Tracking Ray Dalio’s 13F Bridgewater Associates Portfolio – Q2 2024 Update

This article is part of a series providing an ongoing analysis of changes to Bridgewater Associates’ 13F portfolio on a quarterly basis. It is based on their regulatory Form 13F filed on 08/14/2024. Please visit our Tracking Ray Dalio Bridgewater Associates 13F portfolio series to get an idea of ​​their investment philosophy and ours previous update for fund movements in Q1 2024.

Assets under management (AUM) amount to approximately USD 150 billion. The 13F portfolio is less than ~20% of their total AUM. In this quarter, the value of the 13F portfolio decreased from ~$19.78 billion to ~$19.15 billion. Holdings are diversified, with recent reports showing around 1000 different stakes. About 36 of them are significantly large (more than ~0.5% of the 13F portfolio) and are the focus of this article. The top three individual stock positions are at ~12%, while the top five holdings are close to ~17% of 13F assets: Alphabet, Nvidia, Procter & Gamble, Amazon, and Microsoft.

Note 1: The firm uses asset class diversification across uncorrelated positions to achieve absolute returns. As such, bets can be on or against debt, equity and other markets around the world.

Note 2: Ray Dalio is a Sinophile whose fascination with China dates back to 1984.

Stake Increases:

Amazon.com (AMZN): The top five 2.67% of the AMZN position portfolio were set in the last quarter at prices between ~$145 and ~$180. This quarter saw a ~150% increase in stake at prices between ~$174 and ~$198. The stock is currently trading at ~$179.

Microsoft Corp (MSFT): MSFT is one of the top five 2.54% of the portfolio position, which has seen a ~90% increase in holdings this quarter at prices between ~$388 and ~$452. The stock is now at ~$417.

Johnson & Johnson (JNJ): JNJ’s 2.45% stake was a small position in their first 13F filing in Q4 2005. The stake slipped. The current position was built over the four quarters to Q2 2021 at prices between ~$137 and ~$171. The two quarters to Q1 2022 saw ~55% share growth at prices between ~$155 and ~$180. Q4 2022 saw a sell-off of ~25% at prices between ~$160 and ~$180. The two quarters to Q3 2023 saw another ~25% discount to prices between ~$151 and ~$175. The stock is currently trading at ~$166. This quarter also saw a ~13% increase in share.

Advanced Micro Devices (AMD): AMD is a ~1% stake set last quarter at ~$135 to ~$211. There was a ~62% increase in holdings this quarter at prices between ~$144 and ~$183. Stock is now at ~$149.

Cameco Corp (CCJ), Exxon Mobil (XOM), Mastercard Inc. (MA) and Medtronic plc (MDT): These small stakes (less than ~1% of the portfolio each) were raised this quarter.

Stake Drops:

Alphabet Inc. (GOOG): GOOG is currently the largest 13F individual stock position with 4.32% of the portfolio. It saw a ~210% increase in stake in Q1 2023 at prices between ~$87 and ~$109. There was a ~15% discount in the next quarter and this was followed by a ~20% discount in Q3 2023 at prices between ~$117 and ~$139. Q4 2023 saw ~30% share growth at prices between ~$123 and ~$143. The position was up 163% in the last quarter at prices between ~$133 and ~$155. There was ~15% off this quarter at prices between ~$152 and ~$187. The stock is currently trading at ~$165.

Nvidia Corp. (NVDA): The top three 4.23% NVDA positions are up 162% over the past quarter at prices ranging from ~$48 to ~$95. The stake was set in Q4 2023 at prices between ~$40 and ~$51. Shares are currently trading at ~$119. There was a discount of ~7% this quarter.

Procter & Gamble (PG): PG is currently the third largest individual position in the stock with 3.10% of the portfolio. It was established in Q2 2020 at prices between ~$120 and ~$144. S1 2021 saw ~80% share growth at prices between ~$124 and ~$139. The two quarters to Q1 2022 also saw ~45% growth at prices between ~$139 and ~$164. Q4 2022 saw a ~25% discount to prices between ~$124 and ~$154. The stake has been reduced by 12% in the last quarter to prices between ~$146 and ~$162. This quarter also saw a similar reduction to prices between ~$153 and ~$168. The stock is currently trading at ~$172.

Meta Platforms (META): META is a 2.53% share of the portfolio share that has increased by 49% in the last quarter at prices between ~$344 and ~$512. The stock is now at ~$521. There was a ~3% discount this quarter.

