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 |
Eli Lilly
LLY
|
+$149M |
| 2 |
NVIDIA
NVDA
|
+$102M |
| 3 |
iShares MSCI Brazil ETF
EWZ
|
+$89.1M |
| 4 |
Comcast
CMCSA
|
+$71.1M |
| 5 |
Progressive
PGR
|
+$69.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Costco
COST
|
+$83.3M |
| 2 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$76.9M |
| 3 |
Coca-Cola
KO
|
+$56.4M |
| 4 |
Broadcom
AVGO
|
+$49.5M |
| 5 |
Lam Research
LRCX
|
+$44.4M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Consumer Staples | 23.82% |
| 2 | Healthcare | 20.59% |
| 3 | Consumer Discretionary | 12.23% |
| 4 | Financials | 6.67% |
| 5 | Communication Services | 5.5% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
iShares Core S&P 500 ETF
IVV
$902B
| $1.01B | 5.67% |
2,122,214
+77,662
| +4% | +$34.8M |
|
2
iShares Core MSCI Emerging Markets ETF
IEMG
$156B
| $945M | 5.29% |
18,692,550
-491,965
| -3% | -$23.8M |
|
3
Procter & Gamble
PG
$339B
| $680M | 3.81% |
4,643,522
-157,320
| -3% | -$23.3M |
|
|
4
Coca-Cola
KO
$375B
| $472M | 2.64% |
8,003,344
-992,771
| -11% | -$56.4M |
|
|
5
Costco
COST
$420B
| $454M | 2.54% |
687,572
-140,612
| -17% | -$83.3M |
|
6
Johnson & Johnson
JNJ
$625B
| $435M | 2.43% |
2,774,687
+50,332
| +2% | +$7.72M |
|
7
PepsiCo
PEP
$190B
| $415M | 2.32% |
2,441,850
-238,341
| -9% | -$39.5M |
|
8
McDonald's
MCD
$195B
| $402M | 2.25% |
1,355,664
-126,344
| -9% | -$34.4M |
|
9
Walmart Inc
WMT
$890B
| $401M | 2.24% |
7,631,367
-445,065
| -6% | -$23.5M |
|
|
10
State Street SPDR S&P 500 ETF Trust
SPY
$823B
| $391M | 2.19% |
823,251
-172,724
| -17% | -$76.9M |
|
11
Pinduoduo
PDD
$131B
| $357M | 2% |
2,436,655
-272,266
| -10% | -$33M |
|
12
Alphabet (Google) Class A
GOOGL
$4.33T
| $286M | 1.6% |
2,044,437
+465,505
| +29% | +$62.5M |
|
13
Visa
V
$677B
| $283M | 1.58% |
1,085,719
+237,287
| +28% | +$58.5M |
|
14
CVS Health
CVS
$122B
| $241M | 1.35% |
3,054,404
+164,323
| +6% | +$11.7M |
|
15
Meta Platforms (Facebook)
META
$1.51T
| $236M | 1.32% |
666,059
+43,928
| +7% | +$14.3M |
|
16
Starbucks
SBUX
$120B
| $232M | 1.3% |
2,419,064
-110,805
| -4% | -$10.8M |
|
17
Vanguard FTSE Emerging Markets ETF
VWO
$124B
| $221M | 1.24% |
5,372,037
-599,737
| -10% | -$23.8M |
|
18
Merck
MRK
$318B
| $213M | 1.19% |
1,957,062
+333,814
| +21% | +$34.7M |
|
19
Abbott
ABT
$187B
| $209M | 1.17% |
1,897,219
-177,244
| -9% | -$17.7M |
|
|
20
Eli Lilly
LLY
$1.06T
| $185M | 1.04% |
317,586
+255,619
| +413% | +$149M |
|
21
Mondelez International
MDLZ
$79.9B
| $176M | 0.98% |
2,425,314
-32,443
| -1% | -$2.22M |
|
|
22
Comcast
CMCSA
$90B
| $173M | 0.97% |
3,943,507
+1,658,464
| +73% | +$71.1M |
|
23
McKesson
MCK
$101B
| $155M | 0.87% |
335,265
+6,553
| +2% | +$2.98M |
|
24
Intuitive Surgical
ISRG
$134B
| $141M | 0.79% |
419,035
-87,089
| -17% | -$26M |
|
25
iShares MBS ETF
MBB
$39.1B
| $137M | 0.76% |
1,451,800
-29,500
| -2% | -$2.65M |
|
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Ray Dalio's Q4 2023 Portfolio in Review
As of Q4 2023, Ray Dalio held 827 positions worth $17.9B, up 8% from $16.5B the previous quarter. Its ten largest holdings account for 31% of the portfolio.
Ray Dalio's Q4 2023 filing shows 87 new, 260 increased, 385 reduced and 85 closed positions. Its largest new stake was iShares MSCI Brazil ETF: 2,750,734 shares worth $96.2M. The largest sale was Costco, an estimated $83.3M.
By sector, the portfolio is most concentrated in Consumer Staples at 24% of assets, down from 27% a quarter earlier, followed by Healthcare and Consumer Discretionary.
- Ray Dalio's largest Q4 2023 buy was iShares MSCI Brazil ETF: 2,750,734 shares worth $96.2M.
- Ray Dalio added most to Eli Lilly in Q4 2023, an estimated $149M increase.
- Ray Dalio's biggest Q4 2023 reduction was Costco, cutting an estimated $83.3M.
- Ray Dalio fully exited Netflix in Q4 2023, selling an estimated $35.9M.
- Ray Dalio's ten largest holdings make up 31% of its $17.9B portfolio in Q4 2023.
- Ray Dalio opened 87 new positions and closed 85 in Q4 2023.
- Ray Dalio's portfolio value rose 8% quarter-over-quarter to $17.9B.
Based on Bridgewater Associates's 13F filing for Q4 2023, filed 14 Feb 2024.