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 MSCI India ETF
INDA
|
+$105M |
| 2 |
SWN
Southwestern Energy Company
SWN
|
+$47.9M |
| 3 |
Kroger
KR
|
+$42.8M |
| 4 |
Bread Financial
BFH
|
+$42.8M |
| 5 |
Carnival Corporation Ltd
CCL
|
+$42.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Emerging Markets ETF
EEM
|
+$1.95B |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$1.1B |
| 3 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$907M |
| 4 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$342M |
| 5 |
Bristol-Myers Squibb
BMY
|
+$47.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 4.47% |
| 2 | Financials | 2.86% |
| 3 | Energy | 2.75% |
| 4 | Industrials | 1.72% |
| 5 | Healthcare | 1.67% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Masco
MAS
$15.3B
| $22.7M | 0.18% |
579,027
+399,176
| +222% | +$15.4M |
|
52
Scotiabank
BNS
$108B
| $22.4M | 0.18% |
416,027
| – | – |
|
53
Cardinal Health
CAH
$55.4B
| $22.4M | 0.18% |
475,303
-61,315
| -11% | -$2.83M |
|
54
Canadian National Railway
CNI
$76.6B
| $22.3M | 0.17% |
240,057
| – | – |
|
55
International Paper
IP
$22B
| $22.2M | 0.17% |
540,861
+52,334
| +11% | +$2.22M |
|
56
Clorox
CLX
$12.7B
| $22M | 0.17% |
143,723
+91,524
| +175% | +$14M |
|
57
LyondellBasell Industries
LYB
$19.2B
| $21.8M | 0.17% |
253,427
-91,818
| -27% | -$7.83M |
|
58
Ralph Lauren
RL
$23.5B
| $21.8M | 0.17% |
191,690
+142,876
| +293% | +$17.1M |
|
59
United Rentals
URI
$72.4B
| $21.6M | 0.17% |
163,204
-211,914
| -56% | -$26.9M |
|
60
EQT Corp
EQT
$32.3B
| $21.4M | 0.17% |
1,352,344
+130,469
| +11% | +$2.5M |
|
61
iShares MSCI Mexico ETF
EWW
$1.99B
| $21.4M | 0.17% |
492,342
+4,366
| +0.9% | +$196K |
|
62
Stanley Black & Decker
SWK
$15.7B
| $21.1M | 0.17% |
+146,235
| New | +$20.6M |
|
63
Cleveland-Cliffs
CLF
$6.99B
| $20.8M | 0.16% |
1,947,544
+70,545
| +4% | +$695K |
|
64
F5
FFIV
$22.7B
| $20.6M | 0.16% |
141,535
+38,087
| +37% | +$5.7M |
|
65
Monster Beverage
MNST
$88.4B
| $19.9M | 0.16% |
622,898
-477,636
| -43% | -$14.4M |
|
|
CTXS
66
DELISTED
Citrix Systems Inc
CTXS
| $19.8M | 0.16% |
201,946
-88,320
| -30% | -$8.66M |
|
67
3M
MMM
$94.3B
| $19.4M | 0.15% |
133,893
+95,916
| +253% | +$14.8M |
|
68
Suncor Energy
SU
$70.3B
| $19M | 0.15% |
607,985
+1,785
| +0.3% | +$57.1K |
|
|
WBA
69
DELISTED
Walgreens Boots Alliance
WBA
| $18.9M | 0.15% |
346,270
+176,769
| +104% | +$9.4M |
|
|
HOUS
70
DELISTED
Anywhere Real Estate
HOUS
| $18.4M | 0.14% |
2,535,504
+742,480
| +41% | +$6.91M |
|
71
ConocoPhillips
COP
$141B
| $17.6M | 0.14% |
288,412
+84,837
| +42% | +$5.28M |
|
|
BNY
72
Bank of New York Mellon
BNY
$107B
| $16.8M | 0.13% |
+380,468
| New | +$17.9M |
|
73
McKesson
MCK
$101B
| $16.8M | 0.13% |
124,658
-32,337
| -21% | -$4.03M |
|
74
Capri Holdings
CPRI
$1.74B
| $16.7M | 0.13% |
482,884
+202,213
| +72% | +$8.23M |
|
|
CMA
75
DELISTED
Comerica
CMA
| $16.7M | 0.13% |
229,738
+99,994
| +77% | +$7.43M |
|
Similar funds
Ray Dalio's Q2 2019 Portfolio in Review
As of Q2 2019, Ray Dalio held 380 positions worth $12.8B, down 22% from $16.3B the previous quarter. Its ten largest holdings account for 69% of the portfolio.
Ray Dalio withdrew a net $3.62B in Q2 2019, closing 75 positions and reducing 91 holdings. Its most notable exit was Bristol-Myers Squibb, an estimated $47.2M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 4.5% of assets, up from 2.1% a quarter earlier, followed by Financials and Energy.
Against the trend, Ray Dalio opened a new position in iShares China Large-Cap ETF worth $30.6M.
- Ray Dalio's largest Q2 2019 buy was iShares China Large-Cap ETF: 716,186 shares worth $30.6M.
- Ray Dalio added most to iShares MSCI India ETF in Q2 2019, an estimated $105M increase.
- Ray Dalio's biggest Q2 2019 reduction was iShares MSCI Emerging Markets ETF, cutting an estimated $1.95B.
- Ray Dalio fully exited Bristol-Myers Squibb in Q2 2019, selling an estimated $47.2M.
- Ray Dalio's ten largest holdings make up 69% of its $12.8B portfolio in Q2 2019.
- Ray Dalio opened 77 new positions and closed 75 in Q2 2019.
- Ray Dalio's portfolio value fell 22% quarter-over-quarter to $12.8B.
Based on Bridgewater Associates's 13F filing for Q2 2019, filed 13 Aug 2019.