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 | |
|---|---|---|---|---|---|---|
351
Wynn Resorts
WYNN
$10.6B
| $798K | 0.01% |
+5,743
| New | +$699K |
|
352
Bank of Hawaii
BOH
$3.13B
| $794K | 0.01% |
+8,349
| New | +$742K |
|
353
NVIDIA
NVDA
$5.42T
| $791K | 0.01% |
134,520
-955,040
| -88% | -$4.97M |
|
354
Valley National Bancorp
VLY
$8.04B
| $785K | 0.01% |
+68,563
| New | +$789K |
|
|
AUY
355
DELISTED
Yamana Gold, Inc.
AUY
| $783K | 0.01% |
198,136
+6,190
| +3% | +$21.7K |
|
356
ZTO Express
ZTO
$17.9B
| $780K | 0.01% |
33,395
+11,325
| +51% | +$245K |
|
357
Tencent Music
TME
$15.6B
| $776K | 0.01% |
66,117
+6,203
| +10% | +$79.7K |
|
358
Boyd Gaming
BYD
$6.06B
| $772K | 0.01% |
+25,778
| New | +$726K |
|
|
CTXS
359
DELISTED
Citrix Systems Inc
CTXS
| $771K | 0.01% |
+6,948
| New | +$748K |
|
360
B2Gold
BTG
$6.64B
| $752K | 0.01% |
187,152
+16,207
| +9% | +$57.2K |
|
|
VRN
361
DELISTED
Veren
VRN
| $751K | 0.01% |
168,170
-17,063
| -9% | -$66.7K |
|
362
Diamondback Energy
FANG
$52.7B
| $739K | 0.01% |
7,963
+72
| +0.9% | +$5.98K |
|
363
Timken Company
TKR
$9.03B
| $738K | 0.01% |
+13,099
| New | +$662K |
|
364
Zebra Technologies
ZBRA
$17.8B
| $738K | 0.01% |
+2,891
| New | +$676K |
|
365
NetApp
NTAP
$37.2B
| $728K | 0.01% |
+11,702
| New | +$683K |
|
366
Associated Banc-Corp
ASB
$5.91B
| $725K | 0.01% |
+32,915
| New | +$695K |
|
367
Amkor Technology
AMKR
$13.7B
| $723K | 0.01% |
+55,596
| New | +$663K |
|
|
MXIM
368
DELISTED
Maxim Integrated Products
MXIM
| $722K | 0.01% |
+11,733
| New | +$683K |
|
369
Dover
DOV
$28.4B
| $714K | 0.01% |
+6,199
| New | +$664K |
|
370
Vishay Intertechnology
VSH
$5.43B
| $714K | 0.01% |
+33,514
| New | +$650K |
|
371
Expeditors International
EXPD
$23.2B
| $711K | 0.01% |
+9,117
| New | +$683K |
|
372
Kennametal
KMT
$2.52B
| $711K | 0.01% |
+19,264
| New | +$645K |
|
373
Viavi Solutions
VIAV
$9.66B
| $699K | 0.01% |
+46,600
| New | +$698K |
|
374
FMC
FMC
$1.33B
| $693K | 0.01% |
+6,942
| New | +$646K |
|
375
PENN Entertainment
PENN
$2.71B
| $687K | 0.01% |
+26,885
| New | +$597K |
|
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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.