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
|
+$693M |
| 2 |
iShares Core S&P 500 ETF
IVV
|
+$235M |
| 3 |
Vanguard S&P 500 ETF
VOO
|
+$200M |
| 4 |
Petrobras
PBR
|
+$105M |
| 5 |
Shell
SHEL
|
+$105M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Micron Technology
MU
|
+$1.02B |
| 2 |
Amazon
AMZN
|
+$593M |
| 3 |
TSMC
TSM
|
+$423M |
| 4 |
Marvell Technology
MRVL
|
+$354M |
| 5 |
GE Vernova
GEV
|
+$319M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 30.62% |
| 2 | Technology | 21.23% |
| 3 | Industrials | 7.72% |
| 4 | Financials | 6.76% |
| 5 | Healthcare | 6.62% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
126
Regeneron Pharmaceuticals
REGN
$81.4B
| $32M | 0.13% |
51,333
+28,609
| +126% | +$19.5M |
2021 Q2
20 quarters
|
|
127
United Rentals
URI
$64.1B
| $31.7M | 0.13% |
27,950
+17,593
| +170% | +$16.7M |
2026 Q1
1 quarter
|
|
128
Tenaris
TS
$30B
| $31.5M | 0.13% |
568,223
+539,593
| +1,885% | +$32.8M |
2026 Q1
1 quarter
|
|
129
Block Inc
XYZ
$46.8B
| $31.4M | 0.13% |
413,101
+272,398
| +194% | +$19.1M |
2022 Q1
17 quarters
|
|
130
Cardinal Health
CAH
$58.8B
| $31.4M | 0.13% |
132,077
+16,848
| +15% | +$3.5M |
2020 Q1
25 quarters
|
|
131
British American Tobacco
BTI
$129B
| $31.3M | 0.13% |
506,686
-259,162
| -34% | -$15.6M |
2024 Q3
7 quarters
|
|
132
Agnico Eagle Mines
AEM
$96B
| $30.5M | 0.13% |
196,829
+108,092
| +122% | +$20M |
2024 Q1
9 quarters
|
|
133
Devon Energy
DVN
$55.8B
| $30.4M | 0.12% |
+735,174
| New | +$34.1M |
2026 Q2
0 quarters
|
|
134
Carpenter Technology
CRS
$18.7B
| $30.1M | 0.12% |
48,856
+6,399
| +15% | +$3.01M |
2025 Q1
5 quarters
|
|
135
Qualcomm
QCOM
$184B
| $30M | 0.12% |
162,466
-61,377
| -27% | -$11.5M |
2021 Q4
18 quarters
|
|
136
Alnylam Pharmaceuticals
ALNY
$31B
| $30M | 0.12% |
99,584
-7,008
| -7% | -$2.11M |
2025 Q3
3 quarters
|
|
137
United Airlines
UAL
$31.2B
| $29.7M | 0.12% |
218,601
+138,359
| +172% | +$14.3M |
2026 Q1
1 quarter
|
|
138
ExxonMobil
XOM
$736B
| $29.6M | 0.12% |
+216,225
| New | +$32.4M |
2026 Q2
0 quarters
|
|
139
Kinross Gold
KGC
$28.5B
| $29.3M | 0.12% |
1,240,922
+81,336
| +7% | +$2.39M |
2024 Q2
8 quarters
|
|
140
Walmart Inc
WMT
$943B
| $29.3M | 0.12% |
258,759
+6,950
| +3% | +$863K |
2020 Q3
23 quarters
|
|
141
Capital One
COF
$124B
| $29.2M | 0.12% |
+145,544
| New | +$27.8M |
2026 Q2
0 quarters
|
|
142
Keysight
KEYS
$56.4B
| $29M | 0.12% |
82,934
+7,390
| +10% | +$2.52M |
2025 Q2
4 quarters
|
|
143
T-Mobile US
TMUS
$171B
| $28.9M | 0.12% |
172,592
+74,114
| +75% | +$14M |
2021 Q4
18 quarters
|
|
144
Ametek
AME
$56.9B
| $28.5M | 0.12% |
117,720
+1,216
| +1% | +$280K |
2025 Q3
3 quarters
|
|
145
Visa
V
$756B
| $28M | 0.11% |
81,537
+56,365
| +224% | +$18.1M |
2021 Q1
21 quarters
|
|
146
Permian Resources
PR
$20.6B
| $27.9M | 0.11% |
+1,516,955
| New | +$30.5M |
2026 Q2
0 quarters
|
|
147
Grab
GRAB
$12B
| $27.9M | 0.11% |
7,403,211
-919,780
| -11% | -$3.35M |
2024 Q4
6 quarters
|
|
148
Regal Rexnord
RRX
$10.3B
| $27.8M | 0.11% |
116,787
+113,138
| +3,101% | +$23.6M |
2026 Q1
1 quarter
|
|
149
Globus Medical
GMED
$10.3B
| $27.8M | 0.11% |
351,974
+21,511
| +7% | +$1.83M |
2025 Q1
5 quarters
|
|
150
Manulife Financial
MFC
$73.4B
| $27.8M | 0.11% |
684,949
-1,428,699
| -68% | -$55.3M |
2024 Q2
8 quarters
|
|
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Ray Dalio's Q2 2026 Portfolio in Review
As of Q2 2026, Ray Dalio held 1,206 positions worth $24.4B, up 8.8% from $22.4B the previous quarter. Its ten largest holdings account for 40% of the portfolio.
Ray Dalio withdrew a net $3.05B in Q2 2026, closing 209 positions and reducing 379 holdings. Its most notable exit was Cisco, an estimated $63.8M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 31% of assets, up from 25% a quarter earlier, followed by Technology and Industrials.
Against the trend, Ray Dalio opened a new position in Eversource Energy worth $86.4M.
- Ray Dalio's largest Q2 2026 buy was Eversource Energy: 1,195,140 shares worth $86.4M.
- Ray Dalio added most to State Street SPDR S&P 500 ETF Trust in Q2 2026, an estimated $693M increase.
- Ray Dalio's biggest Q2 2026 reduction was Micron Technology, cutting an estimated $1.02B.
- Ray Dalio fully exited Cisco in Q2 2026, selling an estimated $63.8M.
- Ray Dalio's ten largest holdings make up 40% of its $24.4B portfolio in Q2 2026.
- Ray Dalio opened 213 new positions and closed 209 in Q2 2026.
- Ray Dalio's portfolio value rose 8.8% quarter-over-quarter to $24.4B.
Based on Bridgewater Associates's 13F filing for Q2 2026, filed 14 Aug 2026.