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
|
+$380M |
| 2 |
iShares MSCI South Korea ETF
EWY
|
+$171M |
| 3 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$146M |
| 4 |
XEC
CIMAREX ENERGY CO
XEC
|
+$84.8M |
| 5 |
Bread Financial
BFH
|
+$78.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Brazil ETF
EWZ
|
+$133M |
| 2 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$92.5M |
| 3 |
iShares MSCI Taiwan ETF
EWT
|
+$37M |
| 4 |
Toll Brothers
TOL
|
+$33.7M |
| 5 |
NFX
Newfield Exploration
NFX
|
+$24.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 5.64% |
| 2 | Consumer Discretionary | 4.56% |
| 3 | Energy | 3.53% |
| 4 | Healthcare | 2.96% |
| 5 | Industrials | 2.8% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
476
Air Products & Chemicals
APD
$67.6B
| – | – |
-8,278
| Closed | -$1.38M |
|
477
Boeing
BA
$185B
| – | – |
-3,125
| Closed | -$1.16M |
|
478
Chubb
CB
$135B
| – | – |
-6,058
| Closed | -$810K |
|
479
C.H. Robinson
CHRW
$17.5B
| – | – |
-12,626
| Closed | -$1.24M |
|
480
Comcast
CMCSA
$90B
| – | – |
-337,003
| Closed | -$11.9M |
|
481
CME Group
CME
$94.8B
| – | – |
-4,632
| Closed | -$788K |
|
482
CenterPoint Energy
CNP
$26.8B
| – | – |
-21,349
| Closed | -$590K |
|
483
Salesforce
CRM
$158B
| – | – |
-12,277
| Closed | -$1.95M |
|
484
Deere & Co
DE
$168B
| – | – |
-14,382
| Closed | -$2.16M |
|
485
D.R. Horton
DHI
$42.3B
| – | – |
-139,696
| Closed | -$5.89M |
|
486
Healthpeak Properties
DOC
$14.8B
| – | – |
-25,308
| Closed | -$666K |
|
487
Equity Residential
EQR
$25.1B
| – | – |
-11,011
| Closed | -$730K |
|
488
Entergy
ETR
$50B
| – | – |
-32,668
| Closed | -$1.32M |
|
489
Edwards Lifesciences
EW
$51.7B
| – | – |
-28,770
| Closed | -$1.67M |
|
|
490
iShares MSCI Taiwan ETF
EWT
$10.7B
| – | – |
-980,515
| Closed | -$37M |
|
491
Expeditors International
EXPD
$23.2B
| – | – |
-2,986
| Closed | -$220K |
|
492
GDS Holdings
GDS
$6.41B
| – | – |
-7,572
| Closed | -$266K |
|
493
Hershey
HSY
$36.6B
| – | – |
-109,681
| Closed | -$11.2M |
|
494
Intercontinental Exchange
ICE
$84.4B
| – | – |
-9,638
| Closed | -$722K |
|
495
Illumina
ILMN
$28.4B
| – | – |
-19,139
| Closed | -$6.83M |
|
496
Johnson & Johnson
JNJ
$625B
| – | – |
-77,815
| Closed | -$10.8M |
|
497
Liberty Global Class A
LBTYA
$3.6B
| – | – |
-166,144
| Closed | -$4.81M |
|
498
Eli Lilly
LLY
$1.06T
| – | – |
-135,421
| Closed | -$14.5M |
|
499
Lockheed Martin
LMT
$136B
| – | – |
-17,034
| Closed | -$5.89M |
|
500
Mastercard
MA
$493B
| – | – |
-6,388
| Closed | -$1.42M |
|
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Ray Dalio's Q4 2018 Portfolio in Review
As of Q4 2018, Ray Dalio held 528 positions worth $10.9B, up 13% from $9.65B the previous quarter. Its ten largest holdings account for 62% of the portfolio.
Ray Dalio deployed $2.53B of net new capital in Q4 2018, opening 174 new positions and adding to 210 existing holdings. Its largest new stake was Eastman Chemical: 624,555 shares worth $45.7M.
By sector, the portfolio is most concentrated in Financials at 5.6% of assets, up from 3.4% a quarter earlier, followed by Consumer Discretionary and Energy.
On the sell side, the largest reduction was iShares MSCI Brazil ETF, an estimated $133M trimmed.
- Ray Dalio's largest Q4 2018 buy was Eastman Chemical: 624,555 shares worth $45.7M.
- Ray Dalio added most to iShares Core S&P 500 ETF in Q4 2018, an estimated $380M increase.
- Ray Dalio's biggest Q4 2018 reduction was iShares MSCI Brazil ETF, cutting an estimated $133M.
- Ray Dalio fully exited iShares MSCI Taiwan ETF in Q4 2018, selling an estimated $37M.
- Ray Dalio's ten largest holdings make up 62% of its $10.9B portfolio in Q4 2018.
- Ray Dalio opened 174 new positions and closed 56 in Q4 2018.
- Ray Dalio's portfolio value rose 13% quarter-over-quarter to $10.9B.
Based on Bridgewater Associates's 13F filing for Q4 2018, filed 13 Feb 2019.