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 |
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
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 | Healthcare | 1.72% |
| 2 | Consumer Discretionary | 1.46% |
| 3 | Financials | 1.05% |
| 4 | Materials | 0.96% |
| 5 | Energy | 0.92% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Vanguard FTSE Emerging Markets ETF
VWO
$124B
| $3.17B | 25.92% |
68,962,380
-19,380,038
| -22% | -$866M |
|
2
State Street SPDR S&P 500 ETF Trust
SPY
$823B
| $2.53B | 20.68% |
9,466,201
-17,130
| -0.2% | -$4.45M |
|
|
3
iShares MSCI Emerging Markets ETF
EEM
$29.5B
| $1.54B | 12.58% |
32,615,729
-32,823,279
| -50% | -$1.52B |
|
|
4
iShares Core MSCI Emerging Markets ETF
IEMG
$156B
| $885M | 7.25% |
15,553,096
-9,239,675
| -37% | -$516M |
|
5
SPDR Gold Trust
GLD
$141B
| $483M | 3.96% |
3,908,999
+14,091
| +0.4% | +$1.71M |
|
|
6
iShares MSCI Brazil ETF
EWZ
$8.95B
| $313M | 2.56% |
7,727,872
+924,497
| +14% | +$37.4M |
|
7
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$33B
| $301M | 2.46% |
2,474,272
+52,310
| +2% | +$6.33M |
|
8
iShares 20+ Year Treasury Bond ETF
TLT
$41.7B
| $268M | 2.2% |
2,114,274
+19,345
| +0.9% | +$2.43M |
|
9
iShares TIPS Bond ETF
TIP
$14.5B
| $221M | 1.81% |
1,940,184
+6,440
| +0.3% | +$732K |
|
10
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$16.6B
| $221M | 1.81% |
2,528,084
+176,255
| +7% | +$15.5M |
|
11
iShares Core S&P 500 ETF
IVV
$902B
| $218M | 1.79% |
811,273
-5,450
| -0.7% | -$1.43M |
|
12
iShares JPMorgan USD Emerging Markets Bond ETF
EMB
$14.7B
| $207M | 1.69% |
1,779,997
+3,438
| +0.2% | +$398K |
|
13
Vanguard FTSE Developed Markets ETF
VEA
$236B
| $173M | 1.42% |
3,866,359
| – | – |
|
14
iShares MSCI EAFE ETF
EFA
$80.2B
| $172M | 1.41% |
2,448,346
| – | – |
|
15
iShares Core MSCI EAFE ETF
IEFA
$196B
| $158M | 1.29% |
2,386,694
| – | – |
|
16
iShares Gold Trust
IAU
$67.5B
| $142M | 1.16% |
5,657,893
+17,396
| +0.3% | +$427K |
|
|
17
PG&E
PCG
$38.5B
| $38M | 0.31% |
+846,531
| New | +$47.4M |
|
18
iShares MSCI Taiwan ETF
EWT
$10.7B
| $35.5M | 0.29% |
980,509
-1,862
| -0.2% | -$69.1K |
|
19
iShares MSCI South Korea ETF
EWY
$24.1B
| $33.5M | 0.27% |
446,669
-455,220
| -50% | -$33.7M |
|
|
20
CVS Health
CVS
$122B
| $30.5M | 0.25% |
+420,695
| New | +$30.6M |
|
|
CELG
21
DELISTED
Celgene Corp
CELG
| $30.3M | 0.25% |
290,776
+205,490
| +241% | +$23.2M |
|
|
22
Cardinal Health
CAH
$55.4B
| $29.1M | 0.24% |
+475,692
| New | +$29.4M |
|
|
WBA
23
DELISTED
Walgreens Boots Alliance
WBA
| $28.6M | 0.23% |
393,897
+283,004
| +255% | +$19.9M |
|
24
GameStop
GME
$8.6B
| $26.5M | 0.22% |
5,910,044
+748,060
| +14% | +$3.49M |
|
|
SWN
25
DELISTED
Southwestern Energy Company
SWN
| $25.1M | 0.21% |
4,496,246
+569,383
| +14% | +$3.31M |
|
Similar funds
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 Healthcare at 1.7% of assets, up from 1.5% a quarter earlier, followed by Consumer Discretionary and Financials.
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.