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
|
+$693M |
| 2 |
iShares Core S&P 500 ETF
IVV
|
+$235M |
| 3 |
Vanguard S&P 500 ETF
VOO
|
+$200M |
| 4 |
Petrobras
PBR
|
+$105M |
| 5 |
Shell
SHEL
|
+$105M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Micron Technology
MU
|
+$1.02B |
| 2 |
Amazon
AMZN
|
+$593M |
| 3 |
TSMC
TSM
|
+$423M |
| 4 |
Marvell Technology
MRVL
|
+$354M |
| 5 |
GE Vernova
GEV
|
+$319M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 30.62% |
| 2 | Technology | 21.23% |
| 3 | Industrials | 7.72% |
| 4 | Financials | 6.76% |
| 5 | Healthcare | 6.62% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
376
Factset
FDS
$10.8B
| $7.93M | 0.03% |
+34,488
| New | +$7.92M |
2026 Q2
0 quarters
|
|
377
Tenet Healthcare
THC
$21.4B
| $7.93M | 0.03% |
42,382
+23,621
| +126% | +$4.34M |
2022 Q3
15 quarters
|
|
378
Amgen
AMGN
$230B
| $7.92M | 0.03% |
21,869
+7,095
| +48% | +$2.43M |
2025 Q2
4 quarters
|
|
379
Jack Henry & Associates
JKHY
$10.7B
| $7.85M | 0.03% |
+56,958
| New | +$8.08M |
2026 Q2
0 quarters
|
|
380
Caterpillar
CAT
$334B
| $7.8M | 0.03% |
7,329
-75,173
| -91% | -$66M |
2025 Q4
2 quarters
|
|
381
Mueller Industries
MLI
$13.5B
| $7.77M | 0.03% |
126,354
+49,784
| +65% | +$3.26M |
2025 Q3
3 quarters
|
|
382
W.W. Grainger
GWW
$62.1B
| $7.73M | 0.03% |
5,680
+4,478
| +373% | +$5.52M |
2026 Q1
1 quarter
|
|
383
JPMorgan Chase
JPM
$886B
| $7.71M | 0.03% |
+23,548
| New | +$7.31M |
2026 Q2
0 quarters
|
|
384
Intuitive Surgical
ISRG
$153B
| $7.68M | 0.03% |
19,324
+2,030
| +12% | +$887K |
2020 Q3
23 quarters
|
|
385
New York Times
NYT
$11B
| $7.67M | 0.03% |
109,563
-49,918
| -31% | -$3.85M |
2025 Q2
4 quarters
|
|
386
Crown Holdings
CCK
$12.5B
| $7.65M | 0.03% |
68,384
+12,975
| +23% | +$1.31M |
2025 Q1
5 quarters
|
|
387
Steven Madden
SHOO
$3.29B
| $7.64M | 0.03% |
181,516
+34,882
| +24% | +$1.41M |
2025 Q2
4 quarters
|
|
388
Smith & Nephew
SNN
$12.1B
| $7.6M | 0.03% |
263,854
-11,607
| -4% | -$361K |
2021 Q2
20 quarters
|
|
389
DraftKings
DKNG
$9.8B
| $7.57M | 0.03% |
299,841
-96,019
| -24% | -$2.37M |
2026 Q1
1 quarter
|
|
390
Booking.com
BKNG
$122B
| $7.5M | 0.03% |
42,079
+40,729
| +3,017% | +$6.95M |
2021 Q3
19 quarters
|
|
391
Howmet Aerospace
HWM
$87.7B
| $7.47M | 0.03% |
27,799
+4,787
| +21% | +$1.23M |
2025 Q3
3 quarters
|
|
392
IES Holdings
IESC
$10.6B
| $7.43M | 0.03% |
20,228
-24,094
| -54% | -$7.78M |
2025 Q3
3 quarters
|
|
393
American Eagle Outfitters
AEO
$3B
| $7.32M | 0.03% |
425,644
-232,655
| -35% | -$4.03M |
2025 Q3
3 quarters
|
|
394
Lantheus
LNTH
$6.52B
| $7.32M | 0.03% |
65,941
+22,221
| +51% | +$2.07M |
2021 Q2
20 quarters
|
|
395
On Holding
ONON
$11.8B
| $7.31M | 0.03% |
206,432
-403,656
| -66% | -$14.8M |
2025 Q3
3 quarters
|
|
396
Associated Banc-Corp
ASB
$5.41B
| $7.26M | 0.03% |
235,868
-179,785
| -43% | -$5.07M |
2025 Q2
4 quarters
|
|
397
Avnet
AVT
$7.56B
| $7.21M | 0.03% |
81,161
+55,595
| +217% | +$4.55M |
2025 Q4
2 quarters
|
|
398
Fidelity National Financial
FNF
$10.7B
| $7.18M | 0.03% |
152,160
+124,219
| +445% | +$6.02M |
2026 Q1
1 quarter
|
|
399
PayPal
PYPL
$48.3B
| $7.17M | 0.03% |
166,034
+156,214
| +1,591% | +$7.11M |
2022 Q1
17 quarters
|
|
400
UGI
UGI
$8.17B
| $7.13M | 0.03% |
206,386
+121,074
| +142% | +$4.28M |
2025 Q4
2 quarters
|
|
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Ray Dalio's Q2 2026 Portfolio in Review
As of Q2 2026, Ray Dalio held 1,206 positions worth $24.4B, up 8.8% from $22.4B the previous quarter. Its ten largest holdings account for 40% of the portfolio.
Ray Dalio withdrew a net $3.05B in Q2 2026, closing 209 positions and reducing 379 holdings. Its most notable exit was Cisco, an estimated $63.8M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 31% of assets, up from 25% a quarter earlier, followed by Technology and Industrials.
Against the trend, Ray Dalio opened a new position in Eversource Energy worth $86.4M.
- Ray Dalio's largest Q2 2026 buy was Eversource Energy: 1,195,140 shares worth $86.4M.
- Ray Dalio added most to State Street SPDR S&P 500 ETF Trust in Q2 2026, an estimated $693M increase.
- Ray Dalio's biggest Q2 2026 reduction was Micron Technology, cutting an estimated $1.02B.
- Ray Dalio fully exited Cisco in Q2 2026, selling an estimated $63.8M.
- Ray Dalio's ten largest holdings make up 40% of its $24.4B portfolio in Q2 2026.
- Ray Dalio opened 213 new positions and closed 209 in Q2 2026.
- Ray Dalio's portfolio value rose 8.8% quarter-over-quarter to $24.4B.
Based on Bridgewater Associates's 13F filing for Q2 2026, filed 14 Aug 2026.