Great investors · Ray Dalio · Q4 2024
What Ray Dalio bought and sold in Q4 2024
Bridgewater Associates 13F portfolio as of Dec 31, 2024: 691 positions worth $21.8 bn. Largest: SPY, IVV, IEMG, GOOGL. Filed with the SEC on Feb 13, 2025.
The 13F is filed by Bridgewater Associates, not by Ray Dalio personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q4 2024
- IncreasedState Str Spdr S&P 500 ETF TSPY+19.9 pp
- IncreasedAt&tT+0.5 pp
Sells in Q4 2024
- ReducedLam ResearchLRCX−1.0 pp
- ReducedProcter & GamblePG−0.9 pp
- ReducedWalmartWMT−0.9 pp
- ReducedNVIDIANVDA−0.8 pp
- ReducedAlphabetGOOGL−0.7 pp
- ReducedJohnson & JohnsonJNJ−0.6 pp
8 companies with material moves, out of 8 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Bridgewater Associates's Q4 2024 13F lists 691 lines of US-listed securities worth $21.8 bn; the largest is SPY at 22.1% of the portfolio. It was accepted by the SEC on Feb 13, 2025 at 4:28 PM ET.
Against the previous quarter, it opened 82 positions (TSLA, NOW, BN and MRNA and 78 more), closed 162 (MU, VOO, GS and EA and 158 more), added to 219 (SPY, SNOW, HOOD and T and 215 more) and trimmed 146 (LRCX, NVDA, GOOGL and IVV and 142 more). 6 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | State Str Spdr S&P 500 ETF T SPY | 8.2 M | $4.8 bn | 22.1% | +884% |
| 2 | iShares Core S&P 500 ETF IVV | 2.0 M | $1.2 bn | 5.50% | −8.3% |
| 3 | Ishares IEMG | 17.7 M | $922M | 4.23% | no change |
| 4 | Alphabet GOOGL | 3.6 M | $686M | 3.14% | −17% |
| 5 | NVIDIA NVDA | 3.5 M | $470M | 2.15% | −26% |
| 6 | Meta Platforms META | 621,088 | $364M | 1.67% | −23% |
| 7 | Microsoft MSFT | 667,036 | $281M | 1.29% | −23% |
| 8 | Vistra Operations VST | 1.8 M | $245M | 1.12% | +59% |
| 9 | Advanced Micro Devices AMD | 1.8 M | $217M | 1.00% | +23% |
| 10 | Constellation Energy CEG | 946,244 | $212M | 0.97% | +23% |
| 11 | Amazon.com AMZN | 919,786 | $202M | 0.93% | −35% |
| 12 | PayPal Holdings PYPL | 2.4 M | $201M | 0.92% | +93% |
| 13 | Visa V | 612,004 | $193M | 0.89% | no change |
| 14 | McKESSON MCK | 329,363 | $188M | 0.86% | +34% |
| 15 | Lam Research LRCX | 2.5 M | $183M | 0.84% | −91% |
| 16 | Salesforce CRM | 502,427 | $168M | 0.77% | +86% |
| 17 | Ishares EWY | 3.2 M | $161M | 0.74% | +64% |
| 18 | Cigna Group CI | 579,482 | $160M | 0.73% | +79% |
| 19 | AppLovin APP | 492,860 | $160M | 0.73% | +86% |
| 20 | Expedia Group EXPE | 854,262 | $159M | 0.73% | +73% |
| 21 | Booking Holdings BKNG | 31,609 | $157M | 0.72% | +3.5% |
| 22 | Apple AAPL | 617,203 | $155M | 0.71% | −40% |
| 23 | Broadcom AVGO | 657,290 | $152M | 0.70% | −31% |
| 24 | At&t T | 6.5 M | $148M | 0.68% | +402% |
| 25 | Merck MRK | 1.4 M | $143M | 0.66% | −7.4% |
| 26 | HCA Healthcare HCA | 470,553 | $141M | 0.65% | +88% |
| 27 | Altria Group MO | 2.7 M | $140M | 0.64% | +86% |
| 28 | Qualcomm QCOM | 900,629 | $138M | 0.63% | +13% |
| 29 | Wells Fargo WFC | 1.9 M | $136M | 0.62% | +37% |
| 30 | Fiserv FISV | 649,901 | $134M | 0.61% | +20% |
