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Ray Dalio Portfolio

Ray Dalio founded Bridgewater Associates.

Bridgewater Associates, LP Holdings · Q2 2025

Disclosed value
$24.8B
Holdings
585
Top sector
Technology
Filed
Aug 13, 2025
Performance
YTD
+19.5%
+10.5% vs S&P 500
1Y
+28.0%
+10.4% vs S&P 500
Ray Dalio's latest portfolio (Q2 2025) holds 585 stocks worth $24.8B. Top holdings: Spdr S&p 500 ETF Tr, iShares Tr, NVIDIA Corporation (NVDA).Biggest last-quarter moves:

Bridgewater Associates, LP Holdings · 585

Q2 2025 · Showing 15 positions from the selected holding view.

Estimated gain compares the quarter-end mark with a running share-weighted mean of covered-snapshot and add-quarter mean prices. Holdings with incomplete basis or price coverage are excluded.

Stock % Avg. buy price Estimated gain Quarter-end price Last transaction
CBeverages - Non-AlcoholicCoca-Cola Consolidated, Inc. (COKE) 0.0%
Avg. buy price $825.09 Estimated gain−86.5%Quarter-end price $111.65 Last transaction Reduced· Q1 2025Sold 93.4% of shares
C 0.0% $825.09 −86.5% $111.65 Reduced· Q1 2025Sold 93.4% of shares
EHousehold & Personal ProductsThe Estée Lauder Companies Inc. (EL) 0.0%
Avg. buy price $210.54 Estimated gain−61.6%Quarter-end price $80.80 Last transaction Reduced· Q2 2025Sold 24.8% of shares
E 0.0% $210.54 −61.6% $80.80 Reduced· Q2 2025Sold 24.8% of shares
BMedical - Instruments & SuppliesBaxter International Inc. (BAX) 0.0%
Avg. buy price $54.58 Estimated gain−44.5%Quarter-end price $30.28 Last transaction Reduced· Q2 2025Sold 22.1% of shares
B 0.0% $54.58 −44.5% $30.28 Reduced· Q2 2025Sold 22.1% of shares
TDiscount StoresTarget Corporation (TGT) 0.0%
Avg. buy price $174.18 Estimated gain−43.4%Quarter-end price $98.65 Last transaction Reduced· Q2 2025Sold 25.3% of shares
T 0.0% $174.18 −43.4% $98.65 Reduced· Q2 2025Sold 25.3% of shares
LOil & Gas Equipment & ServicesLiberty Energy Inc. (LBRT) 0.0%
Avg. buy price $20.19 Estimated gain−43.1%Quarter-end price $11.48 Last transaction Reduced· Q2 2025Sold 33.0% of shares
L 0.0% $20.19 −43.1% $11.48 Reduced· Q2 2025Sold 33.0% of shares
TMedical - Instruments & SuppliesTeleflex Incorporated (TFX) 0.0%
Avg. buy price $190.42 Estimated gain−37.8%Quarter-end price $118.36 Last transaction Added· Q2 2025Increased shares by 161.9%
T 0.0% $190.42 −37.8% $118.36 Added· Q2 2025Increased shares by 161.9%
HPackaged FoodsHormel Foods Corporation (HRL) 0.0%
Avg. buy price $47.94 Estimated gain−36.9%Quarter-end price $30.25 Last transaction Reduced· Q2 2025Sold 24.3% of shares
H 0.0% $47.94 −36.9% $30.25 Reduced· Q2 2025Sold 24.3% of shares
FPackaged FoodsFlowers Foods, Inc. (FLO) 0.0%
Avg. buy price $25.06 Estimated gain−36.2%Quarter-end price $15.98 Last transaction Reduced· Q2 2025Sold 49.6% of shares
F 0.0% $25.06 −36.2% $15.98 Reduced· Q2 2025Sold 49.6% of shares
CPackaged FoodsCampbell Soup Company (CPB) 0.0%
Avg. buy price $47.53 Estimated gain−35.5%Quarter-end price $30.65 Last transaction Reduced· Q2 2025Sold 23.6% of shares
C 0.0% $47.53 −35.5% $30.65 Reduced· Q2 2025Sold 23.6% of shares
CPackaged FoodsConagra Brands, Inc. (CAG) 0.0%
Avg. buy price $30.66 Estimated gain−33.2%Quarter-end price $20.47 Last transaction Reduced· Q2 2025Sold 3.9% of shares
C 0.0% $30.66 −33.2% $20.47 Reduced· Q2 2025Sold 3.9% of shares
WFinancial - Credit ServicesThe Western Union Company (WU) 0.0%
Avg. buy price $12.53 Estimated gain−32.8%Quarter-end price $8.42 Last transaction Reduced· Q2 2025Sold 14.8% of shares
W 0.0% $12.53 −32.8% $8.42 Reduced· Q2 2025Sold 14.8% of shares
ZMedical - DevicesZimmer Biomet Holdings, Inc. (ZBH) 0.0%
Avg. buy price $132.71 Estimated gain−31.3%Quarter-end price $91.21 Last transaction Reduced· Q2 2025Sold 23.0% of shares
Z 0.0% $132.71 −31.3% $91.21 Reduced· Q2 2025Sold 23.0% of shares
BSoftware - ApplicationBill.com Holdings, Inc. (BILL) 0.0%
Avg. buy price $67.25 Estimated gain−31.2%Quarter-end price $46.26 Last transaction Reduced· Q2 2025Sold 76.9% of shares
B 0.0% $67.25 −31.2% $46.26 Reduced· Q2 2025Sold 76.9% of shares
KPackaged FoodsThe Kraft Heinz Company (KHC) 0.0%
Avg. buy price $37.35 Estimated gain−30.9%Quarter-end price $25.82 Last transaction Reduced· Q2 2025Sold 24.9% of shares
K 0.0% $37.35 −30.9% $25.82 Reduced· Q2 2025Sold 24.9% of shares
DInformation Technology ServicesDXC Technology Company (DXC) 0.0%
Avg. buy price $22.08 Estimated gain−30.7%Quarter-end price $15.29 Last transaction Reduced· Q2 2025Sold 34.7% of shares
D 0.0% $22.08 −30.7% $15.29 Reduced· Q2 2025Sold 34.7% of shares
Data through Q2 2025 · filed Aug 13, 2025
15 of 138
Show all 138 holdings

