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 |
iShares Core S&P 500 ETF
IVV
|
+$1.12B |
| 2 |
Lam Research
LRCX
|
+$193M |
| 3 |
Adobe
ADBE
|
+$191M |
| 4 |
Mastercard
MA
|
+$138M |
| 5 |
Workday
WDAY
|
+$137M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$999M |
| 2 |
NVIDIA
NVDA
|
+$823M |
| 3 |
Alphabet (Google) Class A
GOOGL
|
+$617M |
| 4 |
SPDR Gold Trust
GLD
|
+$337M |
| 5 |
Microsoft
MSFT
|
+$315M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 28.56% |
| 2 | Financials | 12.71% |
| 3 | Consumer Discretionary | 8.78% |
| 4 | Healthcare | 7.77% |
| 5 | Communication Services | 7.44% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
376
McCormick & Company Non-Voting
MKC
$14.2B
| $7.97M | 0.03% |
119,081
+111,745
| +1,523% | +$7.83M |
|
377
Eli Lilly
LLY
$1.06T
| $7.97M | 0.03% |
+10,441
| New | +$7.77M |
|
378
Guidewire Software
GWRE
$14.2B
| $7.9M | 0.03% |
+34,375
| New | +$7.82M |
|
379
Booz Allen Hamilton
BAH
$9.15B
| $7.9M | 0.03% |
79,009
+27,567
| +54% | +$2.95M |
|
380
Celsius Holdings
CELH
$7.03B
| $7.9M | 0.03% |
137,349
+127,940
| +1,360% | +$6.69M |
|
381
Valero Energy
VLO
$85.9B
| $7.89M | 0.03% |
+46,334
| New | +$6.91M |
|
382
Mondelez International
MDLZ
$79.9B
| $7.79M | 0.03% |
124,708
+51,430
| +70% | +$3.32M |
|
383
Williams Companies
WMB
$86.1B
| $7.76M | 0.03% |
+122,541
| New | +$7.19M |
|
384
Valley National Bancorp
VLY
$8.04B
| $7.74M | 0.03% |
+730,174
| New | +$7.3M |
|
|
NVO
385
Novo Nordisk
NVO
$209B
| $7.71M | 0.03% |
+138,947
| New | +$8.13M |
|
386
NatWest
NWG
$76.4B
| $7.71M | 0.03% |
544,652
+487,819
| +858% | +$6.88M |
|
387
Sibanye-Stillwater
SBSW
$7.53B
| $7.59M | 0.03% |
675,028
-122,688
| -15% | -$1.07M |
|
388
Concentrix
CNXC
$1.57B
| $7.58M | 0.03% |
164,338
+21,488
| +15% | +$1.15M |
|
389
Aecom
ACM
$9.75B
| $7.58M | 0.03% |
58,075
-46,730
| -45% | -$5.64M |
|
390
Cirrus Logic
CRUS
$6.26B
| $7.57M | 0.03% |
+60,423
| New | +$6.73M |
|
391
Copa Holdings
CPA
$5.8B
| $7.57M | 0.03% |
63,684
+36,711
| +136% | +$4.2M |
|
392
Urban Outfitters
URBN
$6.59B
| $7.48M | 0.03% |
+104,747
| New | +$7.7M |
|
393
Mueller Industries
MLI
$15.2B
| $7.46M | 0.03% |
+147,640
| New | +$6.78M |
|
394
National Fuel Gas
NFG
$7.65B
| $7.44M | 0.03% |
80,506
-140,269
| -64% | -$12.2M |
|
395
Sonoco
SON
$5.74B
| $7.41M | 0.03% |
+171,851
| New | +$7.94M |
|
396
Smith & Nephew
SNN
$12.6B
| $7.4M | 0.03% |
203,993
+126,678
| +164% | +$4.37M |
|
397
Enphase Energy
ENPH
$5.53B
| $7.4M | 0.03% |
+209,056
| New | +$7.77M |
|
398
Encompass Health
EHC
$12.4B
| $7.34M | 0.03% |
57,798
+54,535
| +1,671% | +$6.49M |
|
399
Winmark
WINA
$1.32B
| $7.33M | 0.03% |
+14,731
| New | +$6.33M |
|
400
Restaurant Brands International
QSR
$25.8B
| $7.31M | 0.03% |
113,911
+100,901
| +776% | +$6.64M |
|
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Ray Dalio's Q3 2025 Portfolio in Review
As of Q3 2025, Ray Dalio held 1,078 positions worth $25.5B, up 3% from $24.8B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Ray Dalio withdrew a net $795M in Q3 2025, closing 64 positions and reducing 194 holdings. Its most notable exit was SPDR Gold Trust, an estimated $337M position sold in full.
By sector, the portfolio is most concentrated in Technology at 29% of assets, down from 29% a quarter earlier, followed by Financials and Consumer Discretionary.
Against the trend, Ray Dalio opened a new position in Reddit worth $142M.
- Ray Dalio's largest Q3 2025 buy was Reddit: 617,208 shares worth $142M.
- Ray Dalio added most to iShares Core S&P 500 ETF in Q3 2025, an estimated $1.12B increase.
- Ray Dalio's biggest Q3 2025 reduction was iShares Core MSCI Emerging Markets ETF, cutting an estimated $999M.
- Ray Dalio fully exited SPDR Gold Trust in Q3 2025, selling an estimated $337M.
- Ray Dalio's ten largest holdings make up 33% of its $25.5B portfolio in Q3 2025.
- Ray Dalio opened 493 new positions and closed 64 in Q3 2025.
- Ray Dalio's portfolio value rose 3% quarter-over-quarter to $25.5B.
Based on Bridgewater Associates's 13F filing for Q3 2025, filed 13 Nov 2025.