| 31 | iShares MBS ETF MBB | 1.4 M | $132M | 0.60% | +1.3% |
| 32 | PDD Holdings PDD | 1.2 M | $121M | 0.55% | no change |
| 33 | Bristol-myers Squibb BMY | 2.1 M | $117M | 0.53% | +238% |
| 34 | Comcast CMCSA | 3.0 M | $113M | 0.52% | +115% |
| 35 | Citigroup C | 1.6 M | $110M | 0.51% | +76% |
| 36 | eBay EBAY | 1.8 M | $110M | 0.51% | +531% |
| 37 | NRG Energy NRG | 1.2 M | $107M | 0.49% | +47% |
| 38 | Ishares Tr LQD | 994,200 | $106M | 0.49% | +1.1% |
| 39 | Adobe ADBE | 235,756 | $105M | 0.48% | +424% |
| 40 | Block XYZ | 1.2 M | $105M | 0.48% | +211% |
| 41 | Pinterest PINS | 3.5 M | $103M | 0.47% | +124% |
| 42 | Global Payments GPN | 892,958 | $100M | 0.46% | +89% |
| 43 | MetLife MET | 1.2 M | $98.1M | 0.45% | +151% |
| 44 | Vanguard International Equity Index F VWO | 2.2 M | $97.8M | 0.45% | −35% |
| 45 | British American Tobacco p.l.c. BTI | 2.7 M | $97.4M | 0.45% | +262% |
| 46 | HP HPQ | 2.8 M | $92.6M | 0.42% | +115% |
| 47 | Robinhood Markets HOOD | 2.5 M | $91.9M | 0.42% | +646% |
| 48 | Fortinet FTNT | 933,694 | $88.2M | 0.40% | +365% |
| 49 | Toast TOST | 2.4 M | $86.3M | 0.40% | +322% |
| 50 | Pultegroup PHM | 783,581 | $85.3M | 0.39% | +119% |
| 51 | GE Vernova GEV | 241,220 | $79.3M | 0.36% | +588% |
| 52 | Johnson & Johnson JNJ | 537,937 | $77.8M | 0.36% | −63% |
| 53 | Bank of New York Mellon BNY | 990,319 | $76.1M | 0.35% | +90% |
| 54 | GSK GSK | 2.2 M | $76.0M | 0.35% | +133% |
| 55 | Arista Networks ANET | 673,054 | $74.4M | 0.34% | +20% |
| 56 | Centene CNC | 1.2 M | $74.0M | 0.34% | +162% |
| 57 | Procter & Gamble PG | 439,606 | $73.7M | 0.34% | −73% |
| 58 | Costco Wholesale COST | 80,394 | $73.7M | 0.34% | −52% |
| 59 | Allstate ALL | 381,507 | $73.6M | 0.34% | +64% |
| 60 | KLA KLAC | 115,841 | $73.0M | 0.33% | −43% |
| 61 | Walmart WMT | 779,487 | $70.4M | 0.32% | −73% |
| 62 | AutoZone AZO | 21,885 | $70.1M | 0.32% | +6.5% |
| 63 | Eli Lilly LLY | 84,356 | $65.1M | 0.30% | +15% |
| 64 | Sea SE | 597,039 | $63.3M | 0.29% | +100% |
| 65 | CoStar Group CSGP | 879,915 | $63.0M | 0.29% | +108% |
| 66 | Tesla TSLA | 153,589 | $62.0M | 0.28% | new |
| 67 | Manulife Financial MFC | 2.0 M | $60.0M | 0.28% | +39% |
| 68 | ServiceNow NOW | 56,394 | $59.8M | 0.27% | new |
| 69 | Willis Towers Watson WTW | 190,723 | $59.7M | 0.27% | +41% |
| 70 | State Street STT | 600,433 | $58.9M | 0.27% | +203% |
| 71 | Universal Health Services UHS | 322,163 | $57.8M | 0.27% | +119% |
| 72 | Elevance Health ELV | 153,898 | $56.8M | 0.26% | +148% |
| 73 | Tapestry TPR | 867,389 | $56.7M | 0.26% | +78% |
| 74 | Toll Brothers TOL | 427,169 | $53.8M | 0.25% | +160% |
| 75 | Zillow Group Z | 724,532 | $53.7M | 0.25% | +38% |
| 76 | Newmont NEM | 1.4 M | $52.3M | 0.24% | +98% |
| 77 | Shell SHEL | 831,000 | $52.1M | 0.24% | +524% |
| 78 | Coterra Energy CTRA | 2.0 M | $51.5M | 0.24% | +56% |
| 79 | Tenet Healthcare THC | 407,194 | $51.4M | 0.24% | +225% |
| 80 | Exxon Mobil XOM | 476,481 | $51.3M | 0.24% | −48% |
| 81 | AbbVie ABBV | 286,363 | $50.9M | 0.23% | +40% |
