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 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$693M |
| 2 |
iShares Core S&P 500 ETF
IVV
|
+$235M |
| 3 |
Vanguard S&P 500 ETF
VOO
|
+$200M |
| 4 |
Petrobras
PBR
|
+$105M |
| 5 |
Shell
SHEL
|
+$105M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Micron Technology
MU
|
+$1.02B |
| 2 |
Amazon
AMZN
|
+$593M |
| 3 |
TSMC
TSM
|
+$423M |
| 4 |
Marvell Technology
MRVL
|
+$354M |
| 5 |
GE Vernova
GEV
|
+$319M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 30.62% |
| 2 | Technology | 21.23% |
| 3 | Industrials | 7.72% |
| 4 | Financials | 6.76% |
| 5 | Healthcare | 6.62% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
451
Constellation Energy
CEG
$92.4B
| $5.74M | 0.02% |
23,123
-183,216
| -89% | -$51.6M |
2025 Q4
2 quarters
|
|
452
Karman Holdings
KRMN
$4.74B
| $5.71M | 0.02% |
114,290
+84,639
| +285% | +$5.47M |
2026 Q1
1 quarter
|
|
453
Voya Financial
VOYA
$8.74B
| $5.69M | 0.02% |
62,829
-25,657
| -29% | -$2.09M |
2024 Q2
8 quarters
|
|
454
Lincoln National
LNC
$7.63B
| $5.66M | 0.02% |
160,168
-65,171
| -29% | -$2.34M |
2024 Q2
8 quarters
|
|
455
ADT
ADT
$4.95B
| $5.65M | 0.02% |
869,859
-683,900
| -44% | -$4.69M |
2024 Q2
8 quarters
|
|
456
Amer Sports
AS
$17.7B
| $5.65M | 0.02% |
166,942
-133,781
| -44% | -$4.69M |
2025 Q3
3 quarters
|
|
457
Hess Midstream
HESM
$3.93B
| $5.64M | 0.02% |
149,973
+103,769
| +225% | +$3.99M |
2025 Q3
3 quarters
|
|
458
Flex
FLEX
$32.5B
| $5.57M | 0.02% |
34,390
-21,710
| -39% | -$2.63M |
2023 Q1
13 quarters
|
|
459
CBRE Group
CBRE
$39B
| $5.57M | 0.02% |
+41,377
| New | +$5.7M |
2026 Q2
0 quarters
|
|
460
Vontier
VNT
$4.57B
| $5.53M | 0.02% |
190,533
+98,469
| +107% | +$3.15M |
2025 Q2
4 quarters
|
|
461
ON Semiconductor
ON
$29.5B
| $5.52M | 0.02% |
58,377
+38,359
| +192% | +$3.93M |
2025 Q4
2 quarters
|
|
462
Cintas
CTAS
$85.5B
| $5.5M | 0.02% |
32,363
+20,897
| +182% | +$3.61M |
2026 Q1
1 quarter
|
|
463
Idaho Strategic Resources
IDR
$336M
| $5.5M | 0.02% |
167,828
-32,021
| -16% | -$1.24M |
2025 Q4
2 quarters
|
|
464
Veeva Systems
VEEV
$51.8B
| $5.45M | 0.02% |
+30,709
| New | +$5.06M |
2026 Q2
0 quarters
|
|
465
Abbott
ABT
$178B
| $5.42M | 0.02% |
59,775
-57,276
| -49% | -$5.23M |
2020 Q3
23 quarters
|
|
466
Masco
MAS
$14.7B
| $5.4M | 0.02% |
66,385
+41,435
| +166% | +$2.89M |
2026 Q1
1 quarter
|
|
467
Celanese
CE
$5.22B
| $5.4M | 0.02% |
117,410
+2,043
| +2% | +$118K |
2025 Q3
3 quarters
|
|
468
Vertex Pharmaceuticals
VRTX
$129B
| $5.4M | 0.02% |
10,865
-2,492
| -19% | -$1.1M |
2025 Q2
4 quarters
|
|
469
Fulton Financial
FULT
$4.31B
| $5.38M | 0.02% |
222,361
-28,203
| -11% | -$618K |
2025 Q2
4 quarters
|
|
470
XPO
XPO
$21.9B
| $5.37M | 0.02% |
26,152
+961
| +4% | +$203K |
2025 Q4
2 quarters
|
|
471
DT Midstream
DTM
$12.6B
| $5.35M | 0.02% |
36,456
-52,218
| -59% | -$7.39M |
2023 Q3
11 quarters
|
|
472
Assured Guaranty
AGO
$3.08B
| $5.32M | 0.02% |
66,359
-5,088
| -7% | -$402K |
2024 Q2
8 quarters
|
|
473
Maximus
MMS
$3.2B
| $5.29M | 0.02% |
98,469
+86,353
| +713% | +$5.38M |
2025 Q1
5 quarters
|
|
474
Curtiss-Wright
CW
$18.3B
| $5.28M | 0.02% |
6,964
-4,211
| -38% | -$3.09M |
2025 Q1
5 quarters
|
|
475
Dell
DELL
$295B
| $5.28M | 0.02% |
12,230
-211,162
| -95% | -$61.1M |
2025 Q4
2 quarters
|
|
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Ray Dalio's Q2 2026 Portfolio in Review
As of Q2 2026, Ray Dalio held 1,206 positions worth $24.4B, up 8.8% from $22.4B the previous quarter. Its ten largest holdings account for 40% of the portfolio.
Ray Dalio withdrew a net $3.05B in Q2 2026, closing 209 positions and reducing 379 holdings. Its most notable exit was Cisco, an estimated $63.8M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 31% of assets, up from 25% a quarter earlier, followed by Technology and Industrials.
Against the trend, Ray Dalio opened a new position in Eversource Energy worth $86.4M.
- Ray Dalio's largest Q2 2026 buy was Eversource Energy: 1,195,140 shares worth $86.4M.
- Ray Dalio added most to State Street SPDR S&P 500 ETF Trust in Q2 2026, an estimated $693M increase.
- Ray Dalio's biggest Q2 2026 reduction was Micron Technology, cutting an estimated $1.02B.
- Ray Dalio fully exited Cisco in Q2 2026, selling an estimated $63.8M.
- Ray Dalio's ten largest holdings make up 40% of its $24.4B portfolio in Q2 2026.
- Ray Dalio opened 213 new positions and closed 209 in Q2 2026.
- Ray Dalio's portfolio value rose 8.8% quarter-over-quarter to $24.4B.
Based on Bridgewater Associates's 13F filing for Q2 2026, filed 14 Aug 2026.