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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
-3.67%
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
$10B
AUM Growth
-$477M
(-4.6%)
Cap. Flow
-$25.7M
Cap. Flow % of AUM
Cap. Flow %
-0.26%
Top 10 Holdings %
Top 10 Hldgs %
69.68%
Holding
552
New
92
Increased
126
Reduced
226
Closed
92
Avg Time Held
1
year
Top 10 Avg Time Held
2.7
years
Top 20 Avg Time Held
1.9
years
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 |
Newfield Exploration
NFX
|
+$32.1M |
| 5 |
Procter & Gamble
PG
|
+$30.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 79.42% |
| 2 | Financials | 3.42% |
| 3 | Healthcare | 2.97% |
| 4 | Consumer Discretionary | 2.89% |
| 5 | Energy | 2.44% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
State Street SPDR S&P 500 ETF Trust
SPY
$777B
| $2.27B | 22.72% |
8,382,986
-545,037
| -6% | -$147M |
2013 Q2
20 quarters
|
|
|
2
Vanguard FTSE Emerging Markets ETF
VWO
$117B
| $2.11B | 21.04% |
49,907,024
-1,682,087
| -3% | -$76M |
2013 Q2
20 quarters
|
|
|
3
iShares Core MSCI Emerging Markets ETF
IEMG
$142B
| $554M | 5.53% |
10,543,478
+1,600,431
| +18% | +$89.7M |
2016 Q3
7 quarters
|
|
4
SPDR Gold Trust
GLD
$136B
| $464M | 4.63% |
3,908,999
| – | – |
2017 Q2
4 quarters
|
|
|
5
iShares MSCI Emerging Markets ETF
EEM
$27.5B
| $322M | 3.22% |
7,428,501
-4,062,352
| -35% | -$188M |
2013 Q2
20 quarters
|
|
6
iShares MSCI Brazil ETF
EWZ
$9.5B
| $294M | 2.93% |
9,160,838
+808,488
| +10% | +$31.1M |
2016 Q1
9 quarters
|
|
7
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$30.7B
| $287M | 2.86% |
2,502,134
| – | – |
2013 Q2
20 quarters
|
|
8
iShares 20+ Year Treasury Bond ETF
TLT
$47.7B
| $240M | 2.4% |
1,973,849
| – | – |
2017 Q2
4 quarters
|
|
9
iShares Core S&P 500 ETF
IVV
$847B
| $220M | 2.2% |
804,993
| – | – |
2013 Q2
20 quarters
|
|
10
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$17.6B
| $214M | 2.14% |
2,518,163
| – | – |
2016 Q2
8 quarters
|
|
11
iShares JPMorgan USD Emerging Markets Bond ETF
EMB
$13.4B
| $188M | 1.88% |
1,762,022
| – | – |
2017 Q2
4 quarters
|
|
12
Vanguard FTSE Developed Markets ETF
VEA
$223B
| $166M | 1.66% |
3,865,979
| – | – |
2017 Q2
4 quarters
|
|
13
iShares MSCI EAFE ETF
EFA
$75.6B
| $164M | 1.64% |
2,448,104
| – | – |
2017 Q2
4 quarters
|
|
14
iShares Core MSCI EAFE ETF
IEFA
$187B
| $151M | 1.51% |
2,386,437
| – | – |
2017 Q2
4 quarters
|
|
15
iShares Gold Trust
IAU
$60.2B
| $136M | 1.36% |
5,657,893
| – | – |
2017 Q2
4 quarters
|
|
16
iShares TIPS Bond ETF
TIP
$14.6B
| $126M | 1.26% |
1,120,184
| – | – |
2017 Q2
4 quarters
|
|
|
17
Royal Bank of Canada
RY
$278B
| $45M | 0.45% |
598,476
+429,755
| +255% | +$32.9M |
2017 Q2
4 quarters
|
|
18
CVS Health
CVS
$107B
| $45M | 0.45% |
698,767
+28,583
| +4% | +$1.88M |
2017 Q4
2 quarters
|
|
|
19
Toronto Dominion Bank
TD
$200B
| $44.3M | 0.44% |
765,681
+552,984
| +260% | +$31.6M |
2017 Q2
4 quarters
|
|
|
CELG
20
DELISTED
Celgene Corp
CELG
| $43.4M | 0.43% |
546,369
+94,005
| +21% | +$7.81M |
2017 Q1
5 quarters
|
|
21
AT&T
T
$146B
| $40.8M | 0.41% |
1,682,067
+291,466
| +21% | +$7.32M |
2017 Q1
5 quarters
|
|
22
DELISTED
Walgreens Boots Alliance
WBA
| $39.5M | 0.39% |
657,649
+343,062
| +109% | +$22.1M |
2017 Q1
5 quarters
|
|
|
23
Toll Brothers
TOL
$14.1B
| $38M | 0.38% |
1,027,048
+798,617
| +350% | +$32.7M |
2018 Q1
1 quarter
|
|
24
Cardinal Health
CAH
$62.8B
| $36.8M | 0.37% |
752,906
+146,124
| +24% | +$8.29M |
2017 Q4
2 quarters
|
|
25
iShares MSCI Taiwan ETF
EWT
$9.7B
| $35.3M | 0.35% |
980,530
-8
| -0% | -$295 |
2017 Q2
4 quarters
|
|
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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 Miscellaneous at 79% of assets, down from 83% a quarter earlier, followed by Financials and Healthcare.
- 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.