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 |
NFX
Newfield Exploration
NFX
|
+$44.6M |
| 2 |
Meta Platforms (Facebook)
META
|
+$35.1M |
| 3 |
XEC
CIMAREX ENERGY CO
XEC
|
+$33M |
| 4 |
AT&T
T
|
+$30.8M |
| 5 |
iShares MSCI Brazil ETF
EWZ
|
+$27.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Emerging Markets ETF
EEM
|
+$1.04B |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$833M |
| 3 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$391M |
| 4 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$147M |
| 5 |
iShares TIPS Bond ETF
TIP
|
+$92.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 3.02% |
| 2 | Energy | 2.11% |
| 3 | Consumer Discretionary | 2.02% |
| 4 | Financials | 1.95% |
| 5 | Consumer Staples | 1.45% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Vanguard FTSE Emerging Markets ETF
VWO
$124B
| $2.42B | 23.11% |
51,589,111
-17,373,269
| -25% | -$833M |
|
|
2
State Street SPDR S&P 500 ETF Trust
SPY
$823B
| $2.35B | 22.41% |
8,928,023
-538,178
| -6% | -$147M |
|
|
3
iShares MSCI Emerging Markets ETF
EEM
$29.5B
| $555M | 5.29% |
11,490,853
-21,124,876
| -65% | -$1.04B |
|
|
4
iShares Core MSCI Emerging Markets ETF
IEMG
$156B
| $522M | 4.98% |
8,943,047
-6,610,049
| -42% | -$391M |
|
5
SPDR Gold Trust
GLD
$141B
| $492M | 4.69% |
3,908,999
| – | – |
|
|
6
iShares MSCI Brazil ETF
EWZ
$8.95B
| $375M | 3.57% |
8,352,350
+624,478
| +8% | +$27.9M |
|
7
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$33B
| $294M | 2.8% |
2,502,134
+27,862
| +1% | +$3.29M |
|
8
iShares 20+ Year Treasury Bond ETF
TLT
$41.7B
| $241M | 2.29% |
1,973,849
-140,425
| -7% | -$17M |
|
9
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$16.6B
| $216M | 2.06% |
2,518,163
-9,921
| -0.4% | -$857K |
|
10
iShares Core S&P 500 ETF
IVV
$902B
| $214M | 2.04% |
804,993
-6,280
| -0.8% | -$1.73M |
|
11
iShares JPMorgan USD Emerging Markets Bond ETF
EMB
$14.7B
| $199M | 1.9% |
1,762,022
-17,975
| -1% | -$2.04M |
|
12
Vanguard FTSE Developed Markets ETF
VEA
$236B
| $171M | 1.63% |
3,865,979
-380
| -0% | -$17.2K |
|
13
iShares MSCI EAFE ETF
EFA
$80.2B
| $171M | 1.63% |
2,448,104
-242
| -0% | -$17.3K |
|
14
iShares Core MSCI EAFE ETF
IEFA
$196B
| $157M | 1.5% |
2,386,437
-257
| -0% | -$17.3K |
|
15
iShares Gold Trust
IAU
$67.5B
| $144M | 1.37% |
5,657,893
| – | – |
|
|
16
iShares TIPS Bond ETF
TIP
$14.5B
| $127M | 1.21% |
1,120,184
-820,000
| -42% | -$92.3M |
|
|
NFX
17
DELISTED
Newfield Exploration
NFX
| $44.1M | 0.42% |
1,806,996
+1,590,824
| +736% | +$44.6M |
|
18
CVS Health
CVS
$122B
| $41.7M | 0.4% |
670,184
+249,489
| +59% | +$17.9M |
|
|
CELG
19
DELISTED
Celgene Corp
CELG
| $40.4M | 0.38% |
452,364
+161,588
| +56% | +$15.5M |
|
20
PG&E
PCG
$38.5B
| $40.1M | 0.38% |
912,491
+65,960
| +8% | +$2.8M |
|
|
SWN
21
DELISTED
Southwestern Energy Company
SWN
| $40M | 0.38% |
9,246,099
+4,749,853
| +106% | +$21.3M |
|
22
GameStop
GME
$8.6B
| $39.7M | 0.38% |
12,577,508
+6,667,464
| +113% | +$27.2M |
|
23
Cardinal Health
CAH
$55.4B
| $38M | 0.36% |
606,782
+131,090
| +28% | +$8.99M |
|
24
iShares MSCI Taiwan ETF
EWT
$10.7B
| $37.6M | 0.36% |
980,538
+29
| +0% | +$1.09K |
|
|
25
AT&T
T
$163B
| $37.4M | 0.36% |
1,390,601
+1,105,633
| +388% | +$30.8M |
|
Similar funds
Ray Dalio's Q1 2018 Portfolio in Review
As of Q1 2018, Ray Dalio held 508 positions worth $10.5B, down 14% from $12.2B the previous quarter. Its ten largest holdings account for 73% of the portfolio.
Ray Dalio withdrew a net $1.74B in Q1 2018, closing 48 positions and reducing 116 holdings. Its most notable exit was Costco, an estimated $15.6M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 3% of assets, up from 1.7% a quarter earlier, followed by Energy and Consumer Discretionary.
Against the trend, Ray Dalio opened a new position in Biogen worth $21.1M.
- Ray Dalio's largest Q1 2018 buy was Biogen: 77,197 shares worth $21.1M.
- Ray Dalio added most to Newfield Exploration in Q1 2018, an estimated $44.6M increase.
- Ray Dalio's biggest Q1 2018 reduction was iShares MSCI Emerging Markets ETF, cutting an estimated $1.04B.
- Ray Dalio fully exited Costco in Q1 2018, selling an estimated $15.6M.
- Ray Dalio's ten largest holdings make up 73% of its $10.5B portfolio in Q1 2018.
- Ray Dalio opened 262 new positions and closed 48 in Q1 2018.
- Ray Dalio's portfolio value fell 14% quarter-over-quarter to $10.5B.
Based on Bridgewater Associates's 13F filing for Q1 2018, filed 15 May 2018.