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 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$434M |
| 2 |
SPDR Gold Trust
GLD
|
+$227M |
| 3 |
iShares China Large-Cap ETF
FXI
|
+$164M |
| 4 |
Alibaba
BABA
|
+$140M |
| 5 |
iShares MSCI China ETF
MCHI
|
+$117M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
iShares 20+ Year Treasury Bond ETF
TLT
|
+$279M |
| 2 |
iShares MSCI Brazil ETF
EWZ
|
+$202M |
| 3 |
iShares iBoxx $ High Yield Corporate Bond ETF
HYG
|
+$115M |
| 4 |
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
|
+$106M |
| 5 |
Vanguard FTSE Emerging Markets ETF
VWO
|
+$97.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Discretionary | 9.21% |
| 2 | Communication Services | 2.72% |
| 3 | Industrials | 2.16% |
| 4 | Technology | 1.45% |
| 5 | Consumer Staples | 1.33% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
State Street SPDR S&P 500 ETF Trust
SPY
$823B
| $1.56B | 26.1% |
5,045,646
+1,481,603
| +42% | +$434M |
|
|
2
SPDR Gold Trust
GLD
$141B
| $914M | 15.34% |
5,462,542
+1,405,915
| +35% | +$227M |
|
3
iShares Core S&P 500 ETF
IVV
$902B
| $516M | 8.66% |
1,666,413
+381,624
| +30% | +$112M |
|
|
4
Vanguard FTSE Emerging Markets ETF
VWO
$124B
| $445M | 7.46% |
11,232,586
-2,642,673
| -19% | -$97.8M |
|
5
iShares Gold Trust
IAU
$67.5B
| $268M | 4.5% |
7,898,562
+2,058,634
| +35% | +$67.5M |
|
|
6
Alibaba
BABA
$308B
| $205M | 3.44% |
950,598
+672,442
| +242% | +$140M |
|
|
7
iShares China Large-Cap ETF
FXI
$4.31B
| $190M | 3.18% |
4,776,948
+4,192,642
| +718% | +$164M |
|
|
8
iShares MSCI China ETF
MCHI
$6.38B
| $150M | 2.52% |
2,298,095
+1,906,526
| +487% | +$117M |
|
9
Vanguard FTSE Developed Markets ETF
VEA
$236B
| $144M | 2.42% |
3,714,871
+1,112,539
| +43% | +$40.6M |
|
10
iShares MSCI EAFE ETF
EFA
$80.2B
| $143M | 2.39% |
2,341,557
+694,192
| +42% | +$40.1M |
|
|
11
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$33B
| $137M | 2.3% |
1,020,101
-817,960
| -45% | -$106M |
|
12
iShares Core MSCI EAFE ETF
IEFA
$196B
| $130M | 2.18% |
2,278,319
+788,259
| +53% | +$42.7M |
|
13
iShares Core MSCI Emerging Markets ETF
IEMG
$156B
| $85M | 1.43% |
1,786,519
-1,538,155
| -46% | -$68.6M |
|
14
JD.com
JD
$44.5B
| $83.4M | 1.4% |
1,385,679
+990,753
| +251% | +$50.2M |
|
15
NetEase
NTES
$84.7B
| $66.1M | 1.11% |
769,725
+550,935
| +252% | +$41.5M |
|
16
Pinduoduo
PDD
$131B
| $64.1M | 1.08% |
747,166
+606,818
| +432% | +$36.5M |
|
17
iShares MSCI Taiwan ETF
EWT
$10.7B
| $59.3M | 0.99% |
1,473,547
-552,906
| -27% | -$20.6M |
|
18
iShares MSCI Emerging Markets ETF
EEM
$29.5B
| $52.4M | 0.88% |
1,309,570
-2,034,502
| -61% | -$76.2M |
|
19
Baidu
BIDU
$37.2B
| $40M | 0.67% |
333,373
+238,537
| +252% | +$25.5M |
|
20
TAL Education Group
TAL
$6.87B
| $30.5M | 0.51% |
446,669
+337,716
| +310% | +$19.3M |
|
21
New Oriental
EDU
$8.98B
| $25.2M | 0.42% |
193,554
+142,189
| +277% | +$17.3M |
|
22
ZTO Express
ZTO
$17.9B
| $22.2M | 0.37% |
605,354
+544,489
| +895% | +$17.4M |
|
23
Yum China
YUMC
$16.3B
| $21.1M | 0.35% |
438,942
+314,548
| +253% | +$14.8M |
|
24
Trip.com Group
TCOM
$29.1B
| $17.3M | 0.29% |
668,627
+519,987
| +350% | +$13.1M |
|
25
iShares MSCI South Korea ETF
EWY
$24.1B
| $16.7M | 0.28% |
292,292
-1,809,477
| -86% | -$95.5M |
|
Similar funds
Ray Dalio's Q2 2020 Portfolio in Review
As of Q2 2020, Ray Dalio held 536 positions worth $5.96B, up 18% from $5.04B the previous quarter. Its ten largest holdings account for 76% of the portfolio.
Ray Dalio's Q2 2020 filing shows 137 new, 68 increased, 177 reduced and 153 closed positions. Its largest new stake was United Parcel Service: 55,861 shares worth $6.21M. The largest sale was iShares 20+ Year Treasury Bond ETF, an estimated $279M.
By sector, the portfolio is most concentrated in Consumer Discretionary at 9.2% of assets, up from 4% a quarter earlier, followed by Communication Services and Industrials.
- Ray Dalio's largest Q2 2020 buy was United Parcel Service: 55,861 shares worth $6.21M.
- Ray Dalio added most to State Street SPDR S&P 500 ETF Trust in Q2 2020, an estimated $434M increase.
- Ray Dalio's biggest Q2 2020 reduction was iShares MSCI Brazil ETF, cutting an estimated $202M.
- Ray Dalio fully exited iShares 20+ Year Treasury Bond ETF in Q2 2020, selling an estimated $279M.
- Ray Dalio's ten largest holdings make up 76% of its $5.96B portfolio in Q2 2020.
- Ray Dalio opened 137 new positions and closed 153 in Q2 2020.
- Ray Dalio's portfolio value rose 18% quarter-over-quarter to $5.96B.
Based on Bridgewater Associates's 13F filing for Q2 2020, filed 12 Aug 2020.