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 MSCI Emerging Markets ETF
EEM
|
+$2.65B |
| 2 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$1.35B |
| 3 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$940M |
| 4 |
iShares MSCI Brazil ETF
EWZ
|
+$357M |
| 5 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$125M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
XEC
CIMAREX ENERGY CO
XEC
|
+$72.3M |
| 2 |
X
US Steel
X
|
+$66.9M |
| 3 |
CELG
Celgene Corp
CELG
|
+$56.3M |
| 4 |
International Paper
IP
|
+$46.6M |
| 5 |
SWN
Southwestern Energy Company
SWN
|
+$42.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 2.31% |
| 2 | Consumer Discretionary | 2.13% |
| 3 | Healthcare | 1.71% |
| 4 | Industrials | 1.43% |
| 5 | Materials | 1.41% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Vanguard FTSE Emerging Markets ETF
VWO
$124B
| $3.13B | 19.17% |
73,633,612
+22,822,885
| +45% | +$940M |
|
|
2
iShares MSCI Emerging Markets ETF
EEM
$29.5B
| $3.07B | 18.82% |
71,575,042
+62,916,142
| +727% | +$2.65B |
|
|
3
State Street SPDR S&P 500 ETF Trust
SPY
$823B
| $2.25B | 13.79% |
7,968,119
+461,434
| +6% | +$125M |
|
|
4
iShares Core MSCI Emerging Markets ETF
IEMG
$156B
| $2.12B | 13.01% |
41,087,297
+26,691,008
| +185% | +$1.35B |
|
5
iShares Core S&P 500 ETF
IVV
$902B
| $625M | 3.83% |
2,197,677
-8,228
| -0.4% | -$2.25M |
|
6
SPDR Gold Trust
GLD
$141B
| $491M | 3.01% |
4,027,972
+118,973
| +3% | +$14.7M |
|
|
7
iShares MSCI Brazil ETF
EWZ
$8.95B
| $382M | 2.34% |
9,324,499
+8,312,458
| +821% | +$357M |
|
8
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$33B
| $312M | 1.91% |
2,622,354
+113,573
| +5% | +$13.2M |
|
9
iShares 20+ Year Treasury Bond ETF
TLT
$41.7B
| $282M | 1.73% |
2,232,543
+278,091
| +14% | +$33.8M |
|
10
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$16.6B
| $246M | 1.51% |
2,842,430
+456,210
| +19% | +$38.7M |
|
11
iShares MSCI South Korea ETF
EWY
$24.1B
| $230M | 1.41% |
3,767,959
+455,716
| +14% | +$28.3M |
|
12
iShares JPMorgan USD Emerging Markets Bond ETF
EMB
$14.7B
| $203M | 1.25% |
1,848,066
+88,073
| +5% | +$9.5M |
|
13
iShares MSCI EAFE ETF
EFA
$80.2B
| $168M | 1.03% |
2,593,664
+145,560
| +6% | +$9.17M |
|
14
Vanguard FTSE Developed Markets ETF
VEA
$236B
| $167M | 1.02% |
4,087,594
+221,615
| +6% | +$8.86M |
|
15
iShares TIPS Bond ETF
TIP
$14.5B
| $158M | 0.97% |
1,398,613
+351,637
| +34% | +$39M |
|
16
iShares Core MSCI EAFE ETF
IEFA
$196B
| $154M | 0.95% |
2,541,766
+155,329
| +7% | +$9.17M |
|
17
iShares Gold Trust
IAU
$67.5B
| $144M | 0.88% |
5,804,610
+146,717
| +3% | +$3.66M |
|
18
Biogen
BIIB
$30.7B
| $56.8M | 0.35% |
240,378
+194,483
| +424% | +$61.2M |
|
19
Bristol-Myers Squibb
BMY
$132B
| $47.2M | 0.29% |
989,293
+433,770
| +78% | +$21.6M |
|
20
Bread Financial
BFH
$4.38B
| $45.7M | 0.28% |
327,034
-297,694
| -48% | -$40.5M |
|
21
Eastman Chemical
EMN
$8.42B
| $45.5M | 0.28% |
600,024
-24,531
| -4% | -$1.95M |
|
22
United Rentals
URI
$72.4B
| $42.9M | 0.26% |
375,118
-181,635
| -33% | -$22.4M |
|
23
Macy's
M
$6.68B
| $37.2M | 0.23% |
1,547,952
+1,038,791
| +204% | +$26.2M |
|
24
Nucor
NUE
$62.1B
| $37.1M | 0.23% |
635,546
+544,461
| +598% | +$31.9M |
|
25
Royal Bank of Canada
RY
$293B
| $35.8M | 0.22% |
474,832
-109,603
| -19% | -$8.29M |
|
Similar funds
Ray Dalio's Q1 2019 Portfolio in Review
As of Q1 2019, Ray Dalio held 555 positions worth $16.3B, up 49% from $10.9B the previous quarter. Its ten largest holdings account for 79% of the portfolio.
Ray Dalio deployed $4.28B of net new capital in Q1 2019, opening 83 new positions and adding to 78 existing holdings. Its largest new stake was TD Ameritrade Holding Corp: 574,854 shares worth $28.7M.
By sector, the portfolio is most concentrated in Financials at 2.3% of assets, down from 5.6% a quarter earlier, followed by Consumer Discretionary and Healthcare.
On the sell side, the largest reduction was CIMAREX ENERGY CO, an estimated $72.3M trimmed.
- Ray Dalio's largest Q1 2019 buy was TD Ameritrade Holding Corp: 574,854 shares worth $28.7M.
- Ray Dalio added most to iShares MSCI Emerging Markets ETF in Q1 2019, an estimated $2.65B increase.
- Ray Dalio's biggest Q1 2019 reduction was CIMAREX ENERGY CO, cutting an estimated $72.3M.
- Ray Dalio fully exited US Steel in Q1 2019, selling an estimated $66.9M.
- Ray Dalio's ten largest holdings make up 79% of its $16.3B portfolio in Q1 2019.
- Ray Dalio opened 83 new positions and closed 252 in Q1 2019.
- Ray Dalio's portfolio value rose 49% quarter-over-quarter to $16.3B.
Based on Bridgewater Associates's 13F filing for Q1 2019, filed 14 May 2019.