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 | |
|---|---|---|---|---|---|---|
701
Align Technology
ALGN
$12.3B
| $2.28M | 0.01% |
18,208
+15,945
| +705% | +$2.5M |
|
702
Moog Inc Class A
MOG.A
$12.8B
| $2.27M | 0.01% |
+10,934
| New | +$2.11M |
|
703
Adaptive Biotechnologies
ADPT
$3.97B
| $2.26M | 0.01% |
+151,254
| New | +$1.84M |
|
704
Acadia Healthcare
ACHC
$2.94B
| $2.25M | 0.01% |
+90,978
| New | +$2.03M |
|
705
Calix
CALX
$2.39B
| $2.2M | 0.01% |
+35,894
| New | +$2.07M |
|
706
Teradata
TDC
$2.55B
| $2.2M | 0.01% |
102,390
+44,643
| +77% | +$961K |
|
|
IPG
707
DELISTED
Interpublic Group of Companies
IPG
| $2.2M | 0.01% |
+78,766
| New | +$2.03M |
|
708
Universal Display
OLED
$4.19B
| $2.19M | 0.01% |
15,268
+1,244
| +9% | +$181K |
|
709
Sonos
SONO
$1.85B
| $2.17M | 0.01% |
+137,550
| New | +$1.77M |
|
710
Steris
STE
$23.1B
| $2.16M | 0.01% |
8,716
+5,233
| +150% | +$1.25M |
|
711
OceanFirst Financial
OCFC
$1.91B
| $2.15M | 0.01% |
122,489
+12,578
| +11% | +$225K |
|
712
Factset
FDS
$10.2B
| $2.13M | 0.01% |
+7,436
| New | +$2.84M |
|
713
Simon Property Group
SPG
$72.3B
| $2.11M | 0.01% |
+11,229
| New | +$1.94M |
|
714
Robert Half
RHI
$4.37B
| $2.11M | 0.01% |
+62,014
| New | +$2.33M |
|
715
Broadridge
BR
$19B
| $2.1M | 0.01% |
+8,809
| New | +$2.19M |
|
716
Antero Midstream
AM
$10.1B
| $2.08M | 0.01% |
+107,055
| New | +$1.93M |
|
717
CubeSmart
CUBE
$9.41B
| $2.08M | 0.01% |
51,173
+45,519
| +805% | +$1.85M |
|
718
Amerant Bancorp
AMTB
$1.13B
| $2.06M | 0.01% |
107,093
+11,359
| +12% | +$229K |
|
719
Hormel Foods
HRL
$13.8B
| $2.06M | 0.01% |
83,137
+66,687
| +405% | +$1.85M |
|
720
FTI Consulting
FCN
$4.18B
| $2.04M | 0.01% |
+12,635
| New | +$2.1M |
|
721
Iridium Communications
IRDM
$5.29B
| $2.04M | 0.01% |
+116,726
| New | +$2.88M |
|
722
Aon
AON
$76B
| $2.03M | 0.01% |
+5,705
| New | +$2.06M |
|
723
Chemed
CHE
$7.22B
| $2.03M | 0.01% |
4,530
+1,690
| +60% | +$765K |
|
724
Skywest
SKYW
$4.34B
| $2.01M | 0.01% |
20,003
-15,783
| -44% | -$1.76M |
|
|
TPH
725
DELISTED
Tri Pointe Homes
TPH
| $2.01M | 0.01% |
59,119
-227,206
| -79% | -$7.73M |
|
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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.