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 | |
|---|---|---|---|---|---|---|
426
Coca-Cola
KO
$375B
| – | – |
-183,893
| Closed | -$8.07M |
|
427
Lincoln Electric
LECO
$15.4B
| – | – |
-4,304
| Closed | -$378K |
|
428
L3Harris
LHX
$53.4B
| – | – |
-3,550
| Closed | -$513K |
|
429
LKQ Corp
LKQ
$6.29B
| – | – |
-10,918
| Closed | -$348K |
|
430
Marriott International
MAR
$92.3B
| – | – |
-42,851
| Closed | -$5.42M |
|
431
Mondelez International
MDLZ
$79.9B
| – | – |
-28,904
| Closed | -$1.19M |
|
432
MDU Resources
MDU
$4.3B
| – | – |
-32,716
| Closed | -$357K |
|
433
MetLife
MET
$62.4B
| – | – |
-28,655
| Closed | -$1.25M |
|
434
Morgan Stanley
MS
$340B
| – | – |
-68,423
| Closed | -$3.24M |
|
435
MSC Industrial Direct
MSM
$6.86B
| – | – |
-28,399
| Closed | -$2.41M |
|
436
Mettler-Toledo International
MTD
$28.6B
| – | – |
-390
| Closed | -$226K |
|
437
Murphy USA
MUSA
$9.61B
| – | – |
-2,781
| Closed | -$207K |
|
438
Nordson
NDSN
$17.3B
| – | – |
-2,644
| Closed | -$340K |
|
439
NewMarket
NEU
$8.18B
| – | – |
-733
| Closed | -$296K |
|
440
National Fuel Gas
NFG
$7.65B
| – | – |
-6,770
| Closed | -$359K |
|
441
Northrop Grumman
NOC
$81.2B
| – | – |
-1,835
| Closed | -$565K |
|
442
NVIDIA
NVDA
$5.42T
| – | – |
-34,840
| Closed | -$206K |
|
443
O-I Glass
OI
$1.08B
| – | – |
-33,920
| Closed | -$570K |
|
444
Oshkosh
OSK
$9.59B
| – | – |
-5,162
| Closed | -$363K |
|
445
Penske Automotive Group
PAG
$14.2B
| – | – |
-4,366
| Closed | -$205K |
|
446
Pitney Bowes
PBI
$2.39B
| – | – |
-22,663
| Closed | -$194K |
|
447
PG&E
PCG
$38.5B
| – | – |
-775,654
| Closed | -$33M |
|
|
PCH
448
DELISTED
PotlatchDeltic
PCH
| – | – |
-8,620
| Closed | -$438K |
|
449
Progressive
PGR
$125B
| – | – |
-73,080
| Closed | -$4.32M |
|
450
Parker-Hannifin
PH
$135B
| – | – |
-18,860
| Closed | -$2.94M |
|
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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.