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 |
McDonald's
MCD
|
+$6.41M |
| 2 |
UnitedHealth
UNH
|
+$6.05M |
| 3 |
Lockheed Martin
LMT
|
+$6.04M |
| 4 |
Philip Morris
PM
|
+$5.55M |
| 5 |
Accenture
ACN
|
+$5.35M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$1.04B |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$444M |
| 3 |
iShares Core S&P 500 ETF
IVV
|
+$277M |
| 4 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$226M |
| 5 |
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
|
+$132M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 4% |
| 2 | Financials | 2.7% |
| 3 | Industrials | 1.84% |
| 4 | Materials | 1.48% |
| 5 | Consumer Staples | 1.39% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
T-Mobile US
TMUS
$190B
| $2.64M | 0.05% |
+31,469
| New | +$2.66M |
|
102
Old Dominion Freight Line
ODFL
$44.9B
| $2.58M | 0.05% |
39,252
-48,450
| -55% | -$3.22M |
|
103
International Flavors & Fragrances
IFF
$21.9B
| $2.57M | 0.05% |
25,145
-12,408
| -33% | -$1.55M |
|
104
TJX Companies
TJX
$178B
| $2.52M | 0.05% |
+52,646
| New | +$3.03M |
|
105
JB Hunt Transport Services
JBHT
$25.2B
| $2.41M | 0.05% |
26,159
-12,851
| -33% | -$1.34M |
|
106
Genuine Parts
GPC
$18.7B
| $2.4M | 0.05% |
35,615
-17,566
| -33% | -$1.56M |
|
107
Progressive
PGR
$125B
| $2.36M | 0.05% |
+32,009
| New | +$2.47M |
|
108
Masco
MAS
$15.3B
| $2.34M | 0.05% |
67,800
-36,323
| -35% | -$1.59M |
|
109
Crown Castle
CCI
$32.2B
| $2.34M | 0.05% |
+16,207
| New | +$2.42M |
|
110
GDS Holdings
GDS
$6.41B
| $2.31M | 0.05% |
39,860
+102
| +0.3% | +$5.69K |
|
111
NVR
NVR
$17B
| $2.29M | 0.05% |
891
-458
| -34% | -$1.64M |
|
112
Humana
HUM
$46.2B
| $2.28M | 0.05% |
+7,267
| New | +$2.45M |
|
113
Chubb
CB
$135B
| $2.2M | 0.04% |
+19,732
| New | +$2.83M |
|
114
Open Text
OTEX
$6.04B
| $2.19M | 0.04% |
63,460
-44
| -0.1% | -$1.86K |
|
115
Kinross Gold
KGC
$32.8B
| $2.17M | 0.04% |
546,636
-95,751
| -15% | -$463K |
|
116
CarMax
KMX
$8.26B
| $2.17M | 0.04% |
40,301
-20,041
| -33% | -$1.7M |
|
117
Celanese
CE
$4.82B
| $2.16M | 0.04% |
29,374
-15,015
| -34% | -$1.49M |
|
118
Waste Management
WM
$91B
| $2.16M | 0.04% |
+23,288
| New | +$2.67M |
|
119
Estee Lauder
EL
$32B
| $2.12M | 0.04% |
+13,331
| New | +$2.57M |
|
|
SJR
120
DELISTED
Shaw Communications Inc.
SJR
| $2.11M | 0.04% |
131,617
-317
| -0.2% | -$5.75K |
|
121
General Dynamics
GD
$106B
| $2.1M | 0.04% |
+15,892
| New | +$2.64M |
|
122
Allegion
ALLE
$14.4B
| $2.1M | 0.04% |
22,827
-11,211
| -33% | -$1.34M |
|
123
Target
TGT
$68B
| $2.1M | 0.04% |
+22,556
| New | +$2.5M |
|
124
Colgate-Palmolive
CL
$74.4B
| $2.08M | 0.04% |
+31,361
| New | +$2.21M |
|
125
Advance Auto Parts
AAP
$3.49B
| $2.02M | 0.04% |
21,620
+3,804
| +21% | +$493K |
|
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Ray Dalio's Q1 2020 Portfolio in Review
As of Q1 2020, Ray Dalio held 650 positions worth $5.04B, down 49% from $9.79B the previous quarter. Its ten largest holdings account for 68% of the portfolio.
Ray Dalio withdrew a net $3.42B in Q1 2020, closing 251 positions and reducing 191 holdings. Its most notable exit was JPMorgan Chase, an estimated $90.5M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 4% of assets, up from 3.6% a quarter earlier, followed by Financials and Industrials.
Against the trend, Ray Dalio opened a new position in McDonald's worth $5.38M.
- Ray Dalio's largest Q1 2020 buy was McDonald's: 32,541 shares worth $5.38M.
- Ray Dalio added most to Lowe's Companies in Q1 2020, an estimated $4.7M increase.
- Ray Dalio's biggest Q1 2020 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $1.04B.
- Ray Dalio fully exited JPMorgan Chase in Q1 2020, selling an estimated $90.5M.
- Ray Dalio's ten largest holdings make up 68% of its $5.04B portfolio in Q1 2020.
- Ray Dalio opened 179 new positions and closed 251 in Q1 2020.
- Ray Dalio's portfolio value fell 49% quarter-over-quarter to $5.04B.
Based on Bridgewater Associates's 13F filing for Q1 2020, filed 14 May 2020.