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 | |
|---|---|---|---|---|---|---|
601
DaVita
DVA
$11.7B
| $3.98M | 0.01% |
35,022
+8,218
| +31% | +$999K |
|
602
Rubrik
RBRK
$18.5B
| $3.97M | 0.01% |
51,923
+13,983
| +37% | +$1.07M |
|
603
Denison Mines
DNN
$2.91B
| $3.91M | 0.01% |
1,469,470
-1,495,117
| -50% | -$4.07M |
|
604
Centene
CNC
$32.5B
| $3.89M | 0.01% |
94,532
-581,727
| -86% | -$21.8M |
|
605
Target
TGT
$68B
| $3.86M | 0.01% |
39,498
+11,968
| +43% | +$1.1M |
|
606
Valaris
VAL
$5.47B
| $3.83M | 0.01% |
75,950
+65,662
| +638% | +$3.52M |
|
607
Crane Co
CR
$12.7B
| $3.82M | 0.01% |
+20,711
| New | +$3.84M |
|
608
United Parcel Service
UPS
$88.9B
| $3.82M | 0.01% |
+38,507
| New | +$3.6M |
|
609
Guidewire Software
GWRE
$14.2B
| $3.81M | 0.01% |
18,962
-15,413
| -45% | -$3.41M |
|
610
Affiliated Managers Group
AMG
$9.76B
| $3.79M | 0.01% |
13,159
-1,175
| -8% | -$304K |
|
611
Sibanye-Stillwater
SBSW
$7.53B
| $3.79M | 0.01% |
265,680
-409,348
| -61% | -$4.95M |
|
612
Teleflex
TFX
$5.98B
| $3.78M | 0.01% |
30,978
-61,580
| -67% | -$7.46M |
|
613
Encompass Health
EHC
$12.4B
| $3.76M | 0.01% |
35,392
-22,406
| -39% | -$2.6M |
|
614
Olin
OLN
$2.12B
| $3.7M | 0.01% |
177,506
-5,814
| -3% | -$125K |
|
615
Acadia Pharmaceuticals
ACAD
$5.03B
| $3.69M | 0.01% |
138,179
-25,066
| -15% | -$599K |
|
616
Equinor
EQNR
$92.4B
| $3.66M | 0.01% |
154,964
-129,656
| -46% | -$3.06M |
|
617
Northrop Grumman
NOC
$81.2B
| $3.66M | 0.01% |
+6,420
| New | +$3.73M |
|
618
Viking Therapeutics
VKTX
$4B
| $3.65M | 0.01% |
103,659
-19,832
| -16% | -$703K |
|
|
APLS
619
DELISTED
Apellis Pharmaceuticals
APLS
| $3.61M | 0.01% |
+143,805
| New | +$3.37M |
|
|
FRMI
620
Fermi Inc
FRMI
$3.94B
| $3.61M | 0.01% |
+450,936
| New | +$8.8M |
|
621
Columbia Banking Systems
COLB
$8.84B
| $3.61M | 0.01% |
+129,033
| New | +$3.49M |
|
622
Choice Hotels
CHH
$4.8B
| $3.59M | 0.01% |
37,689
+20,305
| +117% | +$1.93M |
|
|
Q
623
Qnity Electronics Inc
Q
$28.9B
| $3.58M | 0.01% |
+43,803
| New | +$3.72M |
|
624
Nike
NKE
$61.9B
| $3.55M | 0.01% |
+55,752
| New | +$3.63M |
|
625
Moog Inc Class A
MOG.A
$12.8B
| $3.51M | 0.01% |
14,409
+3,475
| +32% | +$763K |
|
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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.