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
|
+$118M |
| 2 |
JPMorgan Chase
JPM
|
+$87.7M |
| 3 |
Bank of America
BAC
|
+$66.7M |
| 4 |
Citigroup
C
|
+$58.3M |
| 5 |
Wells Fargo
WFC
|
+$33.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Procter & Gamble
PG
|
+$227M |
| 2 |
Johnson & Johnson
JNJ
|
+$198M |
| 3 |
Coca-Cola
KO
|
+$184M |
| 4 |
PepsiCo
PEP
|
+$179M |
| 5 |
McDonald's
MCD
|
+$141M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 27.91% |
| 2 | Healthcare | 19.75% |
| 3 | Financials | 10.48% |
| 4 | Consumer Discretionary | 9.62% |
| 5 | Communication Services | 3.02% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
151
TJX Companies
TJX
$178B
| $21.1M | 0.12% |
265,012
+51,587
| +24% | +$3.81M |
|
152
American Tower
AMT
$80.4B
| $21M | 0.11% |
98,927
-9,904
| -9% | -$2.06M |
|
153
Molson Coors Class B
TAP
$8.1B
| $20.7M | 0.11% |
402,632
-100,981
| -20% | -$5.18M |
|
154
XPeng
XPEV
$11.6B
| $20.2M | 0.11% |
2,028,612
-132,942
| -6% | -$1.2M |
|
155
Tencent Music
TME
$15.6B
| $19.8M | 0.11% |
2,393,955
-782,060
| -25% | -$4.39M |
|
156
Honeywell
HON
$78B
| $19.8M | 0.11% |
98,134
-57,920
| -37% | -$11.1M |
|
157
Aon
AON
$76B
| $19.2M | 0.11% |
64,078
+23,091
| +56% | +$6.75M |
|
158
Global Payments
GPN
$22.8B
| $19M | 0.1% |
191,265
+78,211
| +69% | +$8.15M |
|
159
Agree Realty
ADC
$9.41B
| $19M | 0.1% |
267,454
+164,100
| +159% | +$11.3M |
|
|
HZNP
160
DELISTED
Horizon Therapeutics Public Limited Company Ordinary Shares
HZNP
| $18.9M | 0.1% |
165,731
-109,526
| -40% | -$9.1M |
|
161
Duke Energy
DUK
$97.3B
| $18.8M | 0.1% |
182,331
+53,271
| +41% | +$5.11M |
|
|
FISV
162
Fiserv Inc
FISV
$27.9B
| $18.7M | 0.1% |
184,557
+105,701
| +134% | +$10.5M |
|
163
Equity Residential
EQR
$25.1B
| $18.6M | 0.1% |
315,338
-25,183
| -7% | -$1.58M |
|
164
Cardinal Health
CAH
$55.4B
| $18.4M | 0.1% |
239,984
+172,026
| +253% | +$13.1M |
|
|
BNY
165
Bank of New York Mellon
BNY
$107B
| $18.4M | 0.1% |
404,765
+197,705
| +95% | +$8.48M |
|
166
Insulet
PODD
$9.79B
| $18M | 0.1% |
60,975
-29,882
| -33% | -$8.24M |
|
167
Henry Schein
HSIC
$9.82B
| $17.8M | 0.1% |
222,973
-56,671
| -20% | -$4.29M |
|
168
TSMC
TSM
$2.18T
| $17.6M | 0.1% |
236,930
+30,216
| +15% | +$2.19M |
|
169
Consolidated Edison
ED
$39.8B
| $17.6M | 0.1% |
184,282
+92,413
| +101% | +$8.41M |
|
170
iShares MSCI Emerging Markets ETF
EEM
$29.5B
| $17.5M | 0.1% |
462,240
-99,567
| -18% | -$3.67M |
|
171
Crown Castle
CCI
$32.2B
| $17.4M | 0.1% |
128,536
+40,099
| +45% | +$5.42M |
|
172
Sempra
SRE
$54.8B
| $17.3M | 0.09% |
224,472
+109,484
| +95% | +$8.47M |
|
173
Digital Realty Trust
DLR
$71.7B
| $17M | 0.09% |
169,278
+142,879
| +541% | +$14.6M |
|
174
Casey's General Stores
CASY
$30.9B
| $17M | 0.09% |
75,626
-24,562
| -25% | -$5.59M |
|
175
Automatic Data Processing
ADP
$108B
| $16.8M | 0.09% |
70,534
-12,043
| -15% | -$2.96M |
|
Similar funds
Ray Dalio's Q4 2022 Portfolio in Review
As of Q4 2022, Ray Dalio held 953 positions worth $18.3B, down 7.3% from $19.8B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Ray Dalio withdrew a net $3.25B in Q4 2022, closing 133 positions and reducing 457 holdings. Its most notable exit was Advanced Micro Devices, an estimated $45.8M position sold in full.
By sector, the portfolio is most concentrated in Consumer Staples at 28% of assets, down from 30% a quarter earlier, followed by Healthcare and Financials.
Against the trend, Ray Dalio opened a new position in JPMorgan Chase worth $92.8M.
- Ray Dalio's largest Q4 2022 buy was JPMorgan Chase: 692,356 shares worth $92.8M.
- Ray Dalio added most to iShares Core S&P 500 ETF in Q4 2022, an estimated $118M increase.
- Ray Dalio's biggest Q4 2022 reduction was Procter & Gamble, cutting an estimated $227M.
- Ray Dalio fully exited Advanced Micro Devices in Q4 2022, selling an estimated $45.8M.
- Ray Dalio's ten largest holdings make up 32% of its $18.3B portfolio in Q4 2022.
- Ray Dalio opened 87 new positions and closed 133 in Q4 2022.
- Ray Dalio's portfolio value fell 7.3% quarter-over-quarter to $18.3B.
Based on Bridgewater Associates's 13F filing for Q4 2022, filed 13 Feb 2023.