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
|
+$43.1M |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$36M |
| 3 |
GE Aerospace
GE
|
+$25.9M |
| 4 |
iShares MSCI South Korea ETF
EWY
|
+$24.9M |
| 5 |
Intel
INTC
|
+$23.1M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Brazil ETF
EWZ
|
+$159M |
| 2 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$152M |
| 3 |
CVS Health
CVS
|
+$43.4M |
| 4 |
Walgreens Boots Alliance
WBA
|
+$37M |
| 5 |
Oracle
ORCL
|
+$36.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Miscellaneous | 81.38% |
| 2 | Financials | 3.43% |
| 3 | Consumer Discretionary | 3.34% |
| 4 | Energy | 2.25% |
| 5 | Healthcare | 1.95% |
| 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
$802B
| $2.28B | 23.64% |
7,849,878
-533,108
| -6% | -$152M |
2013 Q2
21 quarters
|
|
|
2
Vanguard FTSE Emerging Markets ETF
VWO
$121B
| $2.08B | 21.56% |
50,761,836
+854,812
| +2% | +$36M |
2013 Q2
21 quarters
|
|
|
3
iShares Core MSCI Emerging Markets ETF
IEMG
$148B
| $589M | 6.1% |
11,370,046
+826,568
| +8% | +$43.1M |
2016 Q3
8 quarters
|
|
4
SPDR Gold Trust
GLD
$134B
| $441M | 4.57% |
3,908,999
| – | – |
2017 Q2
5 quarters
|
|
5
iShares MSCI Emerging Markets ETF
EEM
$28.7B
| $341M | 3.53% |
7,937,172
+508,671
| +7% | +$22M |
2013 Q2
21 quarters
|
|
6
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$32.4B
| $288M | 2.98% |
2,502,134
| – | – |
2013 Q2
21 quarters
|
|
7
iShares Core S&P 500 ETF
IVV
$876B
| $236M | 2.44% |
804,993
| – | – |
2013 Q2
21 quarters
|
|
8
iShares 20+ Year Treasury Bond ETF
TLT
$48.2B
| $231M | 2.4% |
1,973,849
| – | – |
2017 Q2
5 quarters
|
|
9
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$18B
| $218M | 2.25% |
2,518,163
| – | – |
2016 Q2
9 quarters
|
|
10
iShares JPMorgan USD Emerging Markets Bond ETF
EMB
$13.7B
| $190M | 1.97% |
1,762,022
| – | – |
2017 Q2
5 quarters
|
|
11
Vanguard FTSE Developed Markets ETF
VEA
$230B
| $167M | 1.73% |
3,865,979
| – | – |
2017 Q2
5 quarters
|
|
12
iShares MSCI EAFE ETF
EFA
$77.3B
| $166M | 1.72% |
2,448,104
| – | – |
2017 Q2
5 quarters
|
|
13
iShares Core MSCI EAFE ETF
IEFA
$192B
| $153M | 1.58% |
2,386,437
| – | – |
2017 Q2
5 quarters
|
|
|
14
iShares MSCI Brazil ETF
EWZ
$9.41B
| $150M | 1.55% |
4,449,828
-4,711,010
| -51% | -$159M |
2016 Q1
10 quarters
|
|
15
iShares Gold Trust
IAU
$59.4B
| $129M | 1.34% |
5,657,893
| – | – |
2017 Q2
5 quarters
|
|
16
iShares TIPS Bond ETF
TIP
$14.4B
| $124M | 1.28% |
1,120,184
| – | – |
2017 Q2
5 quarters
|
|
17
Royal Bank of Canada
RY
$280B
| $56M | 0.58% |
699,313
+100,837
| +17% | +$7.91M |
2017 Q2
5 quarters
|
|
18
Toronto Dominion Bank
TD
$203B
| $54.3M | 0.56% |
893,616
+127,935
| +17% | +$7.62M |
2017 Q2
5 quarters
|
|
19
Toll Brothers
TOL
$13.8B
| $43.7M | 0.45% |
1,321,750
+294,702
| +29% | +$10.7M |
2018 Q1
2 quarters
|
|
|
CELG
20
DELISTED
Celgene Corp
CELG
| $38.1M | 0.39% |
426,026
-120,343
| -22% | -$10.6M |
2017 Q1
6 quarters
|
|
21
iShares MSCI Taiwan ETF
EWT
$10.4B
| $37M | 0.38% |
980,515
-15
| -0% | -$555 |
2017 Q2
5 quarters
|
|
22
Scotiabank
BNS
$113B
| $36.2M | 0.37% |
606,941
+86,174
| +17% | +$5.03M |
2017 Q2
5 quarters
|
|
23
DELISTED
US Steel
X
| $33.3M | 0.34% |
1,092,463
+585,678
| +116% | +$18.9M |
2017 Q3
4 quarters
|
|
|
24
iShares MSCI South Korea ETF
EWY
$21.6B
| $33.2M | 0.34% |
486,063
+376,602
| +344% | +$24.9M |
2016 Q3
8 quarters
|
|
25
Suncor Energy
SU
$79.1B
| $32.7M | 0.34% |
844,910
+111,480
| +15% | +$4.51M |
2013 Q2
21 quarters
|
|
Similar funds
Ray Dalio's Q3 2018 Portfolio in Review
As of Q3 2018, Ray Dalio held 523 positions worth $9.7B, down 3.5% from $10B the previous quarter. Its ten largest holdings account for 71% of the portfolio.
Ray Dalio withdrew a net $469M in Q3 2018, closing 169 positions and reducing 149 holdings. Its most notable exit was PG&E, an estimated $33M position sold in full.
By sector, the portfolio is most concentrated in Miscellaneous at 81% of assets, up from 79% a quarter earlier, followed by Financials and Consumer Discretionary.
Against the trend, Ray Dalio opened a new position in GE Aerospace worth $22.7M.
- Ray Dalio's largest Q3 2018 buy was GE Aerospace: 419,966 shares worth $22.7M.
- Ray Dalio added most to iShares Core MSCI Emerging Markets ETF in Q3 2018, an estimated $43.1M increase.
- Ray Dalio's biggest Q3 2018 reduction was iShares MSCI Brazil ETF, cutting an estimated $159M.
- Ray Dalio fully exited PG&E in Q3 2018, selling an estimated $33M.
- Ray Dalio's ten largest holdings make up 71% of its $9.7B portfolio in Q3 2018.
- Ray Dalio opened 63 new positions and closed 169 in Q3 2018.
- Ray Dalio's portfolio value fell 3.5% quarter-over-quarter to $9.7B.
Based on Bridgewater Associates's 13F filing for Q3 2018, filed 13 Nov 2018.