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New Guru Added: Ray Dalio of Bridgewater Associates; Buys XRAY, ALB, HFC, DV
Posted by: gurufocus (IP Logged)
Date: December 2, 2011 11:25AM

We have just added Ray Dalio of Bridgewater Associates into our List of Gurus. Ray Dalio founded Greenwich, CT based hedge fund Bridgewater Associates in 1975. Now it has more than $165 billion under management. The firm claims 13% annual returns after fees. The success of the hedge fund made Ray Dalio 84th richest person in the world, according to Forbes. Ray Dalio is the son of a jazz musician. Studied fiancé at Long Island U., went to work for Merrill Lynch in 1972. Harvard MBA in 1973.

These are some of Ray Dalio's life principles:
1. working for what I wanted, not for what others wanted me to do;
2. coming up with the best independent opinions I could muster to move toward my goals;
3. stress-testing my opinions by having the smartest people I could find challenge them so I could find out where I was wrong;
4. being wary about overconfidence, and good at not knowing; and
5. wrestling with reality, experiencing the results of my decisions, and reflecting on what I did to produce them so that I could improve. I believe that by following this approach I moved faster to my goals by learning a lot more than if I hadn't followed it.


His life principles are a great read.

As of 09/30/2011, Bridgewater Associates owns 395 stocks with a total value of $6.7 billion. These are the details of the buys and sells that have the impact to portfolio of more than 0.2%.

This is the portfolio chart of Ray Dalio. You can click on the legend of the chart to show/hide buys, sells, or holdings. Each ball on the chart represents a position in the portfolio. You can move your mouse on the balls to see the details of each position and click to see the details of all guru trades with this position.



For the details of Ray Dalio's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Ray+Dalio

This is the sector weightings of his portfolio:

Industrials 9.3%
Consumer Services 7%
Technology 6.8%
Health Care 3.9%
Financials 3.8%
Basic Materials 3.2%
Consumer Goods 2.2%
Oil & Gas 1.8%
Utilities 0.7%
Telecom 0.2%


These are the top 5 holdings of Ray Dalio

  1. SPDR S&P 500 ETF (SPY) - 20,785,600 shares, 35.1% of the total portfolio. Shares added by 1.11%
  2. Vanguard MSCI Emerging Markets ETF (VWO) - 27,723,922 shares, 14.8% of the total portfolio. Shares added by 45.55%
  3. IShares MSCI Emerging Market Income ETF (EEM) - 19,776,300 shares, 10.4% of the total portfolio. Shares added by 47.17%
  4. Computer Sciences Corp. (CSC) - 1,644,722 shares, 0.7% of the total portfolio. Shares added by 64.33%
  5. Microsoft Corp. (MSFT) - 1,747,604 shares, 0.6% of the total portfolio. Shares added by 2.94%


New Purchase: Dentsply International Inc. (XRAY)

Ray Dalio initiated holdings in Dentsply International Inc.. His purchase prices were between $30.86 and $39.555, with an estimated average price of $35.14. The impact to his portfolio due to this purchase was 0.25%. His holdings were 550,695 shares as of 09/30/2011.

New Purchase: Albemarle Corp. (ALB)

Ray Dalio initiated holdings in Albemarle Corp.. His purchase prices were between $40.22 and $70.56, with an estimated average price of $55.53. The impact to his portfolio due to this purchase was 0.24%. His holdings were 394,195 shares as of 09/30/2011.

New Purchase: Hollyfrontier (HFC)

Ray Dalio initiated holdings in Hollyfrontier. His purchase prices were between $25.59 and $38.2, with an estimated average price of $34.21. The impact to his portfolio due to this purchase was 0.23%. His holdings were 599,591 shares as of 09/30/2011.

New Purchase: Devry Inc. (DV)

Ray Dalio initiated holdings in Devry Inc.. His purchase prices were between $35.59 and $66.55, with an estimated average price of $50.14. The impact to his portfolio due to this purchase was 0.21%. His holdings were 379,123 shares as of 09/30/2011.

Sold Out: Netapp Inc. (NTAP)

Ray Dalio sold out his holdings in Netapp Inc.. His sale prices were between $34.96 and $53.94, with an estimated average price of $42.2.

Sold Out: Martin Marietta Materials Inc. (MLM)

Ray Dalio sold out his holdings in Martin Marietta Materials Inc.. His sale prices were between $61.89 and $81.37, with an estimated average price of $70.39.

Sold Out: Ralph Lauren Corp (RL)

Ray Dalio sold out his holdings in Ralph Lauren Corp. His sale prices were between $114.16 and $151.77, with an estimated average price of $135.57.

Sold Out: Intel Corp. (INTC)

Ray Dalio sold out his holdings in Intel Corp.. His sale prices were between $19.19 and $23.23, with an estimated average price of $21.37.

Added: Vanguard Msci Emerging Markets Etf (VWO)

Ray Dalio added to his holdings in Vanguard Msci Emerging Markets Etf by 45.55%. His purchase prices were between $36 and $49.51, with an estimated average price of $43.66. The impact to his portfolio due to this purchase was 4.64%. His holdings were 27,723,922 shares as of 09/30/2011.

