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 |
PG&E
PCG
|
+$47.4M |
| 2 |
iShares MSCI Brazil ETF
EWZ
|
+$37.4M |
| 3 |
CVS Health
CVS
|
+$30.6M |
| 4 |
Cardinal Health
CAH
|
+$29.4M |
| 5 |
PPL
PPL Corp
PPL
|
+$24.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Emerging Markets ETF
EEM
|
+$1.52B |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$866M |
| 3 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$516M |
| 4 |
Kroger
KR
|
+$42.3M |
| 5 |
ESRX
Express Scripts Holding Company
ESRX
|
+$36.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 1.72% |
| 2 | Consumer Discretionary | 1.46% |
| 3 | Financials | 1.05% |
| 4 | Materials | 0.96% |
| 5 | Energy | 0.92% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
TE Connectivity
TEL
$62.6B
| $3.27M | 0.03% |
34,458
+15,691
| +84% | +$1.44M |
|
127
Telus
TU
$15.3B
| $3.21M | 0.03% |
168,818
-87,600
| -34% | -$1.62M |
|
128
GE Aerospace
GE
$384B
| $3.21M | 0.03% |
38,347
-132,204
| -78% | -$12.6M |
|
129
Whirlpool
WHR
$2.82B
| $3.19M | 0.03% |
+18,899
| New | +$3.2M |
|
130
Wheaton Precious Metals
WPM
$60.9B
| $3.18M | 0.03% |
143,565
-40,159
| -22% | -$837K |
|
|
K
131
DELISTED
Kellanova
K
| $3.09M | 0.03% |
48,469
-157,111
| -76% | -$9.46M |
|
|
ACC
132
DELISTED
American Campus Communities, Inc.
ACC
| $3.08M | 0.03% |
+75,024
| New | +$3.21M |
|
133
Mettler-Toledo International
MTD
$28.6B
| $2.94M | 0.02% |
+4,744
| New | +$3.04M |
|
134
Petrobras
PBR
$116B
| $2.93M | 0.02% |
285,175
-61,419
| -18% | -$628K |
|
135
ConocoPhillips
COP
$141B
| $2.9M | 0.02% |
52,880
-11,015
| -17% | -$566K |
|
136
Magna International
MGA
$18.8B
| $2.87M | 0.02% |
50,531
-29,151
| -37% | -$1.6M |
|
137
Vale
VALE
$62.6B
| $2.81M | 0.02% |
229,438
-55,883
| -20% | -$593K |
|
138
Amgen
AMGN
$222B
| $2.78M | 0.02% |
15,987
-43,286
| -73% | -$7.66M |
|
139
American Tower
AMT
$80.4B
| $2.76M | 0.02% |
19,326
-22,741
| -54% | -$3.25M |
|
140
EOG Resources
EOG
$70.7B
| $2.74M | 0.02% |
25,353
-5,257
| -17% | -$530K |
|
141
Target
TGT
$68B
| $2.71M | 0.02% |
41,559
-183,566
| -82% | -$11.1M |
|
|
GXP
142
DELISTED
Great Plains Energy Incorporated
GXP
| $2.65M | 0.02% |
82,047
+72,705
| +778% | +$2.39M |
|
143
Teck Resources
TECK
$32.6B
| $2.58M | 0.02% |
98,469
-53,554
| -35% | -$1.22M |
|
144
Nucor
NUE
$62.1B
| $2.55M | 0.02% |
40,092
-74,371
| -65% | -$4.35M |
|
145
Occidental Petroleum
OXY
$55.9B
| $2.54M | 0.02% |
34,493
-6,130
| -15% | -$416K |
|
146
Imperial Oil
IMO
$60.4B
| $2.53M | 0.02% |
80,684
-20,478
| -20% | -$637K |
|
147
Aon
AON
$76B
| $2.49M | 0.02% |
+18,605
| New | +$2.65M |
|
148
Ball Corp
BALL
$16.8B
| $2.48M | 0.02% |
+65,558
| New | +$2.66M |
|
149
Coca-Cola Europacific Partners
CCEP
$47.9B
| $2.48M | 0.02% |
62,121
-17,686
| -22% | -$707K |
|
|
B
150
Barrick Mining
B
$73.2B
| $2.33M | 0.02% |
160,951
-97,660
| -38% | -$1.44M |
|
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Ray Dalio's Q4 2017 Portfolio in Review
As of Q4 2017, Ray Dalio held 337 positions worth $12.2B, down 18% from $14.9B the previous quarter. Its ten largest holdings account for 81% of the portfolio.
Ray Dalio withdrew a net $3.26B in Q4 2017, closing 91 positions and reducing 136 holdings. Its most notable exit was Kroger, an estimated $42.3M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 1.7% of assets, up from 1.5% a quarter earlier, followed by Consumer Discretionary and Financials.
Against the trend, Ray Dalio opened a new position in PG&E worth $38M.
- Ray Dalio's largest Q4 2017 buy was PG&E: 846,531 shares worth $38M.
- Ray Dalio added most to iShares MSCI Brazil ETF in Q4 2017, an estimated $37.4M increase.
- Ray Dalio's biggest Q4 2017 reduction was iShares MSCI Emerging Markets ETF, cutting an estimated $1.52B.
- Ray Dalio fully exited Kroger in Q4 2017, selling an estimated $42.3M.
- Ray Dalio's ten largest holdings make up 81% of its $12.2B portfolio in Q4 2017.
- Ray Dalio opened 51 new positions and closed 91 in Q4 2017.
- Ray Dalio's portfolio value fell 18% quarter-over-quarter to $12.2B.
Based on Bridgewater Associates's 13F filing for Q4 2017, filed 13 Feb 2018.