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 |
iShares Core S&P 500 ETF
IVV
|
+$1.12B |
| 2 |
Lam Research
LRCX
|
+$193M |
| 3 |
Adobe
ADBE
|
+$191M |
| 4 |
Mastercard
MA
|
+$138M |
| 5 |
Workday
WDAY
|
+$137M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$999M |
| 2 |
NVIDIA
NVDA
|
+$823M |
| 3 |
Alphabet (Google) Class A
GOOGL
|
+$617M |
| 4 |
SPDR Gold Trust
GLD
|
+$337M |
| 5 |
Microsoft
MSFT
|
+$315M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 28.56% |
| 2 | Financials | 12.71% |
| 3 | Consumer Discretionary | 8.78% |
| 4 | Healthcare | 7.77% |
| 5 | Communication Services | 7.44% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
Unum
UNM
$14.3B
| $33.9M | 0.13% |
436,084
-125,800
| -22% | -$9.43M |
|
127
Truist Financial
TFC
$64B
| $33.5M | 0.13% |
732,520
+515,936
| +238% | +$23.3M |
|
128
Etsy
ETSY
$7.85B
| $33.5M | 0.13% |
504,438
+418,089
| +484% | +$25M |
|
129
UiPath
PATH
$7.8B
| $33.4M | 0.13% |
2,495,625
+97,357
| +4% | +$1.15M |
|
130
Newmont
NEM
$119B
| $32.7M | 0.13% |
387,317
-377,505
| -49% | -$26.3M |
|
131
Globe Life
GL
$14.3B
| $32.6M | 0.13% |
227,937
+14,617
| +7% | +$1.98M |
|
132
Medtronic
MDT
$112B
| $32.2M | 0.13% |
338,201
+136,035
| +67% | +$12.5M |
|
133
DraftKings
DKNG
$11.9B
| $31.9M | 0.12% |
852,495
+446,685
| +110% | +$19.8M |
|
134
Webster Financial
WBS
$12.8B
| $31.8M | 0.12% |
535,348
+336,219
| +169% | +$20M |
|
135
M&T Bank
MTB
$36.2B
| $31.8M | 0.12% |
160,727
+75,219
| +88% | +$14.8M |
|
136
Owens Corning
OC
$12.4B
| $31.4M | 0.12% |
222,087
+178,228
| +406% | +$26.2M |
|
137
Netflix
NFLX
$309B
| $31.3M | 0.12% |
261,120
+234,920
| +897% | +$28.7M |
|
138
T-Mobile US
TMUS
$190B
| $31.1M | 0.12% |
129,991
+19,756
| +18% | +$4.78M |
|
139
Corpay
CPAY
$25.7B
| $30.9M | 0.12% |
107,423
+31,779
| +42% | +$10.1M |
|
140
Zions Bancorporation
ZION
$10.3B
| $30.9M | 0.12% |
545,367
+371,230
| +213% | +$20.7M |
|
141
Ameriprise Financial
AMP
$48.8B
| $30.8M | 0.12% |
62,669
+23,472
| +60% | +$12M |
|
142
H&R Block
HRB
$5.86B
| $30.7M | 0.12% |
606,262
-26,556
| -4% | -$1.4M |
|
143
Marvell Technology
MRVL
$196B
| $30.2M | 0.12% |
358,699
-42,839
| -11% | -$3.15M |
|
144
Bank of America
BAC
$442B
| $29.5M | 0.12% |
+571,084
| New | +$27.9M |
|
145
Antero Resources
AR
$10.7B
| $29.1M | 0.11% |
867,070
+239,671
| +38% | +$7.99M |
|
|
DOCU
146
DocuSign
DOCU
$11.5B
| $29.1M | 0.11% |
403,142
+238,966
| +146% | +$18.4M |
|
147
Arch Capital
ACGL
$33.6B
| $28.8M | 0.11% |
317,694
+123,369
| +63% | +$11.1M |
|
148
Teradyne
TER
$59.3B
| $28.6M | 0.11% |
+207,426
| New | +$22.7M |
|
149
Walmart Inc
WMT
$890B
| $28.4M | 0.11% |
275,976
+29,979
| +12% | +$2.98M |
|
150
RenaissanceRe
RNR
$13.4B
| $28.4M | 0.11% |
+111,939
| New | +$27.1M |
|
Similar funds
Ray Dalio's Q3 2025 Portfolio in Review
As of Q3 2025, Ray Dalio held 1,078 positions worth $25.5B, up 3% from $24.8B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Ray Dalio withdrew a net $795M in Q3 2025, closing 64 positions and reducing 194 holdings. Its most notable exit was SPDR Gold Trust, an estimated $337M position sold in full.
By sector, the portfolio is most concentrated in Technology at 29% of assets, down from 29% a quarter earlier, followed by Financials and Consumer Discretionary.
Against the trend, Ray Dalio opened a new position in Reddit worth $142M.
- Ray Dalio's largest Q3 2025 buy was Reddit: 617,208 shares worth $142M.
- Ray Dalio added most to iShares Core S&P 500 ETF in Q3 2025, an estimated $1.12B increase.
- Ray Dalio's biggest Q3 2025 reduction was iShares Core MSCI Emerging Markets ETF, cutting an estimated $999M.
- Ray Dalio fully exited SPDR Gold Trust in Q3 2025, selling an estimated $337M.
- Ray Dalio's ten largest holdings make up 33% of its $25.5B portfolio in Q3 2025.
- Ray Dalio opened 493 new positions and closed 64 in Q3 2025.
- Ray Dalio's portfolio value rose 3% quarter-over-quarter to $25.5B.
Based on Bridgewater Associates's 13F filing for Q3 2025, filed 13 Nov 2025.