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Billionaire Ray Dalio’s 36 biggest holdings revealed

Ray Dalio

Ray Dalio is one of the best-known investors in the world. He manages the biggest hedge fund in the world – Bridgewater Associates – with a value of $23.6 billion.

Dalio is regarded as one of the greatest innovators in finance and has popularized many common practices like risk parity, currency overlay, and portable alpha.

He is also known as the king of diversification, and from his portfolio, it is easy to see why. His fund owns 985 different shares and ETFs.

Dalio is particularly fond of incorporating ETFs as his largest holdings to diversify his portfolio further. He even owns funds from different providers tracking the same index.

Two emerging market ETFs – iShares Core MSCI Emerging Markets and Vanguard FTSE Emerging Markets – account for 5.9% of his portfolio.

Two different S&P 500 ETFs – SPDR S&P 500 and Ishares Core S&P 500 – account for another 5.7% of his holdings.

Dalio also loves using gold as a hedge. He holds 0.9% of his portfolio in the SPDR Gold Trust ETF and 0.3% in the iShares Gold ETF.

It is interesting to note that he has reduced these gold positions significantly over the last two years.

Looking at his largest holdings, it becomes clear that Dalio’s current portfolio is very defensive. Most of his largest holdings are in consumer staples or healthcare.

He recently sold all of his shares in Alibaba while increasing his stake in Amazon.

Another interesting development is that he sold his Tesla shares earlier this year and opened a new position in electric-vehicle startup Rivian Automotive.

He also holds significant positions in 2 Chinese electric-vehicle startups – NIO and Li Auto.

Ray Dalio’s portfolio

The table below provides a list of Ray Dalio’s 36 biggest holdings, which make up half of his portfolio.

Ray Dalio’s Portfolio
Name Value ($ million) Portfolio Weight
Procter and Gamble (P&G) $970 4.1%
Johnson & Johnson $769 3.3%
iShares Core MSCI Emerging Markets ETF $751 3.2%
SPDR S&P 500 ETF $695 2.9%
Coca Cola $681 2.9%
Ishares Core S&P 500 ETF $644 2.7%
Vanguard FTSE Emerging Markets ETF $643 2.7%
Pepsico $635 2.7%
Costco $580 2.5%
Walmart $571 2.4%
McDonalds $511 2.2%
Abbott Laboratories $304 1.3%
Pinduoduo Inc $298 1.3%
CVS Health $292 1.2%
Starbucks $248 1.0%
Medtronic $225 1.0%
Target $220 0.9%
SPDR Gold Trust ETF $220 0.9%
Colgate Palmolive $184 0.8%
Baidu $170 0.7%
Exxon Mobil $163 0.7%
Pfizer $158 0.7%
Berkshire Hathaway Class B $156 0.7%
Estee Lauder $156 0.7%
Dollar General $155 0.7%
Mastercard $153 0.6%
Sysco $142 0.6%
General Mills $134 0.6%
Li Auto $125 0.5%
Stryker $125 0.5%
Monster Beverage $125 0.5%
KimberlyClark $122 0.5%
Intuitive Surgical $120 0.5%
Merck $120 0.5%
NIO $120 0.5%
Chipotle Mexican Grill $119 0.5%
141 other shares / ETFs with a portfolio weight of 0.1% – 0.5% each $7,339 31.1%
808 other shares / ETFs with a portfolio weight less than 0.1% each $4,454 18.9%

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