Walmart Stores (WMT): The 2.30% WMT position was purchased in the four quarters through Q2 2021 at prices ranging from ~$40 to ~$51. In Q4 2021, the stake was sold down ~45% at prices between ~$45 and ~$50. S1 2022 saw a two-thirds increase at prices between ~$39 and ~$53. The four quarters to Q2 2023 saw a ~48% selloff at prices between ~$41 and ~$52. The next quarter saw an increase of ~5%, while the last three quarters saw a slight reduction. The stock is now at $77.23.

Note: The above prices are adjusted for February’s 3-for-1 stock split.

Costco Wholesale (COST): ~2% of the COST portfolio share was built over the four quarters through Q2 2021 at prices between ~$305 and ~$395. There was a ~30% increase in participation in Q1 2022 at prices between ~$477 and ~$577. Q4 2022 saw a discount of ~22% to prices between ~$453 and ~$540. This was followed by a ~15% discount during Q1 2023. Q4 2023 saw another ~17% selloff. The stake was reduced by 22% in the last quarter to prices between ~$643 and ~$784. This quarter also saw a ~18% sale at prices ranging from ~$703 to ~$870. The stock is currently trading at ~$892. They reap the rewards.

Coca-Cola (KO): The four quarters to Q2 2021 saw a KO stake of ~8.2 million shares built at prices between ~$45 and ~$56. This was followed by a ~40% increase in the stake in Q1 2022 at prices between ~$58 and ~$63. There was a ~25% selloff during Q4 2022 at prices between ~$54 and ~$64. The stake was reduced by 21% in the last quarter to prices between ~$58 and ~$61. This quarter also saw a ~17% discount to prices between ~$58 and ~$64. The stock is currently trading at $72.47 and the stake is 1.71% of the portfolio.

Note: A much smaller share of this position was part of the portfolio in the decade to 2016.

PepsiCo (PEP): The four quarters to Q2 2021 saw a share of 2.7 million shares built at prices between ~$129 and ~$148. This was followed by ~55% share growth in the two quarters to Q1 2022 at prices between ~$150 and ~$176. There was a ~25% discount in Q4 2022 to prices between ~$160 and ~$186. The stake was down 12% in the last quarter to prices between $162.04 and $175.01. There were similar sales this quarter at prices between ~$163 and ~$182. The stock is now at ~$173 and the stake is 1.61% of the portfolio.

Note: A much smaller share of this position was part of the portfolio in the decade to 2016.

Visa Inc. (T): Visa’s 1.10% stake saw ~18% growth in Q1 2023 at prices between ~$207 and ~$231. Q3 2023 saw a discount of ~16%, while the following quarter saw a ~28% increase in stake at prices between ~$229 and ~$262. The stake has been reduced by 13% in the last quarter to prices between ~$257 and ~$290. This quarter, ~15% more sold at prices between ~$262 and ~$280. The stock is now at ~$276.

Starbucks Corp (SBUX): SBUX’s 0.56% stake has been built over the four quarters through Q2 2021 at prices ranging from ~$74 to ~$118. The two quarters to Q1 2022 saw another ~45% increase in the stake at prices between ~$79 and ~$117. There was a reduction of ~18% in the two quarters to Q1 2023. Q2 2023 saw an increase of ~9%, while the following two quarters saw a similar reduction. The stake was down 19% in the last quarter to prices between $89.44 and $96.57. This was followed by another ~30% discount at prices between ~$72 and ~$91. The stock is currently trading at $94.57.

CVS Health (CVS): CVS is now a very small 0.38% of the portfolio share. The initial position was built in Q2 2022 at prices between ~$89 and ~$107. There was a discount of ~20% in the two quarters to Q1 2023. The stake was reduced by 20% in the last quarter to prices between $71.30 and $79.91. This quarter, ~50% more sold at prices between ~$53 and ~$78. The stock is currently trading at $57.24.

Abbot Laboratories (ABT), Apple Inc. (AAPL), Chipotle Mexican Grill (CMG), Colgate-Palmolive (CL), Comcast Corp (CMCSA), Eli Lilly (LLY), Fiserv Inc. (FI), McDonald’s Corp (MCD), Merck Inc. (MRK), McKesson Corp (MCK) ), Mondelez International (MDLZ), PayPal Holdings (PYPL), PDD Holdings (PDD), Stryker Corp (SYK), Target Corp (TGT), The Cigna Group (CI), and Uber Technologies (UBER): These small stakes (less than ~1% of the portfolio each) were reduced during the quarter.

The spreadsheet below highlights the changes to Bridgewater Associates 13F shares in Q2 2024:

Source: John Vincent. Data constructed from Bridgewater Associates’ 13F filings for Q1 2024 and Q2 2024.