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
|
+$199M |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$82.8M |
| 3 |
American Express
AXP
|
+$20.2M |
| 4 |
RTX Corp
RTX
|
+$15.4M |
| 5 |
United Parcel Service
UPS
|
+$14.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$364M |
| 2 |
Microsoft
MSFT
|
+$34.2M |
| 3 |
Ventas
VTR
|
+$15M |
| 4 |
Intel
INTC
|
+$14.6M |
| 5 |
Conagra Brands
CAG
|
+$12.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 89.26% |
| 2 | Technology | 2.67% |
| 3 | Energy | 2.1% |
| 4 | Materials | 1.39% |
| 5 | Consumer Discretionary | 1.02% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Vanguard FTSE Emerging Markets ETF
VWO
$117B
| $4.62B | 36.05% |
110,883,949
+1,864,216
| +2% | +$82.8M |
2013 Q2
5 quarters
|
|
|
2
State Street SPDR S&P 500 ETF Trust
SPY
$777B
| $3.4B | 26.52% |
17,271,500
-1,843,800
| -10% | -$364M |
2013 Q2
5 quarters
|
|
|
3
iShares MSCI Emerging Markets ETF
EEM
$27.5B
| $3.33B | 25.93% |
80,060,894
+4,501,776
| +6% | +$199M |
2013 Q2
5 quarters
|
|
4
Apple
AAPL
$4.98T
| $54M | 0.42% |
2,143,588
-145,200
| -6% | -$3.56M |
2013 Q2
5 quarters
|
|
5
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$30.7B
| $50.2M | 0.39% |
424,755
| – | – |
2013 Q2
5 quarters
|
|
6
iShares Core S&P 500 ETF
IVV
$847B
| $34.7M | 0.27% |
175,000
| – | – |
2013 Q2
5 quarters
|
|
7
IBM
IBM
$232B
| $32.5M | 0.25% |
179,117
-40,041
| -18% | -$7.29M |
2013 Q2
5 quarters
|
|
8
Gilead Sciences
GILD
$207B
| $25.7M | 0.2% |
241,521
-108,300
| -31% | -$10.6M |
2013 Q4
3 quarters
|
|
|
9
Intel
INTC
$299B
| $24.2M | 0.19% |
696,003
-432,250
| -38% | -$14.6M |
2013 Q2
5 quarters
|
|
10
DELISTED
Juniper Networks
JNPR
| $22.5M | 0.18% |
1,013,798
-146,284
| -13% | -$3.43M |
2013 Q3
4 quarters
|
|
|
11
RTX Corp
RTX
$256B
| $22.1M | 0.17% |
332,832
+224,367
| +207% | +$15.4M |
2013 Q2
5 quarters
|
|
12
Analog Devices
ADI
$176B
| $20.3M | 0.16% |
410,609
+284,703
| +226% | +$14.6M |
2014 Q2
1 quarter
|
|
13
DELISTED
CA, Inc.
CA
| $19.8M | 0.15% |
708,197
+443,451
| +168% | +$12.7M |
2014 Q2
1 quarter
|
|
|
14
American Express
AXP
$215B
| $19.6M | 0.15% |
+224,123
| New | +$20.2M |
2014 Q3
0 quarters
|
|
15
Fossil Group
FOSL
$462M
| $19M | 0.15% |
201,898
+133,377
| +195% | +$13.4M |
2013 Q4
3 quarters
|
|
|
GG
16
DELISTED
Goldcorp Inc
GG
| $16.9M | 0.13% |
734,361
+207,654
| +39% | +$5.58M |
2013 Q2
5 quarters
|
|
17
Barrick Mining
B
$66.8B
| $16.3M | 0.13% |
1,108,600
+343,200
| +45% | +$6.12M |
2013 Q2
5 quarters
|
|
18
Qualcomm
QCOM
$177B
| $15.1M | 0.12% |
202,065
+26,100
| +15% | +$2M |
2013 Q2
5 quarters
|
|
19
Micron Technology
MU
$781B
| $14.8M | 0.12% |
430,874
-255,600
| -37% | -$8.28M |
2013 Q2
5 quarters
|
|
|
20
United Parcel Service
UPS
$92.2B
| $14.7M | 0.11% |
+149,364
| New | +$14.8M |
2014 Q3
0 quarters
|
|
21
Coca-Cola
KO
$412B
| $14.7M | 0.11% |
343,474
-3,400
| -1% | -$141K |
2014 Q2
1 quarter
|
|
22
Suncor Energy
SU
$79.1B
| $14M | 0.11% |
386,400
-205,200
| -35% | -$8.24M |
2013 Q2
5 quarters
|
|
23
Verizon
VZ
$189B
| $13.2M | 0.1% |
263,365
-217,900
| -45% | -$10.8M |
2013 Q3
4 quarters
|
|
24
Devon Energy
DVN
$46.4B
| $12.6M | 0.1% |
185,039
+111,539
| +152% | +$8.29M |
2013 Q2
5 quarters
|
|
25
ConocoPhillips
COP
$161B
| $12.6M | 0.1% |
164,100
-16,200
| -9% | -$1.33M |
2013 Q2
5 quarters
|
|
Similar funds
Ray Dalio's Q3 2014 Portfolio in Review
As of Q3 2014, Ray Dalio held 455 positions worth $12.8B, down 3.9% from $13.3B the previous quarter. Its ten largest holdings account for 90% of the portfolio.
Ray Dalio's Q3 2014 filing shows 152 new, 111 increased, 96 reduced and 92 closed positions. Its largest new stake was American Express: 224,123 shares worth $19.6M. The largest sale was State Street SPDR S&P 500 ETF Trust, an estimated $364M.
By sector, the portfolio is most concentrated in Miscellaneous at 89% of assets, up from 88% a quarter earlier, followed by Technology and Energy.
- Ray Dalio's largest Q3 2014 buy was American Express: 224,123 shares worth $19.6M.
- Ray Dalio added most to iShares MSCI Emerging Markets ETF in Q3 2014, an estimated $199M increase.
- Ray Dalio's biggest Q3 2014 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $364M.
- Ray Dalio fully exited Conagra Brands in Q3 2014, selling an estimated $12.8M.
- Ray Dalio's ten largest holdings make up 90% of its $12.8B portfolio in Q3 2014.
- Ray Dalio opened 152 new positions and closed 92 in Q3 2014.
- Ray Dalio's portfolio value fell 3.9% quarter-over-quarter to $12.8B.
Based on Bridgewater Associates's 13F filing for Q3 2014, filed 12 Nov 2014.