Ray Dalios BRIDGEWATER ASSOCIATES Just Released Its Q2 2015 Positions

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Bridgewater Associates Lp 13F Analysis

Ray Dalio’s Bridgewater Associates Lp just filed its Q2 2015 13F. Dated 12/08/2015, the 13f form reveals the hedge fund has a portfolio value of $10.83 billion, representing a decrease of $2.00 billion from the previous quarter when it was $12.83 billion. Note: This filling reprents only assets that which are listed in the US.

Portfolio Q22015
Market Value:$10,828,837,000
Previous Mkt Value:$12,831,924,000
Chg Mkt Value %:-15.61%
Sentiment:
Turnover %:4.08%
Stocks Activity
New Purchases:110
Additional Purchases:85
Sold out:132
Reduced:98
Top 10 Holdings %:87.96%

Fund New Purchases

During this quarter, Ray Dalio’s Bridgewater Associates Lp started new positions in Fossil Group Inc (FOSL) for $12.72 million, Foot Locker Inc (FL) for $12.69 million, Enbridge Inc (ENB) for $11.85 million, Level 3 Communications Inc (LVLT) for $10.66 million and Comcast Corp New (CMCSA) for $9.29 million. These were the 5 biggest new positions. In total the hedge fund bought 110 new stocks.

Portfolio New Buys

Top 5 New Buys
Fossil Group Inc0.12%
Foot Locker Inc0.12%
Enbridge Inc0.11%
Level 3 Communications Inc0.10%
Comcast Corp New0.09%
13F Sector Allocation
Finance87%
Energy3%
Information Technology2%
Materials2%
Industrials1%

Increased Positions

As revealed in this 13f form the hedge fund increased its stakes in Ishares Tr (LQD) by 50% to $95.96 million, Coca Cola Co (KO) by 27% to $28.75 million, Monsanto Co New (MON) by 62% to $23.92 million, Exxon Mobil Corp (XOM) by 37% to $19.28 million and Newmont Mining Corp (NEM) by 12% to $16.25 million. Bridgewater Associates Lp also acquired smaller stakes in Suncor Energy Inc New (SU) by 114.65% to $23.40 million, Centurylink Inc (CTL) by 124.26% to $20.14 million and Canadian Nat Res Ltd (CNQ) by 119.05% to $17.62 million. Building positions gradually is well-know practice for many investment managers.

Sold Stocks

Ray Dalio’s fund sold its stakes in Potash Corp Sask Inc (POT), Agrium Inc (AGU), Nvidia Corp (NVDA), O Reilly Automotive Inc New (ORLY) and Southwest Airls Co (LUV). These securities constituted 0.31%, 0.16%, 0.10%, 0.10% and 0.10% of the fund’s portfolio, respectively. We can only speculate about the reasons for the selling 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 reduced its postitons in Spdr S&P 500 Etf Tr (SPY) by -36.21%, Ishares Tr (EEM) by -19.00%, Apple Inc (AAPL) by -27.49%, Johnson & Johnson (JNJ) by -27.27% and Ensco Plc (ESV) by -19.68%.

Top 5 Positions

Vanguard Intl Equity Index F (VWO), Ishares Tr (EEM) and Spdr S&P 500 Etf Tr (SPY) made up the majority of Bridgewater Associates Lp’s total US long portfolio in this quarter. These holdings were top 3 and constitute 85.22% of Bridgewater Associates Lp’s US-listed securities. The top 10 holdings make about 87.96% of the investment manager’s portfolio.

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 wrong trading strategy? The image above provides a snapshot of Bridgewater Associates Lp’s top 10 US-listed positions in this quarter.

Sector Allocation

Energy Sector Bridgewater Associates Lp - Ray DalioBridgewater Associates Lp increased the energy sector from 2% to 3%. According to the 13f form, the investment manager also has securities for 87% in the finance sector. The materials sector is 2% of Bridgewater Associates Lp’s 13F portfolio. The fund reduced the Information Technology sector positions by 2%.

So these are Q2 2015 fund’s sector weights now: finance 87% for $9.42 billion, energy 3% for $324.87 million, information technology 2% for $216.58 million, materials 2% for $216.58 million, industrials 1% for $108.29 million, health care 1% for $108.29 million, utilities & telecommunications 1% for $108.29 million, consumer staples 1% for $108.29 million and consumer discretionary 1% for $108.29 million.

Important Position Changes

Top 10 Q2 2015 New Positions: Fossil Group Inc (FOSL), Foot Locker Inc (FL), Enbridge Inc (ENB), Level 3 Communications Inc (LVLT), Comcast Corp New (CMCSA), Transcanada Corp (TRP), United States Stl Corp New (X), Toll Brothers Inc (TOL), Interpublic Group Cos Inc (IPG) and Salesforce Com Inc (CRM).

Top 10 Q2 2015 Sold Out Completely: Potash Corp Sask Inc (POT), Agrium Inc (AGU), Nvidia Corp (NVDA), O Reilly Automotive Inc New (ORLY), Southwest Airls Co (LUV), Joy Global Inc (JOY), Biogen Inc (BIIB), Cree Inc (CREE), Mcgraw Hill Finl Inc (MHFI) and General Electric Co (GE).

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Download the full 13F form in CSV: Q2-2015-Bridgewater-Associates-Lp-Ray-Dalio-13F-Portfolio-Stock-Holdings.csv

Research more Connecticut hedge funds in our free database. Read ‘What is a Hedge Fund’ at our Hedge Funds resource page.

Bridgewater Associates Lp – website

13F Filing Link: 000114036115030974

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