Biggest position changes

In Q2 2025: 86 new, 206 added, 286 reduced, 154 exited.
Q1 2026Q4 2025Q3 2025Q2 2025
Largest disclosed changes in Q2 2025, ranked by estimated dollar change using the quarter's average market price.
Reduced or exitedBought or added
B Alibaba Group Holding Limited (BABA) Exited−$670M C Constellation Energy Corporation (CEG) −$211M P PDD Holdings Inc. (PDD) Exited−$183M B Baidu, Inc. (BIDU) Exited−$179M V Vistra Corp. (VST) −$120M A Apple Inc. (AAPL) −$118M J JD.com, Inc. (JD) Exited−$95M U United Airlines Holdings, Inc. (UAL) −$92M N NVIDIA Corporation (NVDA) +$552M G Alphabet Inc. (GOOGL) +$419M M Microsoft Corporation (MSFT) +$393M J Johnson & Johnson (JNJ) +$305M U Uber Technologies, Inc. (UBER) +$258M M Meta Platforms, Inc. (META) +$236M C Salesforce, Inc. (CRM) +$160M S Spotify Technology S.A. (SPOT) +$152M
Other share changes without a dollar estimate, ranked by size.
Reduced or exitedBought or added
D Denison Mines Corp. (DNN) −3.2M
iShares Inc −1.8M
S Sibanye Stillwater Limited (SBSW) −1.6M N NexGen Energy Ltd. (NXE) −1.1M T Trip.com Group Limited (TCOM) Exited−882K B KE Holdings Inc. (BEKE) Exited−881K
Cameco Corp −781K
Spdr S&p 500 ETF Tr −732K
T Tronox Holdings plc (TROX) New+1.4M S Sun Country Airlines Holdings, Inc. (SNCY) +761K
Zoominfo Technologies Inc New+539K
A Associated Banc-Corp (ASB) New+414K O Ovintiv Inc. (OVV) +253K P PBF Energy Inc. (PBF) +247K F Freshworks Inc. (FRSH) +224K H Hope Bancorp, Inc. (HOPE) New+223K

New this quarter

A Arm Holdings plc American Depositary Shares (ARM) New· Q2 2025 E EQT Corporation (EQT) New· Q2 2025 I Intuit Inc. (INTU) New· Q2 2025 L Lyft, Inc. (LYFT) New· Q2 2025 B Barrick Mining Corporation (B) New· Q2 2025 O Okta, Inc. (OKTA) New· Q2 2025 U Ulta Beauty, Inc. (ULTA) New· Q2 2025 A Antero Resources Corporation (AR) New· Q2 2025

Portfolio composition

Largest holdings in Q2 2025, sized by their share of the disclosed portfolio. This shows what is owned, not what changed.

Liberty Energy Inc. (LBRT): 0.0%The Western Union Company (WU): 0.0%DXC Technology Company (DXC): 0.0%Target Corporation (TGT): 0.0%The Kraft Heinz Company (KHC): 0.0%Other holdings: 99.9%
L Liberty Energy Inc. (LBRT) 0.0%
W The Western Union Company (WU) 0.0%
D DXC Technology Company (DXC) 0.0%
T Target Corporation (TGT) 0.0%
K The Kraft Heinz Company (KHC) 0.0%
Other holdings 99.9%
Show more

Portfolio over time

Each band is a top holding's share of the disclosed portfolio, quarter by quarter; the rest is grouped as other.
3Y5YAll
0%50%100%202120222023202420252026
Amazon.com, Inc. (AMZN)NVIDIA Corporation (NVDA)Alphabet Inc. (GOOGL)Broadcom Inc. (AVGO)Micron Technology, Inc. (MU)Microsoft Corporation (MSFT)Other holdings

