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
|
+$432M |
| 2 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$193M |
| 3 |
iShares MSCI South Korea ETF
EWY
|
+$95.9M |
| 4 |
Molson Coors Class B
TAP
|
+$28.7M |
| 5 |
iShares MSCI Brazil ETF
EWZ
|
+$24.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$172M |
| 2 |
iShares MSCI Emerging Markets ETF
EEM
|
+$47.9M |
| 3 |
Bristol-Myers Squibb
BMY
|
+$21.1M |
| 4 |
Intel
INTC
|
+$20.4M |
| 5 |
Juniper Networks
JNPR
|
+$18.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 82.41% |
| 2 | Energy | 3.15% |
| 3 | Technology | 2.78% |
| 4 | Consumer Discretionary | 2.53% |
| 5 | Financials | 1.98% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Vanguard FTSE Emerging Markets ETF
VWO
$120B
| $3.3B | 31.34% |
92,202,194
+11,789,340
| +15% | +$432M |
2013 Q2
14 quarters
|
|
|
2
iShares MSCI Emerging Markets ETF
EEM
$28.7B
| $2.44B | 23.17% |
69,668,055
-1,328,685
| -2% | -$47.9M |
2013 Q2
14 quarters
|
|
|
3
State Street SPDR S&P 500 ETF Trust
SPY
$810B
| $2.26B | 21.44% |
10,098,300
-789,000
| -7% | -$172M |
2013 Q2
14 quarters
|
|
|
4
iShares Core MSCI Emerging Markets ETF
IEMG
$149B
| $243M | 2.3% |
5,713,056
+4,393,736
| +333% | +$193M |
2016 Q3
1 quarter
|
|
|
5
iShares MSCI Brazil ETF
EWZ
$13.6B
| $177M | 1.68% |
5,296,211
+722,400
| +16% | +$24.8M |
2016 Q1
3 quarters
|
|
6
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$29.1B
| $115M | 1.09% |
979,155
+59,300
| +6% | +$7.05M |
2013 Q2
14 quarters
|
|
|
7
iShares MSCI South Korea ETF
EWY
$21.8B
| $99.2M | 0.94% |
1,863,409
+1,754,589
| +1,612% | +$95.9M |
2016 Q3
1 quarter
|
|
8
Apple
AAPL
$5.07T
| $48.2M | 0.46% |
1,666,000
+279,600
| +20% | +$7.93M |
2013 Q2
14 quarters
|
|
9
Microsoft
MSFT
$3.89T
| $40.5M | 0.39% |
652,548
+29,000
| +5% | +$1.74M |
2013 Q4
12 quarters
|
|
10
iShares Core S&P 500 ETF
IVV
$876B
| $39.4M | 0.37% |
175,000
| – | – |
2013 Q2
14 quarters
|
|
|
11
Intel
INTC
$460B
| $34.5M | 0.33% |
952,343
-570,700
| -37% | -$20.4M |
2013 Q2
14 quarters
|
|
12
Suncor Energy
SU
$92.8B
| $33.7M | 0.32% |
1,022,700
+25,800
| +3% | +$791K |
2013 Q2
14 quarters
|
|
|
13
Molson Coors Class B
TAP
$7.68B
| $27.7M | 0.26% |
284,700
+281,596
| +9,072% | +$28.7M |
2016 Q2
2 quarters
|
|
14
UnitedHealth
UNH
$375B
| $26.2M | 0.25% |
+163,900
| New | +$24.5M |
2016 Q4
0 quarters
|
|
15
Lumen Technologies, Inc. Common Stock
LUMN
$4.71B
| $25.7M | 0.24% |
1,081,241
+636,616
| +143% | +$16.2M |
2015 Q1
7 quarters
|
|
16
Cisco
CSCO
$420B
| $25.5M | 0.24% |
845,390
-14,200
| -2% | -$433K |
2015 Q1
7 quarters
|
|
|
ENDP
17
DELISTED
Endo International plc
ENDP
| $25.3M | 0.24% |
1,537,036
+649,743
| +73% | +$11.4M |
2016 Q3
1 quarter
|
|
18
DELISTED
Southwestern Energy Company
SWN
| $25.2M | 0.24% |
2,327,323
+877,700
| +61% | +$10M |
2016 Q3
1 quarter
|
|
|
ESRX
19
DELISTED
Express Scripts Holding Company
ESRX
| $24.2M | 0.23% |
352,411
-50,807
| -13% | -$3.64M |
2013 Q2
14 quarters
|
|
|
BBBY
20
DELISTED
Bed Bath & Beyond Inc
BBBY
| $23.8M | 0.23% |
584,950
+269,140
| +85% | +$11.7M |
2014 Q2
10 quarters
|
|
|
AET
21
DELISTED
Aetna Inc
AET
| $23.4M | 0.22% |
+189,000
| New | +$22.6M |
2016 Q4
0 quarters
|
|
22
DELISTED
Noble Corporation
NE
| $22.3M | 0.21% |
3,761,230
+452,700
| +14% | +$2.67M |
2014 Q4
8 quarters
|
|
23
Canadian Natural Resources
CNQ
$114B
| $22.1M | 0.21% |
1,415,794
+82,125
| +6% | +$1.3M |
2013 Q2
14 quarters
|
|
24
GameStop
GME
$12.5B
| $22.1M | 0.21% |
3,502,404
+3,031,604
| +644% | +$18.7M |
2016 Q3
1 quarter
|
|
|
RHT
25
DELISTED
Red Hat Inc
RHT
| $19.1M | 0.18% |
273,800
+224,837
| +459% | +$17.3M |
2016 Q3
1 quarter
|
|
Similar funds
Ray Dalio's Q4 2016 Portfolio in Review
As of Q4 2016, Ray Dalio held 377 positions worth $10.5B, up 3.7% from $10.2B the previous quarter. Its ten largest holdings account for 83% of the portfolio.
Ray Dalio deployed $653M of net new capital in Q4 2016, opening 78 new positions and adding to 101 existing holdings. Its largest new stake was UnitedHealth: 163,900 shares worth $26.2M.
By sector, the portfolio is most concentrated in Miscellaneous at 82% of assets, down from 83% a quarter earlier, followed by Energy and Technology.
On the sell side, the largest reduction was State Street SPDR S&P 500 ETF Trust, an estimated $172M trimmed.
- Ray Dalio's largest Q4 2016 buy was UnitedHealth: 163,900 shares worth $26.2M.
- Ray Dalio added most to Vanguard FTSE Emerging Markets ETF in Q4 2016, an estimated $432M increase.
- Ray Dalio's biggest Q4 2016 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $172M.
- Ray Dalio fully exited Bristol-Myers Squibb in Q4 2016, selling an estimated $21.1M.
- Ray Dalio's ten largest holdings make up 83% of its $10.5B portfolio in Q4 2016.
- Ray Dalio opened 78 new positions and closed 110 in Q4 2016.
- Ray Dalio's portfolio value rose 3.7% quarter-over-quarter to $10.5B.
Based on Bridgewater Associates's 13F filing for Q4 2016, filed 10 Feb 2017.