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 |
McDonald's
MCD
|
+$6.41M |
| 2 |
UnitedHealth
UNH
|
+$6.05M |
| 3 |
Lockheed Martin
LMT
|
+$6.04M |
| 4 |
Philip Morris
PM
|
+$5.55M |
| 5 |
Accenture
ACN
|
+$5.35M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$1.04B |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$444M |
| 3 |
iShares Core S&P 500 ETF
IVV
|
+$277M |
| 4 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$226M |
| 5 |
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
|
+$132M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 4% |
| 2 | Financials | 2.7% |
| 3 | Industrials | 1.84% |
| 4 | Materials | 1.48% |
| 5 | Consumer Staples | 1.39% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
501
Illinois Tool Works
ITW
$85.3B
| – | – |
-13,617
| Closed | -$2.45M |
|
502
Invesco
IVZ
$13.9B
| – | – |
-93,831
| Closed | -$1.69M |
|
503
Jacobs Solutions
J
$17B
| – | – |
-8,611
| Closed | -$640K |
|
504
JetBlue
JBLU
$2.29B
| – | – |
-66,981
| Closed | -$1.25M |
|
505
Jabil
JBL
$35.8B
| – | – |
-8,002
| Closed | -$331K |
|
506
Jefferies Financial Group
JEF
$13.1B
| – | – |
-64,856
| Closed | -$1.32M |
|
|
JNPR
507
DELISTED
Juniper Networks
JNPR
| – | – |
-17,434
| Closed | -$429K |
|
508
JPMorgan Chase
JPM
$950B
| – | – |
-649,376
| Closed | -$90.5M |
|
|
JWN
509
DELISTED
Nordstrom
JWN
| – | – |
-36,017
| Closed | -$1.47M |
|
510
KBR
KBR
$4.8B
| – | – |
-27,506
| Closed | -$839K |
|
511
Kelly Services Class A
KELYA
$527M
| – | – |
-9,068
| Closed | -$205K |
|
512
KeyCorp
KEY
$24.4B
| – | – |
-204,154
| Closed | -$4.13M |
|
513
Keysight
KEYS
$58.3B
| – | – |
-9,579
| Closed | -$983K |
|
514
KLA
KLAC
$259B
| – | – |
-67,430
| Closed | -$1.2M |
|
515
Kennametal
KMT
$2.52B
| – | – |
-19,264
| Closed | -$711K |
|
516
Lamar Advertising Co
LAMR
$16.3B
| – | – |
-23,301
| Closed | -$2.08M |
|
517
Lincoln Electric
LECO
$15.4B
| – | – |
-2,606
| Closed | -$252K |
|
518
LPL Financial
LPLA
$28.6B
| – | – |
-16,812
| Closed | -$1.55M |
|
519
Lam Research
LRCX
$390B
| – | – |
-62,590
| Closed | -$1.83M |
|
520
LyondellBasell Industries
LYB
$19.2B
| – | – |
-16,441
| Closed | -$1.55M |
|
521
Macy's
M
$6.68B
| – | – |
-53,154
| Closed | -$904K |
|
522
ManpowerGroup
MAN
$2.63B
| – | – |
-3,169
| Closed | -$308K |
|
523
Matsons
MATX
$6.18B
| – | – |
-8,088
| Closed | -$330K |
|
524
Microchip Technology
MCHP
$46B
| – | – |
-20,658
| Closed | -$1.08M |
|
525
Middleby
MIDD
$6.08B
| – | – |
-13,025
| Closed | -$1.43M |
|
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Ray Dalio's Q1 2020 Portfolio in Review
As of Q1 2020, Ray Dalio held 650 positions worth $5.04B, down 49% from $9.79B the previous quarter. Its ten largest holdings account for 68% of the portfolio.
Ray Dalio withdrew a net $3.42B in Q1 2020, closing 251 positions and reducing 191 holdings. Its most notable exit was JPMorgan Chase, an estimated $90.5M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 4% of assets, up from 3.6% a quarter earlier, followed by Financials and Industrials.
Against the trend, Ray Dalio opened a new position in McDonald's worth $5.38M.
- Ray Dalio's largest Q1 2020 buy was McDonald's: 32,541 shares worth $5.38M.
- Ray Dalio added most to Lowe's Companies in Q1 2020, an estimated $4.7M increase.
- Ray Dalio's biggest Q1 2020 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $1.04B.
- Ray Dalio fully exited JPMorgan Chase in Q1 2020, selling an estimated $90.5M.
- Ray Dalio's ten largest holdings make up 68% of its $5.04B portfolio in Q1 2020.
- Ray Dalio opened 179 new positions and closed 251 in Q1 2020.
- Ray Dalio's portfolio value fell 49% quarter-over-quarter to $5.04B.
Based on Bridgewater Associates's 13F filing for Q1 2020, filed 14 May 2020.