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 | |
|---|---|---|---|---|---|---|---|
76
Antero Resources
AR
$11.9B
| $53M | 0.22% |
1,507,657
+1,338,903
| +793% | +$49.3M |
2025 Q2
4 quarters
|
|
77
Southwest Airlines
LUV
$19.3B
| $52.6M | 0.22% |
1,022,946
+322,578
| +46% | +$13.5M |
2025 Q4
2 quarters
|
|
78
MetLife
MET
$64B
| $52.6M | 0.22% |
621,519
-5,011
| -0.8% | -$404K |
2022 Q1
17 quarters
|
|
79
Nutanix
NTNX
$18.1B
| $50.9M | 0.21% |
+998,761
| New | +$45.1M |
2026 Q2
0 quarters
|
|
80
Ciena
CIEN
$47.2B
| $49.6M | 0.2% |
101,038
-42,808
| -30% | -$21.8M |
2025 Q2
4 quarters
|
|
81
Credo Technology Group
CRDO
$31.9B
| $48.7M | 0.2% |
178,996
-849,206
| -83% | -$168M |
2025 Q3
3 quarters
|
|
82
Insmed
INSM
$21B
| $48.6M | 0.2% |
455,392
+159,813
| +54% | +$19.4M |
2026 Q1
1 quarter
|
|
83
Sibanye-Stillwater
SBSW
$7.15B
| $48.3M | 0.2% |
5,691,634
+1,265,183
| +29% | +$14.8M |
2024 Q2
8 quarters
|
|
84
Teradyne
TER
$50.8B
| $47.7M | 0.2% |
98,627
-240,319
| -71% | -$90.7M |
2025 Q3
3 quarters
|
|
85
APA Corp
APA
$17.2B
| $47M | 0.19% |
+1,444,176
| New | +$54.2M |
2026 Q2
0 quarters
|
|
86
Talen Energy Corp
TLN
$16.8B
| $46.7M | 0.19% |
121,506
-144,593
| -54% | -$53M |
2024 Q3
7 quarters
|
|
87
Popular Inc
BPOP
$10.1B
| $45.7M | 0.19% |
278,207
-39,009
| -12% | -$5.88M |
2024 Q2
8 quarters
|
|
88
CVS Health
CVS
$118B
| $45.6M | 0.19% |
440,972
-177,456
| -29% | -$15.8M |
2020 Q1
25 quarters
|
|
89
Teva Pharmaceutical Industries Limited
TEVA
$48.4B
| $44.9M | 0.18% |
1,326,678
+198,272
| +18% | +$6.6M |
2025 Q3
3 quarters
|
|
90
Reddit
RDDT
$30B
| $44.7M | 0.18% |
257,428
+188,621
| +274% | +$30.2M |
2025 Q3
3 quarters
|
|
91
Timken Company
TKR
$7.79B
| $44M | 0.18% |
302,724
+110,776
| +58% | +$13.3M |
2025 Q4
2 quarters
|
|
92
Arista Networks
ANET
$223B
| $43.2M | 0.18% |
254,275
-1,075,816
| -81% | -$169M |
2022 Q1
17 quarters
|
|
93
First Horizon
FHN
$10.8B
| $41.9M | 0.17% |
1,633,439
+1,829
| +0.1% | +$44.6K |
2025 Q4
2 quarters
|
|
94
Verizon
VZ
$186B
| $41.5M | 0.17% |
980,458
+545,629
| +125% | +$25.6M |
2025 Q1
5 quarters
|
|
95
BorgWarner
BWA
$11.8B
| $41.4M | 0.17% |
623,455
-26,314
| -4% | -$1.67M |
2023 Q1
13 quarters
|
|
96
nVent Electric
NVT
$23B
| $41.2M | 0.17% |
242,970
-18,222
| -7% | -$2.84M |
2025 Q3
3 quarters
|
|
97
Zions Bancorporation
ZION
$9.25B
| $40.9M | 0.17% |
591,357
-133,473
| -18% | -$8.42M |
2025 Q2
4 quarters
|
|
98
Expand Energy Corp
EXE
$21.6B
| $40.8M | 0.17% |
+447,886
| New | +$42.5M |
2026 Q2
0 quarters
|
|
99
NRG Energy
NRG
$21.8B
| $40.6M | 0.17% |
277,935
-310,567
| -53% | -$44.7M |
2022 Q1
17 quarters
|
|
100
Zebra Technologies
ZBRA
$17.5B
| $39.8M | 0.16% |
151,328
+136,885
| +948% | +$32.2M |
2025 Q3
3 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.