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 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$432M |
| 2 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$193M |
| 3 |
iShares MSCI South Korea ETF
EWY
|
+$95.9M |
| 4 |
Molson Coors Class B
TAP
|
+$28.7M |
| 5 |
iShares MSCI Brazil ETF
EWZ
|
+$24.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$172M |
| 2 |
iShares MSCI Emerging Markets ETF
EEM
|
+$47.9M |
| 3 |
Bristol-Myers Squibb
BMY
|
+$21.1M |
| 4 |
Intel
INTC
|
+$20.4M |
| 5 |
JNPR
Juniper Networks
JNPR
|
+$18.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 2.75% |
| 2 | Technology | 2.62% |
| 3 | Consumer Discretionary | 2.44% |
| 4 | Financials | 1.98% |
| 5 | Healthcare | 1.84% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
IPG
101
DELISTED
Interpublic Group of Companies
IPG
| $7.62M | 0.07% |
+325,673
| New | +$7.53M |
|
102
Las Vegas Sands
LVS
$29.6B
| $7.62M | 0.07% |
142,600
+138,800
| +3,653% | +$8.09M |
|
103
Applied Materials
AMAT
$428B
| $7.61M | 0.07% |
235,696
-502,987
| -68% | -$15.3M |
|
104
Microchip Technology
MCHP
$46B
| $7.49M | 0.07% |
233,442
+104,704
| +81% | +$3.29M |
|
105
Bank of America
BAC
$442B
| $7.41M | 0.07% |
+335,300
| New | +$6.46M |
|
106
Invesco
IVZ
$13.9B
| $7.36M | 0.07% |
242,600
+227,500
| +1,507% | +$7M |
|
107
lululemon athletica
LULU
$14.6B
| $7.35M | 0.07% |
+113,132
| New | +$6.75M |
|
108
VeriSign
VRSN
$26.6B
| $7.21M | 0.07% |
+94,796
| New | +$7.49M |
|
109
NetApp
NTAP
$37.2B
| $7.09M | 0.07% |
+200,920
| New | +$7.03M |
|
|
KSU
110
DELISTED
Kansas City Southern
KSU
| $6.91M | 0.07% |
81,445
+6,947
| +9% | +$612K |
|
111
Estee Lauder
EL
$32B
| $6.76M | 0.06% |
88,400
+83,500
| +1,704% | +$6.79M |
|
112
TJX Companies
TJX
$178B
| $6.75M | 0.06% |
179,682
+145,200
| +421% | +$5.49M |
|
113
AutoZone
AZO
$51.1B
| $6.7M | 0.06% |
8,480
+5,200
| +159% | +$4M |
|
114
Morgan Stanley
MS
$340B
| $6.4M | 0.06% |
151,400
+65,900
| +77% | +$2.49M |
|
115
PVH
PVH
$4.04B
| $6.33M | 0.06% |
+70,200
| New | +$7.39M |
|
116
United Therapeutics
UTHR
$23.1B
| $6.3M | 0.06% |
43,905
-69,900
| -61% | -$8.92M |
|
117
Southern Copper
SCCO
$166B
| $6.22M | 0.06% |
210,238
-31,930
| -13% | -$899K |
|
|
BNY
118
Bank of New York Mellon
BNY
$107B
| $6.2M | 0.06% |
130,800
+24,800
| +23% | +$1.12M |
|
119
Analog Devices
ADI
$190B
| $6.18M | 0.06% |
85,100
-20,139
| -19% | -$1.37M |
|
120
APA Corp
APA
$13.3B
| $6.16M | 0.06% |
97,100
-7,700
| -7% | -$485K |
|
121
Masco
MAS
$15.3B
| $6.1M | 0.06% |
192,841
-19,157
| -9% | -$614K |
|
|
CTXS
122
DELISTED
Citrix Systems Inc
CTXS
| $6.06M | 0.06% |
85,263
-44,455
| -34% | -$3.07M |
|
123
Skyworks Solutions
SWKS
$10.6B
| $6.05M | 0.06% |
81,010
+24,700
| +44% | +$1.9M |
|
124
MGM Resorts International
MGM
$11.2B
| $5.99M | 0.06% |
+207,900
| New | +$5.76M |
|
125
NextEra Energy
NEE
$177B
| $5.93M | 0.06% |
+198,416
| New | +$5.93M |
|
Similar funds
Ray Dalio's Q4 2016 Portfolio in Review
As of Q4 2016, Ray Dalio held 377 positions worth $10.5B, up 3.7% from $10.2B the previous quarter. Its ten largest holdings account for 83% of the portfolio.
Ray Dalio deployed $653M of net new capital in Q4 2016, opening 78 new positions and adding to 101 existing holdings. Its largest new stake was UnitedHealth: 163,900 shares worth $26.2M.
By sector, the portfolio is most concentrated in Energy at 2.8% of assets, down from 2.9% a quarter earlier, followed by Technology and Consumer Discretionary.
On the sell side, the largest reduction was State Street SPDR S&P 500 ETF Trust, an estimated $172M trimmed.
- Ray Dalio's largest Q4 2016 buy was UnitedHealth: 163,900 shares worth $26.2M.
- Ray Dalio added most to Vanguard FTSE Emerging Markets ETF in Q4 2016, an estimated $432M increase.
- Ray Dalio's biggest Q4 2016 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $172M.
- Ray Dalio fully exited Bristol-Myers Squibb in Q4 2016, selling an estimated $21.1M.
- Ray Dalio's ten largest holdings make up 83% of its $10.5B portfolio in Q4 2016.
- Ray Dalio opened 78 new positions and closed 110 in Q4 2016.
- Ray Dalio's portfolio value rose 3.7% quarter-over-quarter to $10.5B.
Based on Bridgewater Associates's 13F filing for Q4 2016, filed 10 Feb 2017.