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
|
+$219M |
| 2 |
Gilead Sciences
GILD
|
+$30.6M |
| 3 |
Microsoft
MSFT
|
+$27.5M |
| 4 |
POT
Potash Corp Of Saskatchewan
POT
|
+$20.5M |
| 5 |
Eastman Chemical
EMN
|
+$19.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$384M |
| 2 |
iShares MSCI Emerging Markets ETF
EEM
|
+$62M |
| 3 |
Apple
AAPL
|
+$30.1M |
| 4 |
RTX Corp
RTX
|
+$20.5M |
| 5 |
Fossil Group
FOSL
|
+$20M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 87.87% |
| 2 | Technology | 2.54% |
| 3 | Energy | 2.42% |
| 4 | Materials | 2.14% |
| 5 | Healthcare | 1.52% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Vanguard FTSE Emerging Markets ETF
VWO
$120B
| $4.65B | 37.12% |
116,213,008
+5,329,059
| +5% | +$219M |
2013 Q2
6 quarters
|
|
|
2
State Street SPDR S&P 500 ETF Trust
SPY
$800B
| $3.16B | 25.2% |
15,359,200
-1,912,300
| -11% | -$384M |
2013 Q2
6 quarters
|
|
|
3
iShares MSCI Emerging Markets ETF
EEM
$28.3B
| $3.09B | 24.63% |
78,536,594
-1,524,300
| -2% | -$62M |
2013 Q2
6 quarters
|
|
4
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$32.8B
| $50.7M | 0.4% |
424,755
| – | – |
2013 Q2
6 quarters
|
|
|
5
Gilead Sciences
GILD
$211B
| $50.6M | 0.4% |
537,321
+295,800
| +122% | +$30.6M |
2013 Q4
4 quarters
|
|
6
iShares Core S&P 500 ETF
IVV
$874B
| $36.2M | 0.29% |
175,000
| – | – |
2013 Q2
6 quarters
|
|
|
7
Apple
AAPL
$5.11T
| $28.6M | 0.23% |
1,037,988
-1,105,600
| -52% | -$30.1M |
2013 Q2
6 quarters
|
|
|
8
Microsoft
MSFT
$4.06T
| $27.9M | 0.22% |
601,045
+586,400
| +4,004% | +$27.5M |
2013 Q4
4 quarters
|
|
9
Intel
INTC
$313B
| $25.7M | 0.21% |
709,203
+13,200
| +2% | +$459K |
2013 Q2
6 quarters
|
|
10
IBM
IBM
$234B
| $23.6M | 0.19% |
153,913
-25,204
| -14% | -$4.01M |
2013 Q2
6 quarters
|
|
|
11
Eastman Chemical
EMN
$7.54B
| $22.9M | 0.18% |
301,786
+243,659
| +419% | +$19.3M |
2013 Q3
5 quarters
|
|
|
POT
12
DELISTED
Potash Corp Of Saskatchewan
POT
| $21.3M | 0.17% |
+601,600
| New | +$20.5M |
2014 Q4
0 quarters
|
|
13
Devon Energy
DVN
$46.2B
| $20.1M | 0.16% |
327,739
+142,700
| +77% | +$8.65M |
2013 Q2
6 quarters
|
|
|
GG
14
DELISTED
Goldcorp Inc
GG
| $19.4M | 0.16% |
1,049,761
+315,400
| +43% | +$6.47M |
2013 Q2
6 quarters
|
|
|
RAD
15
DELISTED
Rite Aid Corporation
RAD
| $18.7M | 0.15% |
124,360
+18,160
| +17% | +$2.02M |
2013 Q3
5 quarters
|
|
16
Barrick Mining
B
$70.2B
| $17.9M | 0.14% |
1,665,700
+557,100
| +50% | +$6.87M |
2013 Q2
6 quarters
|
|
|
ESV
17
DELISTED
Ensco Rowan plc
ESV
| $16.4M | 0.13% |
136,613
+100,713
| +281% | +$14.4M |
2014 Q1
3 quarters
|
|
|
VMW
18
DELISTED
VMware, Inc
VMW
| $16.1M | 0.13% |
195,123
+163,232
| +512% | +$13.9M |
2014 Q1
3 quarters
|
|
|
PCP
19
DELISTED
PRECISION CASTPARTS CORP
PCP
| $15.7M | 0.13% |
65,211
+31,000
| +91% | +$7.16M |
2014 Q1
3 quarters
|
|
20
DELISTED
Southwestern Energy Company
SWN
| $15.4M | 0.12% |
564,401
+354,005
| +168% | +$11.4M |
2013 Q2
6 quarters
|
|
21
DELISTED
US Steel
X
| $15.2M | 0.12% |
+569,965
| New | +$19M |
2014 Q4
0 quarters
|
|
|
XLNX
22
DELISTED
Xilinx Inc
XLNX
| $14.7M | 0.12% |
340,570
+147,600
| +76% | +$6.39M |
2013 Q2
6 quarters
|
|
23
Qualcomm
QCOM
$187B
| $14.4M | 0.11% |
193,365
-8,700
| -4% | -$637K |
2013 Q2
6 quarters
|
|
24
AGNC Investment
AGNC
$11.4B
| $14.3M | 0.11% |
656,954
+631,837
| +2,516% | +$14.3M |
2014 Q3
1 quarter
|
|
|
CTXS
25
DELISTED
Citrix Systems Inc
CTXS
| $14.3M | 0.11% |
280,842
+190,001
| +209% | +$9.8M |
2013 Q2
6 quarters
|
|
Similar funds
Ray Dalio's Q4 2014 Portfolio in Review
As of Q4 2014, Ray Dalio held 456 positions worth $12.5B, down 2.4% from $12.8B the previous quarter. Its ten largest holdings account for 89% of the portfolio.
Ray Dalio's Q4 2014 filing shows 93 new, 144 increased, 94 reduced and 121 closed positions. Its largest new stake was Potash Corp Of Saskatchewan: 601,600 shares worth $21.3M. The largest sale was State Street SPDR S&P 500 ETF Trust, an estimated $384M.
By sector, the portfolio is most concentrated in Miscellaneous at 88% of assets, down from 89% a quarter earlier, followed by Technology and Energy.
- Ray Dalio's largest Q4 2014 buy was Potash Corp Of Saskatchewan: 601,600 shares worth $21.3M.
- Ray Dalio added most to Vanguard FTSE Emerging Markets ETF in Q4 2014, an estimated $219M increase.
- Ray Dalio's biggest Q4 2014 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $384M.
- Ray Dalio fully exited United Parcel Service in Q4 2014, selling an estimated $14.7M.
- Ray Dalio's ten largest holdings make up 89% of its $12.5B portfolio in Q4 2014.
- Ray Dalio opened 93 new positions and closed 121 in Q4 2014.
- Ray Dalio's portfolio value fell 2.4% quarter-over-quarter to $12.5B.
Based on Bridgewater Associates's 13F filing for Q4 2014, filed 11 Feb 2015.