Added: Ishares Msci Emerging Market Income Etf (EEM)

Ray Dalio added to his holdings in Ishares Msci Emerging Market Income Etf by 47.17%. His purchase prices were between $34.95 and $48.48, with an estimated average price of $42.58. The impact to his portfolio due to this purchase was 3.32%. His holdings were 19,776,300 shares as of 09/30/2011.

Added: Spdr S&p 500 Etf (SPY)

Ray Dalio added to his holdings in Spdr S&p 500 Etf by 1.11%. His purchase prices were between $112.26 and $135.36, with an estimated average price of $122.68. The impact to his portfolio due to this purchase was 0.39%. His holdings were 20,785,600 shares as of 09/30/2011.

Added: L3 Communications Holdings Inc. (LLL)

Ray Dalio added to his holdings in L3 Communications Holdings Inc. by 460.85%. His purchase prices were between $58.94 and $86.77, with an estimated average price of $71.09. The impact to his portfolio due to this purchase was 0.32%. His holdings were 417,271 shares as of 09/30/2011.

Added: Computer Sciences Corp. (CSC)

Ray Dalio added to his holdings in Computer Sciences Corp. by 64.33%. His purchase prices were between $26.03 and $38.27, with an estimated average price of $31.62. The impact to his portfolio due to this purchase was 0.26%. His holdings were 1,644,722 shares as of 09/30/2011.

Added: Endo Pharmaceuticals Holdings Inc. (ENDP)

Ray Dalio added to his holdings in Endo Pharmaceuticals Holdings Inc. by 253.65%. His purchase prices were between $27.15 and $41.73, with an estimated average price of $33.72. The impact to his portfolio due to this purchase was 0.25%. His holdings were 850,319 shares as of 09/30/2011.

Added: Hewlettpackard Co. (HPQ)

Ray Dalio added to his holdings in Hewlettpackard Co. by 116.57%. His purchase prices were between $22.32 and $37.47, with an estimated average price of $29.46. The impact to his portfolio due to this purchase was 0.23%. His holdings were 1,272,800 shares as of 09/30/2011.

Added: Cliffs Natural Resources Inc (CLF)

Ray Dalio added to his holdings in Cliffs Natural Resources Inc by 173.06%. His purchase prices were between $54.19 and $101.43, with an estimated average price of $80.67. The impact to his portfolio due to this purchase was 0.22%. His holdings were 460,219 shares as of 09/30/2011.

Added: Caterpillar Inc. (CAT)

Ray Dalio added to his holdings in Caterpillar Inc. by 751.74%. His purchase prices were between $73.86 and $111.63, with an estimated average price of $92.03. The impact to his portfolio due to this purchase was 0.21%. His holdings were 218,787 shares as of 09/30/2011.

Reduced: Novellus Systems Inc. (NVLS)

Ray Dalio reduced to his holdings in Novellus Systems Inc. by 65.99%. His sale prices were between $26.24 and $36.81, with an estimated average price of $29.9. The impact to his portfolio due to this sale was -0.46%. Ray Dalio still held 467,934 shares as of 09/30/2011.

Reduced: General Electric Co. (GE)

Ray Dalio reduced to his holdings in General Electric Co. by 59.73%. His sale prices were between $15.01 and $19.3, with an estimated average price of $16.71. The impact to his portfolio due to this sale was -0.37%. Ray Dalio still held 930,750 shares as of 09/30/2011.

Reduced: Applied Materials Inc. (AMAT)

Ray Dalio reduced to his holdings in Applied Materials Inc. by 58.64%. His sale prices were between $10.36 and $13.44, with an estimated average price of $11.68. The impact to his portfolio due to this sale was -0.35%. Ray Dalio still held 1,352,811 shares as of 09/30/2011.

Reduced: Motorola Solutions (MSI)

Ray Dalio reduced to his holdings in Motorola Solutions by 63.99%. His sale prices were between $38.71 and $46.37, with an estimated average price of $42.39. The impact to his portfolio due to this sale was -0.3%. Ray Dalio still held 258,229 shares as of 09/30/2011.

Reduced: Leggett & Platt Inc. (LEG)

Ray Dalio reduced to his holdings in Leggett & Platt Inc. by 73.42%. His sale prices were between $17.87 and $24.8, with an estimated average price of $21.41. The impact to his portfolio due to this sale was -0.29%. Ray Dalio still held 308,312 shares as of 09/30/2011.

Reduced: Genuine Parts Co. (GPC)

Ray Dalio reduced to his holdings in Genuine Parts Co. by 73.87%. His sale prices were between $46.73 and $57.37, with an estimated average price of $52.82. The impact to his portfolio due to this sale was -0.29%. Ray Dalio still held 134,356 shares as of 09/30/2011.

Reduced: American Express Co. (AXP)

Ray Dalio reduced to his holdings in American Express Co. by 53.32%. His sale prices were between $42.8 and $53.59, with an estimated average price of $48.73. The impact to his portfolio due to this sale was -0.28%. Ray Dalio still held 342,857 shares as of 09/30/2011.

