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 MSCI Emerging Markets ETF
EEM
|
+$199M |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$82.8M |
| 3 |
American Express
AXP
|
+$20.2M |
| 4 |
RTX Corp
RTX
|
+$15.4M |
| 5 |
United Parcel Service
UPS
|
+$14.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$364M |
| 2 |
Microsoft
MSFT
|
+$34.2M |
| 3 |
Ventas
VTR
|
+$15M |
| 4 |
Intel
INTC
|
+$14.6M |
| 5 |
Conagra Brands
CAG
|
+$12.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 2.58% |
| 2 | Energy | 1.96% |
| 3 | Materials | 1.29% |
| 4 | Consumer Discretionary | 1.01% |
| 5 | Industrials | 0.88% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
401
Lockheed Martin
LMT
$136B
| – | – |
-22,437
| Closed | -$3.61M |
|
402
Lam Research
LRCX
$390B
| – | – |
-1,016,200
| Closed | -$6.87M |
|
403
MGM Resorts International
MGM
$11.2B
| – | – |
-208,088
| Closed | -$5.49M |
|
404
Mohawk Industries
MHK
$9.22B
| – | – |
-29,308
| Closed | -$4.05M |
|
405
MSCI
MSCI
$40.9B
| – | – |
-5,070
| Closed | -$232K |
|
406
Motorola Solutions
MSI
$77.4B
| – | – |
-11,053
| Closed | -$736K |
|
407
Northrop Grumman
NOC
$81.2B
| – | – |
-35,688
| Closed | -$4.27M |
|
408
NVR
NVR
$17B
| – | – |
-266
| Closed | -$306K |
|
409
Owens Corning
OC
$12.4B
| – | – |
-55,451
| Closed | -$2.15M |
|
410
Paychex
PAYX
$42.7B
| – | – |
-60,572
| Closed | -$2.52M |
|
411
Procter & Gamble
PG
$339B
| – | – |
-62,831
| Closed | -$4.94M |
|
412
Philip Morris
PM
$295B
| – | – |
-2,400
| Closed | -$202K |
|
413
Pentair
PNR
$11B
| – | – |
-21,258
| Closed | -$1.03M |
|
414
Phillips 66
PSX
$81.4B
| – | – |
-11,750
| Closed | -$945K |
|
415
PTC
PTC
$16B
| – | – |
-6,000
| Closed | -$233K |
|
416
Patterson-UTI
PTEN
$3.76B
| – | – |
-37,444
| Closed | -$1.31M |
|
417
SBA Communications
SBAC
$19.5B
| – | – |
-2,400
| Closed | -$246K |
|
418
Sally Beauty Holdings
SBH
$1.58B
| – | – |
-14,678
| Closed | -$368K |
|
419
SLB Ltd
SLB
$75B
| – | – |
-26,187
| Closed | -$3.09M |
|
420
Terex
TEX
$7.74B
| – | – |
-48,936
| Closed | -$2.01M |
|
421
Tenet Healthcare
THC
$21.1B
| – | – |
-14,725
| Closed | -$691K |
|
422
Timken Company
TKR
$9.03B
| – | – |
-38,159
| Closed | -$1.85M |
|
423
Thomson Reuters
TRI
$44.1B
| – | – |
-6,721
| Closed | -$284K |
|
424
Tractor Supply
TSCO
$18.1B
| – | – |
-196,080
| Closed | -$2.37M |
|
425
United Airlines
UAL
$42.1B
| – | – |
-15,600
| Closed | -$641K |
|
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Ray Dalio's Q3 2014 Portfolio in Review
As of Q3 2014, Ray Dalio held 455 positions worth $12.8B, down 3.9% from $13.3B the previous quarter. Its ten largest holdings account for 90% of the portfolio.
Ray Dalio's Q3 2014 filing shows 152 new, 111 increased, 96 reduced and 92 closed positions. Its largest new stake was American Express: 224,123 shares worth $19.6M. The largest sale was State Street SPDR S&P 500 ETF Trust, an estimated $364M.
By sector, the portfolio is most concentrated in Technology at 2.6% of assets, down from 3% a quarter earlier, followed by Energy and Materials.
- Ray Dalio's largest Q3 2014 buy was American Express: 224,123 shares worth $19.6M.
- Ray Dalio added most to iShares MSCI Emerging Markets ETF in Q3 2014, an estimated $199M increase.
- Ray Dalio's biggest Q3 2014 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $364M.
- Ray Dalio fully exited Conagra Brands in Q3 2014, selling an estimated $12.8M.
- Ray Dalio's ten largest holdings make up 90% of its $12.8B portfolio in Q3 2014.
- Ray Dalio opened 152 new positions and closed 92 in Q3 2014.
- Ray Dalio's portfolio value fell 3.9% quarter-over-quarter to $12.8B.
Based on Bridgewater Associates's 13F filing for Q3 2014, filed 12 Nov 2014.