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 | Miscellaneous | 85.2% |
| 2 | Energy | 3.35% |
| 3 | Materials | 2.28% |
| 4 | Consumer Discretionary | 2.25% |
| 5 | Healthcare | 2.1% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Vanguard FTSE Emerging Markets ETF
VWO
$117B
| $2.87B | 32.52% |
72,183,616
-20,018,578
| -22% | -$773M |
2013 Q2
15 quarters
|
|
|
2
State Street SPDR S&P 500 ETF Trust
SPY
$777B
| $2.33B | 26.39% |
9,872,429
-225,871
| -2% | -$52.5M |
2013 Q2
15 quarters
|
|
|
3
iShares MSCI Emerging Markets ETF
EEM
$27.5B
| $1.54B | 17.48% |
39,120,778
-30,547,277
| -44% | -$1.16B |
2013 Q2
15 quarters
|
|
4
iShares Core MSCI Emerging Markets ETF
IEMG
$142B
| $273M | 3.1% |
5,713,056
| – | – |
2016 Q3
2 quarters
|
|
|
5
iShares MSCI Brazil ETF
EWZ
$9.5B
| $221M | 2.5% |
5,889,241
+593,030
| +11% | +$22.1M |
2016 Q1
4 quarters
|
|
6
iShares MSCI South Korea ETF
EWY
$20.1B
| $117M | 1.33% |
1,895,209
+31,800
| +2% | +$1.86M |
2016 Q3
2 quarters
|
|
7
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$30.7B
| $117M | 1.33% |
991,655
+12,500
| +1% | +$1.47M |
2013 Q2
15 quarters
|
|
|
ENDP
8
DELISTED
Endo International plc
ENDP
| $42.7M | 0.48% |
3,825,502
+2,288,466
| +149% | +$28.4M |
2016 Q3
2 quarters
|
|
9
iShares Core S&P 500 ETF
IVV
$847B
| $41.5M | 0.47% |
175,000
| – | – |
2013 Q2
15 quarters
|
|
|
ESRX
10
DELISTED
Express Scripts Holding Company
ESRX
| $35.6M | 0.4% |
539,841
+187,430
| +53% | +$12.9M |
2013 Q2
15 quarters
|
|
|
11
Cleveland-Cliffs
CLF
$6.54B
| $31.6M | 0.36% |
+3,848,295
| New | +$36.6M |
2017 Q1
0 quarters
|
|
12
DELISTED
Southwestern Energy Company
SWN
| $30.9M | 0.35% |
3,785,525
+1,458,202
| +63% | +$12.6M |
2016 Q3
2 quarters
|
|
13
Macy's
M
$6.03B
| $30.6M | 0.35% |
1,030,772
+557,543
| +118% | +$17.2M |
2013 Q2
15 quarters
|
|
14
Intel
INTC
$299B
| $24.6M | 0.28% |
682,862
-269,481
| -28% | -$9.8M |
2013 Q2
15 quarters
|
|
|
15
Devon Energy
DVN
$46.4B
| $23.8M | 0.27% |
570,774
+441,074
| +340% | +$19.4M |
2013 Q2
15 quarters
|
|
16
DELISTED
Noble Corporation
NE
| $22.5M | 0.26% |
3,641,870
-119,360
| -3% | -$803K |
2014 Q4
9 quarters
|
|
17
GameStop
GME
$12.7B
| $21.2M | 0.24% |
3,763,980
+261,576
| +7% | +$1.6M |
2016 Q3
2 quarters
|
|
|
18
GE Aerospace
GE
$335B
| $18M | 0.2% |
+126,211
| New | +$18.3M |
2017 Q1
0 quarters
|
|
19
DELISTED
Interpublic Group of Companies
IPG
| $17.7M | 0.2% |
721,530
+395,857
| +122% | +$9.5M |
2016 Q4
1 quarter
|
|
|
BBBY
20
DELISTED
Bed Bath & Beyond Inc
BBBY
| $16.2M | 0.18% |
409,628
-175,322
| -30% | -$7.04M |
2014 Q2
11 quarters
|
|
|
ESV
21
DELISTED
Ensco Rowan plc
ESV
| $15.9M | 0.18% |
+445,245
| New | +$18.1M |
2017 Q1
0 quarters
|
|
22
Intuit
INTU
$91.3B
| $15.9M | 0.18% |
137,040
+104,740
| +324% | +$12.6M |
2016 Q4
1 quarter
|
|
23
FirstEnergy
FE
$26.9B
| $15.5M | 0.18% |
486,868
+20,323
| +4% | +$627K |
2015 Q3
6 quarters
|
|
24
ConocoPhillips
COP
$161B
| $15.4M | 0.17% |
308,844
| – | – |
2013 Q2
15 quarters
|
|
25
Petrobras
PBR
$119B
| $15.1M | 0.17% |
1,560,991
+56,591
| +4% | +$581K |
2013 Q2
15 quarters
|
|
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 Miscellaneous at 85% of assets, up from 82% a quarter earlier, followed by Energy 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.