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
|
+$623M |
| 2 |
SPDR Gold Trust
GLD
|
+$293M |
| 3 |
ServiceNow
NOW
|
+$172M |
| 4 |
Booking.com
BKNG
|
+$170M |
| 5 |
Baidu
BIDU
|
+$169M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$2.87B |
| 2 |
Applovin
APP
|
+$168M |
| 3 |
Meta Platforms (Facebook)
META
|
+$126M |
| 4 |
McKesson
MCK
|
+$107M |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$105M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 18.81% |
| 2 | Consumer Discretionary | 12.96% |
| 3 | Financials | 12.67% |
| 4 | Communication Services | 7.72% |
| 5 | Healthcare | 7.31% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
Costco
COST
$420B
| $31.3M | 0.15% |
33,146
-47,248
| -59% | -$46.1M |
|
|
TXNM
127
TXNM Energy Inc
TXNM
$5.94B
| $31.3M | 0.15% |
585,026
+256,572
| +78% | +$12.9M |
|
128
Jazz Pharmaceuticals
JAZZ
$16.7B
| $31.2M | 0.14% |
250,947
+58,912
| +31% | +$7.69M |
|
129
Toast
TOST
$19.9B
| $30.9M | 0.14% |
931,563
-1,436,346
| -61% | -$53.8M |
|
130
Capital One
COF
$134B
| $30.2M | 0.14% |
168,652
+16,831
| +11% | +$3.18M |
|
131
Grab
GRAB
$14.9B
| $30.1M | 0.14% |
6,642,723
+5,097,364
| +330% | +$23.8M |
|
132
Brookfield
BN
$108B
| $29.9M | 0.14% |
857,693
+133,383
| +18% | +$5.04M |
|
133
Lantheus
LNTH
$6.59B
| $29.6M | 0.14% |
303,152
+193,474
| +176% | +$18.1M |
|
134
Toll Brothers
TOL
$14.5B
| $29.3M | 0.14% |
277,824
-149,345
| -35% | -$17.9M |
|
135
Targa Resources
TRGP
$55.1B
| $28.8M | 0.13% |
143,826
+112,334
| +357% | +$22.3M |
|
136
H&R Block
HRB
$5.86B
| $28.8M | 0.13% |
524,443
+83,967
| +19% | +$4.49M |
|
137
GoDaddy
GDDY
$11.5B
| $28.7M | 0.13% |
159,286
-53,816
| -25% | -$10.3M |
|
138
Southwest Airlines
LUV
$23B
| $28.6M | 0.13% |
+853,062
| New | +$27M |
|
139
Walmart Inc
WMT
$890B
| $28.5M | 0.13% |
325,053
-454,434
| -58% | -$42.6M |
|
140
Netflix
NFLX
$309B
| $28.4M | 0.13% |
+305,080
| New | +$29M |
|
141
Dynatrace
DT
$14.2B
| $28.2M | 0.13% |
599,140
+327,263
| +120% | +$17.9M |
|
142
Canadian Pacific Kansas City
CP
$80.5B
| $28.2M | 0.13% |
401,228
+34,918
| +10% | +$2.66M |
|
143
iShares MSCI China ETF
MCHI
$6.38B
| $27.8M | 0.13% |
511,947
-210,535
| -29% | -$10.9M |
|
144
Canadian National Railway
CNI
$76.6B
| $27.6M | 0.13% |
283,460
+26,716
| +10% | +$2.7M |
|
145
Tenet Healthcare
THC
$21.1B
| $26.9M | 0.12% |
199,976
-207,218
| -51% | -$27.3M |
|
146
ResMed
RMD
$30.7B
| $26.7M | 0.12% |
119,331
+32,060
| +37% | +$7.48M |
|
147
Spotify
SPOT
$100B
| $26.2M | 0.12% |
+47,591
| New | +$26.6M |
|
148
Carpenter Technology
CRS
$28.4B
| $26M | 0.12% |
+143,250
| New | +$27.6M |
|
|
B
149
Barrick Mining
B
$73.2B
| $25.9M | 0.12% |
1,334,529
-496,929
| -27% | -$8.71M |
|
150
Onto Innovation
ONTO
$15.3B
| $25.7M | 0.12% |
211,694
+174,028
| +462% | +$29.3M |
|
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Ray Dalio's Q1 2025 Portfolio in Review
As of Q1 2025, Ray Dalio held 814 positions worth $21.6B, down 1.2% from $21.8B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Ray Dalio's Q1 2025 filing shows 123 new, 283 increased, 252 reduced and 150 closed positions. Its largest new stake was SPDR Gold Trust: 1,106,395 shares worth $319M. The largest sale was State Street SPDR S&P 500 ETF Trust, an estimated $2.87B.
By sector, the portfolio is most concentrated in Technology at 19% of assets, up from 16% a quarter earlier, followed by Consumer Discretionary and Financials.
- Ray Dalio's largest Q1 2025 buy was SPDR Gold Trust: 1,106,395 shares worth $319M.
- Ray Dalio added most to Alibaba in Q1 2025, an estimated $623M increase.
- Ray Dalio's biggest Q1 2025 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $2.87B.
- Ray Dalio fully exited ON Semiconductor in Q1 2025, selling an estimated $42.7M.
- Ray Dalio's ten largest holdings make up 32% of its $21.6B portfolio in Q1 2025.
- Ray Dalio opened 123 new positions and closed 150 in Q1 2025.
- Ray Dalio's portfolio value fell 1.2% quarter-over-quarter to $21.6B.
Based on Bridgewater Associates's 13F filing for Q1 2025, filed 14 May 2025.