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 |
Alibaba
BABA
|
+$142M |
| 2 |
Procter & Gamble
PG
|
+$74.5M |
| 3 |
PepsiCo
PEP
|
+$60.9M |
| 4 |
Pinduoduo
PDD
|
+$58.5M |
| 5 |
Johnson & Johnson
JNJ
|
+$56.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Emerging Markets ETF
EEM
|
+$565M |
| 2 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$337M |
| 3 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$335M |
| 4 |
Walmart Inc
WMT
|
+$314M |
| 5 |
Danaher
DHR
|
+$214M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 27.98% |
| 2 | Consumer Discretionary | 17.74% |
| 3 | Healthcare | 17.12% |
| 4 | Industrials | 3.53% |
| 5 | Financials | 3.42% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Merck
MRK
$318B
| $29.9M | 0.17% |
390,342
+251,339
| +181% | +$20M |
|
102
Steris
STE
$23.1B
| $29.9M | 0.17% |
122,721
+9,543
| +8% | +$2.18M |
|
103
VF Corp
VFC
$5.89B
| $28.6M | 0.17% |
390,923
-201,374
| -34% | -$14.7M |
|
104
J.M. Smucker
SJM
$12.8B
| $28.5M | 0.17% |
209,855
+7,627
| +4% | +$973K |
|
|
SCHW
105
Charles Schwab
SCHW
$187B
| $28M | 0.16% |
333,322
-423,913
| -56% | -$34.3M |
|
106
Teladoc Health
TDOC
$1.3B
| $27.7M | 0.16% |
301,392
+31,202
| +12% | +$3.73M |
|
107
Carrier Global
CARR
$52.8B
| $27.6M | 0.16% |
509,125
-173,088
| -25% | -$9.34M |
|
108
Tesla
TSLA
$1.3T
| $26.9M | 0.16% |
76,464
-116,934
| -60% | -$39.2M |
|
109
iShares MSCI Mexico ETF
EWW
$1.99B
| $26.8M | 0.16% |
529,074
-45,519
| -8% | -$2.2M |
|
110
Albemarle
ALB
$15.5B
| $26.1M | 0.15% |
111,616
-58,349
| -34% | -$14.4M |
|
111
Cooper Companies
COO
$14.5B
| $25.1M | 0.15% |
239,508
+33,368
| +16% | +$3.4M |
|
112
Blackrock
BLK
$176B
| $25M | 0.15% |
27,335
-33,195
| -55% | -$30.3M |
|
113
Philip Morris
PM
$295B
| $25M | 0.15% |
262,893
+190,756
| +264% | +$17.8M |
|
114
Quest Diagnostics
DGX
$26.3B
| $24.5M | 0.14% |
141,406
+8,794
| +7% | +$1.34M |
|
115
Cencora
COR
$61.2B
| $24.1M | 0.14% |
181,005
-32,742
| -15% | -$4.03M |
|
116
Goldman Sachs
GS
$303B
| $23.7M | 0.14% |
61,950
-78,939
| -56% | -$31.3M |
|
|
HOLX
117
DELISTED
Hologic
HOLX
| $23.1M | 0.13% |
302,210
+16,128
| +6% | +$1.19M |
|
118
CarMax
KMX
$8.26B
| $22.6M | 0.13% |
173,223
-74,936
| -30% | -$10.5M |
|
119
GDS Holdings
GDS
$6.41B
| $22.4M | 0.13% |
475,940
+90,183
| +23% | +$4.97M |
|
120
Pool Corp
POOL
$7.5B
| $22M | 0.13% |
38,793
-20,264
| -34% | -$10.6M |
|
121
Honeywell
HON
$78B
| $21.5M | 0.13% |
109,386
+101,236
| +1,242% | +$20.4M |
|
122
Citigroup
C
$226B
| $21.3M | 0.12% |
353,106
-444,862
| -56% | -$29.6M |
|
123
International Flavors & Fragrances
IFF
$21.9B
| $21.1M | 0.12% |
140,114
-100,682
| -42% | -$14.7M |
|
124
JB Hunt Transport Services
JBHT
$25.2B
| $20.8M | 0.12% |
101,988
-59,934
| -37% | -$11.5M |
|
125
NVR
NVR
$17B
| $20.8M | 0.12% |
3,527
-1,953
| -36% | -$10.3M |
|
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Ray Dalio's Q4 2021 Portfolio in Review
As of Q4 2021, Ray Dalio held 820 positions worth $17.2B, down 5.8% from $18.3B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Ray Dalio withdrew a net $1.89B in Q4 2021, closing 89 positions and reducing 292 holdings. Its most notable exit was Ecolab, an estimated $14.2M position sold in full.
By sector, the portfolio is most concentrated in Consumer Staples at 28% of assets, up from 24% a quarter earlier, followed by Consumer Discretionary and Healthcare.
Against the trend, Ray Dalio opened a new position in RTX Corp worth $16M.
- Ray Dalio's largest Q4 2021 buy was RTX Corp: 186,232 shares worth $16M.
- Ray Dalio added most to Alibaba in Q4 2021, an estimated $142M increase.
- Ray Dalio's biggest Q4 2021 reduction was iShares MSCI Emerging Markets ETF, cutting an estimated $565M.
- Ray Dalio fully exited Ecolab in Q4 2021, selling an estimated $14.2M.
- Ray Dalio's ten largest holdings make up 36% of its $17.2B portfolio in Q4 2021.
- Ray Dalio opened 137 new positions and closed 89 in Q4 2021.
- Ray Dalio's portfolio value fell 5.8% quarter-over-quarter to $17.2B.
Based on Bridgewater Associates's 13F filing for Q4 2021, filed 14 Feb 2022.