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
|
+$1.28B |
| 2 |
Oracle
ORCL
|
+$349M |
| 3 |
NVIDIA
NVDA
|
+$252M |
| 4 |
Micron Technology
MU
|
+$204M |
| 5 |
Amazon
AMZN
|
+$188M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class A
GOOGL
|
+$304M |
| 2 |
Uber
UBER
|
+$208M |
| 3 |
FISV
Fiserv Inc
FISV
|
+$205M |
| 4 |
Meta Platforms (Facebook)
META
|
+$129M |
| 5 |
Wells Fargo
WFC
|
+$121M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 28.43% |
| 2 | Financials | 11.06% |
| 3 | Consumer Discretionary | 8.45% |
| 4 | Healthcare | 6.54% |
| 5 | Industrials | 6.28% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
551
Gaming and Leisure Properties
GLPI
$12.8B
| $4.72M | 0.02% |
105,634
+71,393
| +209% | +$3.17M |
|
552
Aon
AON
$76B
| $4.72M | 0.02% |
13,368
+7,663
| +134% | +$2.68M |
|
553
Lemonade
LMND
$4.1B
| $4.7M | 0.02% |
66,074
+57,634
| +683% | +$3.87M |
|
554
Lumen
LUMN
$6.44B
| $4.63M | 0.02% |
+595,417
| New | +$4.9M |
|
555
CMS Energy
CMS
$22.3B
| $4.62M | 0.02% |
66,089
+15,538
| +31% | +$1.13M |
|
556
VICI Properties
VICI
$29.4B
| $4.61M | 0.02% |
163,951
+128,239
| +359% | +$3.81M |
|
557
Johnson Controls International
JCI
$92.2B
| $4.57M | 0.02% |
+38,201
| New | +$4.39M |
|
558
Federal Signal
FSS
$7.83B
| $4.55M | 0.02% |
41,869
+7,814
| +23% | +$894K |
|
559
Cincinnati Financial
CINF
$27.1B
| $4.54M | 0.02% |
27,808
+17,829
| +179% | +$2.89M |
|
560
The GEO Group
GEO
$4.04B
| $4.53M | 0.02% |
281,165
-32,177
| -10% | -$536K |
|
561
WIX.com
WIX
$2.52B
| $4.52M | 0.02% |
43,488
+10,798
| +33% | +$1.31M |
|
562
XPO
XPO
$23.7B
| $4.51M | 0.02% |
+33,209
| New | +$4.52M |
|
|
CVSA
563
Covista Inc
CVSA
$4.8B
| $4.51M | 0.02% |
43,583
-36,368
| -45% | -$4.16M |
|
564
Riot Platforms
RIOT
$7.76B
| $4.51M | 0.02% |
355,601
+345,166
| +3,308% | +$5.9M |
|
565
Columbia Sportswear
COLM
$2.94B
| $4.5M | 0.02% |
81,774
+52,542
| +180% | +$2.81M |
|
566
CubeSmart
CUBE
$9.41B
| $4.5M | 0.02% |
124,929
+73,756
| +144% | +$2.8M |
|
567
Cboe Global Markets
CBOE
$29.9B
| $4.48M | 0.02% |
17,845
-9,478
| -35% | -$2.36M |
|
568
Teladoc Health
TDOC
$1.3B
| $4.44M | 0.02% |
634,479
+150,730
| +31% | +$1.18M |
|
569
Philip Morris
PM
$295B
| $4.44M | 0.02% |
27,651
-126,664
| -82% | -$19.6M |
|
570
Cirrus Logic
CRUS
$6.26B
| $4.4M | 0.02% |
37,127
-23,296
| -39% | -$2.87M |
|
571
Charles River Laboratories
CRL
$12.8B
| $4.4M | 0.02% |
22,054
+2,146
| +11% | +$389K |
|
572
Snowflake
SNOW
$115B
| $4.36M | 0.02% |
19,886
-11,887
| -37% | -$2.9M |
|
573
Labcorp
LH
$25.9B
| $4.36M | 0.02% |
17,366
+6,973
| +67% | +$1.85M |
|
574
Workiva
WK
$3.54B
| $4.33M | 0.02% |
50,254
+47,820
| +1,965% | +$4.23M |
|
575
Markel Group
MKL
$23.2B
| $4.33M | 0.02% |
+2,016
| New | +$4.08M |
|
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Ray Dalio's Q4 2025 Portfolio in Review
As of Q4 2025, Ray Dalio held 1,205 positions worth $27.4B, up 7.4% from $25.5B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Ray Dalio deployed $1.36B of net new capital in Q4 2025, opening 191 new positions and adding to 450 existing holdings. Its largest new stake was Arm: 326,320 shares worth $35.7M.
By sector, the portfolio is most concentrated in Technology at 28% of assets, down from 29% a quarter earlier, followed by Financials and Consumer Discretionary.
On the sell side, the largest reduction was Alphabet (Google) Class A, an estimated $304M trimmed.
- Ray Dalio's largest Q4 2025 buy was Arm: 326,320 shares worth $35.7M.
- Ray Dalio added most to State Street SPDR S&P 500 ETF Trust in Q4 2025, an estimated $1.28B increase.
- Ray Dalio's biggest Q4 2025 reduction was Alphabet (Google) Class A, cutting an estimated $304M.
- Ray Dalio fully exited Fiserv Inc in Q4 2025, selling an estimated $205M.
- Ray Dalio's ten largest holdings make up 36% of its $27.4B portfolio in Q4 2025.
- Ray Dalio opened 191 new positions and closed 165 in Q4 2025.
- Ray Dalio's portfolio value rose 7.4% quarter-over-quarter to $27.4B.
Based on Bridgewater Associates's 13F filing for Q4 2025, filed 13 Feb 2026.