Monitoring Ray Dalio’s Bridgewater Associates 13F Portfolio – Q3 2023 Replace

This text is a part of a sequence that gives an ongoing evaluation of the modifications made to Bridgewater Associates’ 13F portfolio on a quarterly foundation. It’s primarily based on their regulatory 13F Kind filed on 11/13/2023. Please go to our Monitoring Ray Dalio’s Bridgewater Associates 13F Portfolio sequence to get an thought of their funding philosophy and our earlier replace for the fund’s strikes throughout Q2 2023.

Property Beneath Administration ((AUM) is at round $150B. The 13F portfolio is lower than ~20% of their complete AUM. This quarter, the 13F portfolio worth elevated ~2% from ~$16.19B to ~$16.55B. The holdings are diversified with latest experiences exhibiting round 1000 completely different stakes. Round 42 of them are considerably giant (greater than ~0.5% of the 13F portfolio) and they’re the main target of this text. The highest three particular person inventory positions are at ~10% whereas the highest 5 holdings are near ~15% of the 13F property: Procter & Gamble, Coca-Cola, Costco, PepsiCo, and Wal-Mart Shops.

Be aware 1: The agency makes use of asset class diversification amongst uncorrelated positions to attain absolute returns. As such the stakes will be on or towards debt, fairness, and different markets world wide. To study extra about their distinctive funding philosophy, take a look at their video channel and Ray Dalio’s books.

Be aware 2: Though Ray Dalio is a Sinophile whose fascination for China goes again to 1984, it’s attention-grabbing that China’s publicity within the portfolio is de-minimis.

Stake Will increase:

iShares Core MSCI Rising Markets ETF (IEMG): The big 5.52% IEMG stake was first bought in 2016. Latest exercise follows. Q3 2021 noticed a ~225% stake improve at costs between ~$61 and ~$67. That was adopted by a stake doubling in Q1 2022 at costs between ~$51 and ~$62. Q1 2023 additionally noticed a ~22% improve at costs between ~$46 and ~$52. IEMG presently trades at ~$50. There was a ~6% additional improve this quarter.

iShares Core S&P 500 ETF (IVV) .: A reasonably large stake in IVV was constructed in the course of the 2017-2018 timeframe at costs between ~$245 and ~$295. It was bought down in the course of the two quarters by Q1 2021 at costs between ~$325 and ~$400. The seven quarters by This fall 2022 had seen the stake rebuilt at costs between ~$359 and ~$477. The inventory is now at ~$456 and the stake is at 5.31% of the portfolio. There was a ~11% trimming throughout Q1 2023 and an analogous improve during the last two quarters.

Be aware: a a lot smaller stake in IVV was a part of the portfolio in the course of the 2012-16 timeframe.

Procter & Gamble (PG): PG is presently the most important particular person inventory place at 4.23% of the portfolio. It was established in H2 2020 at costs between ~$120 and ~$144. H1 2021 noticed a ~80% stake improve at costs between ~$124 and ~$139. The 2 quarters by Q1 2022 additionally noticed a ~45% improve at costs between ~$139 and ~$164. This fall 2022 noticed a ~25% discount at costs between ~$124 and ~$154. The inventory presently trades at ~$150. The final two quarters noticed minor trimming whereas this quarter noticed a minor ~4% improve.

Coca-Cola (KO): The 4 quarters by Q2 2021 noticed a ~8.2M shares KO stake constructed at costs between ~$45 and ~$56. That was adopted with a ~40% stake improve in Q1 2022 at costs between ~$58 and ~$63. There was a ~25% promoting throughout This fall 2022 at costs between ~$54 and ~$64. The inventory presently trades at ~$57.40, and the stake is pretty giant at ~3% of the portfolio. This quarter noticed a ~10% improve.

Be aware: A lot smaller stakes in these two positions have been a part of the portfolio in the course of the decade by 2016.

Costco Wholesale (COST): The two.69% of the portfolio COST stake was constructed in the course of the 4 quarters by Q2 2021 at costs between ~$305 and ~$395 and the inventory presently trades at ~$581. There was a ~30% stake improve in Q1 2022 at costs between ~$477 and ~$577. This fall 2022 noticed a ~22% discount at costs between ~$453 and ~$540. That was adopted with a ~15% trimming within the final two quarters. This quarter noticed a minor ~3% improve.

PepsiCo (PEP): The 4 quarters by Q2 2021 noticed a 2.7M shares stake constructed at costs between ~$129 and ~$148. That was adopted with a ~55% stake improve over the 2 quarters by Q1 2022 at costs between ~$150 and ~$176. There was a ~25% discount throughout This fall 2022 at costs between ~$160 and ~$186. The final two quarters additionally noticed trimming whereas this quarter noticed a ~4% improve. The inventory is now at ~$167 and the stake is at 2.74% of the portfolio.

Be aware: A lot smaller stakes in these two positions have been a part of the portfolio in the course of the decade by 2016.

Walmart (WMT): The two.60% WMT place was bought in the course of the 4 quarters by Q2 2021 at costs between ~$119 and ~$152. This fall 2021 noticed the stake bought down by ~45% at costs between ~$135 and ~$151. H1 2022 had seen a two-thirds improve at costs between ~$118 and ~$160. The final 4 quarters noticed a ~48% promoting at costs between ~$123 and ~$157. The inventory is now at ~$155. There was a minor ~5% improve this quarter.

