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 |
JPMorgan Chase
JPM
|
+$83.3M |
| 2 |
Bank of America
BAC
|
+$60.7M |
| 3 |
Wells Fargo
WFC
|
+$46.3M |
| 4 |
Citigroup
C
|
+$33.4M |
| 5 |
US Bancorp
USB
|
+$18.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$535M |
| 2 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$484M |
| 3 |
iShares MSCI Emerging Markets ETF
EEM
|
+$386M |
| 4 |
iShares MSCI Brazil ETF
EWZ
|
+$74.6M |
| 5 |
Biogen
BIIB
|
+$55.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 6.62% |
| 2 | Consumer Discretionary | 3.62% |
| 3 | Industrials | 2.16% |
| 4 | Materials | 1.56% |
| 5 | Technology | 1.16% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
326
Ametek
AME
$58.2B
| $979K | 0.01% |
+9,817
| New | +$930K |
|
327
Fortinet
FTNT
$117B
| $978K | 0.01% |
45,820
+16,265
| +55% | +$306K |
|
|
PACW
328
DELISTED
PacWest Bancorp
PACW
| $948K | 0.01% |
+24,772
| New | +$932K |
|
329
Qualcomm
QCOM
$176B
| $936K | 0.01% |
+10,609
| New | +$888K |
|
330
Teleflex
TFX
$5.98B
| $934K | 0.01% |
+2,480
| New | +$854K |
|
331
Alcoa
AA
$13.2B
| $926K | 0.01% |
+43,035
| New | +$891K |
|
332
Macy's
M
$6.68B
| $904K | 0.01% |
53,154
-3,337,749
| -98% | -$52.2M |
|
333
Hewlett Packard
HPE
$70.5B
| $902K | 0.01% |
+56,851
| New | +$908K |
|
|
CXO
334
DELISTED
CONCHO RESOURCES INC.
CXO
| $891K | 0.01% |
10,171
+10
| +0.1% | +$722 |
|
335
Pan American Silver
PAAS
$21.6B
| $888K | 0.01% |
37,464
+455
| +1% | +$8.43K |
|
336
Skyworks Solutions
SWKS
$10.6B
| $888K | 0.01% |
+7,348
| New | +$722K |
|
337
Visteon
VC
$2.78B
| $887K | 0.01% |
+10,247
| New | +$913K |
|
338
Pool Corp
POOL
$7.5B
| $884K | 0.01% |
+4,161
| New | +$859K |
|
|
MDC
339
DELISTED
M.D.C. Holdings, Inc.
MDC
| $876K | 0.01% |
+24,791
| New | +$933K |
|
340
Affiliated Managers Group
AMG
$9.76B
| $871K | 0.01% |
+10,274
| New | +$843K |
|
341
iQIYI
IQ
$1.28B
| $861K | 0.01% |
40,787
+6,175
| +18% | +$114K |
|
|
MIC
342
DELISTED
Macquarie Infrastructure Holdings, LLC
MIC
| $859K | 0.01% |
+20,040
| New | +$827K |
|
|
JOYY
343
JOYY Inc
JOYY
$3.75B
| $858K | 0.01% |
16,260
+1,299
| +9% | +$76.5K |
|
|
TGNA
344
DELISTED
TEGNA Inc
TGNA
| $840K | 0.01% |
+50,350
| New | +$783K |
|
345
KBR
KBR
$4.8B
| $839K | 0.01% |
27,506
+6,709
| +32% | +$189K |
|
|
MNDT
346
DELISTED
Mandiant, Inc. Common Stock
MNDT
| $818K | 0.01% |
+49,490
| New | +$794K |
|
|
HTZ
347
DELISTED
Hertz Global Holdings, Inc.
HTZ
| $818K | 0.01% |
+51,966
| New | +$779K |
|
348
Bank OZK
OZK
$5.61B
| $813K | 0.01% |
+26,656
| New | +$782K |
|
|
KSU
349
DELISTED
Kansas City Southern
KSU
| $812K | 0.01% |
+5,301
| New | +$778K |
|
|
AVX
350
DELISTED
AVX Corporation
AVX
| $805K | 0.01% |
+39,310
| New | +$677K |
|
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Ray Dalio's Q4 2019 Portfolio in Review
As of Q4 2019, Ray Dalio held 589 positions worth $9.79B, down 14% from $11.4B the previous quarter. Its ten largest holdings account for 67% of the portfolio.
Ray Dalio withdrew a net $2.32B in Q4 2019, closing 118 positions and reducing 104 holdings. Its most notable exit was Biogen, an estimated $55.3M position sold in full.
By sector, the portfolio is most concentrated in Financials at 6.6% of assets, up from 3.2% a quarter earlier, followed by Consumer Discretionary and Industrials.
Against the trend, Ray Dalio opened a new position in JPMorgan Chase worth $90.5M.
- Ray Dalio's largest Q4 2019 buy was JPMorgan Chase: 649,376 shares worth $90.5M.
- Ray Dalio added most to iShares MSCI Taiwan ETF in Q4 2019, an estimated $16.2M increase.
- Ray Dalio's biggest Q4 2019 reduction was Vanguard FTSE Emerging Markets ETF, cutting an estimated $535M.
- Ray Dalio fully exited Biogen in Q4 2019, selling an estimated $55.3M.
- Ray Dalio's ten largest holdings make up 67% of its $9.79B portfolio in Q4 2019.
- Ray Dalio opened 256 new positions and closed 118 in Q4 2019.
- Ray Dalio's portfolio value fell 14% quarter-over-quarter to $9.79B.
Based on Bridgewater Associates's 13F filing for Q4 2019, filed 13 Feb 2020.