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 | |
|---|---|---|---|---|---|---|
476
CSX Corp
CSX
$93.1B
| $5.5M | 0.02% |
154,988
+35,405
| +30% | +$1.21M |
|
477
Watts Water Technologies
WTS
$13.1B
| $5.48M | 0.02% |
+19,626
| New | +$5.26M |
|
478
Commerce Bancshares
CBSH
$8.5B
| $5.48M | 0.02% |
+96,217
| New | +$5.66M |
|
479
Fidelity National Information Services
FIS
$22.1B
| $5.43M | 0.02% |
82,309
-51,558
| -39% | -$3.76M |
|
480
Intuitive Surgical
ISRG
$134B
| $5.42M | 0.02% |
12,119
+357
| +3% | +$171K |
|
481
Casey's General Stores
CASY
$30.9B
| $5.42M | 0.02% |
9,583
+7,497
| +359% | +$3.92M |
|
482
BOK Financial
BOKF
$8.74B
| $5.4M | 0.02% |
+48,483
| New | +$5.18M |
|
483
Visteon
VC
$2.78B
| $5.4M | 0.02% |
+45,021
| New | +$5.3M |
|
484
Bank OZK
OZK
$5.61B
| $5.38M | 0.02% |
+105,534
| New | +$5.39M |
|
485
Carvana
CVNA
$77.9B
| $5.37M | 0.02% |
+71,145
| New | +$5.09M |
|
486
Credit Acceptance
CACC
$6.08B
| $5.31M | 0.02% |
11,370
+10,521
| +1,239% | +$5.25M |
|
487
SiriusXM
SIRI
$10.1B
| $5.28M | 0.02% |
+226,993
| New | +$5.25M |
|
488
Xcel Energy
XEL
$48.8B
| $5.27M | 0.02% |
+65,394
| New | +$4.73M |
|
|
EFOR
489
Everforth Inc
EFOR
$1.32B
| $5.21M | 0.02% |
110,003
+90,687
| +469% | +$4.63M |
|
490
NewMarket
NEU
$8.18B
| $5.17M | 0.02% |
6,247
+1,014
| +19% | +$781K |
|
491
Delta Air Lines
DAL
$60.1B
| $5.16M | 0.02% |
+90,969
| New | +$5.19M |
|
492
Goldman Sachs
GS
$303B
| $5.12M | 0.02% |
+6,428
| New | +$4.76M |
|
493
ITT
ITT
$19.1B
| $5.11M | 0.02% |
+28,584
| New | +$4.8M |
|
494
Oshkosh
OSK
$9.59B
| $5.06M | 0.02% |
39,032
+24,550
| +170% | +$3.26M |
|
495
HF Sinclair
DINO
$14.5B
| $5.04M | 0.02% |
+96,337
| New | +$4.57M |
|
496
Halliburton
HAL
$26.6B
| $5.03M | 0.02% |
+204,572
| New | +$4.53M |
|
497
Kroger
KR
$34.8B
| $5M | 0.02% |
74,161
-822,964
| -92% | -$57.3M |
|
498
First Bancorp
FBP
$4.38B
| $4.93M | 0.02% |
+223,459
| New | +$4.83M |
|
499
Cintas
CTAS
$81.3B
| $4.93M | 0.02% |
+23,996
| New | +$5.12M |
|
500
EXL Service
EXLS
$5.29B
| $4.88M | 0.02% |
+110,797
| New | +$4.8M |
|
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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.