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 |
JPMorgan Chase
JPM
|
+$83.3M |
| 2 |
Bank of America
BAC
|
+$60.7M |
| 3 |
Wells Fargo
WFC
|
+$46.3M |
| 4 |
Citigroup
C
|
+$33.4M |
| 5 |
US Bancorp
USB
|
+$18.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$535M |
| 2 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$484M |
| 3 |
iShares MSCI Emerging Markets ETF
EEM
|
+$386M |
| 4 |
iShares MSCI Brazil ETF
EWZ
|
+$74.6M |
| 5 |
Biogen
BIIB
|
+$55.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 6.62% |
| 2 | Consumer Discretionary | 3.62% |
| 3 | Industrials | 2.16% |
| 4 | Materials | 1.56% |
| 5 | Technology | 1.16% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
State Street SPDR S&P 500 ETF Trust
SPY
$823B
| $2.25B | 22.97% |
6,989,665
-48,801
| -0.7% | -$15M |
|
|
2
Vanguard FTSE Emerging Markets ETF
VWO
$124B
| $1.1B | 11.24% |
24,757,646
-12,622,423
| -34% | -$535M |
|
3
iShares Core S&P 500 ETF
IVV
$902B
| $707M | 7.22% |
2,188,003
| – | – |
|
4
SPDR Gold Trust
GLD
$141B
| $580M | 5.92% |
4,056,627
| – | – |
|
|
5
iShares MSCI Brazil ETF
EWZ
$8.95B
| $521M | 5.32% |
10,987,334
-1,703,027
| -13% | -$74.6M |
|
|
6
iShares Core MSCI Emerging Markets ETF
IEMG
$156B
| $426M | 4.35% |
7,916,557
-9,384,182
| -54% | -$484M |
|
7
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$33B
| $298M | 3.05% |
2,330,933
-801
| -0% | -$102K |
|
8
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
$16.6B
| $269M | 2.75% |
3,060,858
-4,334
| -0.1% | -$377K |
|
9
iShares 20+ Year Treasury Bond ETF
TLT
$41.7B
| $263M | 2.68% |
1,939,329
+30,431
| +2% | +$4.24M |
|
10
iShares MSCI EAFE ETF
EFA
$80.2B
| $188M | 1.92% |
2,714,309
| – | – |
|
11
Vanguard FTSE Developed Markets ETF
VEA
$236B
| $188M | 1.92% |
4,277,546
| – | – |
|
12
iShares MSCI Taiwan ETF
EWT
$10.7B
| $181M | 1.85% |
4,407,898
+411,376
| +10% | +$16.2M |
|
13
iShares MSCI South Korea ETF
EWY
$24.1B
| $178M | 1.82% |
2,869,202
-676,268
| -19% | -$40.1M |
|
14
iShares Core MSCI EAFE ETF
IEFA
$196B
| $174M | 1.78% |
2,670,507
| – | – |
|
15
iShares Gold Trust
IAU
$67.5B
| $169M | 1.73% |
5,839,928
| – | – |
|
|
16
iShares MSCI Emerging Markets ETF
EEM
$29.5B
| $160M | 1.64% |
3,571,143
-8,993,071
| -72% | -$386M |
|
17
iShares JPMorgan USD Emerging Markets Bond ETF
EMB
$14.7B
| $150M | 1.53% |
1,311,709
-30,120
| -2% | -$3.4M |
|
18
iShares MSCI India ETF
INDA
$6.63B
| $132M | 1.35% |
3,762,595
+107,208
| +3% | +$3.67M |
|
|
19
JPMorgan Chase
JPM
$950B
| $90.5M | 0.92% |
+649,376
| New | +$83.3M |
|
|
20
Bank of America
BAC
$442B
| $66.1M | 0.68% |
+1,877,448
| New | +$60.7M |
|
21
Alibaba
BABA
$308B
| $66M | 0.67% |
311,204
-10,573
| -3% | -$1.98M |
|
|
22
Wells Fargo
WFC
$264B
| $47.5M | 0.49% |
+883,420
| New | +$46.3M |
|
23
iShares MSCI Mexico ETF
EWW
$1.99B
| $43.8M | 0.45% |
973,570
+117,595
| +14% | +$5.22M |
|
24
iShares MSCI China ETF
MCHI
$6.38B
| $42.2M | 0.43% |
658,795
+56,075
| +9% | +$3.36M |
|
25
iShares China Large-Cap ETF
FXI
$4.31B
| $41M | 0.42% |
940,619
+81,116
| +9% | +$3.38M |
|
Similar funds
Ray Dalio's Q4 2019 Portfolio in Review
As of Q4 2019, Ray Dalio held 589 positions worth $9.79B, down 14% from $11.4B the previous quarter. Its ten largest holdings account for 67% of the portfolio.
Ray Dalio withdrew a net $2.32B in Q4 2019, closing 118 positions and reducing 104 holdings. Its most notable exit was Biogen, an estimated $55.3M position sold in full.
By sector, the portfolio is most concentrated in Financials at 6.6% of assets, up from 3.2% a quarter earlier, followed by Consumer Discretionary and Industrials.
Against the trend, Ray Dalio opened a new position in JPMorgan Chase worth $90.5M.
- Ray Dalio's largest Q4 2019 buy was JPMorgan Chase: 649,376 shares worth $90.5M.
- Ray Dalio added most to iShares MSCI Taiwan ETF in Q4 2019, an estimated $16.2M increase.
- Ray Dalio's biggest Q4 2019 reduction was Vanguard FTSE Emerging Markets ETF, cutting an estimated $535M.
- Ray Dalio fully exited Biogen in Q4 2019, selling an estimated $55.3M.
- Ray Dalio's ten largest holdings make up 67% of its $9.79B portfolio in Q4 2019.
- Ray Dalio opened 256 new positions and closed 118 in Q4 2019.
- Ray Dalio's portfolio value fell 14% quarter-over-quarter to $9.79B.
Based on Bridgewater Associates's 13F filing for Q4 2019, filed 13 Feb 2020.