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 | |
|---|---|---|---|---|---|---|
151
Coca-Cola
KO
$375B
| $2.31M | 0.02% |
+50,302
| New | +$2.31M |
|
152
Rogers Communications
RCI
$18.6B
| $2.2M | 0.02% |
43,038
-29,555
| -41% | -$1.54M |
|
153
Adobe
ADBE
$105B
| $2.19M | 0.02% |
+12,468
| New | +$2.14M |
|
154
Apple
AAPL
$4.57T
| $2.15M | 0.02% |
50,720
-29,940
| -37% | -$1.25M |
|
155
CenterPoint Energy
CNP
$26.8B
| $2.13M | 0.02% |
75,247
+31,153
| +71% | +$908K |
|
156
CGI
GIB
$15.5B
| $2.1M | 0.02% |
38,589
-15,400
| -29% | -$820K |
|
157
Cognizant
CTSH
$26B
| $2.04M | 0.02% |
28,757
-56,938
| -66% | -$4.16M |
|
158
Medtronic
MDT
$112B
| $2.03M | 0.02% |
+25,152
| New | +$2.01M |
|
159
Quest Diagnostics
DGX
$26.3B
| $2.02M | 0.02% |
20,560
-187,561
| -90% | -$17.8M |
|
160
General Mills
GIS
$19.7B
| $2M | 0.02% |
33,649
+2,632
| +8% | +$142K |
|
161
Comcast
CMCSA
$90B
| $1.91M | 0.02% |
+47,672
| New | +$1.79M |
|
|
AGU
162
DELISTED
Agrium
AGU
| $1.89M | 0.02% |
16,334
-11,384
| -41% | -$1.23M |
|
163
Alliant Energy
LNT
$18B
| $1.89M | 0.02% |
44,260
+26,028
| +143% | +$1.13M |
|
|
POT
164
DELISTED
Potash Corp Of Saskatchewan
POT
| $1.87M | 0.02% |
90,844
-68,637
| -43% | -$1.33M |
|
165
Restaurant Brands International
QSR
$25.8B
| $1.85M | 0.02% |
30,068
-19,113
| -39% | -$1.23M |
|
166
Pembina Pipeline
PBA
$27.6B
| $1.84M | 0.02% |
50,741
-33,416
| -40% | -$1.16M |
|
167
Fortis
FTS
$28.7B
| $1.8M | 0.01% |
48,988
-34,098
| -41% | -$1.26M |
|
|
ESRX
168
DELISTED
Express Scripts Holding Company
ESRX
| $1.74M | 0.01% |
23,259
-573,674
| -96% | -$36.7M |
|
169
Kinross Gold
KGC
$32.8B
| $1.72M | 0.01% |
397,255
-110,772
| -22% | -$461K |
|
|
RHT
170
DELISTED
Red Hat Inc
RHT
| $1.71M | 0.01% |
+14,240
| New | +$1.75M |
|
|
GOLD
171
DELISTED
Randgold Resources Ltd
GOLD
| $1.7M | 0.01% |
17,207
-537
| -3% | -$51K |
|
172
Cencora
COR
$61.2B
| $1.69M | 0.01% |
+18,399
| New | +$1.52M |
|
173
Ovintiv
OVV
$16.4B
| $1.68M | 0.01% |
25,066
-16,177
| -39% | -$954K |
|
174
Visa
V
$677B
| $1.65M | 0.01% |
+14,498
| New | +$1.6M |
|
175
Meta Platforms (Facebook)
META
$1.51T
| $1.64M | 0.01% |
9,264
-53,569
| -85% | -$9.47M |
|
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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.