Ray Dalio stock portfolio as of Q3 2023
Ray Dalio , founder, co-chairman and co-chief investment officer of Bridgewater Associates , recently filed firm 13F's Q2 2023 report. Often referred to as the "Steve Jobs of investing," Dalio turned Bridgewater from a two-bedroom apartment in New York City into the fifth largest private company in the US, according to Fortune magazine. His investment philosophy and principles, outlined in the #1 New York Times bestseller "Principles," have become the cornerstone of Bridgewater's distinctive culture and success.
As of Q3 2023, Dalio's portfolio consisted of 698 stocks with a total value of $16.19 billion. The largest assets were IVV, IEMG and PG.
Top 3 deals of the quarter
Below are the firm's three biggest deals in the past quarter:
SPDR Gold Shares ETF (GLD)
Dalio sold its 886,799 shares in the SPDR Gold Shares (GLD) ETF, which previously represented 0.99% of the portfolio. During the quarter, the shares traded at an average price of $183.74. As of August 16, 2023, GLD had a price of $176.65 and a market capitalization of $55.04 billion. Shares have returned 6.60% over the past year.
Meta Platforms Inc (NASDAQ:META)
Bridgewater cut its investment in Meta Platforms Inc (NASDAQ:META) by 464,180 shares, impacting its equity portfolio by 0.6%. During the quarter, the shares traded at an average price of $246.21. As of August 16, 2023, META had a price of $302.76 and a market capitalization of $779.05 billion. Shares returned 67.11% last year. GuruFocus gives the company a financial strength rating of 8 out of 10 and an earnings rating of 10 out of 10. In terms of valuation, META has a price-earnings ratio of 35.29, a price-to-book ratio of 5.79, a PEG ratio of 2.29, an EV to Ebitda ratio 19.99 and a price-sales ratio of 6.61.
iShares Core S&P 500 ETF (IVV)
During the quarter, Bridgewater purchased 184,684 shares of the iShares Core S&P 500 ETF (IVV), bringing the total number of shares to 2,013,408. The impact of this transaction on the equity portfolio was 0.51%. During the quarter, the shares traded at an average price of $420.31. As of August 16, 2023, IVV had a price of $446.72 and a market capitalization of $347.32 billion. Shares returned 5.24% last year.
In conclusion, Dalio's Q2 2023 Portfolio Update shows a strategic shift in investment with a notable gold ETF exit and significant downsizing of Meta Platforms Inc. Meanwhile, the firm has increased its stake in the iShares Core S&P 500 ETF, indicating continued faith in the strength of the broader US market.