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
|
+$71.2M |
| 2 |
Procter & Gamble
PG
|
+$68.3M |
| 3 |
Coca-Cola
KO
|
+$57.2M |
| 4 |
Lowe's Companies
LOW
|
+$50M |
| 5 |
PepsiCo
PEP
|
+$42.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$211M |
| 2 |
SPDR Gold Trust
GLD
|
+$211M |
| 3 |
iShares MSCI Emerging Markets ETF
EEM
|
+$186M |
| 4 |
iShares Core S&P 500 ETF
IVV
|
+$146M |
| 5 |
iShares Gold Trust
IAU
|
+$114M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 27.76% |
| 2 | Consumer Discretionary | 17.03% |
| 3 | Healthcare | 11.47% |
| 4 | Financials | 6.12% |
| 5 | Industrials | 2.58% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
State Street SPDR S&P 500 ETF Trust
SPY
$823B
| $1.24B | 10.97% |
3,138,199
-548,244
| -15% | -$211M |
|
2
Vanguard FTSE Emerging Markets ETF
VWO
$124B
| $577M | 5.09% |
11,089,795
-2,077,323
| -16% | -$111M |
|
|
3
Walmart Inc
WMT
$890B
| $488M | 4.3% |
10,772,820
+1,537,041
| +17% | +$71.2M |
|
|
4
Procter & Gamble
PG
$339B
| $436M | 3.84% |
3,218,630
+523,180
| +19% | +$68.3M |
|
5
Alibaba
BABA
$308B
| $318M | 2.8% |
1,402,720
-197,780
| -12% | -$48.6M |
|
|
6
Coca-Cola
KO
$375B
| $299M | 2.63% |
5,666,828
+1,136,820
| +25% | +$57.2M |
|
7
Johnson & Johnson
JNJ
$625B
| $281M | 2.48% |
1,709,895
+240,126
| +16% | +$38.9M |
|
|
8
SPDR Gold Trust
GLD
$141B
| $277M | 2.44% |
1,732,397
-1,252,684
| -42% | -$211M |
|
|
9
PepsiCo
PEP
$190B
| $253M | 2.23% |
1,788,477
+310,789
| +21% | +$42.6M |
|
10
iShares Core MSCI Emerging Markets ETF
IEMG
$156B
| $243M | 2.14% |
3,768,339
-1,614,393
| -30% | -$106M |
|
11
McDonald's
MCD
$195B
| $211M | 1.86% |
940,393
+170,216
| +22% | +$36.4M |
|
12
Costco
COST
$420B
| $198M | 1.75% |
562,979
+76,515
| +16% | +$26.6M |
|
13
iShares China Large-Cap ETF
FXI
$4.31B
| $177M | 1.56% |
3,789,140
+243,700
| +7% | +$12.1M |
|
|
14
iShares Core S&P 500 ETF
IVV
$902B
| $169M | 1.49% |
424,501
-376,578
| -47% | -$146M |
|
15
Starbucks
SBUX
$120B
| $153M | 1.35% |
1,399,981
+206,967
| +17% | +$21.7M |
|
16
Pinduoduo
PDD
$131B
| $149M | 1.32% |
1,115,981
-306,145
| -22% | -$51.7M |
|
17
iShares MSCI China ETF
MCHI
$6.38B
| $146M | 1.29% |
1,786,439
+138,000
| +8% | +$12.1M |
|
|
18
iShares Gold Trust
IAU
$67.5B
| $144M | 1.27% |
4,420,476
-3,321,977
| -43% | -$114M |
|
19
iShares iBoxx $ Investment Grade Corporate Bond ETF
LQD
$33B
| $143M | 1.26% |
1,097,379
-3,824
| -0.3% | -$509K |
|
20
Estee Lauder
EL
$32B
| $137M | 1.21% |
470,229
+93,325
| +25% | +$25.6M |
|
21
Abbott
ABT
$187B
| $130M | 1.15% |
1,088,449
+175,523
| +19% | +$20.8M |
|
22
Target
TGT
$68B
| $113M | 1% |
571,532
+32,594
| +6% | +$6.1M |
|
23
Mondelez International
MDLZ
$79.9B
| $107M | 0.95% |
1,831,169
+358,966
| +24% | +$20.3M |
|
24
JD.com
JD
$44.5B
| $105M | 0.92% |
1,240,653
-473,335
| -28% | -$43.4M |
|
25
Danaher
DHR
$144B
| $99.7M | 0.88% |
499,614
+29,512
| +6% | +$5.99M |
|
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Ray Dalio's Q1 2021 Portfolio in Review
As of Q1 2021, Ray Dalio held 652 positions worth $11.3B, down 1.9% from $11.6B the previous quarter. Its ten largest holdings account for 39% of the portfolio.
Ray Dalio withdrew a net $463M in Q1 2021, closing 197 positions and reducing 123 holdings. Its most notable exit was ServiceNow, an estimated $13.4M position sold in full.
By sector, the portfolio is most concentrated in Consumer Staples at 28% of assets, up from 24% a quarter earlier, followed by Consumer Discretionary and Healthcare.
Against the trend, Ray Dalio opened a new position in Lowe's Companies worth $55.4M.
- Ray Dalio's largest Q1 2021 buy was Lowe's Companies: 291,137 shares worth $55.4M.
- Ray Dalio added most to Walmart Inc in Q1 2021, an estimated $71.2M increase.
- Ray Dalio's biggest Q1 2021 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $211M.
- Ray Dalio fully exited ServiceNow in Q1 2021, selling an estimated $13.4M.
- Ray Dalio's ten largest holdings make up 39% of its $11.3B portfolio in Q1 2021.
- Ray Dalio opened 127 new positions and closed 197 in Q1 2021.
- Ray Dalio's portfolio value fell 1.9% quarter-over-quarter to $11.3B.
Based on Bridgewater Associates's 13F filing for Q1 2021, filed 14 May 2021.