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 |
JPMorgan Chase
JPM
|
+$83.3M |
| 2 |
Bank of America
BAC
|
+$60.7M |
| 3 |
Wells Fargo
WFC
|
+$46.3M |
| 4 |
Citigroup
C
|
+$33.4M |
| 5 |
US Bancorp
USB
|
+$18.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$535M |
| 2 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$484M |
| 3 |
iShares MSCI Emerging Markets ETF
EEM
|
+$386M |
| 4 |
iShares MSCI Brazil ETF
EWZ
|
+$74.6M |
| 5 |
Biogen
BIIB
|
+$55.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 6.62% |
| 2 | Consumer Discretionary | 3.62% |
| 3 | Industrials | 2.16% |
| 4 | Materials | 1.56% |
| 5 | Technology | 1.16% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
151
Kinross Gold
KGC
$32.8B
| $3.05M | 0.03% |
642,387
+3,599
| +0.6% | +$16.2K |
|
152
Lear
LEA
$8.18B
| $3.04M | 0.03% |
22,188
+16,694
| +304% | +$2.07M |
|
|
VMW
153
DELISTED
VMware, Inc
VMW
| $3.03M | 0.03% |
19,987
+5,727
| +40% | +$898K |
|
154
Vipshop
VIPS
$7.53B
| $3M | 0.03% |
212,091
-702
| -0.3% | -$8.32K |
|
155
MarketAxess Holdings
MKTX
$5.72B
| $2.96M | 0.03% |
+7,810
| New | +$2.86M |
|
156
United Rentals
URI
$72.4B
| $2.93M | 0.03% |
17,569
-161,904
| -90% | -$23.5M |
|
157
General Motors
GM
$76.8B
| $2.91M | 0.03% |
79,397
+58,033
| +272% | +$2.11M |
|
158
Norwegian Cruise Line
NCLH
$8.84B
| $2.88M | 0.03% |
+49,372
| New | +$2.61M |
|
159
PVH
PVH
$4.04B
| $2.86M | 0.03% |
27,223
-167,177
| -86% | -$16M |
|
160
Advance Auto Parts
AAP
$3.49B
| $2.85M | 0.03% |
+17,816
| New | +$2.85M |
|
161
ServiceNow
NOW
$129B
| $2.85M | 0.03% |
+50,430
| New | +$2.66M |
|
162
A.O. Smith
AOS
$8.7B
| $2.84M | 0.03% |
+59,642
| New | +$2.89M |
|
163
Las Vegas Sands
LVS
$29.6B
| $2.84M | 0.03% |
+41,073
| New | +$2.56M |
|
164
Albemarle
ALB
$15.5B
| $2.83M | 0.03% |
+38,798
| New | +$2.59M |
|
165
Open Text
OTEX
$6.04B
| $2.8M | 0.03% |
63,504
-4
| -0% | -$168 |
|
166
Air Products & Chemicals
APD
$67.6B
| $2.77M | 0.03% |
+11,796
| New | +$2.66M |
|
167
W.W. Grainger
GWW
$60.2B
| $2.74M | 0.03% |
+8,086
| New | +$2.57M |
|
168
Tapestry
TPR
$32.8B
| $2.72M | 0.03% |
+100,968
| New | +$2.63M |
|
169
Autoliv
ALV
$9B
| $2.69M | 0.03% |
31,908
+29,204
| +1,080% | +$2.39M |
|
170
U-Haul Holding Co
UHAL
$14.6B
| $2.69M | 0.03% |
+71,540
| New | +$2.72M |
|
171
Gentex
GNTX
$5.07B
| $2.68M | 0.03% |
92,549
+85,128
| +1,147% | +$2.4M |
|
|
SJR
172
DELISTED
Shaw Communications Inc.
SJR
| $2.68M | 0.03% |
131,934
-526
| -0.4% | -$10.6K |
|
173
Rio Tinto
RIO
$164B
| $2.68M | 0.03% |
45,123
-267
| -0.6% | -$14.5K |
|
|
Y
174
DELISTED
Alleghany Corp
Y
| $2.68M | 0.03% |
+3,351
| New | +$2.62M |
|
175
Franklin Resources
BEN
$17.2B
| $2.68M | 0.03% |
103,048
-348,473
| -77% | -$9.47M |
|
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Ray Dalio's Q4 2019 Portfolio in Review
As of Q4 2019, Ray Dalio held 589 positions worth $9.79B, down 14% from $11.4B the previous quarter. Its ten largest holdings account for 67% of the portfolio.
Ray Dalio withdrew a net $2.32B in Q4 2019, closing 118 positions and reducing 104 holdings. Its most notable exit was Biogen, an estimated $55.3M position sold in full.
By sector, the portfolio is most concentrated in Financials at 6.6% of assets, up from 3.2% a quarter earlier, followed by Consumer Discretionary and Industrials.
Against the trend, Ray Dalio opened a new position in JPMorgan Chase worth $90.5M.
- Ray Dalio's largest Q4 2019 buy was JPMorgan Chase: 649,376 shares worth $90.5M.
- Ray Dalio added most to iShares MSCI Taiwan ETF in Q4 2019, an estimated $16.2M increase.
- Ray Dalio's biggest Q4 2019 reduction was Vanguard FTSE Emerging Markets ETF, cutting an estimated $535M.
- Ray Dalio fully exited Biogen in Q4 2019, selling an estimated $55.3M.
- Ray Dalio's ten largest holdings make up 67% of its $9.79B portfolio in Q4 2019.
- Ray Dalio opened 256 new positions and closed 118 in Q4 2019.
- Ray Dalio's portfolio value fell 14% quarter-over-quarter to $9.79B.
Based on Bridgewater Associates's 13F filing for Q4 2019, filed 13 Feb 2020.