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 |
Walmart Inc
WMT
|
+$245M |
| 2 |
Procter & Gamble
PG
|
+$205M |
| 3 |
Coca-Cola
KO
|
+$129M |
| 4 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$128M |
| 5 |
Johnson & Johnson
JNJ
|
+$119M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SPDR Gold Trust
GLD
|
+$436M |
| 2 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$100M |
| 3 |
NetEase
NTES
|
+$26.7M |
| 4 |
iShares MSCI Emerging Markets ETF
EEM
|
+$25.5M |
| 5 |
Tesla
TSLA
|
+$15.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 23.66% |
| 2 | Consumer Discretionary | 13.07% |
| 3 | Healthcare | 9.52% |
| 4 | Technology | 3.33% |
| 5 | Financials | 3.05% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
26
Estee Lauder
EL
$32B
| $100M | 0.87% |
376,904
+201,325
| +115% | +$48.4M |
|
27
Abbott
ABT
$187B
| $100M | 0.87% |
912,926
+479,463
| +111% | +$52.1M |
|
28
NIO
NIO
$11.9B
| $95.6M | 0.83% |
1,960,609
+391,153
| +25% | +$15.1M |
|
29
Target
TGT
$68B
| $95.1M | 0.82% |
538,938
+296,167
| +122% | +$49.4M |
|
30
Danaher
DHR
$144B
| $92.6M | 0.8% |
470,102
+275,473
| +142% | +$55.2M |
|
31
Mondelez International
MDLZ
$79.9B
| $86.1M | 0.75% |
1,472,203
+785,987
| +115% | +$44.9M |
|
32
iShares MSCI Taiwan ETF
EWT
$10.7B
| $78.9M | 0.68% |
1,485,726
+48,117
| +3% | +$2.35M |
|
33
Colgate-Palmolive
CL
$74.4B
| $77.1M | 0.67% |
901,497
+474,542
| +111% | +$39.2M |
|
34
CVS Health
CVS
$122B
| $55.9M | 0.48% |
817,779
+483,975
| +145% | +$31.5M |
|
35
Dollar General
DG
$27.9B
| $55M | 0.48% |
261,446
+139,339
| +114% | +$29.8M |
|
36
Intuitive Surgical
ISRG
$134B
| $54.4M | 0.47% |
199,374
+120,093
| +151% | +$29.8M |
|
37
Monster Beverage
MNST
$88.4B
| $53.7M | 0.46% |
1,161,494
+666,728
| +135% | +$28M |
|
38
JPMorgan Chase
JPM
$950B
| $52.4M | 0.45% |
+412,755
| New | +$46.1M |
|
39
New Oriental
EDU
$8.98B
| $52.2M | 0.45% |
280,862
-2,355
| -0.8% | -$396K |
|
40
TAL Education Group
TAL
$6.87B
| $51.8M | 0.45% |
724,925
+40,192
| +6% | +$2.9M |
|
41
Kimberly-Clark
KMB
$36.5B
| $47.9M | 0.41% |
355,190
+186,516
| +111% | +$26.1M |
|
42
KE Holdings
BEKE
$18.8B
| $47.8M | 0.41% |
777,284
+690,860
| +799% | +$45.9M |
|
43
Stryker
SYK
$130B
| $46.3M | 0.4% |
188,904
+98,064
| +108% | +$22.2M |
|
44
Veeva Systems
VEEV
$37.4B
| $45M | 0.39% |
165,279
+93,551
| +130% | +$26.2M |
|
|
45
NetEase
NTES
$84.7B
| $44.2M | 0.38% |
461,752
-297,848
| -39% | -$26.7M |
|
46
Constellation Brands
STZ
$23.2B
| $44.1M | 0.38% |
201,446
+105,258
| +109% | +$20.7M |
|
47
Kraft Heinz
KHC
$30B
| $43.8M | 0.38% |
1,263,185
+680,776
| +117% | +$22.1M |
|
48
Bank of America
BAC
$442B
| $42.4M | 0.37% |
+1,399,471
| New | +$37.5M |
|
49
Chipotle Mexican Grill
CMG
$41.5B
| $42.2M | 0.37% |
1,521,000
+866,500
| +132% | +$22.7M |
|
50
Yum China
YUMC
$16.3B
| $41.7M | 0.36% |
730,465
+66,820
| +10% | +$3.75M |
|
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Ray Dalio's Q4 2020 Portfolio in Review
As of Q4 2020, Ray Dalio held 599 positions worth $11.6B, up 39% from $8.31B the previous quarter. Its ten largest holdings account for 43% of the portfolio.
Ray Dalio deployed $2.24B of net new capital in Q4 2020, opening 169 new positions and adding to 233 existing holdings. Its largest new stake was JPMorgan Chase: 412,755 shares worth $52.4M.
By sector, the portfolio is most concentrated in Consumer Staples at 24% of assets, up from 15% a quarter earlier, followed by Consumer Discretionary and Healthcare.
On the sell side, the largest reduction was SPDR Gold Trust, an estimated $436M trimmed.
- Ray Dalio's largest Q4 2020 buy was JPMorgan Chase: 412,755 shares worth $52.4M.
- Ray Dalio added most to Walmart Inc in Q4 2020, an estimated $245M increase.
- Ray Dalio's biggest Q4 2020 reduction was SPDR Gold Trust, cutting an estimated $436M.
- Ray Dalio fully exited Tesla in Q4 2020, selling an estimated $15.3M.
- Ray Dalio's ten largest holdings make up 43% of its $11.6B portfolio in Q4 2020.
- Ray Dalio opened 169 new positions and closed 74 in Q4 2020.
- Ray Dalio's portfolio value rose 39% quarter-over-quarter to $11.6B.
Based on Bridgewater Associates's 13F filing for Q4 2020, filed 12 Feb 2021.