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
|
+$89.7M |
| 2 |
Cummins
CMI
|
+$35.2M |
| 3 |
Royal Bank of Canada
RY
|
+$32.9M |
| 4 |
Toll Brothers
TOL
|
+$32.7M |
| 5 |
Toronto Dominion Bank
TD
|
+$31.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Emerging Markets ETF
EEM
|
+$188M |
| 2 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$147M |
| 3 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$76M |
| 4 |
NFX
Newfield Exploration
NFX
|
+$32.1M |
| 5 |
Procter & Gamble
PG
|
+$30.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 3.42% |
| 2 | Healthcare | 2.95% |
| 3 | Consumer Discretionary | 2.83% |
| 4 | Energy | 2.39% |
| 5 | Industrials | 2.01% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
State Street SPDR S&P 500 ETF Trust
SPY
$823B
| $2.27B | 22.72% |
8,382,986
-545,037
| -6% | -$147M |
|
|
2
Vanguard FTSE Emerging Markets ETF
VWO
$124B
| $2.11B | 21.04% |
49,907,024
-1,682,087
| -3% | -$76M |
|
|
3
iShares Core MSCI Emerging Markets ETF
IEMG
$156B
| $554M | 5.53% |
10,543,478
+1,600,431
| +18% | +$89.7M |
|
4
SPDR Gold Trust
GLD
$141B
| $464M | 4.63% |
3,908,999
| – | – |
|
|
5
iShares MSCI Emerging Markets ETF
EEM
$29.5B
| $322M | 3.22% |
7,428,501
-4,062,352
| -35% | -$188M |
|
6
iShares MSCI Brazil ETF
EWZ
$8.95B
| $294M | 2.93% |
9,160,838
+808,488
| +10% | +$31.1M |
|
7
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$33B
| $287M | 2.86% |
2,502,134
| – | – |
|
8
iShares 20+ Year Treasury Bond ETF
TLT
$41.7B
| $240M | 2.4% |
1,973,849
| – | – |
|
9
iShares Core S&P 500 ETF
IVV
$902B
| $220M | 2.2% |
804,993
| – | – |
|
10
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$16.6B
| $214M | 2.14% |
2,518,163
| – | – |
|
11
iShares JPMorgan USD Emerging Markets Bond ETF
EMB
$14.7B
| $188M | 1.88% |
1,762,022
| – | – |
|
12
Vanguard FTSE Developed Markets ETF
VEA
$236B
| $166M | 1.66% |
3,865,979
| – | – |
|
13
iShares MSCI EAFE ETF
EFA
$80.2B
| $164M | 1.64% |
2,448,104
| – | – |
|
14
iShares Core MSCI EAFE ETF
IEFA
$196B
| $151M | 1.51% |
2,386,437
| – | – |
|
15
iShares Gold Trust
IAU
$67.5B
| $136M | 1.36% |
5,657,893
| – | – |
|
16
iShares TIPS Bond ETF
TIP
$14.5B
| $126M | 1.26% |
1,120,184
| – | – |
|
|
17
Royal Bank of Canada
RY
$293B
| $45M | 0.45% |
598,476
+429,755
| +255% | +$32.9M |
|
18
CVS Health
CVS
$122B
| $45M | 0.45% |
698,767
+28,583
| +4% | +$1.88M |
|
|
19
Toronto Dominion Bank
TD
$200B
| $44.3M | 0.44% |
765,681
+552,984
| +260% | +$31.6M |
|
|
CELG
20
DELISTED
Celgene Corp
CELG
| $43.4M | 0.43% |
546,369
+94,005
| +21% | +$7.81M |
|
21
AT&T
T
$163B
| $40.8M | 0.41% |
1,682,067
+291,466
| +21% | +$7.32M |
|
|
WBA
22
DELISTED
Walgreens Boots Alliance
WBA
| $39.5M | 0.39% |
657,649
+343,062
| +109% | +$22.1M |
|
|
23
Toll Brothers
TOL
$14.5B
| $38M | 0.38% |
1,027,048
+798,617
| +350% | +$32.7M |
|
24
Cardinal Health
CAH
$55.4B
| $36.8M | 0.37% |
752,906
+146,124
| +24% | +$8.29M |
|
25
iShares MSCI Taiwan ETF
EWT
$10.7B
| $35.3M | 0.35% |
980,530
-8
| -0% | -$295 |
|
Similar funds
Ray Dalio's Q2 2018 Portfolio in Review
As of Q2 2018, Ray Dalio held 552 positions worth $10B, down 4.6% from $10.5B the previous quarter. Its ten largest holdings account for 70% of the portfolio.
Ray Dalio's Q2 2018 filing shows 92 new, 126 increased, 226 reduced and 92 closed positions. Its largest new stake was Cummins: 235,261 shares worth $31.3M. The largest sale was iShares MSCI Emerging Markets ETF, an estimated $188M.
By sector, the portfolio is most concentrated in Financials at 3.4% of assets, up from 2% a quarter earlier, followed by Healthcare and Consumer Discretionary.
- Ray Dalio's largest Q2 2018 buy was Cummins: 235,261 shares worth $31.3M.
- Ray Dalio added most to iShares Core MSCI Emerging Markets ETF in Q2 2018, an estimated $89.7M increase.
- Ray Dalio's biggest Q2 2018 reduction was iShares MSCI Emerging Markets ETF, cutting an estimated $188M.
- Ray Dalio fully exited Procter & Gamble in Q2 2018, selling an estimated $30.9M.
- Ray Dalio's ten largest holdings make up 70% of its $10B portfolio in Q2 2018.
- Ray Dalio opened 92 new positions and closed 92 in Q2 2018.
- Ray Dalio's portfolio value fell 4.6% quarter-over-quarter to $10B.
Based on Bridgewater Associates's 13F filing for Q2 2018, filed 13 Aug 2018.