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 | |
|---|---|---|---|---|---|---|
176
Southern Copper
SCCO
$166B
| $1.61M | 0.01% |
36,662
-7,970
| -18% | -$320K |
|
177
United Rentals
URI
$72.4B
| $1.61M | 0.01% |
9,375
-73,252
| -89% | -$11.1M |
|
|
PTR
178
DELISTED
PETROCHINA COMPANY LIMITED ADS (REP 100 H SHARES)
PTR
| $1.61M | 0.01% |
23,039
-2,009
| -8% | -$135K |
|
179
Booking.com
BKNG
$161B
| $1.59M | 0.01% |
22,875
-11,050
| -33% | -$801K |
|
180
MSCI
MSCI
$40.9B
| $1.53M | 0.01% |
+12,130
| New | +$1.51M |
|
|
XEC
181
DELISTED
CIMAREX ENERGY CO
XEC
| $1.45M | 0.01% |
11,886
+6,926
| +140% | +$808K |
|
|
MRSH
182
Marsh
MRSH
$91.5B
| $1.44M | 0.01% |
+17,633
| New | +$1.47M |
|
183
Thomson Reuters
TRI
$44.1B
| $1.35M | 0.01% |
26,636
-18,744
| -41% | -$980K |
|
|
PXD
184
DELISTED
Pioneer Natural Resource Co.
PXD
| $1.28M | 0.01% |
7,407
-1,469
| -17% | -$226K |
|
|
APC
185
DELISTED
Anadarko Petroleum
APC
| $1.26M | 0.01% |
23,525
-3,587
| -13% | -$176K |
|
186
OGE Energy
OGE
$9.71B
| $1.22M | 0.01% |
+37,000
| New | +$1.31M |
|
187
Cenovus Energy
CVE
$52.1B
| $1.21M | 0.01% |
131,967
-84,809
| -39% | -$824K |
|
188
Royal Gold
RGLD
$19.5B
| $1.16M | 0.01% |
14,132
-638
| -4% | -$54.7K |
|
|
AIV
189
Aimco
AIV
$383M
| $1.05M | 0.01% |
181,162
+75,354
| +71% | +$444K |
|
190
Intuit
INTU
$89B
| $1.03M | 0.01% |
+6,560
| New | +$1,000K |
|
191
Gildan
GIL
$10.6B
| $1.02M | 0.01% |
31,509
-18,836
| -37% | -$588K |
|
|
AUY
192
DELISTED
Yamana Gold, Inc.
AUY
| $999K | 0.01% |
319,802
-29,489
| -8% | -$78.7K |
|
193
Urban Outfitters
URBN
$6.59B
| $979K | 0.01% |
27,934
-161,019
| -85% | -$4.51M |
|
|
SJR
194
DELISTED
Shaw Communications Inc.
SJR
| $962K | 0.01% |
42,014
-34,943
| -45% | -$788K |
|
|
CXO
195
DELISTED
CONCHO RESOURCES INC.
CXO
| $957K | 0.01% |
6,368
-1,337
| -17% | -$186K |
|
196
Wynn Resorts
WYNN
$10.6B
| $950K | 0.01% |
+5,635
| New | +$869K |
|
|
TIF
197
DELISTED
Tiffany & Co.
TIF
| $935K | 0.01% |
8,997
+3,639
| +68% | +$347K |
|
198
Bausch Health
BHC
$2.34B
| $875K | 0.01% |
41,855
-28,414
| -40% | -$451K |
|
199
Fidelity National Financial
FNF
$13.5B
| $875K | 0.01% |
+23,186
| New | +$846K |
|
200
Franklin Resources
BEN
$17.2B
| $870K | 0.01% |
+20,088
| New | +$870K |
|
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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.