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
|
+$1.2B |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$388M |
| 3 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$144M |
| 4 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$58.6M |
| 5 |
Apple
AAPL
|
+$23.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
B
Barrick Mining
B
|
+$45.1M |
| 2 |
Cencora
COR
|
+$18.6M |
| 3 |
GG
Goldcorp Inc
GG
|
+$17.8M |
| 4 |
Bread Financial
BFH
|
+$17.5M |
| 5 |
MetLife
MET
|
+$16.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 3.47% |
| 2 | Energy | 2.95% |
| 3 | Consumer Discretionary | 2.32% |
| 4 | Healthcare | 2.04% |
| 5 | Materials | 1.61% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Vanguard FTSE Emerging Markets ETF
VWO
$124B
| $3.03B | 29.79% |
80,412,854
+10,411,665
| +15% | +$388M |
|
|
2
iShares MSCI Emerging Markets ETF
EEM
$29.5B
| $2.66B | 26.18% |
70,996,740
+32,804,907
| +86% | +$1.2B |
|
|
3
State Street SPDR S&P 500 ETF Trust
SPY
$823B
| $2.35B | 23.19% |
10,887,300
+666,100
| +7% | +$144M |
|
4
iShares MSCI Brazil ETF
EWZ
$8.95B
| $154M | 1.52% |
4,573,811
+416,600
| +10% | +$13.8M |
|
5
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$33B
| $113M | 1.12% |
919,855
+22,300
| +2% | +$2.75M |
|
|
6
iShares Core MSCI Emerging Markets ETF
IEMG
$156B
| $60.2M | 0.59% |
+1,319,320
| New | +$58.6M |
|
7
Intel
INTC
$513B
| $57.5M | 0.57% |
1,523,043
+535,000
| +54% | +$18.9M |
|
|
8
Apple
AAPL
$4.57T
| $39.2M | 0.39% |
1,386,400
+901,600
| +186% | +$23.9M |
|
9
iShares Core S&P 500 ETF
IVV
$902B
| $38.1M | 0.37% |
175,000
| – | – |
|
10
Microsoft
MSFT
$3.71T
| $35.9M | 0.35% |
623,548
+324,500
| +109% | +$18.3M |
|
|
ESRX
11
DELISTED
Express Scripts Holding Company
ESRX
| $28.4M | 0.28% |
403,218
+91,600
| +29% | +$6.85M |
|
12
Suncor Energy
SU
$70.3B
| $27.6M | 0.27% |
996,900
+188,100
| +23% | +$5.14M |
|
13
Cisco
CSCO
$479B
| $27.3M | 0.27% |
859,590
+491,600
| +134% | +$15.1M |
|
|
JNPR
14
DELISTED
Juniper Networks
JNPR
| $26.1M | 0.26% |
1,085,556
+214,547
| +25% | +$4.97M |
|
15
Gilead Sciences
GILD
$165B
| $24.9M | 0.25% |
315,272
-59,400
| -16% | -$4.83M |
|
16
Applied Materials
AMAT
$428B
| $22.3M | 0.22% |
738,683
+269,100
| +57% | +$7.51M |
|
17
Pfizer
PFE
$153B
| $21.2M | 0.21% |
660,161
+69,247
| +12% | +$2.32M |
|
18
Bristol-Myers Squibb
BMY
$132B
| $21.1M | 0.21% |
390,577
+204,123
| +109% | +$13.1M |
|
|
NE
19
DELISTED
Noble Corporation
NE
| $21M | 0.21% |
3,308,530
+1,054,418
| +47% | +$7.09M |
|
20
Canadian Natural Resources
CNQ
$94.9B
| $20.8M | 0.21% |
1,333,669
+231,563
| +21% | +$3.52M |
|
21
Texas Instruments
TXN
$261B
| $20.5M | 0.2% |
291,781
+99,400
| +52% | +$6.78M |
|
|
SWN
22
DELISTED
Southwestern Energy Company
SWN
| $20.1M | 0.2% |
+1,449,623
| New | +$20.1M |
|
23
United Rentals
URI
$72.4B
| $19.8M | 0.2% |
252,630
+41,354
| +20% | +$3.17M |
|
|
24
Bread Financial
BFH
$4.38B
| $18.3M | 0.18% |
106,594
-102,972
| -49% | -$17.5M |
|
|
ENDP
25
DELISTED
Endo International plc
ENDP
| $17.9M | 0.18% |
+887,293
| New | +$17.6M |
|
Similar funds
Ray Dalio's Q3 2016 Portfolio in Review
As of Q3 2016, Ray Dalio held 430 positions worth $10.2B, up 27% from $7.98B the previous quarter. Its ten largest holdings account for 84% of the portfolio.
Ray Dalio deployed $1.72B of net new capital in Q3 2016, opening 90 new positions and adding to 107 existing holdings. Its largest new stake was iShares Core MSCI Emerging Markets ETF: 1,319,320 shares worth $60.2M.
By sector, the portfolio is most concentrated in Technology at 3.5% of assets, up from 3.1% a quarter earlier, followed by Energy and Consumer Discretionary.
On the sell side, the largest reduction was Cencora, an estimated $18.6M trimmed.
- Ray Dalio's largest Q3 2016 buy was iShares Core MSCI Emerging Markets ETF: 1,319,320 shares worth $60.2M.
- Ray Dalio added most to iShares MSCI Emerging Markets ETF in Q3 2016, an estimated $1.2B increase.
- Ray Dalio's biggest Q3 2016 reduction was Cencora, cutting an estimated $18.6M.
- Ray Dalio fully exited Barrick Mining in Q3 2016, selling an estimated $45.1M.
- Ray Dalio's ten largest holdings make up 84% of its $10.2B portfolio in Q3 2016.
- Ray Dalio opened 90 new positions and closed 131 in Q3 2016.
- Ray Dalio's portfolio value rose 27% quarter-over-quarter to $10.2B.
Based on Bridgewater Associates's 13F filing for Q3 2016, filed 9 Nov 2016.