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 |
Walmart Inc
WMT
|
+$245M |
| 2 |
Procter & Gamble
PG
|
+$205M |
| 3 |
Coca-Cola
KO
|
+$129M |
| 4 |
iShares Core MSCI Emerging Markets ETF
IEMG
|
+$128M |
| 5 |
Johnson & Johnson
JNJ
|
+$119M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SPDR Gold Trust
GLD
|
+$436M |
| 2 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$100M |
| 3 |
NetEase
NTES
|
+$26.7M |
| 4 |
iShares MSCI Emerging Markets ETF
EEM
|
+$25.5M |
| 5 |
Tesla
TSLA
|
+$15.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 23.66% |
| 2 | Consumer Discretionary | 13.07% |
| 3 | Healthcare | 9.52% |
| 4 | Technology | 3.33% |
| 5 | Financials | 3.05% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
State Street SPDR S&P 500 ETF Trust
SPY
$823B
| $1.38B | 11.93% |
3,686,443
-283,029
| -7% | -$100M |
|
2
Vanguard FTSE Emerging Markets ETF
VWO
$124B
| $660M | 5.71% |
13,167,118
+500,908
| +4% | +$23.5M |
|
|
3
SPDR Gold Trust
GLD
$141B
| $532M | 4.61% |
2,985,081
-2,477,461
| -45% | -$436M |
|
|
4
Walmart Inc
WMT
$890B
| $444M | 3.84% |
9,235,779
+5,053,218
| +121% | +$245M |
|
|
5
Procter & Gamble
PG
$339B
| $375M | 3.25% |
2,695,450
+1,469,974
| +120% | +$205M |
|
6
Alibaba
BABA
$308B
| $372M | 3.22% |
1,600,500
+266,419
| +20% | +$74M |
|
|
7
iShares Core MSCI Emerging Markets ETF
IEMG
$156B
| $334M | 2.89% |
5,382,732
+2,222,351
| +70% | +$128M |
|
8
iShares Core S&P 500 ETF
IVV
$902B
| $301M | 2.6% |
801,079
+185,794
| +30% | +$66.1M |
|
9
iShares Gold Trust
IAU
$67.5B
| $281M | 2.43% |
7,742,453
-156,109
| -2% | -$5.59M |
|
10
Pinduoduo
PDD
$131B
| $253M | 2.19% |
1,422,126
+327,238
| +30% | +$39.1M |
|
|
11
Coca-Cola
KO
$375B
| $248M | 2.15% |
4,530,008
+2,498,874
| +123% | +$129M |
|
|
12
Johnson & Johnson
JNJ
$625B
| $231M | 2% |
1,469,769
+804,367
| +121% | +$119M |
|
13
PepsiCo
PEP
$190B
| $219M | 1.9% |
1,477,688
+783,952
| +113% | +$111M |
|
|
14
iShares MSCI Emerging Markets ETF
EEM
$29.5B
| $198M | 1.71% |
3,824,428
-530,910
| -12% | -$25.5M |
|
15
Costco
COST
$420B
| $183M | 1.59% |
486,464
+267,802
| +122% | +$100M |
|
16
McDonald's
MCD
$195B
| $165M | 1.43% |
770,177
+419,269
| +119% | +$91.2M |
|
17
iShares China Large-Cap ETF
FXI
$4.31B
| $165M | 1.42% |
3,545,440
-141,921
| -4% | -$6.48M |
|
18
Vanguard FTSE Developed Markets ETF
VEA
$236B
| $161M | 1.39% |
3,402,353
-249,637
| -7% | -$11M |
|
19
iShares MSCI EAFE ETF
EFA
$80.2B
| $156M | 1.35% |
2,144,595
-157,371
| -7% | -$10.8M |
|
20
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$33B
| $152M | 1.32% |
1,101,203
+14,574
| +1% | +$1.98M |
|
21
JD.com
JD
$44.5B
| $151M | 1.3% |
1,713,988
+45,480
| +3% | +$3.8M |
|
22
iShares Core MSCI EAFE ETF
IEFA
$196B
| $144M | 1.25% |
2,086,557
-153,028
| -7% | -$9.9M |
|
23
iShares MSCI China ETF
MCHI
$6.38B
| $133M | 1.16% |
1,648,439
-50,664
| -3% | -$4.01M |
|
24
Starbucks
SBUX
$120B
| $128M | 1.1% |
1,193,014
+645,626
| +118% | +$61.6M |
|
25
Baidu
BIDU
$37.2B
| $108M | 0.94% |
501,736
+15,715
| +3% | +$2.33M |
|
Similar funds
Ray Dalio's Q4 2020 Portfolio in Review
As of Q4 2020, Ray Dalio held 599 positions worth $11.6B, up 39% from $8.31B the previous quarter. Its ten largest holdings account for 43% of the portfolio.
Ray Dalio deployed $2.24B of net new capital in Q4 2020, opening 169 new positions and adding to 233 existing holdings. Its largest new stake was JPMorgan Chase: 412,755 shares worth $52.4M.
By sector, the portfolio is most concentrated in Consumer Staples at 24% of assets, up from 15% a quarter earlier, followed by Consumer Discretionary and Healthcare.
On the sell side, the largest reduction was SPDR Gold Trust, an estimated $436M trimmed.
- Ray Dalio's largest Q4 2020 buy was JPMorgan Chase: 412,755 shares worth $52.4M.
- Ray Dalio added most to Walmart Inc in Q4 2020, an estimated $245M increase.
- Ray Dalio's biggest Q4 2020 reduction was SPDR Gold Trust, cutting an estimated $436M.
- Ray Dalio fully exited Tesla in Q4 2020, selling an estimated $15.3M.
- Ray Dalio's ten largest holdings make up 43% of its $11.6B portfolio in Q4 2020.
- Ray Dalio opened 169 new positions and closed 74 in Q4 2020.
- Ray Dalio's portfolio value rose 39% quarter-over-quarter to $11.6B.
Based on Bridgewater Associates's 13F filing for Q4 2020, filed 12 Feb 2021.