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 |
iShares MSCI India ETF
INDA
|
+$105M |
| 2 |
SWN
Southwestern Energy Company
SWN
|
+$47.9M |
| 3 |
Kroger
KR
|
+$42.8M |
| 4 |
Bread Financial
BFH
|
+$42.8M |
| 5 |
Carnival Corporation Ltd
CCL
|
+$42.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Emerging Markets ETF
EEM
|
+$1.95B |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$1.1B |
| 3 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$907M |
| 4 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$342M |
| 5 |
Bristol-Myers Squibb
BMY
|
+$47.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 4.47% |
| 2 | Financials | 2.86% |
| 3 | Energy | 2.75% |
| 4 | Industrials | 1.72% |
| 5 | Healthcare | 1.67% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Canadian Pacific Kansas City
CP
$80.5B
| $11.5M | 0.09% |
242,585
| – | – |
|
102
Core Laboratories
CLB
$521M
| $11.3M | 0.09% |
+216,349
| New | +$12.7M |
|
103
Nutrien
NTR
$30.7B
| $11.3M | 0.09% |
210,584
| – | – |
|
|
MRO
104
DELISTED
Marathon Oil Corporation
MRO
| $11.2M | 0.09% |
785,343
+631,394
| +410% | +$9.76M |
|
105
Manulife Financial
MFC
$73.5B
| $11M | 0.09% |
606,507
| – | – |
|
106
HF Sinclair
DINO
$14.5B
| $11M | 0.09% |
237,507
-125,571
| -35% | -$5.61M |
|
|
AMTD
107
DELISTED
TD Ameritrade Holding Corp
AMTD
| $11M | 0.09% |
220,174
-354,680
| -62% | -$18.4M |
|
|
CTRA
108
DELISTED
Coterra Energy
CTRA
| $10.9M | 0.09% |
476,685
+235,809
| +98% | +$6M |
|
109
Canadian Imperial Bank of Commerce
CM
$108B
| $10.9M | 0.09% |
276,552
| – | – |
|
|
SPLK
110
DELISTED
Splunk Inc
SPLK
| $10.8M | 0.08% |
+85,859
| New | +$10.9M |
|
111
Annaly Capital Management
NLY
$17.4B
| $10.7M | 0.08% |
293,929
+209,941
| +250% | +$8M |
|
112
NRG Energy
NRG
$24.8B
| $10.5M | 0.08% |
297,697
+75,190
| +34% | +$2.83M |
|
113
Lam Research
LRCX
$390B
| $10.3M | 0.08% |
+546,510
| New | +$10.4M |
|
|
PXD
114
DELISTED
Pioneer Natural Resource Co.
PXD
| $10.1M | 0.08% |
+65,947
| New | +$10.1M |
|
115
Liberty Global Class A
LBTYA
$3.6B
| $10M | 0.08% |
371,090
+130,022
| +54% | +$3.43M |
|
116
Verizon
VZ
$196B
| $9.4M | 0.07% |
+164,516
| New | +$9.48M |
|
117
Warner Bros
WBD
$67.1B
| $9.37M | 0.07% |
+305,246
| New | +$8.87M |
|
|
B
118
Barrick Mining
B
$73.2B
| $9.33M | 0.07% |
589,875
-81,908
| -12% | -$1.09M |
|
119
Sun Life Financial
SLF
$45.4B
| $8.76M | 0.07% |
211,056
| – | – |
|
120
Prologis
PLD
$133B
| $8.46M | 0.07% |
105,655
+75,069
| +245% | +$5.71M |
|
121
United Parcel Service
UPS
$88.9B
| $8.33M | 0.07% |
+80,700
| New | +$8.39M |
|
122
Alphabet (Google) Class A
GOOGL
$4.33T
| $8.26M | 0.06% |
152,580
+140,560
| +1,169% | +$8.14M |
|
123
Phillips 66
PSX
$81.4B
| $8M | 0.06% |
85,478
-153,932
| -64% | -$13.8M |
|
124
Western Union
WU
$2.21B
| $7.69M | 0.06% |
386,498
-269,154
| -41% | -$5.25M |
|
125
Telus
TU
$15.3B
| $7.67M | 0.06% |
414,042
| – | – |
|
Similar funds
Ray Dalio's Q2 2019 Portfolio in Review
As of Q2 2019, Ray Dalio held 380 positions worth $12.8B, down 22% from $16.3B the previous quarter. Its ten largest holdings account for 69% of the portfolio.
Ray Dalio withdrew a net $3.62B in Q2 2019, closing 75 positions and reducing 91 holdings. Its most notable exit was Bristol-Myers Squibb, an estimated $47.2M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 4.5% of assets, up from 2.1% a quarter earlier, followed by Financials and Energy.
Against the trend, Ray Dalio opened a new position in iShares China Large-Cap ETF worth $30.6M.
- Ray Dalio's largest Q2 2019 buy was iShares China Large-Cap ETF: 716,186 shares worth $30.6M.
- Ray Dalio added most to iShares MSCI India ETF in Q2 2019, an estimated $105M increase.
- Ray Dalio's biggest Q2 2019 reduction was iShares MSCI Emerging Markets ETF, cutting an estimated $1.95B.
- Ray Dalio fully exited Bristol-Myers Squibb in Q2 2019, selling an estimated $47.2M.
- Ray Dalio's ten largest holdings make up 69% of its $12.8B portfolio in Q2 2019.
- Ray Dalio opened 77 new positions and closed 75 in Q2 2019.
- Ray Dalio's portfolio value fell 22% quarter-over-quarter to $12.8B.
Based on Bridgewater Associates's 13F filing for Q2 2019, filed 13 Aug 2019.