
On the sell side, the largest reduction was iShares MSCI Brazil ETF, an estimated $133M trimmed.
- Ray Dalio's largest Q4 2018 buy was Eastman Chemical: 624,555 shares worth $45.7M.
- Ray Dalio added most to iShares Core S&P 500 ETF in Q4 2018, an estimated $380M increase.
- Ray Dalio's biggest Q4 2018 reduction was iShares MSCI Brazil ETF, cutting an estimated $133M.
- Ray Dalio fully exited iShares MSCI Taiwan ETF in Q4 2018, selling an estimated $37M.
- Ray Dalio's ten largest holdings make up 62% of its $10.9B portfolio in Q4 2018.
- Ray Dalio opened 174 new positions and closed 56 in Q4 2018.
- Ray Dalio's portfolio value rose 13% quarter-over-quarter to $10.9B.
Based on Bridgewater Associates's 13F filing for Q4 2018, filed 13 Feb 2019.