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 | |
|---|---|---|---|---|---|---|
1026
FTI Consulting
FCN
$4.18B
| $242K | ﹤0.01% |
1,419
-11,216
| -89% | -$1.85M |
|
1027
Brady Corp
BRC
$4.57B
| $235K | ﹤0.01% |
+3,002
| New | +$232K |
|
1028
MongoDB
MDB
$32.1B
| $235K | ﹤0.01% |
+560
| New | +$204K |
|
|
UCTT
1029
Ultra Clean Holdings
UCTT
$3.95B
| $231K | ﹤0.01% |
9,137
-1,256
| -12% | -$33.4K |
|
1030
F5
FFIV
$22.7B
| $223K | ﹤0.01% |
872
-45,996
| -98% | -$12.4M |
|
1031
Ventas
VTR
$47.9B
| $220K | ﹤0.01% |
+2,842
| New | +$214K |
|
1032
Phreesia
PHR
$773M
| $217K | ﹤0.01% |
12,805
-59,398
| -82% | -$1.23M |
|
1033
Hancock Whitney
HWC
$6.24B
| $213K | ﹤0.01% |
3,340
-125,537
| -97% | -$7.62M |
|
1034
St. Joe Company
JOE
$3.83B
| $211K | ﹤0.01% |
+3,548
| New | +$199K |
|
|
MASI
1035
DELISTED
Masimo
MASI
| $211K | ﹤0.01% |
1,619
-95
| -6% | -$13.6K |
|
1036
Hims & Hers Health
HIMS
$7.31B
| $210K | ﹤0.01% |
6,462
-119,319
| -95% | -$5.11M |
|
1037
Public Storage
PSA
$61.3B
| $201K | ﹤0.01% |
+774
| New | +$217K |
|
1038
Stellantis
STLA
$20.8B
| $191K | ﹤0.01% |
17,506
-24,300
| -58% | -$261K |
|
1039
Tronox
TROX
$1.04B
| $126K | ﹤0.01% |
30,324
-79,193
| -72% | -$302K |
|
|
UDMY
1040
DELISTED
Udemy
UDMY
| $60.3K | ﹤0.01% |
10,313
+294
| +3% | +$1.72K |
|
1041
Axcelis
ACLS
$4.31B
| – | – |
-2,224
| Closed | -$217K |
|
1042
Aehr Test Systems
AEHR
$3.36B
| – | – |
-8,394
| Closed | -$253K |
|
1043
Affirm
AFRM
$25.2B
| – | – |
-8,860
| Closed | -$647K |
|
1044
AGNC Investment
AGNC
$12.9B
| – | – |
-67,260
| Closed | -$658K |
|
1045
Arthur J. Gallagher & Co
AJG
$63.6B
| – | – |
-39,190
| Closed | -$12.1M |
|
1046
Akamai
AKAM
$16.1B
| – | – |
-30,689
| Closed | -$2.32M |
|
|
AKRO
1047
DELISTED
Akero Therapeutics
AKRO
| – | – |
-4,256
| Closed | -$202K |
|
1048
AutoNation
AN
$6.92B
| – | – |
-21,191
| Closed | -$4.64M |
|
1049
Archrock
AROC
$5.8B
| – | – |
-42,230
| Closed | -$1.11M |
|
|
ARR
1050
Armour Residential REIT
ARR
$2.36B
| – | – |
-32,480
| Closed | -$485K |
|
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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.