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 | |
|---|---|---|---|---|---|---|
601
Ivanhoe Electric
IE
$1.74B
| $3.2M | 0.01% |
+255,104
| New | +$2.52M |
|
602
Core Scientific
CORZ
$6.75B
| $3.19M | 0.01% |
+177,740
| New | +$2.61M |
|
603
CNX Resources
CNX
$5.2B
| $3.19M | 0.01% |
+99,266
| New | +$3.04M |
|
604
Amgen
AMGN
$222B
| $3.19M | 0.01% |
11,295
+3,860
| +52% | +$1.12M |
|
605
Magnite
MGNI
$3.55B
| $3.17M | 0.01% |
+145,671
| New | +$3.44M |
|
606
Teledyne Technologies
TDY
$32B
| $3.16M | 0.01% |
5,399
-2,532
| -32% | -$1.39M |
|
607
Upstart Holdings
UPST
$3.03B
| $3.15M | 0.01% |
+61,972
| New | +$4.36M |
|
608
BioCryst Pharmaceuticals
BCRX
$2.4B
| $3.12M | 0.01% |
+411,503
| New | +$3.43M |
|
609
Rubrik
RBRK
$18.5B
| $3.12M | 0.01% |
+37,940
| New | +$3.26M |
|
610
Charles River Laboratories
CRL
$12.8B
| $3.11M | 0.01% |
+19,908
| New | +$3.16M |
|
611
Brunswick
BC
$5.28B
| $3.11M | 0.01% |
+49,116
| New | +$3.05M |
|
612
Donaldson
DCI
$11.4B
| $3.11M | 0.01% |
+37,948
| New | +$2.86M |
|
613
Elbit Systems
ESLT
$40.3B
| $3.1M | 0.01% |
+6,080
| New | +$2.85M |
|
614
Brink's
BCO
$4.62B
| $3.09M | 0.01% |
26,405
+8,243
| +45% | +$862K |
|
615
Coca-Cola Consolidated
COKE
$12.8B
| $3.08M | 0.01% |
26,292
+23,358
| +796% | +$2.71M |
|
616
Towne Bank
TOWN
$3.42B
| $3.08M | 0.01% |
+89,059
| New | +$3.19M |
|
|
GAP
617
The Gap Inc
GAP
$7.37B
| $3.07M | 0.01% |
+143,542
| New | +$3.1M |
|
618
SPS Commerce
SPSC
$2.64B
| $3.04M | 0.01% |
+29,159
| New | +$3.47M |
|
|
SAND
619
DELISTED
Sandstorm Gold
SAND
| $3.02M | 0.01% |
+241,451
| New | +$2.57M |
|
620
WEX
WEX
$6.31B
| $3.02M | 0.01% |
+19,154
| New | +$3.17M |
|
621
Ero Copper
ERO
$3.58B
| $2.98M | 0.01% |
147,291
-147,675
| -50% | -$2.25M |
|
622
Labcorp
LH
$25.9B
| $2.98M | 0.01% |
10,393
+7,622
| +275% | +$2.04M |
|
623
Bio-Rad Laboratories Class A
BIO
$9.42B
| $2.98M | 0.01% |
+10,632
| New | +$2.89M |
|
624
Wolverine World Wide
WWW
$1.55B
| $2.98M | 0.01% |
+108,474
| New | +$2.85M |
|
625
NETSCOUT
NTCT
$2.79B
| $2.96M | 0.01% |
+114,631
| New | +$2.71M |
|
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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.