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
|
+$33.8M |
| 2 |
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
|
+$32.6M |
| 3 |
Fossil Group
FOSL
|
+$14.2M |
| 4 |
Chipotle Mexican Grill
CMG
|
+$13.7M |
| 5 |
Suncor Energy
SU
|
+$13.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$1.25B |
| 2 |
iShares MSCI Emerging Markets ETF
EEM
|
+$610M |
| 3 |
POT
Potash Corp Of Saskatchewan
POT
|
+$39.3M |
| 4 |
Apple
AAPL
|
+$25.8M |
| 5 |
AGU
Agrium
AGU
|
+$20.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 86.49% |
| 2 | Energy | 3.27% |
| 3 | Technology | 2.18% |
| 4 | Materials | 1.94% |
| 5 | Healthcare | 1.5% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Vanguard FTSE Emerging Markets ETF
VWO
$117B
| $4.61B | 42.58% |
112,785,649
+785,951
| +0.7% | +$33.8M |
2013 Q2
8 quarters
|
|
|
2
iShares MSCI Emerging Markets ETF
EEM
$27.5B
| $2.46B | 22.74% |
62,159,201
-14,584,290
| -19% | -$610M |
2013 Q2
8 quarters
|
|
|
3
State Street SPDR S&P 500 ETF Trust
SPY
$777B
| $2.15B | 19.9% |
10,467,200
-5,941,300
| -36% | -$1.25B |
2013 Q2
8 quarters
|
|
|
4
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$30.7B
| $96M | 0.89% |
829,255
+275,400
| +50% | +$32.6M |
2013 Q2
8 quarters
|
|
|
5
Apple
AAPL
$4.98T
| $66.7M | 0.62% |
2,125,988
-806,000
| -27% | -$25.8M |
2013 Q2
8 quarters
|
|
6
iShares Core S&P 500 ETF
IVV
$847B
| $36.3M | 0.33% |
175,000
| – | – |
2013 Q2
8 quarters
|
|
7
Coca-Cola
KO
$412B
| $28.8M | 0.27% |
732,874
+155,100
| +27% | +$6.31M |
2015 Q1
1 quarter
|
|
|
MON
8
DELISTED
Monsanto Co
MON
| $23.9M | 0.22% |
224,399
+85,500
| +62% | +$9.9M |
2014 Q4
2 quarters
|
|
|
9
Suncor Energy
SU
$79.1B
| $23.4M | 0.22% |
849,800
+453,900
| +115% | +$13.7M |
2013 Q2
8 quarters
|
|
10
Lumen Technologies, Inc. Common Stock
LUMN
$4.11B
| $20.1M | 0.19% |
685,511
+379,834
| +124% | +$12.9M |
2015 Q1
1 quarter
|
|
11
ExxonMobil
XOM
$677B
| $19.3M | 0.18% |
231,768
+62,900
| +37% | +$5.41M |
2013 Q2
8 quarters
|
|
12
Johnson & Johnson
JNJ
$665B
| $19M | 0.18% |
194,993
-73,100
| -27% | -$7.32M |
2013 Q3
7 quarters
|
|
|
ESV
13
DELISTED
Ensco Rowan plc
ESV
| $18.8M | 0.17% |
211,337
-51,774
| -20% | -$5.04M |
2014 Q1
5 quarters
|
|
14
Imperial Oil
IMO
$58.9B
| $18.5M | 0.17% |
479,200
+255,200
| +114% | +$10.5M |
2013 Q2
8 quarters
|
|
15
Canadian Natural Resources
CNQ
$98.8B
| $17.6M | 0.16% |
1,341,245
+728,955
| +119% | +$11M |
2013 Q2
8 quarters
|
|
|
16
Chipotle Mexican Grill
CMG
$43.6B
| $17.4M | 0.16% |
1,434,950
+1,085,000
| +310% | +$13.7M |
2015 Q1
1 quarter
|
|
17
Newmont
NEM
$126B
| $16.2M | 0.15% |
695,489
+75,302
| +12% | +$1.88M |
2013 Q2
8 quarters
|
|
18
Barrick Mining
B
$66.8B
| $16M | 0.15% |
1,501,000
+32,800
| +2% | +$400K |
2013 Q2
8 quarters
|
|
|
GG
19
DELISTED
Goldcorp Inc
GG
| $15.4M | 0.14% |
949,361
+40,500
| +4% | +$738K |
2013 Q2
8 quarters
|
|
20
Entergy
ETR
$52.8B
| $15.2M | 0.14% |
432,104
+299,900
| +227% | +$11.3M |
2015 Q1
1 quarter
|
|
21
IBM
IBM
$232B
| $14.6M | 0.14% |
94,186
-48,116
| -34% | -$7.73M |
2013 Q2
8 quarters
|
|
22
Occidental Petroleum
OXY
$56.4B
| $14.6M | 0.13% |
187,719
| – | – |
2013 Q2
8 quarters
|
|
23
Petrobras
PBR
$119B
| $14.1M | 0.13% |
1,561,400
-285,100
| -15% | -$2.55M |
2013 Q2
8 quarters
|
|
24
BP
BP
$115B
| $14.1M | 0.13% |
420,252
-5,913
| -1% | -$207K |
2013 Q2
8 quarters
|
|
25
Micron Technology
MU
$781B
| $13.6M | 0.13% |
722,974
-92,000
| -11% | -$2.45M |
2013 Q2
8 quarters
|
|
Similar funds
Ray Dalio's Q2 2015 Portfolio in Review
As of Q2 2015, Ray Dalio held 438 positions worth $10.8B, down 16% from $12.8B the previous quarter. Its ten largest holdings account for 88% of the portfolio.
Ray Dalio withdrew a net $1.96B in Q2 2015, closing 132 positions and reducing 100 holdings. Its most notable exit was Potash Corp Of Saskatchewan, an estimated $39.3M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 86% of assets, down from 87% a quarter earlier, followed by Energy and Technology.
Against the trend, Ray Dalio opened a new position in Fossil Group worth $12.7M.
- Ray Dalio's largest Q2 2015 buy was Fossil Group: 183,440 shares worth $12.7M.
- Ray Dalio added most to Vanguard FTSE Emerging Markets ETF in Q2 2015, an estimated $33.8M increase.
- Ray Dalio's biggest Q2 2015 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $1.25B.
- Ray Dalio fully exited Potash Corp Of Saskatchewan in Q2 2015, selling an estimated $39.3M.
- Ray Dalio's ten largest holdings make up 88% of its $10.8B portfolio in Q2 2015.
- Ray Dalio opened 110 new positions and closed 132 in Q2 2015.
- Ray Dalio's portfolio value fell 16% quarter-over-quarter to $10.8B.
Based on Bridgewater Associates's 13F filing for Q2 2015, filed 11 Aug 2015.