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 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$693M |
| 2 |
iShares Core S&P 500 ETF
IVV
|
+$235M |
| 3 |
Vanguard S&P 500 ETF
VOO
|
+$200M |
| 4 |
Petrobras
PBR
|
+$105M |
| 5 |
Shell
SHEL
|
+$105M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Micron Technology
MU
|
+$1.02B |
| 2 |
Amazon
AMZN
|
+$593M |
| 3 |
TSMC
TSM
|
+$423M |
| 4 |
Marvell Technology
MRVL
|
+$354M |
| 5 |
GE Vernova
GEV
|
+$319M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 30.62% |
| 2 | Technology | 21.23% |
| 3 | Industrials | 7.72% |
| 4 | Financials | 6.76% |
| 5 | Healthcare | 6.62% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
501
Moog Inc Class A
MOG.A
$11.5B
| $4.39M | 0.02% |
10,359
-5,414
| -34% | -$1.85M |
2025 Q3
3 quarters
|
|
502
SiriusXM
SIRI
$9.15B
| $4.38M | 0.02% |
148,290
+56,950
| +62% | +$1.53M |
2025 Q3
3 quarters
|
|
503
Mondelez International
MDLZ
$81.7B
| $4.36M | 0.02% |
75,420
+1,607
| +2% | +$96.8K |
2021 Q4
18 quarters
|
|
504
DoorDash
DASH
$83.1B
| $4.35M | 0.02% |
23,591
-3,525
| -13% | -$583K |
2023 Q2
12 quarters
|
|
505
Critical Metals Corp
CRML
$940M
| $4.35M | 0.02% |
424,582
-95,171
| -18% | -$1.02M |
2025 Q4
2 quarters
|
|
506
Frontdoor
FTDR
$5.54B
| $4.35M | 0.02% |
56,076
-5,730
| -9% | -$367K |
2024 Q2
8 quarters
|
|
507
NETSCOUT
NTCT
$2.81B
| $4.35M | 0.02% |
99,831
-87,481
| -47% | -$3.29M |
2025 Q3
3 quarters
|
|
508
MDA Space Ltd
MDA
$4.47B
| $4.35M | 0.02% |
105,238
-174,342
| -62% | -$6.33M |
2026 Q1
1 quarter
|
|
509
Harmony Gold Mining
HMY
$10.5B
| $4.34M | 0.02% |
285,332
-303,148
| -52% | -$5.04M |
2024 Q2
8 quarters
|
|
510
Pfizer
PFE
$172B
| $4.34M | 0.02% |
+180,092
| New | +$4.71M |
2026 Q2
0 quarters
|
|
511
Cabot Corp
CBT
$3.8B
| $4.31M | 0.02% |
47,424
+20,070
| +73% | +$1.64M |
2024 Q2
8 quarters
|
|
512
Monolithic Power Systems
MPWR
$61.4B
| $4.28M | 0.02% |
3,096
-8,846
| -74% | -$13.3M |
2025 Q4
2 quarters
|
|
513
Bausch Health
BHC
$2.4B
| $4.27M | 0.02% |
866,285
+195,919
| +29% | +$1.05M |
2020 Q4
22 quarters
|
|
514
Lear
LEA
$5.92B
| $4.2M | 0.02% |
31,313
+17,782
| +131% | +$2.38M |
2024 Q2
8 quarters
|
|
515
NioCorp Developments
NB
$442M
| $4.18M | 0.02% |
866,910
-15,835
| -2% | -$86.7K |
2025 Q4
2 quarters
|
|
516
Middleby
MIDD
$5B
| $4.16M | 0.02% |
+24,211
| New | +$3.65M |
2026 Q2
0 quarters
|
|
517
Encompass Health
EHC
$12B
| $4.15M | 0.02% |
41,016
-5,399
| -12% | -$559K |
2021 Q1
21 quarters
|
|
518
Advanced Drainage Systems
WMS
$9.8B
| $4.09M | 0.02% |
26,071
-47,187
| -64% | -$6.74M |
2025 Q4
2 quarters
|
|
519
Matsons
MATX
$7.1B
| $4.09M | 0.02% |
21,255
+6,622
| +45% | +$1.21M |
2026 Q1
1 quarter
|
|
520
Antero Midstream
AM
$9.8B
| $4.06M | 0.02% |
178,664
+27,249
| +18% | +$592K |
2025 Q3
3 quarters
|
|
521
Armstrong World Industries
AWI
$7.16B
| $4.06M | 0.02% |
25,290
-5,467
| -18% | -$894K |
2025 Q1
5 quarters
|
|
522
USA Rare Earth Inc
USAR
$3.78B
| $4.03M | 0.02% |
186,950
+12,486
| +7% | +$285K |
2025 Q4
2 quarters
|
|
523
Global E Online
GLBE
$7.02B
| $4.03M | 0.02% |
115,965
-268,225
| -70% | -$8.48M |
2025 Q3
3 quarters
|
|
524
Mettler-Toledo International
MTD
$32.7B
| $4.02M | 0.02% |
3,146
-1,992
| -39% | -$2.4M |
2025 Q4
2 quarters
|
|
525
Toll Brothers
TOL
$12.5B
| $4M | 0.02% |
24,255
-193,191
| -89% | -$27.5M |
2021 Q1
21 quarters
|
|
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Ray Dalio's Q2 2026 Portfolio in Review
As of Q2 2026, Ray Dalio held 1,206 positions worth $24.4B, up 8.8% from $22.4B the previous quarter. Its ten largest holdings account for 40% of the portfolio.
Ray Dalio withdrew a net $3.05B in Q2 2026, closing 209 positions and reducing 379 holdings. Its most notable exit was Cisco, an estimated $63.8M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 31% of assets, up from 25% a quarter earlier, followed by Technology and Industrials.
Against the trend, Ray Dalio opened a new position in Eversource Energy worth $86.4M.
- Ray Dalio's largest Q2 2026 buy was Eversource Energy: 1,195,140 shares worth $86.4M.
- Ray Dalio added most to State Street SPDR S&P 500 ETF Trust in Q2 2026, an estimated $693M increase.
- Ray Dalio's biggest Q2 2026 reduction was Micron Technology, cutting an estimated $1.02B.
- Ray Dalio fully exited Cisco in Q2 2026, selling an estimated $63.8M.
- Ray Dalio's ten largest holdings make up 40% of its $24.4B portfolio in Q2 2026.
- Ray Dalio opened 213 new positions and closed 209 in Q2 2026.
- Ray Dalio's portfolio value rose 8.8% quarter-over-quarter to $24.4B.
Based on Bridgewater Associates's 13F filing for Q2 2026, filed 14 Aug 2026.