McDonald’s (MCD): MCD is a 2.36% of the portfolio place first constructed in the course of the 4 quarters by Q2 2021 at costs between ~$184 and ~$237. The 2 quarters by Q1 2022 noticed one other ~55% stake improve at costs between ~$222 and ~$270. There was a ~25% discount throughout This fall 2022 at costs between ~$233 and ~$278. The final two quarters noticed additional trimming whereas this quarter there was a ~4% improve. The inventory is now at ~$279.

CVS Well being (CVS): CVS is a 1.22% of the portfolio stake primarily constructed throughout Q2 2022 at costs between ~$89 and ~$107 and the inventory presently trades nicely beneath that vary at $68.26. There was a ~20% trimming over the 2 quarters by Q1 2023. The final two quarters noticed a ~15% improve.

Abbot Laboratories (ABT), Becton, Dickinson (BDX), Chipotle Mexican Grill (CMG), Cisco Programs (CSCO), Colgate-Palmolive (CL), Comcast (CMCSA), Estee Lauder (EL), HCA Healthcare (HCA), iShares iBOXX Inv. Grd. ETF (LQD), Intuitive Surgical (ISRG), iShares MBS ETF (MBB), Kimberley-Clark (KMB), Kroger Co. (KR), Meta Platforms (META), Mondelez Worldwide (MDLZ), Merck Inc. (MRK), McKesson (MCK), Monster Beverage (MNST), Stryker (SYK), and Goal (TGT): These small (lower than ~1.25% of the portfolio every) stakes have been elevated this quarter.

Stake Decreases:

SPDR S&P 500 ETF (SPY): A small place in SPY was first established in Q1 2006. An amended submitting in This fall 2007 confirmed an enormous 40% of the 13F portfolio stake (~12M shares) established within the excessive 140s value vary. The place measurement peaked at ~21M shares by 2011. The last decade by 2020 had seen the place diminished to three.7M shares by minor promoting in most quarters. H1 2021 noticed one other ~45% discount at costs between ~$370 and ~$430. That was adopted with a ~20% promoting throughout Q3 2022 at costs between ~$357 and ~$430. There was an additional ~16% discount final quarter at costs between ~$404 and ~$443. SPY now trades at ~$454 and the stake is at 2.57% of the portfolio. This quarter additionally noticed a ~4% trimming.

Johnson & Johnson (JNJ): The two.56% JNJ stake was a small place of their first 13F submitting in This fall 2005. The stake has wavered. The present place was constructed in the course of the 4 quarters by Q2 2021 at costs between ~$137 and ~$171. The 2 quarters by Q1 2022 had seen a ~55% stake improve at costs between ~$155 and ~$180. This fall 2022 noticed a ~25% promoting at costs between ~$160 and ~$180. The final two quarters noticed one other ~25% discount at costs between ~$151 and ~$175. The inventory presently trades at ~$150.

Vanguard FTSE Rising Markets ETF (VWO): VWO is a 1.42% of the portfolio stake. It was first bought in 2009. The place measurement peaked at over 115M shares in 2014. That is in comparison with 8.47M shares presently. Latest exercise follows. 2020 noticed a ~45% promoting at costs between ~$31 and ~$50 whereas in Q3 2021 there was a stake doubling at costs between ~$49 and ~$53. Q2 2022 noticed a one-third discount at costs between ~$40.50 and ~$48. That was adopted with a ~40% promoting throughout Q1 2023 at costs between ~$38.50 and ~$43. VWO presently trades at $40.82. This quarter noticed one other ~25% discount at costs between ~$39 and ~$43.

Starbucks (SBUX): The 1.40% SBUX stake was constructed in the course of the 4 quarters by Q2 2021 at costs between ~$74 and ~$118. The 2 quarters by Q1 2022 noticed one other ~45% stake improve at costs between ~$79 and ~$117. The inventory presently trades at ~$104 There was a ~18% trimming over the 2 quarters by Q1 2023. The final quarter noticed a ~9% improve whereas this quarter there was a ~7% trimming.

Alphabet (GOOG): The 1.25% stake in GOOG noticed a ~210% improve final quarter at costs between ~$87 and ~$109. The inventory presently trades at ~$138. There was a ~15% trimming this quarter and that was adopted by a ~20% discount this quarter at costs between ~$117 and ~$139.

Visa Inc. (V): The 1.18% Visa stake noticed a ~18% improve throughout Q1 2023 at costs between ~$207 and ~$231 and it’s now at ~$250. This quarter noticed a ~16% trimming.

AbbVie (ABBV), Reserving Holdings (BKNG), Boston Scientific (BSX), Microsoft (MSFT), PDD Holdings (PDD), PayPal Holdings (PYPL), and Veeva Programs (VEEV): These very small (lower than ~1% of the portfolio every) stakes have been diminished in the course of the quarter.

The spreadsheet beneath highlights modifications to Bridgewater Associates’ 13F holdings in Q3 2023: