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 | |
|---|---|---|---|---|---|---|
|
CLR
201
DELISTED
CONTINENTAL RESOURCES INC.
CLR
| $857K | 0.01% |
16,183
-3,212
| -17% | -$141K |
|
202
BlackBerry
BB
$5.26B
| $831K | 0.01% |
74,136
-44,489
| -38% | -$485K |
|
203
HF Sinclair
DINO
$14.5B
| $826K | 0.01% |
+16,123
| New | +$681K |
|
204
Equinix
EQIX
$103B
| $790K | 0.01% |
+1,742
| New | +$806K |
|
205
AngloGold Ashanti
AU
$48.7B
| $746K | 0.01% |
73,180
-3,834
| -5% | -$37K |
|
206
APA Corp
APA
$13.3B
| $704K | 0.01% |
16,677
-2,521
| -13% | -$106K |
|
207
Atmos Energy
ATO
$28.8B
| $687K | 0.01% |
+8,004
| New | +$704K |
|
208
Mondelez International
MDLZ
$79.9B
| $686K | 0.01% |
+16,028
| New | +$673K |
|
209
Intercontinental Exchange
ICE
$84.4B
| $678K | 0.01% |
9,608
-9,873
| -51% | -$678K |
|
210
Delta Air Lines
DAL
$60.1B
| $675K | 0.01% |
12,061
+3,581
| +42% | +$187K |
|
|
CTRA
211
DELISTED
Coterra Energy
CTRA
| $642K | 0.01% |
22,451
-2,601
| -10% | -$71.4K |
|
212
EQT Corp
EQT
$32.3B
| $640K | 0.01% |
20,650
+3,674
| +22% | +$120K |
|
|
HES
213
DELISTED
Hess
HES
| $639K | 0.01% |
13,456
-2,901
| -18% | -$131K |
|
214
Gold Fields
GFI
$36.5B
| $638K | 0.01% |
148,479
-6,070
| -4% | -$24.5K |
|
|
MRO
215
DELISTED
Marathon Oil Corporation
MRO
| $631K | 0.01% |
37,247
-5,325
| -13% | -$79.1K |
|
|
NBL
216
DELISTED
Noble Energy, Inc.
NBL
| $624K | 0.01% |
21,404
-4,259
| -17% | -$117K |
|
|
JWN
217
DELISTED
Nordstrom
JWN
| $620K | 0.01% |
+13,089
| New | +$564K |
|
218
Hershey
HSY
$36.6B
| $588K | ﹤0.01% |
+5,180
| New | +$570K |
|
|
SPLK
219
DELISTED
Splunk Inc
SPLK
| $588K | ﹤0.01% |
7,104
-33,859
| -83% | -$2.48M |
|
220
Equity Residential
EQR
$25.1B
| $573K | ﹤0.01% |
8,991
+5,898
| +191% | +$394K |
|
|
KL
221
DELISTED
Kirkland Lake Gold Ltd Ordinary
KL
| $568K | ﹤0.01% |
36,909
-3,126
| -8% | -$43K |
|
222
B2Gold
BTG
$6.7B
| $552K | ﹤0.01% |
178,166
-9,022
| -5% | -$24.3K |
|
|
VRN
223
DELISTED
Veren
VRN
| $541K | ﹤0.01% |
70,725
-45,370
| -39% | -$342K |
|
224
Teva Pharmaceuticals
TEVA
$41.2B
| $525K | ﹤0.01% |
27,700
| – | – |
|
225
Flex
FLEX
$44.8B
| $522K | ﹤0.01% |
+38,510
| New | +$521K |
|
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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.