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 Core MSCI Emerging Markets ETF
IEMG
|
+$949M |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$409M |
| 3 |
SPDR Gold Trust
GLD
|
+$403M |
| 4 |
iShares MSCI Emerging Markets ETF
EEM
|
+$392M |
| 5 |
iShares 20+ Year Treasury Bond ETF
TLT
|
+$171M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI South Korea ETF
EWY
|
+$92.2M |
| 2 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$27.9M |
| 3 |
CHK
Chesapeake Energy Corporation
CHK
|
+$26.1M |
| 4 |
SWN
Southwestern Energy Company
SWN
|
+$24.4M |
| 5 |
Intel
INTC
|
+$21.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 1.98% |
| 2 | Healthcare | 1.54% |
| 3 | Financials | 1.2% |
| 4 | Technology | 1.1% |
| 5 | Energy | 1.02% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Vanguard FTSE Emerging Markets ETF
VWO
$124B
| $3.85B | 25.82% |
88,342,418
+9,452,305
| +12% | +$409M |
|
|
2
iShares MSCI Emerging Markets ETF
EEM
$29.5B
| $2.93B | 19.67% |
65,439,008
+8,908,922
| +16% | +$392M |
|
|
3
State Street SPDR S&P 500 ETF Trust
SPY
$823B
| $2.38B | 15.98% |
9,483,331
-113,262
| -1% | -$27.9M |
|
|
4
iShares Core MSCI Emerging Markets ETF
IEMG
$156B
| $1.34B | 8.98% |
24,792,771
+17,894,537
| +259% | +$949M |
|
|
5
SPDR Gold Trust
GLD
$141B
| $474M | 3.18% |
3,894,908
+3,317,644
| +575% | +$403M |
|
6
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$33B
| $294M | 1.97% |
2,421,962
+957,937
| +65% | +$116M |
|
7
iShares MSCI Brazil ETF
EWZ
$8.95B
| $284M | 1.9% |
6,803,375
+539,720
| +9% | +$21.1M |
|
|
8
iShares 20+ Year Treasury Bond ETF
TLT
$41.7B
| $261M | 1.75% |
2,094,929
+1,358,037
| +184% | +$171M |
|
9
iShares TIPS Bond ETF
TIP
$14.5B
| $220M | 1.47% |
1,933,744
+700,354
| +57% | +$79.7M |
|
10
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$16.6B
| $209M | 1.4% |
2,351,829
+1,364,045
| +138% | +$120M |
|
11
iShares JPMorgan USD Emerging Markets Bond ETF
EMB
$14.7B
| $207M | 1.39% |
1,776,559
+1,097,293
| +162% | +$127M |
|
12
iShares Core S&P 500 ETF
IVV
$902B
| $207M | 1.39% |
816,723
+405,414
| +99% | +$101M |
|
13
Vanguard FTSE Developed Markets ETF
VEA
$236B
| $168M | 1.13% |
3,866,359
+2,469,044
| +177% | +$105M |
|
14
iShares MSCI EAFE ETF
EFA
$80.2B
| $168M | 1.12% |
2,448,346
+1,567,260
| +178% | +$105M |
|
15
iShares Core MSCI EAFE ETF
IEFA
$196B
| $153M | 1.03% |
2,386,694
+1,548,318
| +185% | +$96.9M |
|
16
iShares Gold Trust
IAU
$67.5B
| $139M | 0.93% |
5,640,497
+4,098,912
| +266% | +$101M |
|
|
17
iShares MSCI South Korea ETF
EWY
$24.1B
| $62.3M | 0.42% |
901,889
-1,340,722
| -60% | -$92.2M |
|
18
Kroger
KR
$34.8B
| $42.3M | 0.28% |
2,108,925
+1,574,475
| +295% | +$35.5M |
|
|
ESRX
19
DELISTED
Express Scripts Holding Company
ESRX
| $37.8M | 0.25% |
596,933
-15,592
| -3% | -$969K |
|
20
iShares MSCI Taiwan ETF
EWT
$10.7B
| $35.5M | 0.24% |
982,371
| – | – |
|
21
Macy's
M
$6.68B
| $32.2M | 0.22% |
1,476,073
-59,899
| -4% | -$1.32M |
|
|
BBBY
22
DELISTED
Bed Bath & Beyond Inc
BBBY
| $31.4M | 0.21% |
1,336,054
+294,307
| +28% | +$8.25M |
|
23
Bread Financial
BFH
$4.38B
| $29.1M | 0.2% |
164,660
+107,134
| +186% | +$19.9M |
|
24
GameStop
GME
$8.6B
| $26.7M | 0.18% |
5,161,984
+611,732
| +13% | +$3.17M |
|
|
SWN
25
DELISTED
Southwestern Energy Company
SWN
| $24M | 0.16% |
3,926,863
-4,308,058
| -52% | -$24.4M |
|
Similar funds
Ray Dalio's Q3 2017 Portfolio in Review
As of Q3 2017, Ray Dalio held 426 positions worth $14.9B, up 37% from $10.9B the previous quarter. Its ten largest holdings account for 82% of the portfolio.
Ray Dalio deployed $3.33B of net new capital in Q3 2017, opening 83 new positions and adding to 81 existing holdings. Its largest new stake was Quest Diagnostics: 208,121 shares worth $19.5M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 2% of assets, down from 2.4% a quarter earlier, followed by Healthcare and Financials.
On the sell side, the largest reduction was iShares MSCI South Korea ETF, an estimated $92.2M trimmed.
- Ray Dalio's largest Q3 2017 buy was Quest Diagnostics: 208,121 shares worth $19.5M.
- Ray Dalio added most to iShares Core MSCI Emerging Markets ETF in Q3 2017, an estimated $949M increase.
- Ray Dalio's biggest Q3 2017 reduction was iShares MSCI South Korea ETF, cutting an estimated $92.2M.
- Ray Dalio fully exited Chesapeake Energy Corporation in Q3 2017, selling an estimated $26.1M.
- Ray Dalio's ten largest holdings make up 82% of its $14.9B portfolio in Q3 2017.
- Ray Dalio opened 83 new positions and closed 140 in Q3 2017.
- Ray Dalio's portfolio value rose 37% quarter-over-quarter to $14.9B.
Based on Bridgewater Associates's 13F filing for Q3 2017, filed 13 Nov 2017.