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 |
Eli Lilly
LLY
|
+$149M |
| 2 |
NVIDIA
NVDA
|
+$102M |
| 3 |
iShares MSCI Brazil ETF
EWZ
|
+$89.1M |
| 4 |
Comcast
CMCSA
|
+$71.1M |
| 5 |
Progressive
PGR
|
+$69.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Costco
COST
|
+$83.3M |
| 2 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$76.9M |
| 3 |
Coca-Cola
KO
|
+$56.4M |
| 4 |
Broadcom
AVGO
|
+$49.5M |
| 5 |
Lam Research
LRCX
|
+$44.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 23.82% |
| 2 | Healthcare | 20.59% |
| 3 | Consumer Discretionary | 12.23% |
| 4 | Financials | 6.67% |
| 5 | Communication Services | 5.5% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
Uber
UBER
$153B
| $43M | 0.24% |
699,088
-771,889
| -52% | -$40.4M |
|
77
Cardinal Health
CAH
$55.4B
| $42.2M | 0.24% |
418,419
-42,581
| -9% | -$4.22M |
|
78
Hershey
HSY
$36.6B
| $41.9M | 0.23% |
224,882
-32,297
| -13% | -$6.12M |
|
79
Amgen
AMGN
$222B
| $41.6M | 0.23% |
144,483
+116,758
| +421% | +$31.8M |
|
80
Church & Dwight Co
CHD
$24.5B
| $39.8M | 0.22% |
420,519
-23,378
| -5% | -$2.14M |
|
81
Trip.com Group
TCOM
$29.1B
| $39.3M | 0.22% |
1,091,022
-197,221
| -15% | -$6.73M |
|
82
Vistra
VST
$47.4B
| $38.9M | 0.22% |
1,008,838
+389,497
| +63% | +$13.5M |
|
83
Zimmer Biomet
ZBH
$18.4B
| $38.8M | 0.22% |
319,167
+23,634
| +8% | +$2.64M |
|
84
MetLife
MET
$62.4B
| $38.4M | 0.22% |
580,797
+126,076
| +28% | +$7.89M |
|
85
Dollar General
DG
$27.9B
| $38.3M | 0.21% |
281,503
-259,747
| -48% | -$31.5M |
|
86
Biogen
BIIB
$30.7B
| $37.1M | 0.21% |
143,286
-7,591
| -5% | -$1.86M |
|
87
Pfizer
PFE
$153B
| $36.9M | 0.21% |
1,281,431
-338,136
| -21% | -$10.2M |
|
88
Corpay
CPAY
$25.7B
| $36.3M | 0.2% |
128,565
+37,779
| +42% | +$9.38M |
|
89
ON Semiconductor
ON
$19.3B
| $36.3M | 0.2% |
434,348
+94,765
| +28% | +$7.45M |
|
90
Global Payments
GPN
$22.8B
| $36.2M | 0.2% |
285,030
+93,824
| +49% | +$10.9M |
|
91
CoStar Group
CSGP
$12.3B
| $36.2M | 0.2% |
414,220
-38,381
| -8% | -$3.11M |
|
92
Bristol-Myers Squibb
BMY
$132B
| $36.2M | 0.2% |
705,207
-678,275
| -49% | -$35.6M |
|
|
K
93
DELISTED
Kellanova
K
| $35.7M | 0.2% |
637,704
+78,230
| +14% | +$4.09M |
|
94
J.M. Smucker
SJM
$12.8B
| $34.5M | 0.19% |
273,241
+49,976
| +22% | +$5.79M |
|
95
Marathon Petroleum
MPC
$83.7B
| $33.4M | 0.19% |
224,872
+61,826
| +38% | +$9.18M |
|
96
AutoZone
AZO
$51.1B
| $33M | 0.18% |
12,767
+706
| +6% | +$1.83M |
|
97
Idexx Laboratories
IDXX
$46.2B
| $32.7M | 0.18% |
58,862
-57,969
| -50% | -$27.2M |
|
98
Spotify
SPOT
$100B
| $32.1M | 0.18% |
171,068
+71,518
| +72% | +$12.5M |
|
99
Yum China
YUMC
$16.3B
| $32M | 0.18% |
754,969
-88,172
| -10% | -$4.1M |
|
|
CTRA
100
DELISTED
Coterra Energy
CTRA
| $31.1M | 0.17% |
+1,219,114
| New | +$32.7M |
|
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Ray Dalio's Q4 2023 Portfolio in Review
As of Q4 2023, Ray Dalio held 827 positions worth $17.9B, up 8% from $16.5B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Ray Dalio's Q4 2023 filing shows 87 new, 260 increased, 385 reduced and 85 closed positions. Its largest new stake was iShares MSCI Brazil ETF: 2,750,734 shares worth $96.2M. The largest sale was Costco, an estimated $83.3M.
By sector, the portfolio is most concentrated in Consumer Staples at 24% of assets, down from 27% a quarter earlier, followed by Healthcare and Consumer Discretionary.
- Ray Dalio's largest Q4 2023 buy was iShares MSCI Brazil ETF: 2,750,734 shares worth $96.2M.
- Ray Dalio added most to Eli Lilly in Q4 2023, an estimated $149M increase.
- Ray Dalio's biggest Q4 2023 reduction was Costco, cutting an estimated $83.3M.
- Ray Dalio fully exited Netflix in Q4 2023, selling an estimated $35.9M.
- Ray Dalio's ten largest holdings make up 31% of its $17.9B portfolio in Q4 2023.
- Ray Dalio opened 87 new positions and closed 85 in Q4 2023.
- Ray Dalio's portfolio value rose 8% quarter-over-quarter to $17.9B.
Based on Bridgewater Associates's 13F filing for Q4 2023, filed 14 Feb 2024.