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 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$1.28B |
| 2 |
Oracle
ORCL
|
+$349M |
| 3 |
NVIDIA
NVDA
|
+$252M |
| 4 |
Micron Technology
MU
|
+$204M |
| 5 |
Amazon
AMZN
|
+$188M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class A
GOOGL
|
+$304M |
| 2 |
Uber
UBER
|
+$208M |
| 3 |
FISV
Fiserv Inc
FISV
|
+$205M |
| 4 |
Meta Platforms (Facebook)
META
|
+$129M |
| 5 |
Wells Fargo
WFC
|
+$121M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 28.43% |
| 2 | Financials | 11.06% |
| 3 | Consumer Discretionary | 8.45% |
| 4 | Healthcare | 6.54% |
| 5 | Industrials | 6.28% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
351
Raymond James Financial
RJF
$34B
| $10.2M | 0.04% |
63,619
+31,217
| +96% | +$5.04M |
|
352
PTC
PTC
$16B
| $10.1M | 0.04% |
58,197
+34,564
| +146% | +$6.42M |
|
353
Zoom
ZM
$30.6B
| $10.1M | 0.04% |
116,808
-10,074
| -8% | -$848K |
|
354
Bank OZK
OZK
$5.61B
| $10M | 0.04% |
218,318
+112,784
| +107% | +$5.28M |
|
355
Zebra Technologies
ZBRA
$17.8B
| $10M | 0.04% |
41,307
+27,989
| +210% | +$7.48M |
|
356
Par Pacific Holdings
PARR
$3.32B
| $9.99M | 0.04% |
284,205
-267,355
| -48% | -$10.6M |
|
357
Antero Resources
AR
$10.7B
| $9.98M | 0.04% |
289,749
-577,321
| -67% | -$19.6M |
|
358
Scorpio Tankers
STNG
$3.81B
| $9.97M | 0.04% |
196,202
-7,876
| -4% | -$449K |
|
359
DexCom
DXCM
$32B
| $9.91M | 0.04% |
149,264
+28,769
| +24% | +$1.86M |
|
360
AppFolio
APPF
$7.04B
| $9.87M | 0.04% |
42,436
+1,842
| +5% | +$438K |
|
361
Public Service Enterprise Group
PEG
$37.7B
| $9.84M | 0.04% |
122,562
+47,805
| +64% | +$3.9M |
|
362
eBay
EBAY
$49.8B
| $9.81M | 0.04% |
112,674
-952,375
| -89% | -$82.4M |
|
363
Lear
LEA
$8.18B
| $9.81M | 0.04% |
85,596
-46,653
| -35% | -$4.99M |
|
364
Corcept Therapeutics
CORT
$12B
| $9.71M | 0.04% |
279,000
-26,946
| -9% | -$2.12M |
|
365
Cal-Maine
CALM
$3.99B
| $9.69M | 0.04% |
121,816
-77,602
| -39% | -$6.81M |
|
366
Alkermes
ALKS
$8.25B
| $9.64M | 0.04% |
+344,452
| New | +$10.3M |
|
367
Dollar General
DG
$27.9B
| $9.6M | 0.04% |
72,338
+25,243
| +54% | +$2.82M |
|
368
VF Corp
VFC
$5.89B
| $9.53M | 0.03% |
527,372
+431,835
| +452% | +$7M |
|
369
Jack Henry & Associates
JKHY
$11.1B
| $9.45M | 0.03% |
51,777
-54,520
| -51% | -$9.08M |
|
370
Keysight
KEYS
$58.3B
| $9.43M | 0.03% |
46,424
-32,021
| -41% | -$5.94M |
|
371
Toronto Dominion Bank
TD
$200B
| $9.41M | 0.03% |
99,698
-10,562
| -10% | -$892K |
|
372
Globe Life
GL
$14.3B
| $9.39M | 0.03% |
67,112
-160,825
| -71% | -$21.8M |
|
373
Trane Technologies
TT
$106B
| $9.34M | 0.03% |
24,009
-8,218
| -26% | -$3.4M |
|
374
National Fuel Gas
NFG
$7.65B
| $9.29M | 0.03% |
116,052
+35,546
| +44% | +$2.93M |
|
375
Chipotle Mexican Grill
CMG
$41.5B
| $9.28M | 0.03% |
250,687
-199,306
| -44% | -$7.21M |
|
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Ray Dalio's Q4 2025 Portfolio in Review
As of Q4 2025, Ray Dalio held 1,205 positions worth $27.4B, up 7.4% from $25.5B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Ray Dalio deployed $1.36B of net new capital in Q4 2025, opening 191 new positions and adding to 450 existing holdings. Its largest new stake was Arm: 326,320 shares worth $35.7M.
By sector, the portfolio is most concentrated in Technology at 28% of assets, down from 29% a quarter earlier, followed by Financials and Consumer Discretionary.
On the sell side, the largest reduction was Alphabet (Google) Class A, an estimated $304M trimmed.
- Ray Dalio's largest Q4 2025 buy was Arm: 326,320 shares worth $35.7M.
- Ray Dalio added most to State Street SPDR S&P 500 ETF Trust in Q4 2025, an estimated $1.28B increase.
- Ray Dalio's biggest Q4 2025 reduction was Alphabet (Google) Class A, cutting an estimated $304M.
- Ray Dalio fully exited Fiserv Inc in Q4 2025, selling an estimated $205M.
- Ray Dalio's ten largest holdings make up 36% of its $27.4B portfolio in Q4 2025.
- Ray Dalio opened 191 new positions and closed 165 in Q4 2025.
- Ray Dalio's portfolio value rose 7.4% quarter-over-quarter to $27.4B.
Based on Bridgewater Associates's 13F filing for Q4 2025, filed 13 Feb 2026.