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 | |
|---|---|---|---|---|---|---|
926
Invesco
IVZ
$13.9B
| $736K | ﹤0.01% |
28,015
-18,452
| -40% | -$451K |
|
927
Wendy's
WEN
$1.46B
| $729K | ﹤0.01% |
87,531
-9,674
| -10% | -$83.5K |
|
928
Analog Devices
ADI
$190B
| $724K | ﹤0.01% |
2,668
-33,595
| -93% | -$8.44M |
|
929
TransAlta
TAC
$3.93B
| $711K | ﹤0.01% |
56,152
-35,194
| -39% | -$525K |
|
930
Fortune Brands Innovations
FBIN
$6.06B
| $696K | ﹤0.01% |
13,923
-52,411
| -79% | -$2.63M |
|
931
Hamilton Lane
HLNE
$5.57B
| $696K | ﹤0.01% |
5,179
-7,058
| -58% | -$888K |
|
|
GTLS
932
DELISTED
Chart Industries
GTLS
| $695K | ﹤0.01% |
+3,368
| New | +$682K |
|
933
PennyMac Financial
PFSI
$4.02B
| $695K | ﹤0.01% |
5,268
-720
| -12% | -$91.7K |
|
|
ECG
934
Everus Construction Group
ECG
$6.99B
| $687K | ﹤0.01% |
+8,028
| New | +$718K |
|
935
The Mosaic Company
MOS
$7.33B
| $686K | ﹤0.01% |
28,466
-29,074
| -51% | -$783K |
|
936
Canadian Imperial Bank of Commerce
CM
$108B
| $673K | ﹤0.01% |
7,412
-3,726
| -33% | -$320K |
|
|
AL
937
DELISTED
Air Lease Corp
AL
| $669K | ﹤0.01% |
10,412
+7,060
| +211% | +$451K |
|
938
Mettler-Toledo International
MTD
$28.6B
| $666K | ﹤0.01% |
+478
| New | +$668K |
|
939
BCE
BCE
$21.2B
| $664K | ﹤0.01% |
27,818
+9,194
| +49% | +$214K |
|
940
Prologis
PLD
$133B
| $654K | ﹤0.01% |
5,121
+1,400
| +38% | +$175K |
|
941
Newell Brands
NWL
$2.56B
| $642K | ﹤0.01% |
172,685
+65,498
| +61% | +$265K |
|
942
Graham Holdings Company
GHC
$5.02B
| $637K | ﹤0.01% |
580
+102
| +21% | +$109K |
|
943
Blackbaud
BLKB
$2.08B
| $629K | ﹤0.01% |
9,935
+1,869
| +23% | +$116K |
|
944
Houlihan Lokey
HLI
$9.02B
| $627K | ﹤0.01% |
+3,598
| New | +$660K |
|
945
Bank of Montreal
BMO
$127B
| $619K | ﹤0.01% |
4,759
-410
| -8% | -$51.9K |
|
946
Telephone and Data Systems
TDS
$3.75B
| $614K | ﹤0.01% |
+14,967
| New | +$583K |
|
947
Quest Diagnostics
DGX
$26.3B
| $610K | ﹤0.01% |
3,518
-2,128
| -38% | -$387K |
|
948
CoStar Group
CSGP
$12.3B
| $607K | ﹤0.01% |
+9,020
| New | +$639K |
|
949
Cleveland-Cliffs
CLF
$6.99B
| $603K | ﹤0.01% |
45,444
-54,933
| -55% | -$694K |
|
950
Kenon Holdings
KEN
$3.45B
| $600K | ﹤0.01% |
+9,046
| New | +$504K |
|
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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.