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Ray Dalio Bridgewater Associates
AUM
$24.4B
Turnover
34.99%
1-Year Est. Return
40.93%
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.
This Fund
S&P 500
This Quarter Est. Return
+5.83%
1 Year Est. Return
+40.93%
3 Year Est. Return
+115.6%
5 Year Est. Return
+119.57%
10 Year Est. Return
+292.04%
AUM
$14.9B
AUM Growth
+$3.99B
(+37%)
Cap. Flow
+$3.33B
Cap. Flow % of AUM
Cap. Flow %
22.32%
Top 10 Holdings %
Top 10 Hldgs %
82.14%
Holding
426
New
83
Increased
81
Reduced
92
Closed
140
Avg Time Held
1.2
years
Top 10 Avg Time Held
2
years
Top 20 Avg Time Held
1.4
years
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 |
Chesapeake Energy Corporation
CHK
|
+$26.1M |
| 4 |
Southwestern Energy Company
SWN
|
+$24.4M |
| 5 |
Intel
INTC
|
+$21.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 89.78% |
| 2 | Consumer Discretionary | 1.98% |
| 3 | Healthcare | 1.55% |
| 4 | Financials | 1.2% |
| 5 | Technology | 1.11% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Vanguard FTSE Emerging Markets ETF
VWO
$117B
| $3.85B | 25.82% |
88,342,418
+9,452,305
| +12% | +$409M |
2013 Q2
17 quarters
|
|
|
2
iShares MSCI Emerging Markets ETF
EEM
$27.5B
| $2.93B | 19.67% |
65,439,008
+8,908,922
| +16% | +$392M |
2013 Q2
17 quarters
|
|
|
3
State Street SPDR S&P 500 ETF Trust
SPY
$777B
| $2.38B | 15.98% |
9,483,331
-113,262
| -1% | -$27.9M |
2013 Q2
17 quarters
|
|
|
4
iShares Core MSCI Emerging Markets ETF
IEMG
$142B
| $1.34B | 8.98% |
24,792,771
+17,894,537
| +259% | +$949M |
2016 Q3
4 quarters
|
|
|
5
SPDR Gold Trust
GLD
$136B
| $474M | 3.18% |
3,894,908
+3,317,644
| +575% | +$403M |
2017 Q2
1 quarter
|
|
6
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$30.7B
| $294M | 1.97% |
2,421,962
+957,937
| +65% | +$116M |
2013 Q2
17 quarters
|
|
7
iShares MSCI Brazil ETF
EWZ
$9.5B
| $284M | 1.9% |
6,803,375
+539,720
| +9% | +$21.1M |
2016 Q1
6 quarters
|
|
|
8
iShares 20+ Year Treasury Bond ETF
TLT
$47.7B
| $261M | 1.75% |
2,094,929
+1,358,037
| +184% | +$171M |
2017 Q2
1 quarter
|
|
9
iShares TIPS Bond ETF
TIP
$14.6B
| $220M | 1.47% |
1,933,744
+700,354
| +57% | +$79.7M |
2017 Q2
1 quarter
|
|
10
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$17.6B
| $209M | 1.4% |
2,351,829
+1,364,045
| +138% | +$120M |
2016 Q2
5 quarters
|
|
11
iShares JPMorgan USD Emerging Markets Bond ETF
EMB
$13.4B
| $207M | 1.39% |
1,776,559
+1,097,293
| +162% | +$127M |
2017 Q2
1 quarter
|
|
12
iShares Core S&P 500 ETF
IVV
$847B
| $207M | 1.39% |
816,723
+405,414
| +99% | +$101M |
2013 Q2
17 quarters
|
|
13
Vanguard FTSE Developed Markets ETF
VEA
$223B
| $168M | 1.13% |
3,866,359
+2,469,044
| +177% | +$105M |
2017 Q2
1 quarter
|
|
14
iShares MSCI EAFE ETF
EFA
$75.6B
| $168M | 1.12% |
2,448,346
+1,567,260
| +178% | +$105M |
2017 Q2
1 quarter
|
|
15
iShares Core MSCI EAFE ETF
IEFA
$187B
| $153M | 1.03% |
2,386,694
+1,548,318
| +185% | +$96.9M |
2017 Q2
1 quarter
|
|
16
iShares Gold Trust
IAU
$60.2B
| $139M | 0.93% |
5,640,497
+4,098,912
| +266% | +$101M |
2017 Q2
1 quarter
|
|
|
17
iShares MSCI South Korea ETF
EWY
$20.1B
| $62.3M | 0.42% |
901,889
-1,340,722
| -60% | -$92.2M |
2016 Q3
4 quarters
|
|
18
Kroger
KR
$40B
| $42.3M | 0.28% |
2,108,925
+1,574,475
| +295% | +$35.5M |
2017 Q1
2 quarters
|
|
|
ESRX
19
DELISTED
Express Scripts Holding Company
ESRX
| $37.8M | 0.25% |
596,933
-15,592
| -3% | -$969K |
2013 Q2
17 quarters
|
|
20
iShares MSCI Taiwan ETF
EWT
$9.7B
| $35.5M | 0.24% |
982,371
| – | – |
2017 Q2
1 quarter
|
|
21
Macy's
M
$6.03B
| $32.2M | 0.22% |
1,476,073
-59,899
| -4% | -$1.32M |
2013 Q2
17 quarters
|
|
|
BBBY
22
DELISTED
Bed Bath & Beyond Inc
BBBY
| $31.4M | 0.21% |
1,336,054
+294,307
| +28% | +$8.25M |
2014 Q2
13 quarters
|
|
23
Bread Financial
BFH
$3.87B
| $29.1M | 0.2% |
164,660
+107,134
| +186% | +$19.9M |
2015 Q3
8 quarters
|
|
24
GameStop
GME
$12.7B
| $26.7M | 0.18% |
5,161,984
+611,732
| +13% | +$3.17M |
2016 Q3
4 quarters
|
|
|
25
DELISTED
Southwestern Energy Company
SWN
| $24M | 0.16% |
3,926,863
-4,308,058
| -52% | -$24.4M |
2016 Q3
4 quarters
|
|
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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 Miscellaneous at 90% of assets, up from 88% a quarter earlier, followed by Consumer Discretionary and Healthcare.
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.