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 | |
|---|---|---|---|---|---|---|
|
HAPN
776
Happen Inc
HAPN
$2.24B
| $1.91M | 0.01% |
100,805
+10,495
| +12% | +$185K |
|
777
HealthEquity
HQY
$8.75B
| $1.91M | 0.01% |
20,827
+14,448
| +226% | +$1.38M |
|
778
Dorman Products
DORM
$4.18B
| $1.89M | 0.01% |
15,306
+11,190
| +272% | +$1.51M |
|
779
Performance Food Group
PFGC
$18B
| $1.87M | 0.01% |
20,850
-4,860
| -19% | -$469K |
|
780
Sonos
SONO
$1.85B
| $1.87M | 0.01% |
106,621
-30,929
| -22% | -$539K |
|
|
NUVL
781
DELISTED
Nuvalent
NUVL
| $1.87M | 0.01% |
18,578
-3,479
| -16% | -$343K |
|
782
Terex
TEX
$7.74B
| $1.86M | 0.01% |
+34,884
| New | +$1.76M |
|
783
Constellation Brands
STZ
$23.2B
| $1.86M | 0.01% |
13,478
-5,808
| -30% | -$797K |
|
784
BioCryst Pharmaceuticals
BCRX
$2.4B
| $1.84M | 0.01% |
235,572
-175,931
| -43% | -$1.27M |
|
785
BlackLine
BL
$1.72B
| $1.84M | 0.01% |
33,231
-33,190
| -50% | -$1.83M |
|
786
Range Resources
RRC
$8.95B
| $1.82M | 0.01% |
51,756
-182,942
| -78% | -$6.81M |
|
787
EQT Corp
EQT
$32.3B
| $1.82M | 0.01% |
34,006
-1,472,488
| -98% | -$82.7M |
|
788
PROG Holdings
PRG
$1.71B
| $1.79M | 0.01% |
60,853
-58,341
| -49% | -$1.74M |
|
789
Agilent Technologies
A
$41.2B
| $1.78M | 0.01% |
13,093
-34,604
| -73% | -$4.97M |
|
790
Veeco
VECO
$3.23B
| $1.78M | 0.01% |
+62,329
| New | +$1.85M |
|
791
Kinsale Capital Group
KNSL
$8.51B
| $1.78M | 0.01% |
4,549
+161
| +4% | +$65.7K |
|
792
SiriusXM
SIRI
$10.1B
| $1.77M | 0.01% |
88,307
-138,686
| -61% | -$2.98M |
|
793
Becton Dickinson
BDX
$48.2B
| $1.75M | 0.01% |
9,039
-462
| -5% | -$87.9K |
|
794
CBRE Group
CBRE
$42.9B
| $1.75M | 0.01% |
+10,896
| New | +$1.71M |
|
795
Corning
GLW
$143B
| $1.75M | 0.01% |
+19,988
| New | +$1.72M |
|
796
O-I Glass
OI
$1.08B
| $1.71M | 0.01% |
116,026
-5,536
| -5% | -$73.2K |
|
797
L3Harris
LHX
$53.4B
| $1.71M | 0.01% |
+5,814
| New | +$1.68M |
|
798
Scotiabank
BNS
$108B
| $1.7M | 0.01% |
23,024
-6,740
| -23% | -$458K |
|
799
Franklin Resources
BEN
$17.2B
| $1.7M | 0.01% |
+71,031
| New | +$1.63M |
|
800
OceanFirst Financial
OCFC
$1.91B
| $1.69M | 0.01% |
94,255
-28,234
| -23% | -$528K |
|
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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.