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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
+4.04%
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
$12.2B
AUM Growth
-$2.69B
(-18%)
Cap. Flow
-$3.26B
Cap. Flow % of AUM
Cap. Flow %
-26.67%
Top 10 Holdings %
Top 10 Hldgs %
81.22%
Holding
337
New
51
Increased
54
Reduced
136
Closed
91
Avg Time Held
1.4
years
Top 10 Avg Time Held
2.3
years
Top 20 Avg Time Held
1.6
years
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
PG&E
PCG
|
+$47.4M |
| 2 |
iShares MSCI Brazil ETF
EWZ
|
+$37.4M |
| 3 |
CVS Health
CVS
|
+$30.6M |
| 4 |
Cardinal Health
CAH
|
+$29.4M |
| 5 |
PPL Corp
PPL
|
+$24.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Emerging Markets ETF
EEM
|
+$1.52B |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$866M |
| 3 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$516M |
| 4 |
Kroger
KR
|
+$42.3M |
| 5 |
ESRX
Express Scripts Holding Company
ESRX
|
+$36.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 90.54% |
| 2 | Healthcare | 1.72% |
| 3 | Consumer Discretionary | 1.47% |
| 4 | Financials | 1.05% |
| 5 | Materials | 0.99% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Vanguard FTSE Emerging Markets ETF
VWO
$117B
| $3.17B | 25.92% |
68,962,380
-19,380,038
| -22% | -$866M |
2013 Q2
18 quarters
|
|
2
State Street SPDR S&P 500 ETF Trust
SPY
$777B
| $2.53B | 20.68% |
9,466,201
-17,130
| -0.2% | -$4.45M |
2013 Q2
18 quarters
|
|
|
3
iShares MSCI Emerging Markets ETF
EEM
$27.5B
| $1.54B | 12.58% |
32,615,729
-32,823,279
| -50% | -$1.52B |
2013 Q2
18 quarters
|
|
|
4
iShares Core MSCI Emerging Markets ETF
IEMG
$142B
| $885M | 7.25% |
15,553,096
-9,239,675
| -37% | -$516M |
2016 Q3
5 quarters
|
|
5
SPDR Gold Trust
GLD
$136B
| $483M | 3.96% |
3,908,999
+14,091
| +0.4% | +$1.71M |
2017 Q2
2 quarters
|
|
|
6
iShares MSCI Brazil ETF
EWZ
$9.5B
| $313M | 2.56% |
7,727,872
+924,497
| +14% | +$37.4M |
2016 Q1
7 quarters
|
|
7
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$30.7B
| $301M | 2.46% |
2,474,272
+52,310
| +2% | +$6.33M |
2013 Q2
18 quarters
|
|
8
iShares 20+ Year Treasury Bond ETF
TLT
$47.7B
| $268M | 2.2% |
2,114,274
+19,345
| +0.9% | +$2.43M |
2017 Q2
2 quarters
|
|
9
iShares TIPS Bond ETF
TIP
$14.6B
| $221M | 1.81% |
1,940,184
+6,440
| +0.3% | +$732K |
2017 Q2
2 quarters
|
|
10
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$17.6B
| $221M | 1.81% |
2,528,084
+176,255
| +7% | +$15.5M |
2016 Q2
6 quarters
|
|
11
iShares Core S&P 500 ETF
IVV
$847B
| $218M | 1.79% |
811,273
-5,450
| -0.7% | -$1.43M |
2013 Q2
18 quarters
|
|
12
iShares JPMorgan USD Emerging Markets Bond ETF
EMB
$13.4B
| $207M | 1.69% |
1,779,997
+3,438
| +0.2% | +$398K |
2017 Q2
2 quarters
|
|
13
Vanguard FTSE Developed Markets ETF
VEA
$223B
| $173M | 1.42% |
3,866,359
| – | – |
2017 Q2
2 quarters
|
|
14
iShares MSCI EAFE ETF
EFA
$75.6B
| $172M | 1.41% |
2,448,346
| – | – |
2017 Q2
2 quarters
|
|
15
iShares Core MSCI EAFE ETF
IEFA
$187B
| $158M | 1.29% |
2,386,694
| – | – |
2017 Q2
2 quarters
|
|
16
iShares Gold Trust
IAU
$60.2B
| $142M | 1.16% |
5,657,893
+17,396
| +0.3% | +$427K |
2017 Q2
2 quarters
|
|
|
17
PG&E
PCG
$28.6B
| $38M | 0.31% |
+846,531
| New | +$47.4M |
2017 Q4
0 quarters
|
|
18
iShares MSCI Taiwan ETF
EWT
$9.7B
| $35.5M | 0.29% |
980,509
-1,862
| -0.2% | -$69.1K |
2017 Q2
2 quarters
|
|
19
iShares MSCI South Korea ETF
EWY
$20.1B
| $33.5M | 0.27% |
446,669
-455,220
| -50% | -$33.7M |
2016 Q3
5 quarters
|
|
|
20
CVS Health
CVS
$107B
| $30.5M | 0.25% |
+420,695
| New | +$30.6M |
2017 Q4
0 quarters
|
|
|
CELG
21
DELISTED
Celgene Corp
CELG
| $30.3M | 0.25% |
290,776
+205,490
| +241% | +$23.2M |
2017 Q1
3 quarters
|
|
|
22
Cardinal Health
CAH
$62.8B
| $29.1M | 0.24% |
+475,692
| New | +$29.4M |
2017 Q4
0 quarters
|
|
23
DELISTED
Walgreens Boots Alliance
WBA
| $28.6M | 0.23% |
393,897
+283,004
| +255% | +$19.9M |
2017 Q1
3 quarters
|
|
24
GameStop
GME
$12.7B
| $26.5M | 0.22% |
5,910,044
+748,060
| +14% | +$3.49M |
2016 Q3
5 quarters
|
|
25
DELISTED
Southwestern Energy Company
SWN
| $25.1M | 0.21% |
4,496,246
+569,383
| +14% | +$3.31M |
2016 Q3
5 quarters
|
|
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Ray Dalio's Q4 2017 Portfolio in Review
As of Q4 2017, Ray Dalio held 337 positions worth $12.2B, down 18% from $14.9B the previous quarter. Its ten largest holdings account for 81% of the portfolio.
Ray Dalio withdrew a net $3.26B in Q4 2017, closing 91 positions and reducing 136 holdings. Its most notable exit was Kroger, an estimated $42.3M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 91% of assets, up from 90% a quarter earlier, followed by Healthcare and Consumer Discretionary.
Against the trend, Ray Dalio opened a new position in PG&E worth $38M.
- Ray Dalio's largest Q4 2017 buy was PG&E: 846,531 shares worth $38M.
- Ray Dalio added most to iShares MSCI Brazil ETF in Q4 2017, an estimated $37.4M increase.
- Ray Dalio's biggest Q4 2017 reduction was iShares MSCI Emerging Markets ETF, cutting an estimated $1.52B.
- Ray Dalio fully exited Kroger in Q4 2017, selling an estimated $42.3M.
- Ray Dalio's ten largest holdings make up 81% of its $12.2B portfolio in Q4 2017.
- Ray Dalio opened 51 new positions and closed 91 in Q4 2017.
- Ray Dalio's portfolio value fell 18% quarter-over-quarter to $12.2B.
Based on Bridgewater Associates's 13F filing for Q4 2017, filed 13 Feb 2018.