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 MSCI Emerging Markets ETF
IEMG
|
+$162M |
| 2 |
Alphabet (Google) Class A
GOOGL
|
+$150M |
| 3 |
Meta Platforms (Facebook)
META
|
+$79.3M |
| 4 |
Microsoft
MSFT
|
+$61.4M |
| 5 |
AbbVie
ABBV
|
+$58.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$218M |
| 2 |
Pinduoduo
PDD
|
+$136M |
| 3 |
Berkshire Hathaway Class B
BRK.B
|
+$111M |
| 4 |
Bank of America
BAC
|
+$106M |
| 5 |
Walmart Inc
WMT
|
+$104M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 28.42% |
| 2 | Healthcare | 21.25% |
| 3 | Consumer Discretionary | 10.73% |
| 4 | Financials | 6.5% |
| 5 | Communication Services | 4.49% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
FTCH
151
DELISTED
Farfetch Limited Class A Ordinary Shares
FTCH
| $16.4M | 0.1% |
3,338,706
+1,451,296
| +77% | +$7.88M |
|
152
Cohen & Steers
CNS
$4.3B
| $16.3M | 0.1% |
255,389
+53,323
| +26% | +$3.72M |
|
153
TSMC
TSM
$2.18T
| $16M | 0.1% |
172,510
-64,420
| -27% | -$5.78M |
|
154
Casey's General Stores
CASY
$30.9B
| $16M | 0.1% |
73,753
-1,873
| -2% | -$410K |
|
155
Elevance Health
ELV
$85.5B
| $15.8M | 0.1% |
34,387
-50,917
| -60% | -$24.2M |
|
156
Cardinal Health
CAH
$55.4B
| $15.8M | 0.1% |
208,934
-31,050
| -13% | -$2.34M |
|
157
Ventas
VTR
$47.9B
| $15.4M | 0.09% |
355,534
+317,612
| +838% | +$15.3M |
|
158
Cognizant
CTSH
$26B
| $15.4M | 0.09% |
252,029
+1,757
| +0.7% | +$110K |
|
159
Global Payments
GPN
$22.8B
| $15.3M | 0.09% |
145,563
-45,702
| -24% | -$4.95M |
|
160
TransUnion
TRU
$15.3B
| $15.2M | 0.09% |
244,772
+219,958
| +886% | +$14.4M |
|
161
Texas Roadhouse
TXRH
$13.7B
| $15M | 0.09% |
138,826
-3,083
| -2% | -$316K |
|
162
NXP Semiconductors
NXPI
$60.4B
| $14.9M | 0.09% |
79,920
+61,972
| +345% | +$11M |
|
163
LyondellBasell Industries
LYB
$19.2B
| $14.8M | 0.09% |
+158,158
| New | +$14.7M |
|
164
Phillips 66
PSX
$81.4B
| $14.8M | 0.09% |
+146,436
| New | +$14.9M |
|
165
Freeport-McMoran
FCX
$97.5B
| $14.8M | 0.09% |
362,043
+230,575
| +175% | +$9.59M |
|
166
Uber
UBER
$153B
| $14.6M | 0.09% |
460,508
-194,267
| -30% | -$6.16M |
|
167
Insulet
PODD
$9.79B
| $14.5M | 0.09% |
45,492
-15,483
| -25% | -$4.59M |
|
168
The Mosaic Company
MOS
$7.33B
| $14.5M | 0.09% |
315,798
+39,645
| +14% | +$1.92M |
|
169
Corteva
CTVA
$51.3B
| $14.5M | 0.09% |
239,956
-239,459
| -50% | -$14.6M |
|
170
Builders FirstSource
BLDR
$8.04B
| $14.3M | 0.09% |
160,797
+20,926
| +15% | +$1.66M |
|
171
Occidental Petroleum
OXY
$55.9B
| $14.1M | 0.09% |
225,435
-125,185
| -36% | -$7.78M |
|
172
Verisk Analytics
VRSK
$25B
| $14M | 0.09% |
73,095
+4,167
| +6% | +$755K |
|
173
Diamondback Energy
FANG
$52.7B
| $13.6M | 0.08% |
100,721
-9,615
| -9% | -$1.34M |
|
174
Lennar Class A
LEN
$21.2B
| $13.5M | 0.08% |
132,444
+120,434
| +1,003% | +$11.6M |
|
175
Grand Canyon Education
LOPE
$3.98B
| $13.5M | 0.08% |
118,275
+4,675
| +4% | +$526K |
|
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Ray Dalio's Q1 2023 Portfolio in Review
As of Q1 2023, Ray Dalio held 938 positions worth $16.4B, down 11% from $18.3B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Ray Dalio withdrew a net $2.44B in Q1 2023, closing 228 positions and reducing 360 holdings. Its most notable exit was Bank of America, an estimated $106M position sold in full.
By sector, the portfolio is most concentrated in Consumer Staples at 28% of assets, up from 28% a quarter earlier, followed by Healthcare and Consumer Discretionary.
Against the trend, Ray Dalio opened a new position in Home Depot worth $43.5M.
- Ray Dalio's largest Q1 2023 buy was Home Depot: 147,495 shares worth $43.5M.
- Ray Dalio added most to iShares Core MSCI Emerging Markets ETF in Q1 2023, an estimated $162M increase.
- Ray Dalio's biggest Q1 2023 reduction was Vanguard FTSE Emerging Markets ETF, cutting an estimated $218M.
- Ray Dalio fully exited Bank of America in Q1 2023, selling an estimated $106M.
- Ray Dalio's ten largest holdings make up 35% of its $16.4B portfolio in Q1 2023.
- Ray Dalio opened 118 new positions and closed 228 in Q1 2023.
- Ray Dalio's portfolio value fell 11% quarter-over-quarter to $16.4B.
Based on Bridgewater Associates's 13F filing for Q1 2023, filed 12 May 2023.