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 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$131M |
| 2 |
Gen Digital
GEN
|
+$20.4M |
| 3 |
Microsoft
MSFT
|
+$18.2M |
| 4 |
Intel
INTC
|
+$17M |
| 5 |
Gilead Sciences
GILD
|
+$16.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Emerging Markets ETF
EEM
|
+$307M |
| 2 |
American Express
AXP
|
+$18.2M |
| 3 |
PepsiCo
PEP
|
+$16.8M |
| 4 |
Intuitive Surgical
ISRG
|
+$15.6M |
| 5 |
CTXS
Citrix Systems Inc
CTXS
|
+$15.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 2.61% |
| 2 | Energy | 2.12% |
| 3 | Healthcare | 1.28% |
| 4 | Materials | 1.26% |
| 5 | Industrials | 1.01% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Vanguard FTSE Emerging Markets ETF
VWO
$124B
| $4.28B | 35.02% |
105,484,837
+3,387,077
| +3% | +$131M |
|
2
State Street SPDR S&P 500 ETF Trust
SPY
$823B
| $3.57B | 29.25% |
19,115,300
-71,500
| -0.4% | -$13.1M |
|
|
3
iShares MSCI Emerging Markets ETF
EEM
$29.5B
| $2.85B | 23.35% |
69,596,365
-7,826,065
| -10% | -$307M |
|
4
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$33B
| $46.6M | 0.38% |
398,455
+21,100
| +6% | +$2.45M |
|
|
5
Microsoft
MSFT
$3.71T
| $36.6M | 0.3% |
892,645
+485,845
| +119% | +$18.2M |
|
6
iShares Core S&P 500 ETF
IVV
$902B
| $32.9M | 0.27% |
175,000
| – | – |
|
7
Verizon
VZ
$196B
| $29.5M | 0.24% |
620,465
+162,841
| +36% | +$7.7M |
|
8
IBM
IBM
$224B
| $26M | 0.21% |
141,231
-34,309
| -20% | -$6.04M |
|
9
Johnson & Johnson
JNJ
$625B
| $25.8M | 0.21% |
262,993
+149,800
| +132% | +$13.9M |
|
|
10
Gen Digital
GEN
$17.5B
| $25.7M | 0.21% |
1,286,229
+953,478
| +287% | +$20.4M |
|
11
Cisco
CSCO
$479B
| $24.2M | 0.2% |
1,080,780
+564,200
| +109% | +$12.5M |
|
12
Apple
AAPL
$4.57T
| $23.2M | 0.19% |
1,211,588
+53,200
| +5% | +$1.01M |
|
13
Oracle
ORCL
$423B
| $23.1M | 0.19% |
565,282
-64,500
| -10% | -$2.46M |
|
|
14
Intel
INTC
$513B
| $19.7M | 0.16% |
761,353
+679,300
| +828% | +$17M |
|
|
15
Gilead Sciences
GILD
$165B
| $17.6M | 0.14% |
247,721
+209,100
| +541% | +$16.4M |
|
16
Ventas
VTR
$47.9B
| $17.5M | 0.14% |
253,380
-58,568
| -19% | -$4.07M |
|
17
Las Vegas Sands
LVS
$29.6B
| $17.4M | 0.14% |
215,484
-1,600
| -0.7% | -$129K |
|
18
Conagra Brands
CAG
$7.23B
| $17M | 0.14% |
703,935
+475,964
| +209% | +$11.4M |
|
19
Suncor Energy
SU
$70.3B
| $16.2M | 0.13% |
463,100
-68,200
| -13% | -$2.27M |
|
20
Qualcomm
QCOM
$176B
| $15.7M | 0.13% |
198,865
+6,800
| +4% | +$512K |
|
21
EOG Resources
EOG
$70.7B
| $15.3M | 0.13% |
155,938
+58,538
| +60% | +$5.21M |
|
22
Occidental Petroleum
OXY
$55.9B
| $15.1M | 0.12% |
165,647
+19,205
| +13% | +$1.72M |
|
23
Petrobras
PBR
$116B
| $13.2M | 0.11% |
1,007,300
+245,500
| +32% | +$2.87M |
|
24
Canadian Natural Resources
CNQ
$94.9B
| $13M | 0.11% |
701,237
-72,813
| -9% | -$1.23M |
|
25
RTX Corp
RTX
$301B
| $13M | 0.11% |
176,157
-74,206
| -30% | -$5.33M |
|
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Ray Dalio's Q1 2014 Portfolio in Review
As of Q1 2014, Ray Dalio held 416 positions worth $12.2B, down 1.9% from $12.5B the previous quarter. Its ten largest holdings account for 89% of the portfolio.
Ray Dalio's Q1 2014 filing shows 123 new, 75 increased, 132 reduced and 77 closed positions. Its largest new stake was Berkshire Hathaway Class B: 93,308 shares worth $11.7M. The largest sale was iShares MSCI Emerging Markets ETF, an estimated $307M.
By sector, the portfolio is most concentrated in Technology at 2.6% of assets, up from 2.4% a quarter earlier, followed by Energy and Healthcare.
- Ray Dalio's largest Q1 2014 buy was Berkshire Hathaway Class B: 93,308 shares worth $11.7M.
- Ray Dalio added most to Vanguard FTSE Emerging Markets ETF in Q1 2014, an estimated $131M increase.
- Ray Dalio's biggest Q1 2014 reduction was iShares MSCI Emerging Markets ETF, cutting an estimated $307M.
- Ray Dalio fully exited American Express in Q1 2014, selling an estimated $18.2M.
- Ray Dalio's ten largest holdings make up 89% of its $12.2B portfolio in Q1 2014.
- Ray Dalio opened 123 new positions and closed 77 in Q1 2014.
- Ray Dalio's portfolio value fell 1.9% quarter-over-quarter to $12.2B.
Based on Bridgewater Associates's 13F filing for Q1 2014, filed 14 May 2014.