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
|
+$217M |
| 2 |
Apple
AAPL
|
+$57.2M |
| 3 |
Coca-Cola
KO
|
+$24.2M |
| 4 |
POT
Potash Corp Of Saskatchewan
POT
|
+$21.7M |
| 5 |
Johnson & Johnson
JNJ
|
+$20.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$171M |
| 2 |
iShares MSCI Emerging Markets ETF
EEM
|
+$71.3M |
| 3 |
Gilead Sciences
GILD
|
+$52M |
| 4 |
Microsoft
MSFT
|
+$21.8M |
| 5 |
US Steel
X
|
+$15.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 86.96% |
| 2 | Technology | 3.05% |
| 3 | Materials | 2.27% |
| 4 | Energy | 2.25% |
| 5 | Healthcare | 1.43% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Vanguard FTSE Emerging Markets ETF
VWO
$121B
| $4.58B | 35.67% |
111,999,698
-4,213,310
| -4% | -$171M |
2013 Q2
7 quarters
|
|
|
2
State Street SPDR S&P 500 ETF Trust
SPY
$806B
| $3.39B | 26.4% |
16,408,500
+1,049,300
| +7% | +$217M |
2013 Q2
7 quarters
|
|
|
3
iShares MSCI Emerging Markets ETF
EEM
$28.8B
| $3.08B | 24% |
76,743,491
-1,793,103
| -2% | -$71.3M |
2013 Q2
7 quarters
|
|
|
4
Apple
AAPL
$5.17T
| $91.2M | 0.71% |
2,931,988
+1,894,000
| +182% | +$57.2M |
2013 Q2
7 quarters
|
|
5
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$32.5B
| $67.4M | 0.53% |
553,855
+129,100
| +30% | +$15.7M |
2013 Q2
7 quarters
|
|
|
POT
6
DELISTED
Potash Corp Of Saskatchewan
POT
| $39.3M | 0.31% |
1,219,100
+617,500
| +103% | +$21.7M |
2014 Q4
1 quarter
|
|
7
iShares Core S&P 500 ETF
IVV
$881B
| $36.4M | 0.28% |
175,000
| – | – |
2013 Q2
7 quarters
|
|
|
8
Johnson & Johnson
JNJ
$675B
| $27M | 0.21% |
268,093
+203,800
| +317% | +$20.7M |
2013 Q3
6 quarters
|
|
|
9
Coca-Cola
KO
$420B
| $23.4M | 0.18% |
+577,774
| New | +$24.2M |
2015 Q1
0 quarters
|
|
|
ESV
10
DELISTED
Ensco Rowan plc
ESV
| $22.2M | 0.17% |
263,111
+126,498
| +93% | +$13.3M |
2014 Q1
4 quarters
|
|
11
Micron Technology
MU
$918B
| $22.1M | 0.17% |
814,974
+447,100
| +122% | +$13.4M |
2013 Q2
7 quarters
|
|
12
IBM
IBM
$235B
| $21.8M | 0.17% |
142,302
-11,611
| -8% | -$1.76M |
2013 Q2
7 quarters
|
|
|
AGU
13
DELISTED
Agrium
AGU
| $20.9M | 0.16% |
200,628
+97,162
| +94% | +$10.4M |
2014 Q4
1 quarter
|
|
14
Microchip Technology
MCHP
$33.8B
| $20.3M | 0.16% |
828,788
+312,600
| +61% | +$7.54M |
2013 Q2
7 quarters
|
|
15
Sysco
SYY
$37.9B
| $19.4M | 0.15% |
515,326
+362,451
| +237% | +$14.3M |
2014 Q4
1 quarter
|
|
16
MetLife
MET
$64.7B
| $18.8M | 0.15% |
417,883
+250,184
| +149% | +$11.2M |
2014 Q1
4 quarters
|
|
17
VeriSign
VRSN
$28.2B
| $18.1M | 0.14% |
269,628
+137,900
| +105% | +$8.38M |
2013 Q2
7 quarters
|
|
18
Intel
INTC
$332B
| $17.8M | 0.14% |
570,303
-138,900
| -20% | -$4.69M |
2013 Q2
7 quarters
|
|
19
DELISTED
Electronic Arts
EA
| $17.3M | 0.14% |
294,643
+157,291
| +115% | +$8.48M |
2014 Q3
2 quarters
|
|
20
Alcoa
AA
$10.8B
| $17.1M | 0.13% |
552,351
+503,787
| +1,037% | +$18.1M |
2014 Q4
1 quarter
|
|
|
GG
21
DELISTED
Goldcorp Inc
GG
| $16.5M | 0.13% |
908,861
-140,900
| -13% | -$3M |
2013 Q2
7 quarters
|
|
22
Barrick Mining
B
$63.6B
| $16.1M | 0.13% |
1,468,200
-197,500
| -12% | -$2.34M |
2013 Q2
7 quarters
|
|
23
Eastman Chemical
EMN
$7.6B
| $15.7M | 0.12% |
226,538
-75,248
| -25% | -$5.43M |
2013 Q3
6 quarters
|
|
|
MON
24
DELISTED
Monsanto Co
MON
| $15.6M | 0.12% |
138,899
+97,700
| +237% | +$11.6M |
2014 Q4
1 quarter
|
|
|
RAD
25
DELISTED
Rite Aid Corporation
RAD
| $14.8M | 0.12% |
85,019
-39,341
| -32% | -$6.13M |
2013 Q3
6 quarters
|
|
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Ray Dalio's Q1 2015 Portfolio in Review
As of Q1 2015, Ray Dalio held 425 positions worth $12.8B, up 2.4% from $12.5B the previous quarter. Its ten largest holdings account for 88% of the portfolio.
Ray Dalio's Q1 2015 filing shows 90 new, 147 increased, 87 reduced and 97 closed positions. Its largest new stake was Coca-Cola: 577,774 shares worth $23.4M. The largest sale was Vanguard FTSE Emerging Markets ETF, an estimated $171M.
By sector, the portfolio is most concentrated in Miscellaneous at 87% of assets, down from 88% a quarter earlier, followed by Technology and Materials.
- Ray Dalio's largest Q1 2015 buy was Coca-Cola: 577,774 shares worth $23.4M.
- Ray Dalio added most to State Street SPDR S&P 500 ETF Trust in Q1 2015, an estimated $217M increase.
- Ray Dalio's biggest Q1 2015 reduction was Vanguard FTSE Emerging Markets ETF, cutting an estimated $171M.
- Ray Dalio fully exited US Steel in Q1 2015, selling an estimated $15.2M.
- Ray Dalio's ten largest holdings make up 88% of its $12.8B portfolio in Q1 2015.
- Ray Dalio opened 90 new positions and closed 97 in Q1 2015.
- Ray Dalio's portfolio value rose 2.4% quarter-over-quarter to $12.8B.
Based on Bridgewater Associates's 13F filing for Q1 2015, filed 14 May 2015.