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 |
Visa
V
|
+$148M |
| 2 |
Mondelez International
MDLZ
|
+$144M |
| 3 |
Johnson & Johnson
JNJ
|
+$64.3M |
| 4 |
Alphabet (Google) Class A
GOOGL
|
+$53.4M |
| 5 |
Microsoft
MSFT
|
+$51.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Medtronic
MDT
|
+$225M |
| 2 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$151M |
| 3 |
Berkshire Hathaway Class B
BRK.B
|
+$91.6M |
| 4 |
Walmart Inc
WMT
|
+$87.7M |
| 5 |
JPMorgan Chase
JPM
|
+$79.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 29.71% |
| 2 | Healthcare | 20.65% |
| 3 | Consumer Discretionary | 10.85% |
| 4 | Financials | 7.63% |
| 5 | Technology | 4.15% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Procter & Gamble
PG
$339B
| $835M | 4.23% |
6,615,453
-131,715
| -2% | -$18.7M |
|
|
2
Johnson & Johnson
JNJ
$625B
| $770M | 3.9% |
4,712,513
+379,880
| +9% | +$64.3M |
|
3
PepsiCo
PEP
$190B
| $657M | 3.32% |
4,021,491
+212,532
| +6% | +$36.6M |
|
4
Coca-Cola
KO
$375B
| $642M | 3.25% |
11,467,280
+646,521
| +6% | +$40.2M |
|
5
iShares Core MSCI Emerging Markets ETF
IEMG
$156B
| $640M | 3.24% |
14,900,497
-407,915
| -3% | -$19.6M |
|
6
iShares Core S&P 500 ETF
IVV
$902B
| $631M | 3.19% |
1,758,510
+60,709
| +4% | +$24.2M |
|
7
Costco
COST
$420B
| $567M | 2.87% |
1,199,544
-11,554
| -1% | -$6.01M |
|
8
Vanguard FTSE Emerging Markets ETF
VWO
$124B
| $539M | 2.73% |
14,764,651
-667,590
| -4% | -$27.1M |
|
|
9
Walmart Inc
WMT
$890B
| $523M | 2.65% |
12,090,051
-2,003,052
| -14% | -$87.7M |
|
|
10
State Street SPDR S&P 500 ETF Trust
SPY
$823B
| $523M | 2.65% |
1,463,312
-379,950
| -21% | -$151M |
|
11
McDonald's
MCD
$195B
| $488M | 2.47% |
2,113,763
+42,179
| +2% | +$10.8M |
|
12
Pinduoduo
PDD
$131B
| $317M | 1.61% |
5,066,540
+251,908
| +5% | +$14.6M |
|
13
Abbott
ABT
$187B
| $298M | 1.51% |
3,079,954
+280,041
| +10% | +$29.8M |
|
14
CVS Health
CVS
$122B
| $294M | 1.49% |
3,079,704
-66,532
| -2% | -$6.59M |
|
15
Starbucks
SBUX
$120B
| $253M | 1.28% |
2,997,842
-244,877
| -8% | -$20.8M |
|
|
16
Visa
V
$677B
| $216M | 1.09% |
1,216,878
+725,139
| +147% | +$148M |
|
17
SPDR Gold Trust
GLD
$141B
| $201M | 1.02% |
1,302,230
-4,225
| -0.3% | -$679K |
|
|
18
Mondelez International
MDLZ
$79.9B
| $189M | 0.96% |
3,448,348
+2,310,425
| +203% | +$144M |
|
19
Target
TGT
$68B
| $188M | 0.95% |
1,263,594
-296,606
| -19% | -$47.5M |
|
20
Colgate-Palmolive
CL
$74.4B
| $171M | 0.86% |
2,430,002
+139,805
| +6% | +$11M |
|
21
Mastercard
MA
$493B
| $164M | 0.83% |
577,218
+91,949
| +19% | +$30.5M |
|
22
Dollar General
DG
$27.9B
| $149M | 0.75% |
619,233
-11,717
| -2% | -$2.89M |
|
23
Estee Lauder
EL
$32B
| $148M | 0.75% |
683,325
+70,765
| +12% | +$18.1M |
|
|
24
Alphabet (Google) Class A
GOOGL
$4.33T
| $140M | 0.71% |
1,465,694
+481,734
| +49% | +$53.4M |
|
25
Chipotle Mexican Grill
CMG
$41.5B
| $131M | 0.66% |
4,347,900
-185,300
| -4% | -$5.74M |
|
Similar funds
Ray Dalio's Q3 2022 Portfolio in Review
As of Q3 2022, Ray Dalio held 1,045 positions worth $19.8B, down 16% from $23.6B the previous quarter. Its ten largest holdings account for 32% of the portfolio.
Ray Dalio withdrew a net $2.53B in Q3 2022, closing 179 positions and reducing 498 holdings. Its most notable exit was Medtronic, an estimated $225M position sold in full.
By sector, the portfolio is most concentrated in Consumer Staples at 30% of assets, up from 26% a quarter earlier, followed by Healthcare and Consumer Discretionary.
Against the trend, Ray Dalio opened a new position in Accenture worth $29.3M.
- Ray Dalio's largest Q3 2022 buy was Accenture: 113,811 shares worth $29.3M.
- Ray Dalio added most to Visa in Q3 2022, an estimated $148M increase.
- Ray Dalio's biggest Q3 2022 reduction was State Street SPDR S&P 500 ETF Trust, cutting an estimated $151M.
- Ray Dalio fully exited Medtronic in Q3 2022, selling an estimated $225M.
- Ray Dalio's ten largest holdings make up 32% of its $19.8B portfolio in Q3 2022.
- Ray Dalio opened 60 new positions and closed 179 in Q3 2022.
- Ray Dalio's portfolio value fell 16% quarter-over-quarter to $19.8B.
Based on Bridgewater Associates's 13F filing for Q3 2022, filed 10 Nov 2022.