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 India ETF
INDA
|
+$105M |
| 2 |
SWN
Southwestern Energy Company
SWN
|
+$47.9M |
| 3 |
Kroger
KR
|
+$42.8M |
| 4 |
Bread Financial
BFH
|
+$42.8M |
| 5 |
Carnival Corporation Ltd
CCL
|
+$42.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Emerging Markets ETF
EEM
|
+$1.95B |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$1.1B |
| 3 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$907M |
| 4 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$342M |
| 5 |
Bristol-Myers Squibb
BMY
|
+$47.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 4.47% |
| 2 | Financials | 2.86% |
| 3 | Energy | 2.75% |
| 4 | Industrials | 1.72% |
| 5 | Healthcare | 1.67% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
Vanguard FTSE Emerging Markets ETF
VWO
$124B
| $2.02B | 15.86% |
47,554,277
-26,079,335
| -35% | -$1.1B |
|
|
2
State Street SPDR S&P 500 ETF Trust
SPY
$823B
| $1.99B | 15.58% |
6,778,936
-1,189,183
| -15% | -$342M |
|
|
3
iShares Core MSCI Emerging Markets ETF
IEMG
$156B
| $1.2B | 9.41% |
23,330,286
-17,757,011
| -43% | -$907M |
|
|
4
iShares MSCI Emerging Markets ETF
EEM
$29.5B
| $1.1B | 8.65% |
25,706,638
-45,868,404
| -64% | -$1.95B |
|
5
iShares Core S&P 500 ETF
IVV
$902B
| $645M | 5.06% |
2,186,917
-10,760
| -0.5% | -$3.12M |
|
6
SPDR Gold Trust
GLD
$141B
| $540M | 4.24% |
4,056,627
+28,655
| +0.7% | +$3.54M |
|
7
iShares MSCI Brazil ETF
EWZ
$8.95B
| $412M | 3.23% |
9,430,594
+106,095
| +1% | +$4.38M |
|
8
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$33B
| $328M | 2.57% |
2,634,994
+12,640
| +0.5% | +$1.52M |
|
9
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$16.6B
| $281M | 2.2% |
3,223,574
+381,144
| +13% | +$32.9M |
|
10
iShares 20+ Year Treasury Bond ETF
TLT
$41.7B
| $266M | 2.09% |
2,002,297
-230,246
| -10% | -$29.2M |
|
11
iShares MSCI South Korea ETF
EWY
$24.1B
| $214M | 1.68% |
3,569,710
-198,249
| -5% | -$11.8M |
|
12
iShares JPMorgan USD Emerging Markets Bond ETF
EMB
$14.7B
| $204M | 1.6% |
1,799,781
-48,285
| -3% | -$5.32M |
|
13
iShares MSCI EAFE ETF
EFA
$80.2B
| $169M | 1.32% |
2,566,986
-26,678
| -1% | -$1.75M |
|
14
Vanguard FTSE Developed Markets ETF
VEA
$236B
| $169M | 1.32% |
4,045,054
-42,540
| -1% | -$1.75M |
|
15
iShares Gold Trust
IAU
$67.5B
| $158M | 1.24% |
5,839,928
+35,318
| +0.6% | +$885K |
|
16
iShares Core MSCI EAFE ETF
IEFA
$196B
| $154M | 1.21% |
2,513,246
-28,520
| -1% | -$1.75M |
|
17
iShares TIPS Bond ETF
TIP
$14.5B
| $150M | 1.17% |
1,295,152
-103,461
| -7% | -$11.8M |
|
|
18
iShares MSCI India ETF
INDA
$6.63B
| $106M | 0.83% |
3,006,076
+2,984,292
| +13,699% | +$105M |
|
|
19
Bread Financial
BFH
$4.38B
| $76.2M | 0.6% |
681,081
+354,047
| +108% | +$42.8M |
|
20
Biogen
BIIB
$30.7B
| $58.2M | 0.46% |
248,933
+8,555
| +4% | +$1.98M |
|
21
Alibaba
BABA
$308B
| $53.2M | 0.42% |
313,923
+222,685
| +244% | +$38.4M |
|
|
SWN
22
DELISTED
Southwestern Energy Company
SWN
| $49M | 0.38% |
15,519,475
+12,337,947
| +388% | +$47.9M |
|
23
PVH
PVH
$4.04B
| $49M | 0.38% |
517,571
+236,173
| +84% | +$26.1M |
|
|
24
Carnival Corporation Ltd
CCL
$39.7B
| $47.5M | 0.37% |
1,019,798
+810,391
| +387% | +$42.4M |
|
|
XEC
25
DELISTED
CIMAREX ENERGY CO
XEC
| $45.2M | 0.35% |
761,277
+660,851
| +658% | +$42.3M |
|
Similar funds
Ray Dalio's Q2 2019 Portfolio in Review
As of Q2 2019, Ray Dalio held 380 positions worth $12.8B, down 22% from $16.3B the previous quarter. Its ten largest holdings account for 69% of the portfolio.
Ray Dalio withdrew a net $3.62B in Q2 2019, closing 75 positions and reducing 91 holdings. Its most notable exit was Bristol-Myers Squibb, an estimated $47.2M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 4.5% of assets, up from 2.1% a quarter earlier, followed by Financials and Energy.
Against the trend, Ray Dalio opened a new position in iShares China Large-Cap ETF worth $30.6M.
- Ray Dalio's largest Q2 2019 buy was iShares China Large-Cap ETF: 716,186 shares worth $30.6M.
- Ray Dalio added most to iShares MSCI India ETF in Q2 2019, an estimated $105M increase.
- Ray Dalio's biggest Q2 2019 reduction was iShares MSCI Emerging Markets ETF, cutting an estimated $1.95B.
- Ray Dalio fully exited Bristol-Myers Squibb in Q2 2019, selling an estimated $47.2M.
- Ray Dalio's ten largest holdings make up 69% of its $12.8B portfolio in Q2 2019.
- Ray Dalio opened 77 new positions and closed 75 in Q2 2019.
- Ray Dalio's portfolio value fell 22% quarter-over-quarter to $12.8B.
Based on Bridgewater Associates's 13F filing for Q2 2019, filed 13 Aug 2019.