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 |
JPMorgan Chase
JPM
|
+$83.3M |
| 2 |
Bank of America
BAC
|
+$60.7M |
| 3 |
Wells Fargo
WFC
|
+$46.3M |
| 4 |
Citigroup
C
|
+$33.4M |
| 5 |
US Bancorp
USB
|
+$18.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$535M |
| 2 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$484M |
| 3 |
iShares MSCI Emerging Markets ETF
EEM
|
+$386M |
| 4 |
iShares MSCI Brazil ETF
EWZ
|
+$74.6M |
| 5 |
Biogen
BIIB
|
+$55.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 6.62% |
| 2 | Consumer Discretionary | 3.62% |
| 3 | Industrials | 2.16% |
| 4 | Materials | 1.56% |
| 5 | Technology | 1.16% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
526
IBM
IBM
$224B
| – | – |
-24,672
| Closed | -$3.43M |
|
527
Idexx Laboratories
IDXX
$46.2B
| – | – |
-3,646
| Closed | -$991K |
|
528
Intel
INTC
$513B
| – | – |
-215,421
| Closed | -$11.1M |
|
|
IPG
529
DELISTED
Interpublic Group of Companies
IPG
| – | – |
-960,978
| Closed | -$20.7M |
|
530
Iron Mountain
IRM
$36.1B
| – | – |
-48,484
| Closed | -$1.57M |
|
531
Intuitive Surgical
ISRG
$134B
| – | – |
-33,630
| Closed | -$6.05M |
|
532
Gartner
IT
$11.7B
| – | – |
-2,159
| Closed | -$309K |
|
533
Jack Henry & Associates
JKHY
$11.1B
| – | – |
-3,328
| Closed | -$486K |
|
534
Coca-Cola
KO
$375B
| – | – |
-39,025
| Closed | -$2.13M |
|
535
Kroger
KR
$34.8B
| – | – |
-69,154
| Closed | -$1.78M |
|
536
Kohl's
KSS
$2.19B
| – | – |
-654,710
| Closed | -$32.5M |
|
537
Liberty Global Class A
LBTYA
$3.6B
| – | – |
-199,008
| Closed | -$4.92M |
|
538
Eli Lilly
LLY
$1.06T
| – | – |
-8,135
| Closed | -$910K |
|
539
Lockheed Martin
LMT
$136B
| – | – |
-3,986
| Closed | -$1.55M |
|
540
McKesson
MCK
$101B
| – | – |
-168,575
| Closed | -$23M |
|
541
Meta Platforms (Facebook)
META
$1.51T
| – | – |
-29,811
| Closed | -$5.31M |
|
542
3M
MMM
$94.3B
| – | – |
-33,312
| Closed | -$4.58M |
|
543
Monster Beverage
MNST
$88.4B
| – | – |
-241,714
| Closed | -$7.02M |
|
544
Altria Group
MO
$114B
| – | – |
-344,301
| Closed | -$14.1M |
|
545
Morningstar
MORN
$7.53B
| – | – |
-2,297
| Closed | -$336K |
|
546
Marathon Petroleum
MPC
$83.7B
| – | – |
-176,371
| Closed | -$10.7M |
|
547
Merck
MRK
$318B
| – | – |
-8,270
| Closed | -$664K |
|
548
Annaly Capital Management
NLY
$17.4B
| – | – |
-37,093
| Closed | -$1.31M |
|
549
Northrop Grumman
NOC
$81.2B
| – | – |
-20,047
| Closed | -$7.51M |
|
550
NRG Energy
NRG
$24.8B
| – | – |
-545,769
| Closed | -$21.6M |
|
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Ray Dalio's Q4 2019 Portfolio in Review
As of Q4 2019, Ray Dalio held 589 positions worth $9.79B, down 14% from $11.4B the previous quarter. Its ten largest holdings account for 67% of the portfolio.
Ray Dalio withdrew a net $2.32B in Q4 2019, closing 118 positions and reducing 104 holdings. Its most notable exit was Biogen, an estimated $55.3M position sold in full.
By sector, the portfolio is most concentrated in Financials at 6.6% of assets, up from 3.2% a quarter earlier, followed by Consumer Discretionary and Industrials.
Against the trend, Ray Dalio opened a new position in JPMorgan Chase worth $90.5M.
- Ray Dalio's largest Q4 2019 buy was JPMorgan Chase: 649,376 shares worth $90.5M.
- Ray Dalio added most to iShares MSCI Taiwan ETF in Q4 2019, an estimated $16.2M increase.
- Ray Dalio's biggest Q4 2019 reduction was Vanguard FTSE Emerging Markets ETF, cutting an estimated $535M.
- Ray Dalio fully exited Biogen in Q4 2019, selling an estimated $55.3M.
- Ray Dalio's ten largest holdings make up 67% of its $9.79B portfolio in Q4 2019.
- Ray Dalio opened 256 new positions and closed 118 in Q4 2019.
- Ray Dalio's portfolio value fell 14% quarter-over-quarter to $9.79B.
Based on Bridgewater Associates's 13F filing for Q4 2019, filed 13 Feb 2020.