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 | Miscellaneous | 18.44% |
| 4 | Consumer Discretionary | 11.78% |
| 5 | Financials | 5.4% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
iShares Core S&P 500 ETF
IVV
$881B
| $897M | 5.54% |
2,013,408
+184,684
| +10% | +$77.8M |
2013 Q2
40 quarters
|
|
2
iShares Core MSCI Emerging Markets ETF
IEMG
$148B
| $884M | 5.46% |
17,932,948
+70,307
| +0.4% | +$3.43M |
2016 Q3
27 quarters
|
|
3
Procter & Gamble
PG
$389B
| $700M | 4.33% |
4,616,315
-328,590
| -7% | -$49.5M |
2020 Q3
11 quarters
|
|
|
4
Johnson & Johnson
JNJ
$675B
| $527M | 3.25% |
3,181,428
-406,023
| -11% | -$65.5M |
2020 Q3
11 quarters
|
|
5
Coca-Cola
KO
$420B
| $495M | 3.05% |
8,214,890
+69,667
| +0.9% | +$4.33M |
2020 Q3
11 quarters
|
|
6
PepsiCo
PEP
$196B
| $475M | 2.94% |
2,566,566
-240,957
| -9% | -$45M |
2020 Q3
11 quarters
|
|
|
7
State Street SPDR S&P 500 ETF Trust
SPY
$806B
| $459M | 2.84% |
1,035,782
-197,335
| -16% | -$82.8M |
2013 Q2
40 quarters
|
|
8
Costco
COST
$482B
| $435M | 2.69% |
807,709
-53,597
| -6% | -$27.1M |
2020 Q1
13 quarters
|
|
9
McDonald's
MCD
$194B
| $423M | 2.61% |
1,418,992
-119,385
| -8% | -$34.7M |
2020 Q3
11 quarters
|
|
10
Walmart Inc
WMT
$997B
| $403M | 2.49% |
7,688,808
-321,504
| -4% | -$16.2M |
2020 Q3
11 quarters
|
|
11
Vanguard FTSE Emerging Markets ETF
VWO
$121B
| $319M | 1.97% |
7,848,503
-622,601
| -7% | -$25.1M |
2013 Q2
40 quarters
|
|
12
Starbucks
SBUX
$125B
| $269M | 1.66% |
2,716,959
+229,058
| +9% | +$23.8M |
2020 Q1
13 quarters
|
|
13
Visa
V
$794B
| $242M | 1.49% |
1,017,593
+26,774
| +3% | +$6.13M |
2021 Q1
9 quarters
|
|
14
Alphabet (Google) Class A
GOOGL
$3.61T
| $235M | 1.45% |
1,959,948
-348,344
| -15% | -$40.1M |
2020 Q4
10 quarters
|
|
15
Abbott
ABT
$189B
| $199M | 1.23% |
1,822,986
-335,716
| -16% | -$35.8M |
2020 Q3
11 quarters
|
|
|
16
Pinduoduo
PDD
$112B
| $189M | 1.17% |
2,731,512
+589,115
| +27% | +$40.5M |
2019 Q2
16 quarters
|
|
17
CVS Health
CVS
$115B
| $186M | 1.15% |
2,686,418
+212,648
| +9% | +$15.1M |
2020 Q1
13 quarters
|
|
18
Mondelez International
MDLZ
$84.4B
| $176M | 1.08% |
2,406,249
+172,158
| +8% | +$12.7M |
2021 Q4
6 quarters
|
|
|
19
Merck
MRK
$363B
| $157M | 0.97% |
1,360,944
+447,960
| +49% | +$50.9M |
2021 Q2
8 quarters
|
|
|
20
Meta Platforms (Facebook)
META
$1.61T
| $154M | 0.95% |
537,637
-464,180
| -46% | -$115M |
2020 Q4
10 quarters
|
|
21
Chipotle Mexican Grill
CMG
$46.3B
| $144M | 0.89% |
3,358,300
-163,650
| -5% | -$6.47M |
2020 Q3
11 quarters
|
|
22
Intuitive Surgical
ISRG
$156B
| $140M | 0.87% |
410,150
-111,640
| -21% | -$33.8M |
2020 Q3
11 quarters
|
|
23
iShares MBS ETF
MBB
$35.6B
| $136M | 0.84% |
1,454,200
-18,400
| -1% | -$1.73M |
2022 Q1
5 quarters
|
|
24
Colgate-Palmolive
CL
$77.9B
| $126M | 0.78% |
1,639,628
-64,120
| -4% | -$4.96M |
2020 Q3
11 quarters
|
|
25
McKesson
MCK
$125B
| $125M | 0.77% |
292,543
+12,878
| +5% | +$4.95M |
2020 Q1
13 quarters
|
|
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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 Miscellaneous.
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.