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 |
iShares Core S&P 500 ETF
IVV
|
+$77.8M |
| 2 |
iShares China Large-Cap ETF
FXI
|
+$60.5M |
| 3 |
Merck
MRK
|
+$50.9M |
| 4 |
Pinduoduo
PDD
|
+$40.5M |
| 5 |
iShares MSCI China ETF
MCHI
|
+$36.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SPDR Gold Trust
GLD
|
+$162M |
| 2 |
Meta Platforms (Facebook)
META
|
+$115M |
| 3 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$82.8M |
| 4 |
iShares Gold Trust
IAU
|
+$66M |
| 5 |
Johnson & Johnson
JNJ
|
+$65.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 27.63% |
| 2 | Healthcare | 21.92% |
| 3 | Consumer Discretionary | 11.78% |
| 4 | Financials | 5.4% |
| 5 | Communication Services | 4.41% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
iShares Core S&P 500 ETF
IVV
$902B
| $897M | 5.54% |
2,013,408
+184,684
| +10% | +$77.8M |
|
2
iShares Core MSCI Emerging Markets ETF
IEMG
$156B
| $884M | 5.46% |
17,932,948
+70,307
| +0.4% | +$3.43M |
|
3
Procter & Gamble
PG
$339B
| $700M | 4.33% |
4,616,315
-328,590
| -7% | -$49.5M |
|
|
4
Johnson & Johnson
JNJ
$625B
| $527M | 3.25% |
3,181,428
-406,023
| -11% | -$65.5M |
|
5
Coca-Cola
KO
$375B
| $495M | 3.05% |
8,214,890
+69,667
| +0.9% | +$4.33M |
|
6
PepsiCo
PEP
$190B
| $475M | 2.94% |
2,566,566
-240,957
| -9% | -$45M |
|
|
7
State Street SPDR S&P 500 ETF Trust
SPY
$823B
| $459M | 2.84% |
1,035,782
-197,335
| -16% | -$82.8M |
|
8
Costco
COST
$420B
| $435M | 2.69% |
807,709
-53,597
| -6% | -$27.1M |
|
9
McDonald's
MCD
$195B
| $423M | 2.61% |
1,418,992
-119,385
| -8% | -$34.7M |
|
10
Walmart Inc
WMT
$890B
| $403M | 2.49% |
7,688,808
-321,504
| -4% | -$16.2M |
|
11
Vanguard FTSE Emerging Markets ETF
VWO
$124B
| $319M | 1.97% |
7,848,503
-622,601
| -7% | -$25.1M |
|
12
Starbucks
SBUX
$120B
| $269M | 1.66% |
2,716,959
+229,058
| +9% | +$23.8M |
|
13
Visa
V
$677B
| $242M | 1.49% |
1,017,593
+26,774
| +3% | +$6.13M |
|
14
Alphabet (Google) Class A
GOOGL
$4.33T
| $235M | 1.45% |
1,959,948
-348,344
| -15% | -$40.1M |
|
15
Abbott
ABT
$187B
| $199M | 1.23% |
1,822,986
-335,716
| -16% | -$35.8M |
|
|
16
Pinduoduo
PDD
$131B
| $189M | 1.17% |
2,731,512
+589,115
| +27% | +$40.5M |
|
17
CVS Health
CVS
$122B
| $186M | 1.15% |
2,686,418
+212,648
| +9% | +$15.1M |
|
18
Mondelez International
MDLZ
$79.9B
| $176M | 1.08% |
2,406,249
+172,158
| +8% | +$12.7M |
|
|
19
Merck
MRK
$318B
| $157M | 0.97% |
1,360,944
+447,960
| +49% | +$50.9M |
|
|
20
Meta Platforms (Facebook)
META
$1.51T
| $154M | 0.95% |
537,637
-464,180
| -46% | -$115M |
|
21
Chipotle Mexican Grill
CMG
$41.5B
| $144M | 0.89% |
3,358,300
-163,650
| -5% | -$6.47M |
|
22
Intuitive Surgical
ISRG
$134B
| $140M | 0.87% |
410,150
-111,640
| -21% | -$33.8M |
|
23
iShares MBS ETF
MBB
$39.1B
| $136M | 0.84% |
1,454,200
-18,400
| -1% | -$1.73M |
|
24
Colgate-Palmolive
CL
$74.4B
| $126M | 0.78% |
1,639,628
-64,120
| -4% | -$4.96M |
|
25
McKesson
MCK
$101B
| $125M | 0.77% |
292,543
+12,878
| +5% | +$4.95M |
|
Similar funds
Ray Dalio's Q2 2023 Portfolio in Review
As of Q2 2023, Ray Dalio held 787 positions worth $16.2B, down 1.2% from $16.4B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Ray Dalio withdrew a net $701M in Q2 2023, closing 91 positions and reducing 342 holdings. Its most notable exit was SPDR Gold Trust, an estimated $162M position sold in full.
By sector, the portfolio is most concentrated in Consumer Staples at 28% of assets, down from 28% a quarter earlier, followed by Healthcare and Consumer Discretionary.
Against the trend, Ray Dalio opened a new position in AT&T worth $31.6M.
- Ray Dalio's largest Q2 2023 buy was AT&T: 1,982,375 shares worth $31.6M.
- Ray Dalio added most to iShares Core S&P 500 ETF in Q2 2023, an estimated $77.8M increase.
- Ray Dalio's biggest Q2 2023 reduction was Meta Platforms (Facebook), cutting an estimated $115M.
- Ray Dalio fully exited SPDR Gold Trust in Q2 2023, selling an estimated $162M.
- Ray Dalio's ten largest holdings make up 35% of its $16.2B portfolio in Q2 2023.
- Ray Dalio opened 77 new positions and closed 91 in Q2 2023.
- Ray Dalio's portfolio value fell 1.2% quarter-over-quarter to $16.2B.
Based on Bridgewater Associates's 13F filing for Q2 2023, filed 11 Aug 2023.