Analyzing Ray Dalio’s BRIDGEWATER ASSOCIATES Portfolio in Q1 2015

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Bridgewater Associates Lp Quarterly Filing

Ray Dalio’s Bridgewater Associates Lp just filed its quarterly 13F. Dated 19/05/2015, the 13f filing shows the hedge fund has a portfolio value of $12.83 billion, representing an increase of $304.19 million from the previous quarter when it was $12.53 billion. Note: This filling reprents about Infinity% of Bridgewater Associates Lp’s assets, which are listed in the US.

Portfolio Q12015
Market Value:$12,831,924,000
Previous Mkt Value:$12,527,736,000
Chg Mkt Value %:2.43%
Sentiment:
Turnover %:3.80%
Stocks Activity
New Purchases:91
Additional Purchases:146
Sold out:98
Reduced:87
Top 10 Holdings %:88.46%

New Holdings

During this quarter, Ray Dalio’s Bridgewater Associates Lp opened positions in Coca Cola Co (KO) for $23.43 million, Cisco Sys Inc (CSCO) for $13.87 million, Medtronic Plc (MDT) for $13.48 million, Target Corp (TGT) for $12.03 million and Centurylink Inc (CTL) for $10.56 million. These were the 5 biggest new positions. In total the hedge fund bought 91 new stocks.

Portfolio New Buys

Top 5 New Buys
Coca Cola Co0.18%
Cisco Sys Inc0.11%
Medtronic Plc0.11%
Target Corp0.09%
Centurylink Inc0.08%
13F Sector Allocation
Finance87%
Information Technology3%
Materials2%
Energy2%
Industrials1%

Increased Positions

Based on this 13f filing the hedge fund increased its stakes in Spdr S&P 500 Etf Tr (SPY) by 7% to $3.39 billion, Ishares Tr (LQD) by 30% to $67.41 million, Apple Inc (AAPL) by 182% to $91.21 million, Potash Corp Sask Inc (POT) by 103% to $39.31 million and Ensco Plc (ESV) by 93% to $22.18 million. Bridgewater Associates Lp also acquired smaller stakes in Chevron Corp New (CVX) by 7.61% to $13.81 million, Conocophillips (COP) by 8.68% to $13.56 million and Exxon Mobil Corp (XOM) by 17.19% to $14.35 million. Building positions gradually is normal trading practice for many investment managers.

Sold Stocks

Ray Dalio’s fund sold its stakes in United States Stl Corp New (X), Xilinx Inc (XLNX), Altera Corp (ALTR), Wynn Resorts Ltd (WYNN) and Caterpillar Inc Del (CAT). These securities constituted 0.12%, 0.12%, 0.09%, 0.09% and 0.07% of the fund’s portfolio, respectively. We can only speculate about the reasons for the dumping but we believe it has to do with either value, momentum or a better place for Bridgewater Associates Lp’s capital.

Portfolio Sold All

Reduced Positions

The fund also slashed its postitons in Vanguard Intl Equity Index F (VWO) by -3.63%, Ishares Tr (EEM) by -2.28%, Gilead Sciences Inc (GILD) by -95.31%, Microsoft Corp (MSFT) by -83.35% and Intel Corp (INTC) by -19.59%.

Top 3 Holdings

Vanguard Intl Equity Index F (VWO), Spdr S&P 500 Etf Tr (SPY) and Ishares Tr (EEM) made up the majority of Bridgewater Associates Lp’s total US long portfolio in this quarter. These securities were top 3 and constitute 86.07% of Bridgewater Associates Lp’s US-listed securities. The top 10 securities make approximately 88.46% of the fund’s portfolio value.

Portfolio Top Holdings

It seems Ray Dalio ‘s Bridgewater Associates Lp holds concentrated portfolio. We wonder do they believe, same as many legendary traders, that diversification is losing strategy? The table above provides a summary of Bridgewater Associates Lp’s top 10 US-listed holdings in this quarter.

Sector Analysis

Utilities Sector Bridgewater Associates Lp - Ray DalioBridgewater Associates Lp increased the utilities & telecommunications sector from 0% to 1%. According to the 13f filing, the institutional investor also has securities for 3% in the information technology sector. The materials sector is 2% of Bridgewater Associates Lp’s 13F portfolio. The fund slashed the Finance sector holdings by 87%.

So these are Q1 2015 fund’s sector weights now: finance 87% for $11.16 billion, information technology 3% for $384.96 million, materials 2% for $256.64 million, energy 2% for $256.64 million, industrials 1% for $128.32 million, health care 1% for $128.32 million, consumer staples 1% for $128.32 million, consumer discretionary 1% for $128.32 million and utilities & telecommunications 1% for $128.32 million.

Important Position Changes

Top 10 Q1 2015 New Positions: Coca Cola Co (KO), Cisco Sys Inc (CSCO), Medtronic Plc (MDT), Target Corp (TGT), Centurylink Inc (CTL), Cree Inc (CREE), Mcgraw Hill Finl Inc (MHFI), Mgm Resorts International (MGM), Boeing Co (BA) and Union Pac Corp (UNP).

Top 10 Q1 2015 Sold Out Completely: United States Stl Corp New (X), Xilinx Inc (XLNX), Altera Corp (ALTR), Wynn Resorts Ltd (WYNN), Caterpillar Inc Del (CAT), Nrg Energy Inc (NRG), Pulte Group Inc (PHM), Alliance Data Systems Corp (ADS), Bard C R Inc (BCR) and Bce Inc (BCE).

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Download the full 13F form in CSV: Q1-2015-Bridgewater-Associates-Lp-Ray-Dalio-13F-Portfolio-Stock-Holdings.csv

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