| 82 | Ishares EWW | 1.0 M | $48.9M | 0.22% | +8.9% |
| 83 | Cameco CCJ | 943,165 | $48.5M | 0.22% | −62% |
| 84 | Cardinal Health CAH | 408,755 | $48.3M | 0.22% | −12% |
| 85 | Corpay CPAY | 140,292 | $47.5M | 0.22% | +4.6% |
| 86 | S&P Global SPGI | 95,200 | $47.4M | 0.22% | +85% |
| 87 | T-mobile US TMUS | 212,194 | $46.8M | 0.21% | +6.3% |
| 88 | Incyte INCY | 671,777 | $46.4M | 0.21% | +118% |
| 89 | Prudential Financial PRU | 388,349 | $46.0M | 0.21% | +42% |
| 90 | Neurocrine Biosciences NBIX | 332,598 | $45.4M | 0.21% | +146% |
| 91 | Airbnb ABNB | 342,655 | $45.0M | 0.21% | −2% |
| 92 | Lennar LEN | 326,518 | $44.5M | 0.20% | +70% |
| 93 | Cencora COR | 197,536 | $44.4M | 0.20% | −17% |
| 94 | Astrazeneca AZN | 673,461 | $44.1M | 0.20% | +228% |
| 95 | Coca-Cola KO | 702,287 | $43.7M | 0.20% | −69% |
| 96 | Comfort Systems USA FIX | 100,933 | $42.8M | 0.20% | +542% |
| 97 | ON Semiconductor ON | 676,720 | $42.7M | 0.20% | −40% |
| 98 | Gilead Sciences GILD | 460,936 | $42.6M | 0.20% | +123% |
| 99 | Philip Morris International PM | 353,445 | $42.5M | 0.19% | +146% |
| 100 | GoDaddy GDDY | 213,102 | $42.1M | 0.19% | −11% |
The 100 largest lines are shown. The other 591 add up to 19.6% of the portfolio; full 13F of Bridgewater Associates →
Positions it closed (162)
- Micron Technology MUwas 0.58% · 983,685 shares
- Vanguard Index Fds VOOwas 0.51% · 172,089 shares
- Goldman Sachs Group GSwas 0.36% · 127,571 shares
- Electronic Arts EAwas 0.18% · 222,258 shares
- Spotify Technology SPOTwas 0.12% · 57,413 shares
- Veeva Systems VEEVwas 0.12% · 100,449 shares
- Diamondback Energy FANGwas 0.11% · 108,620 shares
- Las Vegas Sands LVSwas 0.10% · 356,761 shares
- Morgan Stanley MSwas 0.10% · 169,357 shares
- AES AESwas 0.10% · 866,913 shares
- Hilton Worldwide Holdings HLTwas 0.09% · 72,548 shares
- Netflix NFLXwas 0.09% · 21,396 shares
- Kosmos Energy KOSwas 0.07% · 3.3 M shares
- Bank of America BACwas 0.07% · 331,697 shares
- Delta Air Lines DALwas 0.07% · 232,401 shares
- WYNN Resorts WYNNwas 0.07% · 119,706 shares
- Aflac AFLwas 0.06% · 92,031 shares
- Lowe's LOWwas 0.06% · 36,130 shares
- Marketaxess Holdings MKTXwas 0.06% · 38,037 shares
- Cactus WHDwas 0.05% · 159,225 shares
- Talos Energy TALOwas 0.05% · 850,745 shares
- Jabil JBLwas 0.05% · 69,914 shares
- Insight Enterprises NSITwas 0.04% · 35,294 shares
- Wayfair Wwas 0.04% · 128,207 shares
- Nisource NIwas 0.04% · 207,121 shares
- Centerpoint Energy CNPwas 0.04% · 240,033 shares
- Corning GLWwas 0.04% · 153,689 shares
- Chubb CBwas 0.04% · 23,845 shares
- FedEx FDXwas 0.04% · 25,022 shares
- BILL Holdings BILLwas 0.04% · 127,721 shares
- Jacobs Solutions Jwas 0.04% · 48,532 shares
- Curtiss-wright CWwas 0.04% · 18,911 shares
- Ashland ASHwas 0.04% · 71,380 shares
- Royal Caribbean Cruises RCLwas 0.03% · 26,946 shares
- Masco MASwas 0.03% · 56,766 shares
- Terex TEXwas 0.02% · 79,009 shares
- Kyndryl Holdings KDwas 0.02% · 169,066 shares