Reduced: Microchip Technology Inc. (MCHP)

Ray Dalio reduced to his holdings in Microchip Technology Inc. by 61.61%. His sale prices were between $29.6 and $38.39, with an estimated average price of $32.92. The impact to his portfolio due to this sale was -0.28%. Ray Dalio still held 324,296 shares as of 09/30/2011.

Reduced: Fastenal Company (FAST)

Ray Dalio reduced to his holdings in Fastenal Company by 67.1%. His sale prices were between $29.47 and $36.63, with an estimated average price of $33.45. The impact to his portfolio due to this sale was -0.25%. Ray Dalio still held 244,461 shares as of 09/30/2011.

Reduced: Illinois Tool Works Inc. (ITW)

Ray Dalio reduced to his holdings in Illinois Tool Works Inc. by 52.08%. His sale prices were between $41.36 and $59.02, with an estimated average price of $48.03. The impact to his portfolio due to this sale was -0.24%. Ray Dalio still held 272,534 shares as of 09/30/2011.

Reduced: Exxon Mobil Corp. (XOM)

Ray Dalio reduced to his holdings in Exxon Mobil Corp. by 82.56%. His sale prices were between $68.03 and $85.22, with an estimated average price of $75.88. The impact to his portfolio due to this sale was -0.22%. Ray Dalio still held 39,800 shares as of 09/30/2011.

Reduced: Nordstrom Inc. (JWN)

Ray Dalio reduced to his holdings in Nordstrom Inc. by 52.18%. His sale prices were between $37.45 and $51.79, with an estimated average price of $46.06. The impact to his portfolio due to this sale was -0.22%. Ray Dalio still held 306,519 shares as of 09/30/2011.

Reduced: Jabil Circuit Inc. (JBL)

Ray Dalio reduced to his holdings in Jabil Circuit Inc. by 49.4%. His sale prices were between $14.08 and $21.35, with an estimated average price of $17.41. The impact to his portfolio due to this sale was -0.21%. Ray Dalio still held 743,324 shares as of 09/30/2011.

Reduced: American Eagle Outfitters Inc. (AEO)

Ray Dalio reduced to his holdings in American Eagle Outfitters Inc. by 53.31%. His sale prices were between $10.17 and $14.08, with an estimated average price of $12.06. The impact to his portfolio due to this sale was -0.21%. Ray Dalio still held 1,005,150 shares as of 09/30/2011.

Reduced: Costco Wholesale Corp. (COST)

Ray Dalio reduced to his holdings in Costco Wholesale Corp. by 56.62%. His sale prices were between $70.39 and $85.07, with an estimated average price of $79.16. The impact to his portfolio due to this sale was -0.21%. Ray Dalio still held 137,701 shares as of 09/30/2011.

Reduced: Robert Half International Inc. (RHI)

Ray Dalio reduced to his holdings in Robert Half International Inc. by 44.14%. His sale prices were between $20.06 and $29.77, with an estimated average price of $23.9. The impact to his portfolio due to this sale was -0.2%. Ray Dalio still held 675,215 shares as of 09/30/2011.




Guru Discussed: Ray Dalio: Current Portfolio, Stock Picks
Stocks Discussed: XRAY, ALB, HFC, DV, VWO, EEM, SPY, LLL, CSC, ENDP, HPQ, CLF, C,
Rate this post:

Rating: 3.1/5 (14 votes)



Re New Guru Added Ray Dalio of Bridgewater Associates Buys XRAY ALB HFC DV
Posted by: superguru (IP Logged)
Date: December 2, 2011 01:15PM

"Now it has more than $165 billion under management."
As of 09/30/2011, Bridgewater Associates owns 395 stocks with a total value of $6.7 billion."

That is like 4% is US stocks (and ADRS). Where are they investing rest 96%?

Any clue on their asset allocation breakdown or what asset classes they are long on?




Guru Discussed: Ray Dalio: Current Portfolio, Stock Picks
Stocks Discussed: XRAY, ALB, HFC, DV, VWO, EEM, SPY, LLL, CSC, ENDP, HPQ, CLF, C,
Rate this post:

Rating: 4.0/5 (2 votes)



Re New Guru Added Ray Dalio of Bridgewater Associates Buys XRAY ALB HFC DV
Posted by: ranjitsudan (IP Logged)
Date: December 3, 2011 09:32PM

I think he is more of macro guy rather than a stock picker. He invest on macro theme, changes his asset allocation accordingly between stocks, bonds, commodities and so forth (very similiar to Jim Rogers). He was on Charlie Rose last month where is spoke about his asset allocation.



Guru Discussed: Ray Dalio: Current Portfolio, Stock Picks
Stocks Discussed: XRAY, ALB, HFC, DV, VWO, EEM, SPY, LLL, CSC, ENDP, HPQ, CLF, C,
Rate this post:

Rating: 4.5/5 (2 votes)





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