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 | |
|---|---|---|---|---|---|---|
|
SKX
376
DELISTED
Skechers
SKX
| $682K | 0.01% |
+15,800
| New | +$623K |
|
|
QVCGA
377
DELISTED
QVC Group Inc Series A
QVCGA
| $682K | 0.01% |
1,667
+1,264
| +314% | +$569K |
|
378
Federated Hermes
FHI
$4.72B
| $681K | 0.01% |
+20,904
| New | +$682K |
|
379
Adient
ADNT
$1.5B
| $680K | 0.01% |
+32,003
| New | +$710K |
|
380
GATX Corp
GATX
$6.27B
| $676K | 0.01% |
+8,158
| New | +$656K |
|
|
NAV
381
DELISTED
Navistar International
NAV
| $667K | 0.01% |
+23,038
| New | +$709K |
|
|
CLR
382
DELISTED
CONTINENTAL RESOURCES INC.
CLR
| $665K | 0.01% |
19,381
-67,213
| -78% | -$2.09M |
|
|
DAY
383
DELISTED
Dayforce
DAY
| $650K | 0.01% |
+9,577
| New | +$529K |
|
|
LM
384
DELISTED
Legg Mason, Inc.
LM
| $643K | 0.01% |
+17,918
| New | +$665K |
|
385
Jacobs Solutions
J
$17B
| $640K | 0.01% |
8,611
+1,138
| +15% | +$86.1K |
|
|
SAVE
386
DELISTED
Spirit Airlines, Inc.
SAVE
| $640K | 0.01% |
+15,881
| New | +$604K |
|
387
Olin
OLN
$2.12B
| $639K | 0.01% |
+37,053
| New | +$663K |
|
|
STAY
388
DELISTED
Extended Stay America, Inc. Paired Share Unit
STAY
| $637K | 0.01% |
+42,836
| New | +$624K |
|
389
Wabtec
WAB
$49.3B
| $632K | 0.01% |
+8,119
| New | +$601K |
|
390
Trinity Industries
TRN
$2.38B
| $631K | 0.01% |
+28,470
| New | +$580K |
|
391
Cabot Corp
CBT
$4.52B
| $630K | 0.01% |
+13,260
| New | +$615K |
|
392
Columbia Sportswear
COLM
$2.94B
| $627K | 0.01% |
6,255
+3,768
| +152% | +$358K |
|
393
Commercial Metals
CMC
$8.31B
| $610K | 0.01% |
+27,402
| New | +$555K |
|
394
Xylem
XYL
$28.1B
| $605K | 0.01% |
+7,680
| New | +$598K |
|
395
WaFd
WAFD
$2.75B
| $597K | 0.01% |
+16,298
| New | +$598K |
|
|
NBL
396
DELISTED
Noble Energy, Inc.
NBL
| $587K | 0.01% |
23,621
+64
| +0.3% | +$1.36K |
|
397
Qorvo
QRVO
$8.74B
| $580K | 0.01% |
+4,986
| New | +$482K |
|
398
Eastman Chemical
EMN
$8.42B
| $576K | 0.01% |
7,272
-139,649
| -95% | -$10.7M |
|
399
MillerKnoll
MLKN
$1.67B
| $571K | 0.01% |
+13,704
| New | +$634K |
|
|
SCS
400
DELISTED
Steelcase
SCS
| $557K | 0.01% |
+27,217
| New | +$505K |
|
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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.