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 S&P 500 ETF
IVV
|
+$1.12B |
| 2 |
Lam Research
LRCX
|
+$193M |
| 3 |
Adobe
ADBE
|
+$191M |
| 4 |
Mastercard
MA
|
+$138M |
| 5 |
Workday
WDAY
|
+$137M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$999M |
| 2 |
NVIDIA
NVDA
|
+$823M |
| 3 |
Alphabet (Google) Class A
GOOGL
|
+$617M |
| 4 |
SPDR Gold Trust
GLD
|
+$337M |
| 5 |
Microsoft
MSFT
|
+$315M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 28.56% |
| 2 | Financials | 12.71% |
| 3 | Consumer Discretionary | 8.78% |
| 4 | Healthcare | 7.77% |
| 5 | Communication Services | 7.44% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
451
BJs Wholesale Club
BJ
$12.3B
| $6.01M | 0.02% |
64,414
+57,006
| +770% | +$5.83M |
|
452
Nasdaq
NDAQ
$52.9B
| $5.98M | 0.02% |
+67,601
| New | +$6.26M |
|
|
P
453
Everpure Inc
P
$29.9B
| $5.96M | 0.02% |
+71,170
| New | +$4.73M |
|
454
Liberty Media Series C
FWONK
$25.8B
| $5.95M | 0.02% |
+56,988
| New | +$5.78M |
|
455
Dycom Industries
DY
$12.3B
| $5.91M | 0.02% |
+20,269
| New | +$5.32M |
|
456
Stride
LRN
$3.43B
| $5.89M | 0.02% |
39,538
+21,175
| +115% | +$3.1M |
|
457
Harmony Biosciences
HRMY
$2.24B
| $5.83M | 0.02% |
+211,526
| New | +$7.29M |
|
458
Fastenal
FAST
$59.5B
| $5.83M | 0.02% |
+118,830
| New | +$5.61M |
|
459
WIX.com
WIX
$2.52B
| $5.81M | 0.02% |
+32,690
| New | +$4.92M |
|
460
Keurig Dr Pepper
KDP
$40.8B
| $5.8M | 0.02% |
227,359
+154,324
| +211% | +$4.84M |
|
461
Payoneer
PAYO
$2.41B
| $5.77M | 0.02% |
+953,754
| New | +$6.39M |
|
462
Fulton Financial
FULT
$4.64B
| $5.76M | 0.02% |
309,297
+169,412
| +121% | +$3.21M |
|
463
Moderna
MRNA
$23.6B
| $5.74M | 0.02% |
+222,210
| New | +$6.2M |
|
464
Carnival Corporation Ltd
CCL
$39.7B
| $5.73M | 0.02% |
+198,182
| New | +$5.98M |
|
465
Kratos Defense & Security Solutions
KTOS
$11.4B
| $5.72M | 0.02% |
+62,621
| New | +$4.01M |
|
466
Starbucks
SBUX
$120B
| $5.72M | 0.02% |
67,596
+3,133
| +5% | +$280K |
|
467
Dentsply Sirona
XRAY
$2.43B
| $5.72M | 0.02% |
450,422
+360,295
| +400% | +$5.23M |
|
468
American Tower
AMT
$80.4B
| $5.71M | 0.02% |
29,670
+26,203
| +756% | +$5.46M |
|
469
Emerson Electric
EMR
$88.3B
| $5.7M | 0.02% |
43,426
+34,554
| +389% | +$4.71M |
|
470
TriNet
TNET
$3.14B
| $5.63M | 0.02% |
+84,129
| New | +$5.72M |
|
471
American Eagle Outfitters
AEO
$3.01B
| $5.62M | 0.02% |
+328,661
| New | +$4.5M |
|
472
Biogen
BIIB
$30.7B
| $5.6M | 0.02% |
+39,983
| New | +$5.4M |
|
473
A.O. Smith
AOS
$8.7B
| $5.6M | 0.02% |
+76,251
| New | +$5.44M |
|
474
Raymond James Financial
RJF
$34B
| $5.59M | 0.02% |
+32,402
| New | +$5.37M |
|
475
PBF Energy
PBF
$7.31B
| $5.56M | 0.02% |
184,166
-88,880
| -33% | -$2.32M |
|
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Ray Dalio's Q3 2025 Portfolio in Review
As of Q3 2025, Ray Dalio held 1,078 positions worth $25.5B, up 3% from $24.8B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Ray Dalio withdrew a net $795M in Q3 2025, closing 64 positions and reducing 194 holdings. Its most notable exit was SPDR Gold Trust, an estimated $337M position sold in full.
By sector, the portfolio is most concentrated in Technology at 29% of assets, down from 29% a quarter earlier, followed by Financials and Consumer Discretionary.
Against the trend, Ray Dalio opened a new position in Reddit worth $142M.
- Ray Dalio's largest Q3 2025 buy was Reddit: 617,208 shares worth $142M.
- Ray Dalio added most to iShares Core S&P 500 ETF in Q3 2025, an estimated $1.12B increase.
- Ray Dalio's biggest Q3 2025 reduction was iShares Core MSCI Emerging Markets ETF, cutting an estimated $999M.
- Ray Dalio fully exited SPDR Gold Trust in Q3 2025, selling an estimated $337M.
- Ray Dalio's ten largest holdings make up 33% of its $25.5B portfolio in Q3 2025.
- Ray Dalio opened 493 new positions and closed 64 in Q3 2025.
- Ray Dalio's portfolio value rose 3% quarter-over-quarter to $25.5B.
Based on Bridgewater Associates's 13F filing for Q3 2025, filed 13 Nov 2025.