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
|
+$709M |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$272M |
| 3 |
iShares TIPS Bond ETF
TIP
|
+$141M |
| 4 |
iShares 20+ Year Treasury Bond ETF
TLT
|
+$91.1M |
| 5 |
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
|
+$79M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$66.1M |
| 2 |
ENDP
Endo International plc
ENDP
|
+$26.8M |
| 3 |
Cleveland-Cliffs
CLF
|
+$15.9M |
| 4 |
Walt Disney
DIS
|
+$14.7M |
| 5 |
IPG
Interpublic Group of Companies
IPG
|
+$14.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 2.42% |
| 2 | Energy | 2.05% |
| 3 | Technology | 1.4% |
| 4 | Healthcare | 1.37% |
| 5 | Financials | 1.14% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Vanguard FTSE Emerging Markets ETF
VWO
$124B
| $3.22B | 29.5% |
78,890,113
+6,706,497
| +9% | +$272M |
|
|
2
iShares MSCI Emerging Markets ETF
EEM
$29.5B
| $2.34B | 21.43% |
56,530,086
+17,409,308
| +45% | +$709M |
|
|
3
State Street SPDR S&P 500 ETF Trust
SPY
$823B
| $2.32B | 21.25% |
9,596,593
-275,836
| -3% | -$66.1M |
|
4
iShares Core MSCI Emerging Markets ETF
IEMG
$156B
| $345M | 3.16% |
6,898,234
+1,185,178
| +21% | +$58.5M |
|
5
iShares MSCI Brazil ETF
EWZ
$8.95B
| $214M | 1.96% |
6,263,655
+374,414
| +6% | +$13.5M |
|
6
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$33B
| $176M | 1.62% |
1,464,025
+472,370
| +48% | +$56.5M |
|
7
iShares MSCI South Korea ETF
EWY
$24.1B
| $152M | 1.39% |
2,242,611
+347,402
| +18% | +$22.6M |
|
|
8
iShares TIPS Bond ETF
TIP
$14.5B
| $140M | 1.28% |
+1,233,390
| New | +$141M |
|
9
iShares Core S&P 500 ETF
IVV
$902B
| $100M | 0.92% |
411,309
+236,309
| +135% | +$57M |
|
|
10
iShares 20+ Year Treasury Bond ETF
TLT
$41.7B
| $92.2M | 0.84% |
+736,892
| New | +$91.1M |
|
|
11
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$16.6B
| $87.3M | 0.8% |
987,784
+896,981
| +988% | +$79M |
|
12
iShares JPMorgan USD Emerging Markets Bond ETF
EMB
$14.7B
| $77.7M | 0.71% |
+679,266
| New | +$78M |
|
13
SPDR Gold Trust
GLD
$141B
| $68.1M | 0.62% |
+577,264
| New | +$69.1M |
|
14
Vanguard FTSE Developed Markets ETF
VEA
$236B
| $57.7M | 0.53% |
+1,397,315
| New | +$57M |
|
15
iShares MSCI EAFE ETF
EFA
$80.2B
| $57.4M | 0.53% |
+881,086
| New | +$57M |
|
16
iShares Core MSCI EAFE ETF
IEFA
$196B
| $51M | 0.47% |
+838,376
| New | +$50.6M |
|
|
SWN
17
DELISTED
Southwestern Energy Company
SWN
| $50.1M | 0.46% |
8,234,921
+4,449,396
| +118% | +$30.7M |
|
|
ESRX
18
DELISTED
Express Scripts Holding Company
ESRX
| $39.1M | 0.36% |
612,525
+72,684
| +13% | +$4.57M |
|
19
iShares Gold Trust
IAU
$67.5B
| $36.8M | 0.34% |
+1,541,585
| New | +$37.3M |
|
20
Macy's
M
$6.68B
| $35.7M | 0.33% |
1,535,972
+505,200
| +49% | +$12.9M |
|
21
iShares MSCI Taiwan ETF
EWT
$10.7B
| $35.1M | 0.32% |
+982,371
| New | +$33.7M |
|
22
Intel
INTC
$513B
| $32.4M | 0.3% |
959,518
+276,656
| +41% | +$9.9M |
|
|
BBBY
23
DELISTED
Bed Bath & Beyond Inc
BBBY
| $31.7M | 0.29% |
1,041,747
+632,119
| +154% | +$22.8M |
|
24
Devon Energy
DVN
$47.3B
| $28.2M | 0.26% |
880,996
+310,222
| +54% | +$11.3M |
|
|
CHK
25
DELISTED
Chesapeake Energy Corporation
CHK
| $26.1M | 0.24% |
+26,269
| New | +$28.2M |
|
Similar funds
Ray Dalio's Q2 2017 Portfolio in Review
As of Q2 2017, Ray Dalio held 410 positions worth $10.9B, up 24% from $8.82B the previous quarter. Its ten largest holdings account for 83% of the portfolio.
Ray Dalio deployed $1.94B of net new capital in Q2 2017, opening 174 new positions and adding to 72 existing holdings. Its largest new stake was iShares TIPS Bond ETF: 1,233,390 shares worth $140M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 2.4% of assets, up from 2.2% 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 $66.1M trimmed.
- Ray Dalio's largest Q2 2017 buy was iShares TIPS Bond ETF: 1,233,390 shares worth $140M.
- Ray Dalio added most to iShares MSCI Emerging Markets ETF in Q2 2017, an estimated $709M increase.
- Ray Dalio's biggest Q2 2017 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $66.1M.
- Ray Dalio fully exited Walt Disney in Q2 2017, selling an estimated $14.7M.
- Ray Dalio's ten largest holdings make up 83% of its $10.9B portfolio in Q2 2017.
- Ray Dalio opened 174 new positions and closed 67 in Q2 2017.
- Ray Dalio's portfolio value rose 24% quarter-over-quarter to $10.9B.
Based on Bridgewater Associates's 13F filing for Q2 2017, filed 10 Aug 2017.