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 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$146M |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$95.4M |
| 3 |
HP
HPQ
|
+$20.2M |
| 4 |
IBM
IBM
|
+$17.3M |
| 5 |
Ralph Lauren
RL
|
+$14.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Emerging Markets ETF
EEM
|
+$285M |
| 2 |
F5
FFIV
|
+$22.3M |
| 3 |
ANDV
Andeavor
ANDV
|
+$20.1M |
| 4 |
Franklin Templeton
BEN
|
+$18.3M |
| 5 |
Cognizant
CTSH
|
+$17.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 89.72% |
| 2 | Technology | 2.19% |
| 3 | Energy | 1.87% |
| 4 | Healthcare | 1.25% |
| 5 | Consumer Discretionary | 1.19% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Vanguard FTSE Emerging Markets ETF
VWO
$119B
| $4.08B | 34.35% |
101,601,162
+2,412,142
| +2% | +$95.4M |
2013 Q2
1 quarter
|
|
|
2
State Street SPDR S&P 500 ETF Trust
SPY
$800B
| $3.48B | 29.28% |
20,689,200
+870,300
| +4% | +$146M |
2013 Q2
1 quarter
|
|
|
3
iShares MSCI Emerging Markets ETF
EEM
$28.1B
| $3.01B | 25.37% |
73,912,030
-7,207,648
| -9% | -$285M |
2013 Q2
1 quarter
|
|
4
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$32.2B
| $41.3M | 0.35% |
363,755
| – | – |
2013 Q2
1 quarter
|
|
5
Micron Technology
MU
$872B
| $34.9M | 0.29% |
1,997,717
+778,557
| +64% | +$11.3M |
2013 Q2
1 quarter
|
|
6
iShares Core S&P 500 ETF
IVV
$874B
| $29.6M | 0.25% |
175,000
| – | – |
2013 Q2
1 quarter
|
|
7
Oracle
ORCL
$391B
| $25.2M | 0.21% |
760,482
-213,100
| -22% | -$6.91M |
2013 Q2
1 quarter
|
|
|
8
IBM
IBM
$234B
| $22.8M | 0.19% |
128,784
+95,082
| +282% | +$17.3M |
2013 Q2
1 quarter
|
|
|
AGN
9
DELISTED
Allergan Inc
AGN
| $20.4M | 0.17% |
226,041
-23,300
| -9% | -$2.09M |
2013 Q2
1 quarter
|
|
10
Suncor Energy
SU
$79.9B
| $18.1M | 0.15% |
506,400
-65,100
| -11% | -$2.17M |
2013 Q2
1 quarter
|
|
|
11
HP
HPQ
$26.5B
| $17.5M | 0.15% |
+1,832,945
| New | +$20.2M |
2013 Q3
0 quarters
|
|
12
Intel
INTC
$315B
| $16.6M | 0.14% |
725,853
+152,000
| +26% | +$3.5M |
2013 Q2
1 quarter
|
|
13
Baxter International
BAX
$13.3B
| $16.5M | 0.14% |
462,207
+357,123
| +340% | +$13.9M |
2013 Q2
1 quarter
|
|
14
Southern Copper
SCCO
$140B
| $15.1M | 0.13% |
610,891
+248,786
| +69% | +$6.29M |
2013 Q2
1 quarter
|
|
|
RHT
15
DELISTED
Red Hat Inc
RHT
| $14.6M | 0.12% |
317,506
+73,664
| +30% | +$3.74M |
2013 Q2
1 quarter
|
|
16
Valero Energy
VLO
$105B
| $14.2M | 0.12% |
415,457
-130,800
| -24% | -$4.62M |
2013 Q2
1 quarter
|
|
17
Home Depot
HD
$348B
| $13.6M | 0.11% |
179,680
+65,600
| +58% | +$5.06M |
2013 Q2
1 quarter
|
|
|
18
Ralph Lauren
RL
$23B
| $13.6M | 0.11% |
+82,536
| New | +$14.3M |
2013 Q3
0 quarters
|
|
|
ESRX
19
DELISTED
Express Scripts Holding Company
ESRX
| $13.5M | 0.11% |
218,588
+84,300
| +63% | +$5.45M |
2013 Q2
1 quarter
|
|
20
Intuitive Surgical
ISRG
$155B
| $13.5M | 0.11% |
322,182
+228,951
| +246% | +$10.1M |
2013 Q2
1 quarter
|
|
21
Imperial Oil
IMO
$60.2B
| $12.6M | 0.11% |
286,400
-52,400
| -15% | -$2.2M |
2013 Q2
1 quarter
|
|
22
American Express
AXP
$214B
| $12.3M | 0.1% |
163,037
+33,500
| +26% | +$2.52M |
2013 Q2
1 quarter
|
|
23
GE Aerospace
GE
$343B
| $12.2M | 0.1% |
+106,788
| New | +$12.2M |
2013 Q3
0 quarters
|
|
24
UnitedHealth
UNH
$362B
| $12M | 0.1% |
168,069
-57,700
| -26% | -$4.13M |
2013 Q2
1 quarter
|
|
25
Sysco
SYY
$37.9B
| $12M | 0.1% |
+376,930
| New | +$12.6M |
2013 Q3
0 quarters
|
|
Similar funds
Ray Dalio's Q3 2013 Portfolio in Review
As of Q3 2013, Ray Dalio held 443 positions worth $11.9B, up 3.9% from $11.4B the previous quarter. Its ten largest holdings account for 91% of the portfolio.
Ray Dalio's Q3 2013 filing shows 120 new, 86 increased, 103 reduced and 132 closed positions. Its largest new stake was HP: 1,832,945 shares worth $17.5M. The largest sale was iShares MSCI Emerging Markets ETF, an estimated $285M.
By sector, the portfolio is most concentrated in Miscellaneous at 90% of assets, up from 90% a quarter earlier, followed by Technology and Energy.
- Ray Dalio's largest Q3 2013 buy was HP: 1,832,945 shares worth $17.5M.
- Ray Dalio added most to State Street SPDR S&P 500 ETF Trust in Q3 2013, an estimated $146M increase.
- Ray Dalio's biggest Q3 2013 reduction was iShares MSCI Emerging Markets ETF, cutting an estimated $285M.
- Ray Dalio fully exited Andeavor in Q3 2013, selling an estimated $20.1M.
- Ray Dalio's ten largest holdings make up 91% of its $11.9B portfolio in Q3 2013.
- Ray Dalio opened 120 new positions and closed 132 in Q3 2013.
- Ray Dalio's portfolio value rose 3.9% quarter-over-quarter to $11.9B.
Based on Bridgewater Associates's 13F filing for Q3 2013, filed 13 Nov 2013.