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 |
iShares MSCI Emerging Markets ETF
EEM
|
+$253M |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$149M |
| 3 |
Apple
AAPL
|
+$22.9M |
| 4 |
GE Aerospace
GE
|
+$22.3M |
| 5 |
Juniper Networks
JNPR
|
+$20.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Gen Digital
GEN
|
+$22.1M |
| 2 |
Johnson & Johnson
JNJ
|
+$19.9M |
| 3 |
Cisco
CSCO
|
+$14M |
| 4 |
Berkshire Hathaway Class B
BRK.B
|
+$11.7M |
| 5 |
CELG
Celgene Corp
CELG
|
+$9.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 88.49% |
| 2 | Technology | 3.19% |
| 3 | Energy | 2.6% |
| 4 | Materials | 1.44% |
| 5 | Industrials | 0.97% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Vanguard FTSE Emerging Markets ETF
VWO
$120B
| $4.7B | 35.24% |
109,019,733
+3,534,896
| +3% | +$149M |
2013 Q2
4 quarters
|
|
2
State Street SPDR S&P 500 ETF Trust
SPY
$810B
| $3.74B | 28.04% |
19,115,300
| – | – |
2013 Q2
4 quarters
|
|
|
3
iShares MSCI Emerging Markets ETF
EEM
$28.7B
| $3.27B | 24.48% |
75,559,118
+5,962,753
| +9% | +$253M |
2013 Q2
4 quarters
|
|
|
4
Apple
AAPL
$5.07T
| $53.2M | 0.4% |
2,288,788
+1,077,200
| +89% | +$22.9M |
2013 Q2
4 quarters
|
|
5
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$29.1B
| $50.7M | 0.38% |
424,755
+26,300
| +7% | +$3.11M |
2013 Q2
4 quarters
|
|
6
IBM
IBM
$240B
| $38M | 0.28% |
219,158
+77,927
| +55% | +$14M |
2013 Q2
4 quarters
|
|
7
Intel
INTC
$460B
| $34.9M | 0.26% |
1,128,253
+366,900
| +48% | +$10.1M |
2013 Q2
4 quarters
|
|
8
iShares Core S&P 500 ETF
IVV
$876B
| $34.5M | 0.26% |
175,000
| – | – |
2013 Q2
4 quarters
|
|
9
Microsoft
MSFT
$3.89T
| $32.6M | 0.24% |
781,945
-110,700
| -12% | -$4.48M |
2013 Q4
2 quarters
|
|
10
Gilead Sciences
GILD
$193B
| $29M | 0.22% |
349,821
+102,100
| +41% | +$7.95M |
2013 Q4
2 quarters
|
|
|
11
DELISTED
Juniper Networks
JNPR
| $28.5M | 0.21% |
1,160,082
+812,500
| +234% | +$20.2M |
2013 Q3
3 quarters
|
|
12
Suncor Energy
SU
$92.8B
| $25.3M | 0.19% |
591,600
+128,500
| +28% | +$5.01M |
2013 Q2
4 quarters
|
|
|
13
GE Aerospace
GE
$296B
| $24.7M | 0.19% |
196,372
+175,130
| +824% | +$22.3M |
2014 Q1
1 quarter
|
|
14
Verizon
VZ
$186B
| $23.5M | 0.18% |
481,265
-139,200
| -22% | -$6.74M |
2013 Q3
3 quarters
|
|
15
Micron Technology
MU
$993B
| $22.6M | 0.17% |
686,474
+263,100
| +62% | +$7.17M |
2013 Q2
4 quarters
|
|
16
Oracle
ORCL
$382B
| $20.9M | 0.16% |
515,982
-49,300
| -9% | -$2.03M |
2013 Q2
4 quarters
|
|
17
Canadian Natural Resources
CNQ
$114B
| $19.8M | 0.15% |
890,302
+189,065
| +27% | +$3.78M |
2013 Q2
4 quarters
|
|
18
EOG Resources
EOG
$85.5B
| $19.5M | 0.15% |
166,938
+11,000
| +7% | +$1.16M |
2013 Q2
4 quarters
|
|
|
WFM
19
DELISTED
Whole Foods Market Inc
WFM
| $18.5M | 0.14% |
478,412
+307,466
| +180% | +$13.4M |
2013 Q4
2 quarters
|
|
20
Imperial Oil
IMO
$65.2B
| $17.9M | 0.13% |
338,900
+81,800
| +32% | +$4.03M |
2013 Q2
4 quarters
|
|
21
ExxonMobil
XOM
$753B
| $17.4M | 0.13% |
173,171
+50,171
| +41% | +$5.06M |
2013 Q2
4 quarters
|
|
22
Ventas
VTR
$44.5B
| $16.9M | 0.13% |
230,645
-22,735
| -9% | -$1.69M |
2013 Q2
4 quarters
|
|
23
Occidental Petroleum
OXY
$64.1B
| $16.7M | 0.13% |
170,135
+4,488
| +3% | +$422K |
2013 Q2
4 quarters
|
|
24
Texas Instruments
TXN
$260B
| $16.5M | 0.12% |
345,026
+186,168
| +117% | +$8.69M |
2013 Q2
4 quarters
|
|
25
ConocoPhillips
COP
$181B
| $15.5M | 0.12% |
180,300
+6,500
| +4% | +$506K |
2013 Q2
4 quarters
|
|
Similar funds
Ray Dalio's Q2 2014 Portfolio in Review
As of Q2 2014, Ray Dalio held 404 positions worth $13.3B, up 9.2% from $12.2B the previous quarter. Its ten largest holdings account for 90% of the portfolio.
Ray Dalio deployed $438M of net new capital in Q2 2014, opening 65 new positions and adding to 128 existing holdings. Its largest new stake was Bed Bath & Beyond Inc: 255,200 shares worth $14.6M.
By sector, the portfolio is most concentrated in Miscellaneous at 88% of assets, up from 88% a quarter earlier, followed by Technology and Energy.
On the sell side, the largest reduction was Gen Digital, an estimated $22.1M trimmed.
- Ray Dalio's largest Q2 2014 buy was Bed Bath & Beyond Inc: 255,200 shares worth $14.6M.
- Ray Dalio added most to iShares MSCI Emerging Markets ETF in Q2 2014, an estimated $253M increase.
- Ray Dalio's biggest Q2 2014 reduction was Gen Digital, cutting an estimated $22.1M.
- Ray Dalio fully exited Berkshire Hathaway Class B in Q2 2014, selling an estimated $11.7M.
- Ray Dalio's ten largest holdings make up 90% of its $13.3B portfolio in Q2 2014.
- Ray Dalio opened 65 new positions and closed 101 in Q2 2014.
- Ray Dalio's portfolio value rose 9.2% quarter-over-quarter to $13.3B.
Based on Bridgewater Associates's 13F filing for Q2 2014, filed 12 Aug 2014.