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
|
+$949M |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$409M |
| 3 |
SPDR Gold Trust
GLD
|
+$403M |
| 4 |
iShares MSCI Emerging Markets ETF
EEM
|
+$392M |
| 5 |
iShares 20+ Year Treasury Bond ETF
TLT
|
+$171M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI South Korea ETF
EWY
|
+$92.2M |
| 2 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$27.9M |
| 3 |
CHK
Chesapeake Energy Corporation
CHK
|
+$26.1M |
| 4 |
SWN
Southwestern Energy Company
SWN
|
+$24.4M |
| 5 |
Intel
INTC
|
+$21.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 1.98% |
| 2 | Healthcare | 1.54% |
| 3 | Financials | 1.2% |
| 4 | Technology | 1.1% |
| 5 | Energy | 1.02% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Royal Bank of Canada
RY
$293B
| $22.6M | 0.15% |
292,688
| – | – |
|
27
Capri Holdings
CPRI
$1.74B
| $22.2M | 0.15% |
464,437
+376,556
| +428% | +$15.3M |
|
28
Warner Bros
WBD
$67.1B
| $21.7M | 0.15% |
1,016,993
+448,968
| +79% | +$10.6M |
|
29
DaVita
DVA
$11.7B
| $21.1M | 0.14% |
354,456
+289,970
| +450% | +$17.5M |
|
30
Toronto Dominion Bank
TD
$200B
| $20.8M | 0.14% |
369,816
| – | – |
|
31
Devon Energy
DVN
$47.3B
| $20.2M | 0.14% |
550,902
-330,094
| -37% | -$10.7M |
|
32
Cleveland-Cliffs
CLF
$6.99B
| $19.8M | 0.13% |
2,772,145
+1,330,607
| +92% | +$9.94M |
|
33
GE Aerospace
GE
$384B
| $19.8M | 0.13% |
170,551
+27,134
| +19% | +$3.28M |
|
34
Quest Diagnostics
DGX
$26.3B
| $19.5M | 0.13% |
+208,121
| New | +$22.1M |
|
35
Transocean
RIG
$5.82B
| $18.9M | 0.13% |
+1,760,713
| New | +$15.2M |
|
36
BorgWarner
BWA
$13.9B
| $18.4M | 0.12% |
407,197
+87,519
| +27% | +$3.57M |
|
|
ENDP
37
DELISTED
Endo International plc
ENDP
| $16.9M | 0.11% |
1,972,219
+432,811
| +28% | +$4.17M |
|
|
ALXN
38
DELISTED
Alexion Pharmaceuticals
ALXN
| $16.5M | 0.11% |
117,418
+111,020
| +1,735% | +$15.1M |
|
39
Royal Caribbean
RCL
$85.6B
| $16.5M | 0.11% |
138,938
+105,324
| +313% | +$12.3M |
|
40
Microchip Technology
MCHP
$46B
| $16.4M | 0.11% |
365,490
+271,544
| +289% | +$11.4M |
|
41
Scotiabank
BNS
$108B
| $16.3M | 0.11% |
254,318
| – | – |
|
42
Kimberly-Clark
KMB
$36.5B
| $15.9M | 0.11% |
+134,770
| New | +$16.5M |
|
43
Suncor Energy
SU
$70.3B
| $14.3M | 0.1% |
409,371
-14,194
| -3% | -$453K |
|
44
Freeport-McMoran
FCX
$97.5B
| $13.9M | 0.09% |
989,866
-410,942
| -29% | -$5.77M |
|
45
Biogen
BIIB
$30.7B
| $13.8M | 0.09% |
44,198
-783
| -2% | -$232K |
|
46
IBM
IBM
$224B
| $13.6M | 0.09% |
97,730
+6,135
| +7% | +$855K |
|
47
Western Union
WU
$2.21B
| $13.5M | 0.09% |
702,567
+511,522
| +268% | +$9.75M |
|
48
Ross Stores
ROST
$81.9B
| $13.4M | 0.09% |
208,150
+122,031
| +142% | +$7.02M |
|
|
49
Intel
INTC
$513B
| $13.4M | 0.09% |
351,286
-608,232
| -63% | -$21.6M |
|
50
Target
TGT
$68B
| $13.3M | 0.09% |
225,125
-78,988
| -26% | -$4.42M |
|
Similar funds
Ray Dalio's Q3 2017 Portfolio in Review
As of Q3 2017, Ray Dalio held 426 positions worth $14.9B, up 37% from $10.9B the previous quarter. Its ten largest holdings account for 82% of the portfolio.
Ray Dalio deployed $3.33B of net new capital in Q3 2017, opening 83 new positions and adding to 81 existing holdings. Its largest new stake was Quest Diagnostics: 208,121 shares worth $19.5M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 2% of assets, down from 2.4% a quarter earlier, followed by Healthcare and Financials.
On the sell side, the largest reduction was iShares MSCI South Korea ETF, an estimated $92.2M trimmed.
- Ray Dalio's largest Q3 2017 buy was Quest Diagnostics: 208,121 shares worth $19.5M.
- Ray Dalio added most to iShares Core MSCI Emerging Markets ETF in Q3 2017, an estimated $949M increase.
- Ray Dalio's biggest Q3 2017 reduction was iShares MSCI South Korea ETF, cutting an estimated $92.2M.
- Ray Dalio fully exited Chesapeake Energy Corporation in Q3 2017, selling an estimated $26.1M.
- Ray Dalio's ten largest holdings make up 82% of its $14.9B portfolio in Q3 2017.
- Ray Dalio opened 83 new positions and closed 140 in Q3 2017.
- Ray Dalio's portfolio value rose 37% quarter-over-quarter to $14.9B.
Based on Bridgewater Associates's 13F filing for Q3 2017, filed 13 Nov 2017.