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 | |
|---|---|---|---|---|---|---|
101
Devon Energy
DVN
$47.3B
| $42.9M | 0.16% |
1,170,881
+191,590
| +20% | +$6.69M |
|
102
Gold Fields
GFI
$36.5B
| $42.7M | 0.16% |
977,019
+595,067
| +156% | +$24.9M |
|
103
LPL Financial
LPLA
$28.6B
| $42.3M | 0.15% |
118,294
-90,450
| -43% | -$32M |
|
104
Toll Brothers
TOL
$14.5B
| $42M | 0.15% |
310,287
-84,134
| -21% | -$11.4M |
|
105
Principal Financial Group
PFG
$24.3B
| $41.9M | 0.15% |
475,487
-16,046
| -3% | -$1.35M |
|
106
State Street
STT
$50.7B
| $41.8M | 0.15% |
323,786
-129,521
| -29% | -$15.5M |
|
107
Maplebear
CART
$11.8B
| $41.3M | 0.15% |
917,620
+209,251
| +30% | +$8.56M |
|
108
Tapestry
TPR
$32.8B
| $41.2M | 0.15% |
322,428
+71,735
| +29% | +$8.2M |
|
109
S&P Global
SPGI
$120B
| $40.8M | 0.15% |
78,134
+50,178
| +179% | +$24.8M |
|
110
BorgWarner
BWA
$13.9B
| $40.6M | 0.15% |
901,684
+26,280
| +3% | +$1.15M |
|
|
BNY
111
Bank of New York Mellon
BNY
$107B
| $40.6M | 0.15% |
349,688
-51,059
| -13% | -$5.65M |
|
112
Exelixis
EXEL
$13.4B
| $40.6M | 0.15% |
925,712
+82,747
| +10% | +$3.42M |
|
113
Toast
TOST
$19.9B
| $40M | 0.15% |
1,127,052
+737,699
| +189% | +$26.6M |
|
114
Astera Labs
ALAB
$58B
| $40M | 0.15% |
240,530
+223,052
| +1,276% | +$37.3M |
|
115
Popular Inc
BPOP
$11.1B
| $39M | 0.14% |
313,203
+149,361
| +91% | +$17.7M |
|
116
Teradyne
TER
$59.3B
| $38.7M | 0.14% |
199,761
-7,665
| -4% | -$1.32M |
|
117
Capital One
COF
$134B
| $38.2M | 0.14% |
157,774
-45,955
| -23% | -$10.2M |
|
118
Halozyme
HALO
$12.2B
| $37.8M | 0.14% |
561,577
+74,496
| +15% | +$5.01M |
|
119
Qualcomm
QCOM
$176B
| $37.6M | 0.14% |
220,092
-310,948
| -59% | -$53.3M |
|
120
VeriSign
VRSN
$26.6B
| $37.1M | 0.14% |
152,607
-136,632
| -47% | -$34.3M |
|
121
Evercore
EVR
$11.8B
| $36.9M | 0.13% |
108,425
+37,142
| +52% | +$11.9M |
|
122
Arch Capital
ACGL
$33.6B
| $36.7M | 0.13% |
383,022
+65,328
| +21% | +$5.98M |
|
123
Ameriprise Financial
AMP
$48.8B
| $36.5M | 0.13% |
74,507
+11,838
| +19% | +$5.62M |
|
124
UiPath
PATH
$7.8B
| $36.5M | 0.13% |
2,224,610
-271,015
| -11% | -$4.22M |
|
125
Gilead Sciences
GILD
$165B
| $35.9M | 0.13% |
292,406
-92,958
| -24% | -$11.3M |
|
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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.