- Interactive Brokers Group IBKRwas 0.02% · 27,546 shares
- Jack Henry & Associates JKHYwas 0.02% · 20,170 shares
- Vontier VNTwas 0.02% · 102,747 shares
- Yum! Brands YUMwas 0.02% · 24,667 shares
- Berry Global Group BERYwas 0.02% · 50,256 shares
- Honeywell International HONwas 0.02% · 16,494 shares
- TopBuild BLDwas 0.02% · 8,069 shares
- Somnigroup International SGIwas 0.02% · 58,937 shares
- Progress Software PRGSwas 0.02% · 47,605 shares
- CACI International CACIwas 0.02% · 6,301 shares
- Array Technologies ARRYwas 0.02% · 465,925 shares
- Mueller Industries MLIwas 0.02% · 41,381 shares
- PBF Energy PBFwas 0.02% · 93,566 shares
- RPM International RPMwas 0.02% · 23,111 shares
- Olin OLNwas 0.02% · 55,424 shares
- TC Energy TRPwas 0.01% · 55,339 shares
- Globus Medical GMEDwas 0.01% · 32,853 shares
- First Citizens Bancshares FCNCAwas 0.01% · 1,268 shares
- Raymond James Financial RJFwas 0.01% · 18,857 shares
- Lattice Semiconductor LSCCwas 0.01% · 40,808 shares
- Donaldson DCIwas 0.01% · 28,544 shares
- Ishares Tr EEMwas 0.01% · 45,049 shares
- Sealed Air was 0.01% · 56,575 shares
- WEX WEXwas 0.01% · 9,152 shares
- Hayward Holdings HAYWwas 0.01% · 125,047 shares
- Graphic Packaging Holding GPKwas 0.01% · 63,966 shares
- Bloom Energy BEwas 0.01% · 173,115 shares
- Willscot Holdings WSCwas 0.01% · 48,554 shares
- Liberty Broadband LBRDKwas 0.01% · 23,489 shares
- Jefferies Financial Group JEFwas 0.01% · 29,488 shares
- nVent Electric NVTwas 0.01% · 25,353 shares
- Charles Schwab SCHWwas 0.01% · 27,064 shares
- Harley-Davidson HOGwas 0.01% · 44,832 shares
- PJT Partners PJTwas 0.01% · 12,642 shares
- Northern Trust NTRSwas 0.01% · 18,648 shares
- Core & Main CNMwas 0.01% · 36,408 shares
- Green Brick Partners GRBKwas 0.01% · 18,857 shares
- Amentum Holdings AMTMwas 0.01% · 48,532 shares
- Weatherford International WFRDwas 0.01% · 16,990 shares
- Piper Sandler Companies was 0.01% · 5,036 shares
- Churchill Downs CHDNwas 0.01% · 9,844 shares
- RYAN Specialty Holdings RYANwas 0.01% · 19,054 shares
- Patrick Industries PATKwas 0.01% · 13,176 shares
- Clean Energy Fuels CLNEwas 0.01% · 399,101 shares
- Premier was 0.01% · 60,075 shares
- Beacon Roofing Supply was 0.01% · 13,649 shares
- Everforth EFORwas 0.01% · 12,329 shares
- Belden BDCwas 0.01% · 8,870 shares
- Maximus MMSwas 0.01% · 11,103 shares
- Matson MATXwas 0.01% · 6,904 shares
- Astrana Health ASTHwas 0.01% · 16,424 shares
- LEVI Strauss LEVIwas 0.00% · 39,509 shares
- Marathon Petroleum MPCwas 0.00% · 4,981 shares
- Oshkosh OSKwas 0.00% · 7,794 shares
- Paycom Software PAYCwas 0.00% · 4,686 shares
- Verisk Analytics VRSKwas 0.00% · 2,905 shares
- WESCO International WCCwas 0.00% · 4,634 shares
- National Beverage FIZZwas 0.00% · 15,678 shares
- MGP Ingredients MGPIwas 0.00% · 8,802 shares
- UGI UGIwas 0.00% · 28,934 shares
- Comerica CMAwas 0.00% · 12,025 shares
- STAAR Surgical STAAwas 0.00% · 19,281 shares
- Qorvo QRVOwas 0.00% · 6,887 shares
- Ingles Markets IMKTAwas 0.00% · 9,127 shares
