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 |
JPMorgan Chase
JPM
|
+$83.3M |
| 2 |
Bank of America
BAC
|
+$60.7M |
| 3 |
Wells Fargo
WFC
|
+$46.3M |
| 4 |
Citigroup
C
|
+$33.4M |
| 5 |
US Bancorp
USB
|
+$18.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$535M |
| 2 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$484M |
| 3 |
iShares MSCI Emerging Markets ETF
EEM
|
+$386M |
| 4 |
iShares MSCI Brazil ETF
EWZ
|
+$74.6M |
| 5 |
Biogen
BIIB
|
+$55.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 6.62% |
| 2 | Consumer Discretionary | 3.62% |
| 3 | Industrials | 2.16% |
| 4 | Materials | 1.56% |
| 5 | Technology | 1.16% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
451
Matsons
MATX
$6.18B
| $330K | ﹤0.01% |
+8,088
| New | +$309K |
|
452
American Airlines Group
AAL
$10.6B
| $329K | ﹤0.01% |
+11,460
| New | +$327K |
|
|
SEE
453
DELISTED
Sealed Air
SEE
| $329K | ﹤0.01% |
+8,268
| New | +$327K |
|
454
IAMGOLD
IAG
$10.6B
| $317K | ﹤0.01% |
84,648
+4,687
| +6% | +$16.6K |
|
455
Donaldson
DCI
$11.4B
| $316K | ﹤0.01% |
+5,484
| New | +$298K |
|
456
Clear Channel Outdoor Holdings
CCO
$1.23B
| $309K | ﹤0.01% |
+108,084
| New | +$274K |
|
457
ManpowerGroup
MAN
$2.63B
| $308K | ﹤0.01% |
+3,169
| New | +$290K |
|
458
Huntsman Corp
HUN
$1.77B
| $290K | ﹤0.01% |
+12,015
| New | +$278K |
|
|
NATI
459
DELISTED
National Instruments Corp
NATI
| $283K | ﹤0.01% |
+6,684
| New | +$280K |
|
|
NOAH
460
Noah Holdings
NOAH
$603M
| $281K | ﹤0.01% |
7,946
+357
| +5% | +$10.9K |
|
461
AptarGroup
ATR
$8.61B
| $272K | ﹤0.01% |
2,350
-395
| -14% | -$44.9K |
|
462
Stratasys
SSYS
$774M
| $255K | ﹤0.01% |
+12,628
| New | +$252K |
|
463
AGCO
AGCO
$7.2B
| $253K | ﹤0.01% |
+3,271
| New | +$251K |
|
464
Lincoln Electric
LECO
$15.4B
| $252K | ﹤0.01% |
+2,606
| New | +$237K |
|
|
TIVO
465
DELISTED
Tivo Inc
TIVO
| $249K | ﹤0.01% |
+29,350
| New | +$232K |
|
|
WDR
466
DELISTED
Waddell & Reed Financial, Inc.
WDR
| $246K | ﹤0.01% |
+14,712
| New | +$240K |
|
467
3D Systems Corp
DDD
$613M
| $238K | ﹤0.01% |
+27,211
| New | +$236K |
|
468
Avnet
AVT
$7.92B
| $230K | ﹤0.01% |
+5,422
| New | +$223K |
|
|
BZUN
469
Baozun
BZUN
$172M
| $228K | ﹤0.01% |
6,894
+1,170
| +20% | +$46.4K |
|
470
Kelly Services Class A
KELYA
$527M
| $205K | ﹤0.01% |
+9,068
| New | +$204K |
|
471
NIO
NIO
$11.9B
| $149K | ﹤0.01% |
36,984
+15,153
| +69% | +$30.5K |
|
472
Apple
AAPL
$4.57T
| – | – |
-33,244
| Closed | -$1.86M |
|
473
Automatic Data Processing
ADP
$108B
| – | – |
-32,865
| Closed | -$5.3M |
|
474
American Eagle Outfitters
AEO
$3.01B
| – | – |
-11,007
| Closed | -$179K |
|
475
AES
AES
$10.5B
| – | – |
-11,856
| Closed | -$194K |
|
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Ray Dalio's Q4 2019 Portfolio in Review
As of Q4 2019, Ray Dalio held 589 positions worth $9.79B, down 14% from $11.4B the previous quarter. Its ten largest holdings account for 67% of the portfolio.
Ray Dalio withdrew a net $2.32B in Q4 2019, closing 118 positions and reducing 104 holdings. Its most notable exit was Biogen, an estimated $55.3M position sold in full.
By sector, the portfolio is most concentrated in Financials at 6.6% of assets, up from 3.2% a quarter earlier, followed by Consumer Discretionary and Industrials.
Against the trend, Ray Dalio opened a new position in JPMorgan Chase worth $90.5M.
- Ray Dalio's largest Q4 2019 buy was JPMorgan Chase: 649,376 shares worth $90.5M.
- Ray Dalio added most to iShares MSCI Taiwan ETF in Q4 2019, an estimated $16.2M increase.
- Ray Dalio's biggest Q4 2019 reduction was Vanguard FTSE Emerging Markets ETF, cutting an estimated $535M.
- Ray Dalio fully exited Biogen in Q4 2019, selling an estimated $55.3M.
- Ray Dalio's ten largest holdings make up 67% of its $9.79B portfolio in Q4 2019.
- Ray Dalio opened 256 new positions and closed 118 in Q4 2019.
- Ray Dalio's portfolio value fell 14% quarter-over-quarter to $9.79B.
Based on Bridgewater Associates's 13F filing for Q4 2019, filed 13 Feb 2020.