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 |
Cleveland-Cliffs
CLF
|
+$36.6M |
| 2 |
ENDP
Endo International plc
ENDP
|
+$28.4M |
| 3 |
iShares MSCI Brazil ETF
EWZ
|
+$22.1M |
| 4 |
Devon Energy
DVN
|
+$19.4M |
| 5 |
GE Aerospace
GE
|
+$18.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Emerging Markets ETF
EEM
|
+$1.16B |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$773M |
| 3 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$52.5M |
| 4 |
Apple
AAPL
|
+$48.2M |
| 5 |
Microsoft
MSFT
|
+$40.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Energy | 2.89% |
| 2 | Consumer Discretionary | 2.25% |
| 3 | Materials | 2.16% |
| 4 | Healthcare | 2.09% |
| 5 | Technology | 1.47% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Vanguard FTSE Emerging Markets ETF
VWO
$124B
| $2.87B | 32.52% |
72,183,616
-20,018,578
| -22% | -$773M |
|
|
2
State Street SPDR S&P 500 ETF Trust
SPY
$823B
| $2.33B | 26.39% |
9,872,429
-225,871
| -2% | -$52.5M |
|
|
3
iShares MSCI Emerging Markets ETF
EEM
$29.5B
| $1.54B | 17.48% |
39,120,778
-30,547,277
| -44% | -$1.16B |
|
4
iShares Core MSCI Emerging Markets ETF
IEMG
$156B
| $273M | 3.1% |
5,713,056
| – | – |
|
|
5
iShares MSCI Brazil ETF
EWZ
$8.95B
| $221M | 2.5% |
5,889,241
+593,030
| +11% | +$22.1M |
|
6
iShares MSCI South Korea ETF
EWY
$24.1B
| $117M | 1.33% |
1,895,209
+31,800
| +2% | +$1.86M |
|
7
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$33B
| $117M | 1.33% |
991,655
+12,500
| +1% | +$1.47M |
|
|
ENDP
8
DELISTED
Endo International plc
ENDP
| $42.7M | 0.48% |
3,825,502
+2,288,466
| +149% | +$28.4M |
|
9
iShares Core S&P 500 ETF
IVV
$902B
| $41.5M | 0.47% |
175,000
| – | – |
|
|
ESRX
10
DELISTED
Express Scripts Holding Company
ESRX
| $35.6M | 0.4% |
539,841
+187,430
| +53% | +$12.9M |
|
|
11
Cleveland-Cliffs
CLF
$6.99B
| $31.6M | 0.36% |
+3,848,295
| New | +$36.6M |
|
|
SWN
12
DELISTED
Southwestern Energy Company
SWN
| $30.9M | 0.35% |
3,785,525
+1,458,202
| +63% | +$12.6M |
|
13
Macy's
M
$6.68B
| $30.6M | 0.35% |
1,030,772
+557,543
| +118% | +$17.2M |
|
14
Intel
INTC
$513B
| $24.6M | 0.28% |
682,862
-269,481
| -28% | -$9.75M |
|
|
15
Devon Energy
DVN
$47.3B
| $23.8M | 0.27% |
570,774
+441,074
| +340% | +$19.4M |
|
|
NE
16
DELISTED
Noble Corporation
NE
| $22.5M | 0.26% |
3,641,870
-119,360
| -3% | -$803K |
|
17
GameStop
GME
$8.6B
| $21.2M | 0.24% |
3,763,980
+261,576
| +7% | +$1.6M |
|
|
18
GE Aerospace
GE
$384B
| $18M | 0.2% |
+126,211
| New | +$18.3M |
|
|
IPG
19
DELISTED
Interpublic Group of Companies
IPG
| $17.7M | 0.2% |
721,530
+395,857
| +122% | +$9.5M |
|
|
BBBY
20
DELISTED
Bed Bath & Beyond Inc
BBBY
| $16.2M | 0.18% |
409,628
-175,322
| -30% | -$7.04M |
|
|
ESV
21
DELISTED
Ensco Rowan plc
ESV
| $15.9M | 0.18% |
+445,245
| New | +$18.1M |
|
22
Intuit
INTU
$89B
| $15.9M | 0.18% |
137,040
+104,740
| +324% | +$12.6M |
|
23
FirstEnergy
FE
$27.5B
| $15.5M | 0.18% |
486,868
+20,323
| +4% | +$627K |
|
24
ConocoPhillips
COP
$141B
| $15.4M | 0.17% |
308,844
| – | – |
|
25
Petrobras
PBR
$116B
| $15.1M | 0.17% |
1,560,991
+56,591
| +4% | +$581K |
|
Similar funds
Ray Dalio's Q1 2017 Portfolio in Review
As of Q1 2017, Ray Dalio held 340 positions worth $8.82B, down 16% from $10.5B the previous quarter. Its ten largest holdings account for 86% of the portfolio.
Ray Dalio withdrew a net $2.5B in Q1 2017, closing 104 positions and reducing 103 holdings. Its most notable exit was Apple, an estimated $48.2M position sold in full.
By sector, the portfolio is most concentrated in Energy at 2.9% of assets, up from 2.8% a quarter earlier, followed by Consumer Discretionary and Materials.
Against the trend, Ray Dalio opened a new position in Cleveland-Cliffs worth $31.6M.
- Ray Dalio's largest Q1 2017 buy was Cleveland-Cliffs: 3,848,295 shares worth $31.6M.
- Ray Dalio added most to Endo International plc in Q1 2017, an estimated $28.4M increase.
- Ray Dalio's biggest Q1 2017 reduction was iShares MSCI Emerging Markets ETF, cutting an estimated $1.16B.
- Ray Dalio fully exited Apple in Q1 2017, selling an estimated $48.2M.
- Ray Dalio's ten largest holdings make up 86% of its $8.82B portfolio in Q1 2017.
- Ray Dalio opened 73 new positions and closed 104 in Q1 2017.
- Ray Dalio's portfolio value fell 16% quarter-over-quarter to $8.82B.
Based on Bridgewater Associates's 13F filing for Q1 2017, filed 11 May 2017.