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 MSCI Emerging Markets ETF
IEMG
|
+$43.1M |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$36M |
| 3 |
GE Aerospace
GE
|
+$25.9M |
| 4 |
iShares MSCI South Korea ETF
EWY
|
+$24.9M |
| 5 |
Intel
INTC
|
+$23.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Brazil ETF
EWZ
|
+$159M |
| 2 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$152M |
| 3 |
CVS Health
CVS
|
+$43.4M |
| 4 |
WBA
Walgreens Boots Alliance
WBA
|
+$37M |
| 5 |
Oracle
ORCL
|
+$36.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 3.43% |
| 2 | Consumer Discretionary | 3.34% |
| 3 | Energy | 2.23% |
| 4 | Healthcare | 1.95% |
| 5 | Industrials | 1.84% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
401
F5
FFIV
$22.7B
| – | – |
-15,903
| Closed | -$2.74M |
|
402
Flowserve
FLS
$10.2B
| – | – |
-13,696
| Closed | -$553K |
|
403
Fidelity National Financial
FNF
$13.5B
| – | – |
-5,883
| Closed | -$213K |
|
404
GATX Corp
GATX
$6.27B
| – | – |
-5,037
| Closed | -$374K |
|
405
Gen Digital
GEN
$17.5B
| – | – |
-55,261
| Closed | -$1.14M |
|
|
GES
406
DELISTED
Guess Inc
GES
| – | – |
-9,813
| Closed | -$210K |
|
407
Gold Fields
GFI
$36.5B
| – | – |
-156,122
| Closed | -$557K |
|
408
Graco
GGG
$13.5B
| – | – |
-7,681
| Closed | -$347K |
|
409
Globe Life
GL
$14.3B
| – | – |
-8,737
| Closed | -$711K |
|
410
Hartford Financial Services
HIG
$39.3B
| – | – |
-9,346
| Closed | -$478K |
|
411
Honeywell
HON
$78B
| – | – |
-63,694
| Closed | -$8.29M |
|
412
Henry Schein
HSIC
$9.82B
| – | – |
-9,735
| Closed | -$555K |
|
413
Hubbell
HUBB
$27.2B
| – | – |
-3,228
| Closed | -$341K |
|
414
Idacorp
IDA
$8.2B
| – | – |
-3,754
| Closed | -$346K |
|
415
Idexx Laboratories
IDXX
$46.2B
| – | – |
-2,501
| Closed | -$545K |
|
416
IDEX
IEX
$17.3B
| – | – |
-10,518
| Closed | -$1.44M |
|
417
International Flavors & Fragrances
IFF
$21.9B
| – | – |
-2,338
| Closed | -$290K |
|
418
Ingredion
INGR
$6.58B
| – | – |
-6,634
| Closed | -$734K |
|
419
Intuit
INTU
$89B
| – | – |
-43,546
| Closed | -$8.9M |
|
|
JNPR
420
DELISTED
Juniper Networks
JNPR
| – | – |
-111,144
| Closed | -$3.05M |
|
421
JPMorgan Chase
JPM
$950B
| – | – |
-10,229
| Closed | -$1.07M |
|
422
KeyCorp
KEY
$24.4B
| – | – |
-22,573
| Closed | -$441K |
|
423
Kimco Realty
KIM
$16.4B
| – | – |
-32,938
| Closed | -$560K |
|
424
Kimberly-Clark
KMB
$36.5B
| – | – |
-208,490
| Closed | -$22M |
|
425
Knowles
KN
$3.34B
| – | – |
-14,853
| Closed | -$227K |
|
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Ray Dalio's Q3 2018 Portfolio in Review
As of Q3 2018, Ray Dalio held 523 positions worth $9.65B, down 3.5% from $10B the previous quarter. Its ten largest holdings account for 71% of the portfolio.
Ray Dalio withdrew a net $469M in Q3 2018, closing 169 positions and reducing 149 holdings. Its most notable exit was PG&E, an estimated $33M position sold in full.
By sector, the portfolio is most concentrated in Financials at 3.4% of assets, up from 3.4% a quarter earlier, followed by Consumer Discretionary and Energy.
Against the trend, Ray Dalio opened a new position in GE Aerospace worth $22.7M.
- Ray Dalio's largest Q3 2018 buy was GE Aerospace: 419,966 shares worth $22.7M.
- Ray Dalio added most to iShares Core MSCI Emerging Markets ETF in Q3 2018, an estimated $43.1M increase.
- Ray Dalio's biggest Q3 2018 reduction was iShares MSCI Brazil ETF, cutting an estimated $159M.
- Ray Dalio fully exited PG&E in Q3 2018, selling an estimated $33M.
- Ray Dalio's ten largest holdings make up 71% of its $9.65B portfolio in Q3 2018.
- Ray Dalio opened 63 new positions and closed 169 in Q3 2018.
- Ray Dalio's portfolio value fell 3.5% quarter-over-quarter to $9.65B.
Based on Bridgewater Associates's 13F filing for Q3 2018, filed 13 Nov 2018.