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 Taiwan ETF
EWT
|
+$141M |
| 2 |
iShares MSCI Brazil ETF
EWZ
|
+$141M |
| 3 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$76.7M |
| 4 |
ALXN
Alexion Pharmaceuticals
ALXN
|
+$50.2M |
| 5 |
Bath & Body Works
BBWI
|
+$38.9M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares MSCI Emerging Markets ETF
EEM
|
+$543M |
| 2 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$420M |
| 3 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$299M |
| 4 |
iShares TIPS Bond ETF
TIP
|
+$119M |
| 5 |
iShares JPMorgan USD Emerging Markets Bond ETF
EMB
|
+$52.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 4.52% |
| 2 | Healthcare | 3.3% |
| 3 | Financials | 3.21% |
| 4 | Energy | 2.63% |
| 5 | Communication Services | 1.8% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
State Street SPDR S&P 500 ETF Trust
SPY
$823B
| $2.09B | 18.35% |
7,038,466
+259,530
| +4% | +$76.7M |
|
|
2
Vanguard FTSE Emerging Markets ETF
VWO
$124B
| $1.5B | 13.22% |
37,380,069
-10,174,208
| -21% | -$420M |
|
|
3
iShares Core MSCI Emerging Markets ETF
IEMG
$156B
| $848M | 7.45% |
17,300,739
-6,029,547
| -26% | -$299M |
|
4
iShares Core S&P 500 ETF
IVV
$902B
| $653M | 5.74% |
2,188,003
+1,086
| +0% | +$323K |
|
5
SPDR Gold Trust
GLD
$141B
| $563M | 4.95% |
4,056,627
| – | – |
|
|
6
iShares MSCI Brazil ETF
EWZ
$8.95B
| $535M | 4.7% |
12,690,361
+3,259,767
| +35% | +$141M |
|
|
7
iShares MSCI Emerging Markets ETF
EEM
$29.5B
| $513M | 4.51% |
12,564,214
-13,142,424
| -51% | -$543M |
|
8
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$33B
| $297M | 2.61% |
2,331,734
-303,260
| -12% | -$38.2M |
|
9
iShares 20+ Year Treasury Bond ETF
TLT
$41.7B
| $273M | 2.4% |
1,908,898
-93,399
| -5% | -$13M |
|
10
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$16.6B
| $267M | 2.35% |
3,065,192
-158,382
| -5% | -$13.8M |
|
11
iShares MSCI South Korea ETF
EWY
$24.1B
| $200M | 1.76% |
3,545,470
-24,240
| -0.7% | -$1.34M |
|
12
iShares MSCI EAFE ETF
EFA
$80.2B
| $177M | 1.56% |
2,714,309
+147,323
| +6% | +$9.49M |
|
13
Vanguard FTSE Developed Markets ETF
VEA
$236B
| $176M | 1.54% |
4,277,546
+232,492
| +6% | +$9.49M |
|
14
iShares Gold Trust
IAU
$67.5B
| $165M | 1.45% |
5,839,928
| – | – |
|
15
iShares Core MSCI EAFE ETF
IEFA
$196B
| $163M | 1.43% |
2,670,507
+157,261
| +6% | +$9.49M |
|
|
16
iShares JPMorgan USD Emerging Markets Bond ETF
EMB
$14.7B
| $152M | 1.34% |
1,341,829
-457,952
| -25% | -$52.1M |
|
|
17
iShares MSCI Taiwan ETF
EWT
$10.7B
| $145M | 1.28% |
+3,996,522
| New | +$141M |
|
18
iShares MSCI India ETF
INDA
$6.63B
| $123M | 1.08% |
3,655,387
+649,311
| +22% | +$21.4M |
|
19
Bread Financial
BFH
$4.38B
| $72.6M | 0.64% |
710,256
+29,175
| +4% | +$3.29M |
|
20
Biogen
BIIB
$30.7B
| $55.3M | 0.49% |
237,455
-11,478
| -5% | -$2.67M |
|
21
Alibaba
BABA
$308B
| $53.8M | 0.47% |
321,777
+7,854
| +3% | +$1.35M |
|
|
22
Bath & Body Works
BBWI
$4.1B
| $53.4M | 0.47% |
3,374,212
+2,203,862
| +188% | +$38.9M |
|
23
Macy's
M
$6.68B
| $52.7M | 0.46% |
3,390,903
+1,318,123
| +64% | +$24.4M |
|
24
Ralph Lauren
RL
$23.5B
| $48M | 0.42% |
503,248
+311,558
| +163% | +$30.8M |
|
|
XEC
25
DELISTED
CIMAREX ENERGY CO
XEC
| $46.8M | 0.41% |
976,604
+215,327
| +28% | +$10.2M |
|
Similar funds
Ray Dalio's Q3 2019 Portfolio in Review
As of Q3 2019, Ray Dalio held 415 positions worth $11.4B, down 11% from $12.8B the previous quarter. Its ten largest holdings account for 66% of the portfolio.
Ray Dalio withdrew a net $1.1B in Q3 2019, closing 82 positions and reducing 89 holdings. Its most notable exit was Bed Bath & Beyond Inc, an estimated $42.5M position sold in full.
By sector, the portfolio is most concentrated in Consumer Discretionary at 4.5% of assets, up from 4.5% a quarter earlier, followed by Healthcare and Financials.
Against the trend, Ray Dalio opened a new position in iShares MSCI Taiwan ETF worth $145M.
- Ray Dalio's largest Q3 2019 buy was iShares MSCI Taiwan ETF: 3,996,522 shares worth $145M.
- Ray Dalio added most to iShares MSCI Brazil ETF in Q3 2019, an estimated $141M increase.
- Ray Dalio's biggest Q3 2019 reduction was iShares MSCI Emerging Markets ETF, cutting an estimated $543M.
- Ray Dalio fully exited Bed Bath & Beyond Inc in Q3 2019, selling an estimated $42.5M.
- Ray Dalio's ten largest holdings make up 66% of its $11.4B portfolio in Q3 2019.
- Ray Dalio opened 110 new positions and closed 82 in Q3 2019.
- Ray Dalio's portfolio value fell 11% quarter-over-quarter to $11.4B.
Based on Bridgewater Associates's 13F filing for Q3 2019, filed 13 Nov 2019.