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 Resources
BEN
|
+$18.3M |
| 5 |
Cognizant
CTSH
|
+$17.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 2.18% |
| 2 | Energy | 1.76% |
| 3 | Healthcare | 1.18% |
| 4 | Consumer Discretionary | 1.12% |
| 5 | Materials | 0.95% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Vanguard FTSE Emerging Markets ETF
VWO
$124B
| $4.08B | 34.35% |
101,601,162
+2,412,142
| +2% | +$95.4M |
|
|
2
State Street SPDR S&P 500 ETF Trust
SPY
$823B
| $3.48B | 29.28% |
20,689,200
+870,300
| +4% | +$146M |
|
|
3
iShares MSCI Emerging Markets ETF
EEM
$29.5B
| $3.01B | 25.37% |
73,912,030
-7,207,648
| -9% | -$285M |
|
4
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$33B
| $41.3M | 0.35% |
363,755
| – | – |
|
5
Micron Technology
MU
$991B
| $34.9M | 0.29% |
1,997,717
+778,557
| +64% | +$11.3M |
|
6
iShares Core S&P 500 ETF
IVV
$902B
| $29.6M | 0.25% |
175,000
| – | – |
|
7
Oracle
ORCL
$423B
| $25.2M | 0.21% |
760,482
-213,100
| -22% | -$6.91M |
|
|
8
IBM
IBM
$224B
| $22.8M | 0.19% |
128,784
+95,082
| +282% | +$17.3M |
|
|
AGN
9
DELISTED
Allergan Inc
AGN
| $20.4M | 0.17% |
226,041
-23,300
| -9% | -$2.09M |
|
10
Suncor Energy
SU
$70.3B
| $18.1M | 0.15% |
506,400
-65,100
| -11% | -$2.17M |
|
|
11
HP
HPQ
$27.5B
| $17.5M | 0.15% |
+1,832,945
| New | +$20.2M |
|
12
Intel
INTC
$513B
| $16.6M | 0.14% |
725,853
+152,000
| +26% | +$3.5M |
|
13
Baxter International
BAX
$14.2B
| $16.5M | 0.14% |
462,207
+357,123
| +340% | +$13.9M |
|
14
Southern Copper
SCCO
$166B
| $15.1M | 0.13% |
597,315
+243,257
| +69% | +$6.29M |
|
|
RHT
15
DELISTED
Red Hat Inc
RHT
| $14.7M | 0.12% |
317,506
+73,664
| +30% | +$3.74M |
|
16
Valero Energy
VLO
$85.9B
| $14.2M | 0.12% |
415,457
-130,800
| -24% | -$4.62M |
|
17
Home Depot
HD
$355B
| $13.6M | 0.11% |
179,680
+65,600
| +58% | +$5.06M |
|
|
18
Ralph Lauren
RL
$23.5B
| $13.6M | 0.11% |
+82,536
| New | +$14.3M |
|
|
ESRX
19
DELISTED
Express Scripts Holding Company
ESRX
| $13.5M | 0.11% |
218,588
+84,300
| +63% | +$5.45M |
|
20
Intuitive Surgical
ISRG
$134B
| $13.5M | 0.11% |
322,182
+228,951
| +246% | +$10.1M |
|
21
Imperial Oil
IMO
$60.4B
| $12.6M | 0.11% |
286,400
-52,400
| -15% | -$2.2M |
|
22
American Express
AXP
$230B
| $12.3M | 0.1% |
163,037
+33,500
| +26% | +$2.52M |
|
23
GE Aerospace
GE
$384B
| $12.2M | 0.1% |
+106,788
| New | +$12.2M |
|
24
UnitedHealth
UNH
$370B
| $12M | 0.1% |
168,069
-57,700
| -26% | -$4.13M |
|
25
Sysco
SYY
$40.3B
| $12M | 0.1% |
+376,930
| New | +$12.6M |
|
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 Technology at 2.2% of assets, down from 2.5% a quarter earlier, followed by Energy and Healthcare.
- 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.