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 |
Gen Digital
GEN
|
+$26M |
| 2 |
Eastman Chemical
EMN
|
+$24.8M |
| 3 |
The Mosaic Company
MOS
|
+$24.7M |
| 4 |
Kohl's
KSS
|
+$24.3M |
| 5 |
ESV
Ensco Rowan plc
ESV
|
+$23.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$1.65B |
| 2 |
iShares MSCI Emerging Markets ETF
EEM
|
+$906M |
| 3 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$46.7M |
| 4 |
Apple
AAPL
|
+$30.1M |
| 5 |
Chipotle Mexican Grill
CMG
|
+$17.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 73.98% |
| 2 | Technology | 4.29% |
| 3 | Energy | 3.61% |
| 4 | Materials | 3.59% |
| 5 | Consumer Discretionary | 3.19% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Vanguard FTSE Emerging Markets ETF
VWO
$118B
| $2.23B | 29.84% |
67,362,170
-45,423,479
| -40% | -$1.65B |
2013 Q2
9 quarters
|
|
|
2
State Street SPDR S&P 500 ETF Trust
SPY
$797B
| $1.96B | 26.26% |
10,236,900
-230,300
| -2% | -$46.7M |
2013 Q2
9 quarters
|
|
|
3
iShares MSCI Emerging Markets ETF
EEM
$28.4B
| $1.2B | 16.02% |
36,508,933
-25,650,268
| -41% | -$906M |
2013 Q2
9 quarters
|
|
4
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$30.5B
| $96.3M | 1.29% |
829,855
+600
| +0.1% | +$69.4K |
2013 Q2
9 quarters
|
|
5
iShares Core S&P 500 ETF
IVV
$868B
| $33.7M | 0.45% |
175,000
| – | – |
2013 Q2
9 quarters
|
|
6
Lumen Technologies, Inc. Common Stock
LUMN
$5.03B
| $33.6M | 0.45% |
1,336,974
+651,463
| +95% | +$18M |
2015 Q1
2 quarters
|
|
7
Coca-Cola
KO
$413B
| $33.3M | 0.45% |
830,374
+97,500
| +13% | +$3.9M |
2015 Q1
2 quarters
|
|
|
ESV
8
DELISTED
Ensco Rowan plc
ESV
| $31.1M | 0.42% |
551,616
+340,279
| +161% | +$23.4M |
2014 Q1
6 quarters
|
|
|
9
Apple
AAPL
$4.94T
| $30.3M | 0.41% |
1,099,408
-1,026,580
| -48% | -$30.1M |
2013 Q2
9 quarters
|
|
10
PepsiCo
PEP
$191B
| $27.4M | 0.37% |
290,403
+229,194
| +374% | +$21.8M |
2013 Q4
7 quarters
|
|
11
Alphabet (Google) Class C
GOOG
$3.43T
| $25.7M | 0.34% |
804,520
+380,720
| +90% | +$11.7M |
2014 Q3
4 quarters
|
|
12
Verizon
VZ
$187B
| $25.2M | 0.34% |
578,665
+288,000
| +99% | +$13.3M |
2013 Q3
8 quarters
|
|
|
13
Gen Digital
GEN
$17.7B
| $25M | 0.34% |
1,286,416
+1,208,380
| +1,548% | +$26M |
2015 Q2
1 quarter
|
|
|
MON
14
DELISTED
Monsanto Co
MON
| $24.9M | 0.33% |
292,299
+67,900
| +30% | +$6.71M |
2014 Q4
3 quarters
|
|
|
15
Eastman Chemical
EMN
$7.65B
| $24.7M | 0.33% |
381,038
+335,500
| +737% | +$24.8M |
2013 Q3
8 quarters
|
|
|
VIAB
16
DELISTED
Viacom Inc. Class B
VIAB
| $24.4M | 0.33% |
565,245
+403,621
| +250% | +$20M |
2014 Q3
4 quarters
|
|
|
17
Kohl's
KSS
$2.74B
| $23.7M | 0.32% |
511,367
+431,500
| +540% | +$24.3M |
2014 Q2
5 quarters
|
|
18
DELISTED
Noble Corporation
NE
| $22.6M | 0.3% |
2,074,855
+1,260,653
| +155% | +$15.9M |
2014 Q4
3 quarters
|
|
|
19
The Mosaic Company
MOS
$6.05B
| $22.5M | 0.3% |
724,600
+598,000
| +472% | +$24.7M |
2014 Q3
4 quarters
|
|
20
International Paper
IP
$19.4B
| $22M | 0.29% |
614,749
+426,471
| +227% | +$18.1M |
2013 Q2
9 quarters
|
|
21
Gilead Sciences
GILD
$212B
| $21.8M | 0.29% |
222,121
+140,400
| +172% | +$15.6M |
2013 Q4
7 quarters
|
|
22
Applied Materials
AMAT
$299B
| $21.7M | 0.29% |
1,479,057
+966,506
| +189% | +$16.1M |
2013 Q2
9 quarters
|
|
23
Microsoft
MSFT
$3.78T
| $20.8M | 0.28% |
471,008
+398,643
| +551% | +$17.9M |
2013 Q4
7 quarters
|
|
24
RTX Corp
RTX
$273B
| $19.9M | 0.27% |
355,791
+321,454
| +936% | +$19.8M |
2015 Q2
1 quarter
|
|
25
Exelon
EXC
$48.2B
| $19.9M | 0.27% |
937,077
+918,887
| +5,052% | +$20.7M |
2015 Q2
1 quarter
|
|
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Ray Dalio's Q3 2015 Portfolio in Review
As of Q3 2015, Ray Dalio held 516 positions worth $7.47B, down 31% from $10.8B the previous quarter. Its ten largest holdings account for 76% of the portfolio.
Ray Dalio withdrew a net $1.81B in Q3 2015, closing 86 positions and reducing 67 holdings. Its most notable exit was Chipotle Mexican Grill, an estimated $17.4M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 74% of assets, down from 86% a quarter earlier, followed by Technology and Energy.
Against the trend, Ray Dalio opened a new position in Wynn Resorts worth $12.7M.
- Ray Dalio's largest Q3 2015 buy was Wynn Resorts: 239,500 shares worth $12.7M.
- Ray Dalio added most to Gen Digital in Q3 2015, an estimated $26M increase.
- Ray Dalio's biggest Q3 2015 reduction was Vanguard FTSE Emerging Markets ETF, cutting an estimated $1.65B.
- Ray Dalio fully exited Chipotle Mexican Grill in Q3 2015, selling an estimated $17.4M.
- Ray Dalio's ten largest holdings make up 76% of its $7.47B portfolio in Q3 2015.
- Ray Dalio opened 210 new positions and closed 86 in Q3 2015.
- Ray Dalio's portfolio value fell 31% quarter-over-quarter to $7.47B.
Based on Bridgewater Associates's 13F filing for Q3 2015, filed 12 Nov 2015.