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 |
NFX
Newfield Exploration
NFX
|
+$44.6M |
| 2 |
Meta Platforms (Facebook)
META
|
+$35.1M |
| 3 |
XEC
CIMAREX ENERGY CO
XEC
|
+$33M |
| 4 |
AT&T
T
|
+$30.8M |
| 5 |
iShares MSCI Brazil ETF
EWZ
|
+$27.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Emerging Markets ETF
EEM
|
+$1.04B |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$833M |
| 3 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$391M |
| 4 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$147M |
| 5 |
iShares TIPS Bond ETF
TIP
|
+$92.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 3.02% |
| 2 | Energy | 2.11% |
| 3 | Consumer Discretionary | 2.02% |
| 4 | Financials | 1.95% |
| 5 | Consumer Staples | 1.45% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
376
National Fuel Gas
NFG
$7.65B
| $567K | 0.01% |
+11,025
| New | +$576K |
|
377
Xcel Energy
XEL
$48.8B
| $564K | 0.01% |
12,403
-108,315
| -90% | -$4.83M |
|
378
Atmos Energy
ATO
$28.8B
| $563K | 0.01% |
6,678
-1,326
| -17% | -$108K |
|
|
VVC
379
DELISTED
Vectren Corporation
VVC
| $563K | 0.01% |
+8,805
| New | +$544K |
|
380
CMS Energy
CMS
$22.3B
| $562K | 0.01% |
+12,402
| New | +$544K |
|
381
UGI
UGI
$7.33B
| $558K | 0.01% |
+12,565
| New | +$563K |
|
382
Idacorp
IDA
$8.2B
| $555K | 0.01% |
+6,289
| New | +$531K |
|
|
KL
383
DELISTED
Kirkland Lake Gold Ltd Ordinary
KL
| $555K | 0.01% |
35,859
-1,050
| -3% | -$16.2K |
|
|
NBL
384
DELISTED
Noble Energy, Inc.
NBL
| $555K | 0.01% |
18,319
-3,085
| -14% | -$92.9K |
|
|
TXNM
385
TXNM Energy Inc
TXNM
$5.94B
| $552K | 0.01% |
+14,431
| New | +$529K |
|
|
MRO
386
DELISTED
Marathon Oil Corporation
MRO
| $552K | 0.01% |
34,235
-3,012
| -8% | -$50K |
|
387
Vornado Realty Trust
VNO
$7.38B
| $551K | 0.01% |
+8,187
| New | +$568K |
|
388
Hormel Foods
HRL
$13.8B
| $549K | 0.01% |
+16,008
| New | +$543K |
|
389
Reinsurance Group of America
RGA
$16.1B
| $531K | 0.01% |
+3,451
| New | +$542K |
|
390
Intuit
INTU
$89B
| $512K | ﹤0.01% |
2,954
-3,606
| -55% | -$607K |
|
391
Albemarle
ALB
$15.5B
| $508K | ﹤0.01% |
+5,478
| New | +$603K |
|
392
Cabot Corp
CBT
$4.52B
| $505K | ﹤0.01% |
+9,067
| New | +$572K |
|
393
NewMarket
NEU
$8.18B
| $498K | ﹤0.01% |
+1,239
| New | +$505K |
|
394
International Flavors & Fragrances
IFF
$21.9B
| $494K | ﹤0.01% |
+3,608
| New | +$523K |
|
395
EQT Corp
EQT
$32.3B
| $477K | ﹤0.01% |
18,438
-2,212
| -11% | -$63.5K |
|
|
VRN
396
DELISTED
Veren
VRN
| $471K | ﹤0.01% |
69,286
-1,439
| -2% | -$10.9K |
|
397
B2Gold
BTG
$6.7B
| $448K | ﹤0.01% |
163,648
-14,518
| -8% | -$42.7K |
|
398
Bunge Global
BG
$20.8B
| $441K | ﹤0.01% |
+5,964
| New | +$451K |
|
399
Flowers Foods
FLO
$1.57B
| $436K | ﹤0.01% |
+19,964
| New | +$403K |
|
400
ScottsMiracle-Gro
SMG
$3.66B
| $436K | ﹤0.01% |
+5,090
| New | +$485K |
|
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Ray Dalio's Q1 2018 Portfolio in Review
As of Q1 2018, Ray Dalio held 508 positions worth $10.5B, down 14% from $12.2B the previous quarter. Its ten largest holdings account for 73% of the portfolio.
Ray Dalio withdrew a net $1.74B in Q1 2018, closing 48 positions and reducing 116 holdings. Its most notable exit was Costco, an estimated $15.6M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 3% of assets, up from 1.7% a quarter earlier, followed by Energy and Consumer Discretionary.
Against the trend, Ray Dalio opened a new position in Biogen worth $21.1M.
- Ray Dalio's largest Q1 2018 buy was Biogen: 77,197 shares worth $21.1M.
- Ray Dalio added most to Newfield Exploration in Q1 2018, an estimated $44.6M increase.
- Ray Dalio's biggest Q1 2018 reduction was iShares MSCI Emerging Markets ETF, cutting an estimated $1.04B.
- Ray Dalio fully exited Costco in Q1 2018, selling an estimated $15.6M.
- Ray Dalio's ten largest holdings make up 73% of its $10.5B portfolio in Q1 2018.
- Ray Dalio opened 262 new positions and closed 48 in Q1 2018.
- Ray Dalio's portfolio value fell 14% quarter-over-quarter to $10.5B.
Based on Bridgewater Associates's 13F filing for Q1 2018, filed 15 May 2018.