Investors with similar portfolios

Joel GreenblattGotham Asset Management, LLCAlso holds State Str Spdr S&p 500 ETF T and iShares TrKen GriffinCitadel Advisors LLCAlso holds State Str Spdr S&p 500 ETF T and NVIDIA Corporation (NVDA)Ken FisherFisher Asset Management, LLCAlso holds iShares Tr and NVIDIA Corporation (NVDA)Tiger Global ManagementTiger Global Management LLCAlso holds Alphabet Inc. (GOOGL) and Amazon.com, Inc. (AMZN)InvescoInvesco Ltd.Also holds State Str Spdr S&p 500 ETF TDavid TepperAppaloosa LPAlso holds Amazon.com, Inc. (AMZN) and Micron Technology, Inc. (MU)

About Ray Dalio and Bridgewater Associates, LP

Ray Dalio founded Bridgewater Associates. This page shows Bridgewater's quarterly Form 13F report of certain United States listed long positions, not Dalio's personal account or the firm's full portfolio. Cash, currencies, commodities, short positions, swaps, private assets, and trades completed before quarter end may be absent.

SEC filing history for Bridgewater Associates, LP

Ray Dalio FAQ

Profile refreshed July 20, 2026

What stocks does Ray Dalio own?

As of the Q2 2025 filing, Ray Dalio's largest disclosed holdings are Spdr S&p 500 ETF Tr, iShares Tr, NVIDIA Corporation (NVDA). The table shows 15 of 585 positions by default, with an exact-count control for the remaining rows. Disclosed shares and values remain visible even when a separate market-price estimate is unavailable.

What did Ray Dalio buy last quarter?

The biggest disclosed buys in Q2 2025 were NVIDIA Corporation (NVDA), Alphabet Inc. (GOOGL), Microsoft Corporation (MSFT), based on the Bridgewater Associates, LP 13F filing. New positions are marked "new" in the table above.

What did Ray Dalio sell last quarter?

The biggest reductions in Q2 2025 were Constellation Energy Corporation (CEG), Vistra Corp. (VST), Apple Inc. (AAPL). The filing comparison contains 154 full exits, summarized in the activity view above.

How big is Ray Dalio's portfolio?

The latest 13F discloses $24.8B across 585 positions in Q2 2025. 13F filings cover US-listed long positions only; cash and short positions are not disclosed.

How up to date is this?

Funds file 13Fs up to 45 days after each quarter ends, so this portfolio reflects Q2 2025, the latest disclosed quarter. The filing date is shown with every table.

Where does the Bridgewater Associates, LP portfolio data come from?

Non-rejected, non-superseded SEC Form 13F filings for Bridgewater Associates, LP provide the Q2 2025 holdings, disclosed values, and filing date shown here. WhoBought prefers filings whose value units validate and labels a sparse filing when validation is unavailable. Industry labels come from the local company classification record.

How is performance calculated?

Performance uses daily closing prices for holdings with available market-price history. It covers the priced share of disclosed value (64%); holdings without sufficient price history are excluded from the calculation.

Who is Ray Dalio?

Ray Dalio is an American investor, author, and founder of Bridgewater Associates.

Does Ray Dalio still manage Bridgewater?

No. He handed his voting rights to Bridgewater's board and stepped down as co-chief investment officer in 2022. He sold his remaining shares and left the board in 2025.

What did Dalio study before starting Bridgewater?

He earned a finance degree from Long Island University and an MBA from Harvard Business School, then worked around commodities and futures before founding his firm.

How did Bridgewater get started?

Dalio founded it in 1975 as a wealth-advisory business for corporate clients. The firm also published research on global market trends through Daily Observations.

What is Ray Dalio's investment style?

His work is associated with global macro investing: studying economic forces such as inflation, growth, interest rates, and exchange rates, then expressing those views across markets.

What are Pure Alpha and All Weather?

Pure Alpha is the Bridgewater strategy launched in 1991 to pursue returns beyond broad market exposure. All Weather followed in 1996 and became closely associated with risk parity and diversified risk.

What books is Ray Dalio known for?

His books include Principles: Life & Work, Principles for Navigating Big Debt Crises, The Changing World Order, and How Countries Go Broke.

Why is Bridgewater's 13F only part of the picture?

Bridgewater's approach has historically used currencies, fixed income, and other macro exposures that a 13F does not capture. The page's current holdings and quarterly changes cover only reported US-listed long positions.

Does this page show Dalio's personal track record?

No. It follows Bridgewater's disclosed filing portfolio, and Dalio has fully separated from the firm. Any performance shown here is filing-based portfolio performance, not Dalio's personal return.

Can the portfolio value here be treated as Ray Dalio's net worth?

No. A 13F reports covered securities held by the filing manager. It is not a balance sheet for Dalio, Bridgewater, or Dalio's family office.