- Plexus PLXSwas 0.00% · 4,856 shares
- Halozyme Therapeutics HALOwas 0.00% · 11,515 shares
- Toro TTCwas 0.00% · 7,445 shares
- AMN Healthcare Services AMNwas 0.00% · 15,060 shares
- National Healthcare NHCwas 0.00% · 4,928 shares
- ERIE Indemnity ERIEwas 0.00% · 1,103 shares
- Enerpac Tool Group EPACwas 0.00% · 14,143 shares
- Perrigo PRGOwas 0.00% · 21,268 shares
- AtriCure ATRCwas 0.00% · 19,685 shares
- HNI HNIwas 0.00% · 10,249 shares
- Integra Lifesciences Holdings IARTwas 0.00% · 29,533 shares
- Sanfilippo John B & SON JBSSwas 0.00% · 5,609 shares
- OSI Systems OSISwas 0.00% · 3,412 shares
- Mueller Water Products MWAwas 0.00% · 23,740 shares
- KBR KBRwas 0.00% · 7,850 shares
- U S Physical Therapy USPHwas 0.00% · 5,886 shares
- Concentrix CNXCwas 0.00% · 9,317 shares
- Trimble TRMBwas 0.00% · 7,610 shares
- Cracker Barrel Old Country Store CBRLwas 0.00% · 9,744 shares
- A. O. Smith AOSwas 0.00% · 4,811 shares
- Patterson COS was 0.00% · 19,567 shares
- Element Solutions ESIwas 0.00% · 15,553 shares
- West Fraser Timber WFGwas 0.00% · 4,160 shares
- Stantec STNwas 0.00% · 5,014 shares
- MSC Industrial Direct MSMwas 0.00% · 4,633 shares
- Pediatrix Medical Group MDwas 0.00% · 32,881 shares
- AZZ AZZwas 0.00% · 4,516 shares
- Hillenbrand HIwas 0.00% · 13,044 shares
- Builders Firstsource BLDRwas 0.00% · 1,870 shares
- Crown Holdings CCKwas 0.00% · 3,633 shares
- Armstrong World Industries AWIwas 0.00% · 2,646 shares
- Procore Technologies PCORwas 0.00% · 5,534 shares
- Freeport-McMoRan FCXwas 0.00% · 6,742 shares
- Cavco Industries CVCOwas 0.00% · 779 shares
- Sherwin Williams SHWwas 0.00% · 846 shares
- Humana HUMwas 0.00% · 974 shares
- UFP Industries UFPIwas 0.00% · 2,338 shares
- MSA Safety MSAwas 0.00% · 1,726 shares
- Ss&c Technologies Holdings SSNCwas 0.00% · 4,102 shares
- Permian Resources PRwas 0.00% · 21,862 shares
- Ecolab ECLwas 0.00% · 1,103 shares
- Skechers U SKAAwas 0.00% · 4,166 shares
- Franklin Electric FELEwas 0.00% · 2,571 shares
- Steven Madden SHOOwas 0.00% · 5,492 shares
- MillerKnoll MLKNwas 0.00% · 10,706 shares
- Boise Cascade BCCwas 0.00% · 1,858 shares
- Marsh & Mclennan Companies MRSHwas 0.00% · 1,132 shares
- Gates Industrial was 0.00% · 14,389 shares
- Avanos Medical AVNSwas 0.00% · 10,471 shares
- Avnet AVTwas 0.00% · 4,512 shares
- Docusign DOCUwas 0.00% · 3,927 shares
- Rogers Communications RCIwas 0.00% · 5,995 shares
- NU Skin Enterprises NUSwas 0.00% · 32,402 shares
- BGC Group BGCwas 0.00% · 25,164 shares
- Silgan Holdings SLGNwas 0.00% · 4,269 shares
- Consolidated Edison EDwas 0.00% · 2,016 shares
- American Water Works AWKwas 0.00% · 1,410 shares
- Cross Country Healthcare was 0.00% · 13,931 shares
- Walgreens Boots Alliance WBAwas 0.00% · 17,841 shares
- Veren was 0.00% · 20,347 shares
- Hudson PAC Pptys was 0.00% · 24,590 shares
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Bridgewater Associates's 13F filings on EDGAR (SEC) ↗
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.