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 |
NVIDIA
NVDA
|
+$552M |
| 2 |
Alphabet (Google) Class A
GOOGL
|
+$419M |
| 3 |
Microsoft
MSFT
|
+$393M |
| 4 |
Johnson & Johnson
JNJ
|
+$305M |
| 5 |
Uber
UBER
|
+$259M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alibaba
BABA
|
+$748M |
| 2 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$418M |
| 3 |
Constellation Energy
CEG
|
+$211M |
| 4 |
Pinduoduo
PDD
|
+$206M |
| 5 |
Baidu
BIDU
|
+$191M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 28.87% |
| 2 | Communication Services | 11.52% |
| 3 | Financials | 9.89% |
| 4 | Healthcare | 8.49% |
| 5 | Consumer Discretionary | 7.87% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
151
Antero Resources
AR
$10.7B
| $25.3M | 0.1% |
+627,399
| New | +$23.8M |
|
152
Hewlett Packard
HPE
$70.5B
| $25.1M | 0.1% |
1,228,335
+1,207,770
| +5,873% | +$20.2M |
|
153
Corpay
CPAY
$25.7B
| $25.1M | 0.1% |
75,644
-56,203
| -43% | -$18.3M |
|
154
Costco
COST
$420B
| $24.8M | 0.1% |
25,060
-8,086
| -24% | -$8.04M |
|
155
Pfizer
PFE
$153B
| $24.5M | 0.1% |
1,012,754
-640,790
| -39% | -$14.9M |
|
156
Shift4
FOUR
$3.27B
| $24.4M | 0.1% |
246,050
+166,028
| +207% | +$14.5M |
|
157
Travelers Companies
TRV
$80.2B
| $24.2M | 0.1% |
90,408
-97,076
| -52% | -$25.6M |
|
158
Walmart Inc
WMT
$890B
| $24.1M | 0.1% |
245,997
-79,056
| -24% | -$7.53M |
|
159
Gold Fields
GFI
$36.5B
| $23.7M | 0.1% |
1,002,879
-69,185
| -6% | -$1.59M |
|
160
Equinor
EQNR
$92.4B
| $23.3M | 0.09% |
+927,588
| New | +$22.4M |
|
161
Okta
OKTA
$25.8B
| $23.2M | 0.09% |
+231,630
| New | +$24.7M |
|
|
CVSA
162
Covista Inc
CVSA
$4.8B
| $23.1M | 0.09% |
181,878
+13,064
| +8% | +$1.54M |
|
163
Genpact
G
$5.81B
| $23.1M | 0.09% |
525,672
-176,227
| -25% | -$7.98M |
|
164
Canadian Pacific Kansas City
CP
$80.5B
| $23.1M | 0.09% |
291,587
-109,641
| -27% | -$8.43M |
|
165
Elevance Health
ELV
$85.5B
| $22.9M | 0.09% |
58,837
-24,504
| -29% | -$9.86M |
|
166
United Airlines
UAL
$42.1B
| $22.8M | 0.09% |
286,287
-1,245,015
| -81% | -$91.7M |
|
167
KLA
KLAC
$259B
| $22.4M | 0.09% |
250,210
-46,450
| -16% | -$3.49M |
|
168
Global X Uranium ETF
URA
$6.22B
| $22.4M | 0.09% |
576,388
-259,825
| -31% | -$7.54M |
|
169
DexCom
DXCM
$32B
| $22.2M | 0.09% |
253,811
+182,515
| +256% | +$14.3M |
|
|
TMHC
170
DELISTED
Taylor Morrison
TMHC
| $21.9M | 0.09% |
356,423
+27,556
| +8% | +$1.6M |
|
171
Sun Life Financial
SLF
$45.4B
| $21.8M | 0.09% |
327,702
-74,393
| -19% | -$4.56M |
|
172
Affiliated Managers Group
AMG
$9.76B
| $21.7M | 0.09% |
110,248
+29,134
| +36% | +$5.05M |
|
173
AngloGold Ashanti
AU
$48.7B
| $21.7M | 0.09% |
475,639
-143,440
| -23% | -$6.17M |
|
174
Procter & Gamble
PG
$339B
| $21.2M | 0.09% |
132,909
-51,807
| -28% | -$8.46M |
|
175
CF Industries
CF
$17.3B
| $21.1M | 0.09% |
+229,583
| New | +$19.6M |
|
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Ray Dalio's Q2 2025 Portfolio in Review
As of Q2 2025, Ray Dalio held 749 positions worth $24.8B, up 15% from $21.6B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Ray Dalio's Q2 2025 filing shows 85 new, 206 increased, 287 reduced and 164 closed positions. Its largest new stake was Arm: 473,725 shares worth $76.6M. The largest sale was Alibaba, an estimated $748M.
By sector, the portfolio is most concentrated in Technology at 29% of assets, up from 19% a quarter earlier, followed by Communication Services and Financials.
- Ray Dalio's largest Q2 2025 buy was Arm: 473,725 shares worth $76.6M.
- Ray Dalio added most to NVIDIA in Q2 2025, an estimated $552M increase.
- Ray Dalio's biggest Q2 2025 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $418M.
- Ray Dalio fully exited Alibaba in Q2 2025, selling an estimated $748M.
- Ray Dalio's ten largest holdings make up 36% of its $24.8B portfolio in Q2 2025.
- Ray Dalio opened 85 new positions and closed 164 in Q2 2025.
- Ray Dalio's portfolio value rose 15% quarter-over-quarter to $24.8B.
Based on Bridgewater Associates's 13F filing for Q2 2025, filed 13 Aug 2025.