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 MSCI Emerging Markets ETF
IEMG
|
+$162M |
| 2 |
Alphabet (Google) Class A
GOOGL
|
+$150M |
| 3 |
Meta Platforms (Facebook)
META
|
+$79.3M |
| 4 |
Microsoft
MSFT
|
+$61.4M |
| 5 |
AbbVie
ABBV
|
+$58.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$218M |
| 2 |
Pinduoduo
PDD
|
+$136M |
| 3 |
Berkshire Hathaway Class B
BRK.B
|
+$111M |
| 4 |
Bank of America
BAC
|
+$106M |
| 5 |
Walmart Inc
WMT
|
+$104M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 28.42% |
| 2 | Healthcare | 21.25% |
| 3 | Consumer Discretionary | 10.73% |
| 4 | Financials | 6.5% |
| 5 | Communication Services | 4.49% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
51
Comcast
CMCSA
$90B
| $68.1M | 0.42% |
1,796,735
+153,908
| +9% | +$5.82M |
|
52
Kraft Heinz
KHC
$30B
| $66.8M | 0.41% |
1,727,427
-462,161
| -21% | -$18.3M |
|
53
Constellation Brands
STZ
$23.2B
| $66.3M | 0.4% |
293,544
-42,139
| -13% | -$9.38M |
|
|
54
AbbVie
ABBV
$435B
| $65.6M | 0.4% |
411,430
+381,328
| +1,267% | +$58.3M |
|
55
Vertex Pharmaceuticals
VRTX
$126B
| $64.4M | 0.39% |
204,276
+103,457
| +103% | +$31M |
|
56
Interactive Brokers
IBKR
$39.6B
| $61.5M | 0.38% |
2,977,688
-1,096,448
| -27% | -$22.3M |
|
57
Tradeweb Markets
TW
$21.6B
| $58.6M | 0.36% |
741,145
-16,783
| -2% | -$1.22M |
|
58
CME Group
CME
$94.8B
| $57.8M | 0.35% |
302,055
-108,718
| -26% | -$19.7M |
|
59
MarketAxess Holdings
MKTX
$5.72B
| $57.6M | 0.35% |
147,299
-113,321
| -43% | -$40.1M |
|
60
Thermo Fisher Scientific
TMO
$220B
| $55.1M | 0.34% |
95,617
-6,975
| -7% | -$3.93M |
|
61
T-Mobile US
TMUS
$190B
| $53.5M | 0.33% |
369,666
-142,158
| -28% | -$20.6M |
|
62
Regeneron Pharmaceuticals
REGN
$80.8B
| $53.3M | 0.33% |
64,898
+26,017
| +67% | +$19.6M |
|
63
DexCom
DXCM
$32B
| $52.9M | 0.32% |
455,371
+23,847
| +6% | +$2.67M |
|
64
Cigna
CI
$74.6B
| $52.2M | 0.32% |
204,417
+24,514
| +14% | +$7.14M |
|
65
Idexx Laboratories
IDXX
$46.2B
| $51.7M | 0.32% |
103,372
-17,392
| -14% | -$8.32M |
|
66
American Homes 4 Rent
AMH
$12.5B
| $51.6M | 0.31% |
1,640,041
+184,974
| +13% | +$5.9M |
|
67
Altria Group
MO
$114B
| $48M | 0.29% |
1,075,277
+5,846
| +0.5% | +$269K |
|
68
Lamb Weston
LW
$7.19B
| $46.8M | 0.29% |
447,770
+108,140
| +32% | +$10.7M |
|
69
Qualcomm
QCOM
$176B
| $45.5M | 0.28% |
356,966
+264,924
| +288% | +$32.9M |
|
70
Brown-Forman Class B
BF.B
$13.1B
| $45.2M | 0.28% |
702,607
-110,877
| -14% | -$7.2M |
|
71
Bristol-Myers Squibb
BMY
$132B
| $44.5M | 0.27% |
641,384
-247,947
| -28% | -$17.5M |
|
|
HOLX
72
DELISTED
Hologic
HOLX
| $43.9M | 0.27% |
544,391
+98,331
| +22% | +$7.92M |
|
73
Home Depot
HD
$355B
| $43.5M | 0.27% |
+147,495
| New | +$45.2M |
|
74
Philip Morris
PM
$295B
| $43.5M | 0.27% |
447,041
+173,473
| +63% | +$17.3M |
|
75
Align Technology
ALGN
$12.3B
| $42.6M | 0.26% |
127,465
+2,546
| +2% | +$751K |
|
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Ray Dalio's Q1 2023 Portfolio in Review
As of Q1 2023, Ray Dalio held 938 positions worth $16.4B, down 11% from $18.3B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Ray Dalio withdrew a net $2.44B in Q1 2023, closing 228 positions and reducing 360 holdings. Its most notable exit was Bank of America, an estimated $106M position sold in full.
By sector, the portfolio is most concentrated in Consumer Staples at 28% of assets, up from 28% a quarter earlier, followed by Healthcare and Consumer Discretionary.
Against the trend, Ray Dalio opened a new position in Home Depot worth $43.5M.
- Ray Dalio's largest Q1 2023 buy was Home Depot: 147,495 shares worth $43.5M.
- Ray Dalio added most to iShares Core MSCI Emerging Markets ETF in Q1 2023, an estimated $162M increase.
- Ray Dalio's biggest Q1 2023 reduction was Vanguard FTSE Emerging Markets ETF, cutting an estimated $218M.
- Ray Dalio fully exited Bank of America in Q1 2023, selling an estimated $106M.
- Ray Dalio's ten largest holdings make up 35% of its $16.4B portfolio in Q1 2023.
- Ray Dalio opened 118 new positions and closed 228 in Q1 2023.
- Ray Dalio's portfolio value fell 11% quarter-over-quarter to $16.4B.
Based on Bridgewater Associates's 13F filing for Q1 2023, filed 12 May 2023.