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 |
NFX
Newfield Exploration
NFX
|
+$44.6M |
| 2 |
Meta Platforms (Facebook)
META
|
+$35.1M |
| 3 |
XEC
CIMAREX ENERGY CO
XEC
|
+$33M |
| 4 |
AT&T
T
|
+$30.8M |
| 5 |
iShares MSCI Brazil ETF
EWZ
|
+$27.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Emerging Markets ETF
EEM
|
+$1.04B |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$833M |
| 3 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$391M |
| 4 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$147M |
| 5 |
iShares TIPS Bond ETF
TIP
|
+$92.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 3.02% |
| 2 | Energy | 2.11% |
| 3 | Consumer Discretionary | 2.02% |
| 4 | Financials | 1.95% |
| 5 | Consumer Staples | 1.45% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
Caterpillar
CAT
$387B
| $8.87M | 0.08% |
60,157
+29,794
| +98% | +$4.7M |
|
77
Suncor Energy
SU
$70.3B
| $8.46M | 0.08% |
245,151
-10,675
| -4% | -$372K |
|
78
Darden Restaurants
DRI
$24.4B
| $8.35M | 0.08% |
97,969
+52,236
| +114% | +$4.95M |
|
79
Masco
MAS
$15.3B
| $8.24M | 0.08% |
+203,738
| New | +$8.75M |
|
80
Carnival Corporation Ltd
CCL
$39.7B
| $8.2M | 0.08% |
125,041
+67,897
| +119% | +$4.62M |
|
|
JNPR
81
DELISTED
Juniper Networks
JNPR
| $8.14M | 0.08% |
334,776
+88,270
| +36% | +$2.35M |
|
|
GAP
82
The Gap Inc
GAP
$7.37B
| $8M | 0.08% |
+256,264
| New | +$8.39M |
|
83
Valero Energy
VLO
$85.9B
| $7.81M | 0.07% |
+84,155
| New | +$7.86M |
|
84
Regeneron Pharmaceuticals
REGN
$80.8B
| $7.53M | 0.07% |
+21,872
| New | +$7.61M |
|
85
Western Union
WU
$2.21B
| $7.43M | 0.07% |
386,407
-298,415
| -44% | -$5.99M |
|
86
Dominion Energy
D
$59.3B
| $7.34M | 0.07% |
+108,916
| New | +$8.04M |
|
87
Skyworks Solutions
SWKS
$10.6B
| $7.21M | 0.07% |
71,920
-2,448
| -3% | -$255K |
|
88
Pfizer
PFE
$153B
| $6.9M | 0.07% |
+204,815
| New | +$7.04M |
|
|
ANDV
89
DELISTED
Andeavor
ANDV
| $6.85M | 0.07% |
+68,095
| New | +$7.1M |
|
90
Southwest Airlines
LUV
$23B
| $6.57M | 0.06% |
114,762
+57,115
| +99% | +$3.43M |
|
91
Apple
AAPL
$4.57T
| $6.56M | 0.06% |
156,420
+105,700
| +208% | +$4.55M |
|
92
Royal Caribbean
RCL
$85.6B
| $6.43M | 0.06% |
54,598
+9,790
| +22% | +$1.24M |
|
93
Canadian Natural Resources
CNQ
$94.9B
| $6.42M | 0.06% |
417,538
-15,217
| -4% | -$245K |
|
94
O'Reilly Automotive
ORLY
$76.3B
| $6.42M | 0.06% |
389,445
+23,820
| +7% | +$403K |
|
95
PACCAR
PCAR
$70.1B
| $6.37M | 0.06% |
+144,432
| New | +$6.83M |
|
96
Texas Instruments
TXN
$261B
| $6.2M | 0.06% |
+59,711
| New | +$6.47M |
|
97
Ralph Lauren
RL
$23.5B
| $6.2M | 0.06% |
55,456
+17,172
| +45% | +$1.86M |
|
98
Canadian National Railway
CNI
$76.6B
| $5.92M | 0.06% |
81,112
-1,963
| -2% | -$152K |
|
|
CERN
99
DELISTED
Cerner Corp
CERN
| $5.61M | 0.05% |
+96,707
| New | +$6.28M |
|
100
Automatic Data Processing
ADP
$108B
| $5.54M | 0.05% |
+48,862
| New | +$5.7M |
|
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Ray Dalio's Q1 2018 Portfolio in Review
As of Q1 2018, Ray Dalio held 508 positions worth $10.5B, down 14% from $12.2B the previous quarter. Its ten largest holdings account for 73% of the portfolio.
Ray Dalio withdrew a net $1.74B in Q1 2018, closing 48 positions and reducing 116 holdings. Its most notable exit was Costco, an estimated $15.6M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 3% of assets, up from 1.7% a quarter earlier, followed by Energy and Consumer Discretionary.
Against the trend, Ray Dalio opened a new position in Biogen worth $21.1M.
- Ray Dalio's largest Q1 2018 buy was Biogen: 77,197 shares worth $21.1M.
- Ray Dalio added most to Newfield Exploration in Q1 2018, an estimated $44.6M increase.
- Ray Dalio's biggest Q1 2018 reduction was iShares MSCI Emerging Markets ETF, cutting an estimated $1.04B.
- Ray Dalio fully exited Costco in Q1 2018, selling an estimated $15.6M.
- Ray Dalio's ten largest holdings make up 73% of its $10.5B portfolio in Q1 2018.
- Ray Dalio opened 262 new positions and closed 48 in Q1 2018.
- Ray Dalio's portfolio value fell 14% quarter-over-quarter to $10.5B.
Based on Bridgewater Associates's 13F filing for Q1 2018, filed 15 May 2018.