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 |
Eli Lilly
LLY
|
+$149M |
| 2 |
NVIDIA
NVDA
|
+$102M |
| 3 |
iShares MSCI Brazil ETF
EWZ
|
+$89.1M |
| 4 |
Comcast
CMCSA
|
+$71.1M |
| 5 |
Progressive
PGR
|
+$69.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Costco
COST
|
+$83.3M |
| 2 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$76.9M |
| 3 |
Coca-Cola
KO
|
+$56.4M |
| 4 |
Broadcom
AVGO
|
+$49.5M |
| 5 |
Lam Research
LRCX
|
+$44.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 23.82% |
| 2 | Healthcare | 20.59% |
| 3 | Consumer Discretionary | 12.23% |
| 4 | Financials | 6.67% |
| 5 | Communication Services | 5.5% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
176
Interactive Brokers
IBKR
$39.6B
| $15.3M | 0.09% |
740,392
+588,436
| +387% | +$12M |
|
177
Best Buy
BBY
$17.3B
| $15.3M | 0.09% |
195,156
+50,438
| +35% | +$3.55M |
|
178
Harley-Davidson
HOG
$2.71B
| $15.2M | 0.09% |
412,190
-31,610
| -7% | -$974K |
|
179
Texas Roadhouse
TXRH
$13.7B
| $15.1M | 0.08% |
123,932
-13,043
| -10% | -$1.39M |
|
180
Atkore
ATKR
$3.16B
| $15.1M | 0.08% |
94,625
+10,807
| +13% | +$1.49M |
|
181
Ovintiv
OVV
$16.4B
| $14.9M | 0.08% |
340,152
-141,792
| -29% | -$6.47M |
|
182
3M
MMM
$94.3B
| $14.9M | 0.08% |
162,572
+77,267
| +91% | +$6.2M |
|
183
Fair Isaac
FICO
$22.5B
| $14.8M | 0.08% |
12,743
-14,611
| -53% | -$14.7M |
|
184
Campbell Soup
CPB
$6.87B
| $14.8M | 0.08% |
342,728
+10,091
| +3% | +$415K |
|
185
Tencent Music
TME
$15.6B
| $14.8M | 0.08% |
1,640,558
-230,284
| -12% | -$1.78M |
|
186
Kenvue
KVUE
$36.9B
| $14.7M | 0.08% |
+680,923
| New | +$13.6M |
|
187
Duolingo
DUOL
$6.12B
| $14.7M | 0.08% |
64,599
-4,665
| -7% | -$907K |
|
188
Targa Resources
TRGP
$55.1B
| $14.6M | 0.08% |
168,527
-25,596
| -13% | -$2.2M |
|
189
Brunswick
BC
$5.28B
| $14.2M | 0.08% |
146,859
-438
| -0.3% | -$34.8K |
|
190
e.l.f. Beauty
ELF
$5.8B
| $14.2M | 0.08% |
98,158
-11,704
| -11% | -$1.35M |
|
191
F5
FFIV
$22.7B
| $14.2M | 0.08% |
79,071
-40,237
| -34% | -$6.56M |
|
192
Cognizant
CTSH
$26B
| $14.1M | 0.08% |
186,459
+34,550
| +23% | +$2.39M |
|
193
Louisiana-Pacific
LPX
$5.49B
| $14M | 0.08% |
198,097
-33,587
| -14% | -$2.01M |
|
194
Zoom
ZM
$30.6B
| $13.8M | 0.08% |
192,205
+187,906
| +4,371% | +$12.4M |
|
195
Eagle Materials
EXP
$6.57B
| $13.8M | 0.08% |
68,027
-3,715
| -5% | -$653K |
|
196
Pinterest
PINS
$13.4B
| $13.8M | 0.08% |
371,906
-61,877
| -14% | -$1.94M |
|
197
Evercore
EVR
$11.8B
| $13.8M | 0.08% |
80,412
+21,058
| +35% | +$3.05M |
|
198
Teleflex
TFX
$5.98B
| $13.7M | 0.08% |
54,751
-1,713
| -3% | -$366K |
|
199
BellRing Brands
BRBR
$1.34B
| $13.5M | 0.08% |
243,440
+7,152
| +3% | +$345K |
|
200
Baker Hughes
BKR
$61.1B
| $13.4M | 0.08% |
392,517
+31,495
| +9% | +$1.07M |
|
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Ray Dalio's Q4 2023 Portfolio in Review
As of Q4 2023, Ray Dalio held 827 positions worth $17.9B, up 8% from $16.5B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Ray Dalio's Q4 2023 filing shows 87 new, 260 increased, 385 reduced and 85 closed positions. Its largest new stake was iShares MSCI Brazil ETF: 2,750,734 shares worth $96.2M. The largest sale was Costco, an estimated $83.3M.
By sector, the portfolio is most concentrated in Consumer Staples at 24% of assets, down from 27% a quarter earlier, followed by Healthcare and Consumer Discretionary.
- Ray Dalio's largest Q4 2023 buy was iShares MSCI Brazil ETF: 2,750,734 shares worth $96.2M.
- Ray Dalio added most to Eli Lilly in Q4 2023, an estimated $149M increase.
- Ray Dalio's biggest Q4 2023 reduction was Costco, cutting an estimated $83.3M.
- Ray Dalio fully exited Netflix in Q4 2023, selling an estimated $35.9M.
- Ray Dalio's ten largest holdings make up 31% of its $17.9B portfolio in Q4 2023.
- Ray Dalio opened 87 new positions and closed 85 in Q4 2023.
- Ray Dalio's portfolio value rose 8% quarter-over-quarter to $17.9B.
Based on Bridgewater Associates's 13F filing for Q4 2023, filed 14 Feb 2024.