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
|
+$693M |
| 2 |
iShares Core S&P 500 ETF
IVV
|
+$235M |
| 3 |
Vanguard S&P 500 ETF
VOO
|
+$200M |
| 4 |
Petrobras
PBR
|
+$105M |
| 5 |
Shell
SHEL
|
+$105M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Micron Technology
MU
|
+$1.02B |
| 2 |
Amazon
AMZN
|
+$593M |
| 3 |
TSMC
TSM
|
+$423M |
| 4 |
Marvell Technology
MRVL
|
+$354M |
| 5 |
GE Vernova
GEV
|
+$319M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 30.62% |
| 2 | Technology | 21.23% |
| 3 | Industrials | 7.72% |
| 4 | Financials | 6.76% |
| 5 | Healthcare | 6.62% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
901
First American
FAF
$6.62B
| $600K | ﹤0.01% |
8,747
-16,441
| -65% | -$1.1M |
2025 Q1
5 quarters
|
|
902
Dow Inc
DOW
$21.7B
| $600K | ﹤0.01% |
+21,915
| New | +$795K |
2026 Q2
0 quarters
|
|
903
The Marzetti Company
MZTI
$2.86B
| $596K | ﹤0.01% |
5,221
-9,983
| -66% | -$1.2M |
2025 Q3
3 quarters
|
|
904
Planet Labs
PL
$4.94B
| $591K | ﹤0.01% |
+17,826
| New | +$659K |
2026 Q2
0 quarters
|
|
905
Rush Street Interactive
RSI
$2.08B
| $588K | ﹤0.01% |
+19,771
| New | +$521K |
2026 Q2
0 quarters
|
|
906
AAR Corp
AIR
$3.96B
| $577K | ﹤0.01% |
+4,034
| New | +$476K |
2026 Q2
0 quarters
|
|
907
Erie Indemnity
ERIE
$12.7B
| $576K | ﹤0.01% |
2,403
+781
| +48% | +$179K |
2025 Q4
2 quarters
|
|
908
Huntington Ingalls Industries
HII
$10.6B
| $576K | ﹤0.01% |
2,057
-3,306
| -62% | -$1.1M |
2025 Q3
3 quarters
|
|
909
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$16.9B
| $569K | ﹤0.01% |
7,121
| – | – |
2021 Q2
20 quarters
|
|
910
NewMarket
NEU
$8.09B
| $565K | ﹤0.01% |
714
-2,108
| -75% | -$1.52M |
2023 Q1
13 quarters
|
|
911
Texas Instruments
TXN
$252B
| $556K | ﹤0.01% |
+1,865
| New | +$517K |
2026 Q2
0 quarters
|
|
912
Ryan Specialty Holdings
RYAN
$4.98B
| $551K | ﹤0.01% |
+14,594
| New | +$495K |
2026 Q2
0 quarters
|
|
913
Happen Inc
HAPN
$1.65B
| $541K | ﹤0.01% |
+26,074
| New | +$444K |
2026 Q2
0 quarters
|
|
914
CarGurus
CARG
$2.76B
| $536K | ﹤0.01% |
15,711
-39,923
| -72% | -$1.29M |
2024 Q2
8 quarters
|
|
915
Hertz
HTZ
$656M
| $529K | ﹤0.01% |
233,691
+158,722
| +212% | +$866K |
2025 Q3
3 quarters
|
|
916
BILL Holdings
BILL
$3.9B
| $529K | ﹤0.01% |
14,625
-51,118
| -78% | -$1.88M |
2025 Q1
5 quarters
|
|
917
Cinemark Holdings
CNK
$4.52B
| $515K | ﹤0.01% |
+16,230
| New | +$482K |
2026 Q2
0 quarters
|
|
918
Rambus
RMBS
$10.1B
| $514K | ﹤0.01% |
3,871
-47,983
| -93% | -$6.24M |
2024 Q2
8 quarters
|
|
919
10x Genomics
TXG
$9.11B
| $513K | ﹤0.01% |
13,375
-21,726
| -62% | -$569K |
2025 Q4
2 quarters
|
|
920
Penumbra
PEN
$12.7B
| $499K | ﹤0.01% |
1,580
-8,458
| -84% | -$2.74M |
2020 Q3
23 quarters
|
|
921
B2Gold
BTG
$6.88B
| $492K | ﹤0.01% |
131,416
-421,485
| -76% | -$1.93M |
2025 Q1
5 quarters
|
|
922
Agilysys
AGYS
$3.17B
| $492K | ﹤0.01% |
+4,704
| New | +$364K |
2026 Q2
0 quarters
|
|
923
CAVA Group
CAVA
$6.76B
| $489K | ﹤0.01% |
6,226
-58
| -0.9% | -$4.86K |
2024 Q2
8 quarters
|
|
924
TriNet
TNET
$3.17B
| $486K | ﹤0.01% |
+9,811
| New | +$421K |
2026 Q2
0 quarters
|
|
925
Strategy Inc
MSTR
$57.6B
| $484K | ﹤0.01% |
5,568
| – | – |
2025 Q1
5 quarters
|
|
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Ray Dalio's Q2 2026 Portfolio in Review
As of Q2 2026, Ray Dalio held 1,206 positions worth $24.4B, up 8.8% from $22.4B the previous quarter. Its ten largest holdings account for 40% of the portfolio.
Ray Dalio withdrew a net $3.05B in Q2 2026, closing 209 positions and reducing 379 holdings. Its most notable exit was Cisco, an estimated $63.8M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 31% of assets, up from 25% a quarter earlier, followed by Technology and Industrials.
Against the trend, Ray Dalio opened a new position in Eversource Energy worth $86.4M.
- Ray Dalio's largest Q2 2026 buy was Eversource Energy: 1,195,140 shares worth $86.4M.
- Ray Dalio added most to State Street SPDR S&P 500 ETF Trust in Q2 2026, an estimated $693M increase.
- Ray Dalio's biggest Q2 2026 reduction was Micron Technology, cutting an estimated $1.02B.
- Ray Dalio fully exited Cisco in Q2 2026, selling an estimated $63.8M.
- Ray Dalio's ten largest holdings make up 40% of its $24.4B portfolio in Q2 2026.
- Ray Dalio opened 213 new positions and closed 209 in Q2 2026.
- Ray Dalio's portfolio value rose 8.8% quarter-over-quarter to $24.4B.
Based on Bridgewater Associates's 13F filing for Q2 2026, filed 14 Aug 2026.