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An Appetite for ETFs - Bridgewater's Ray Dalio, Top Six

Posted
8/25/2013 1:33:00 PM
By: GuruFocus
Referenced Stocks:EEM;ETF;LQD;SPY;VWO

In the second quarter, Bridgewater's Ray Dalio further increased two of his top ETF holdings in a major way, while reducing another. Bridgewater Associates is the largest hedge fund in the world with around $120 billion under management. The portfolio of Bridgewater Associates currently lists 323 stocks, 156 of them new, a total value of $11.42 billion and a quarter-over-quarter turnover of 15%.

Here's an update of Guru Dalio's top six holdings as of June 30, 2013:

No. 1: Vanguard MSCI Emerging Markets ETF ( VWO )

Weightings: 33.7%

Shares Owned: 99,189,020

Down 5% over 12 months, Vanguard MSCI Emerging Markets ETF has a market cap of $50.07 billion; its shares were traded at around $38.67. The dividend yield of Vanguard MSCI Emerging Markets ETF stocks is 3.70%.

Ray Dalio 's top holding is Vanguard MSCI Emerging Markets ETF ( VWO ) with 7.35% of shares outstanding and a portfolio weight of 33.7%.

Guru Action: As of June 30, 2013, Ray Dalio increased his position by 18.1%, buying 15,201,681 shares at an average price of $41.90, for a loss of 7.7%. He has averaged a loss of 8% on 99,906,520 shares bought at an average price of $42.22 per share. On shares sold, he has averaged a loss of 18% on 717,500 shares sold at an average price of $47.18 per share.

Historical share pricing:



No. 2: SPDR S&P 500 ETF ( SPY )

Weightings: 27.8%

Shares Owned: 19,818,900

Up 18% over 12 months, SPDR S&P 500 ETF ( SPY ) has a market cap of $125.77 billion; its shares were traded at around $166.62. The dividend yield of SPDR S&P 500 ETF ( SPY ) stocks is 2.00%.

The SPDR S&P 500 ETF ( SPY ) trust is involved in the financial services industry. Its holdings are comprised of the 500 stocks in the S&P 500 Index, which is designed to capture the price performance of a large cross-section of the U.S. publicly traded stock market.

Guru Action: As of June 30, 2013, Ray Dalio reduced his position by 5.18%, selling 1,082,900 shares at an average price of $161.20, for a gain of 3.4%. He has averaged a gain of 65% on 24,447,200 shares bought at an average price of $101.16 per share. On shares sold, he has averaged a gain of 22% on 4,628,300 shares sold at an average price of $136.89 per share.

Ray Dalio holds 2.54% of SPY shares outstanding.

Historical share pricing:



No. 3: iShares MSCI Emerging Markets Index ( ETF ) ( EEM )

Weightings: 27.3%

Shares Owned: 81,119,678

Down 2% over 12 months, iShares MSCI Emerging Markets Index ETF ( EEM ) has a market cap of $36.57 billion; its shares were traded at around $38.65. The dividend yield of iShares MSCI Emerging Markets Index ETF ( EEM ) stock is 2.00%.

Guru Action: As of June 30, 2013, Ray Dalio increased his position by 21.8%, buying 14,516,289 shares at an average price of $41.48, for a loss of 6.8%. Dalio has averaged a loss of 8% on 81,670,278 shares bought at an average price of $41.79 per share. On shares sold, he has averaged a loss of 17% on 550,600 shares sold at an average price of $46.47 per share.

Ray Dalio holds 8.25% of EEM shares outstanding.

Historical share pricing:



No. 4: iShares IBoxx $ Invest Grade Corporate Bond Fund ( LQD )

Weightings: 0.36%

Shares Owned: 363,755

Down 7% over 12 months, the iShares IBoxx $ Invest Grade Corporate Bond Fund ( LQD ) has a market cap of $23.78 billion; its shares were traded at around $112.21. The dividend yield of iShares IBoxx $ Invest Grade Corporate Bond Fund stocks is 3.90%.

LQD seeks investment results that generally correspond to the price and yield performance of the corporate bond market as defined by the IBoxx $ Liquid Investment Grade Index.

Guru Action: As of June 30, 2013, Ray Dalio averaged a loss of 5.6% on 363,755 shares bought at an average price of $118.90 per share. Over his trading history, he has averaged a gain of 1% on those same shares.

Ray Dalio holds 0.17% of LQD shares outstanding.

Historical share pricing:



No. 5: Oracle Corporation ( ORCL )

Weightings: 0.26%

Shares Owned: 973,582

Down 8% since January, Oracle Corporation has a market cap of $150.04 billion; its shares were traded at around $31.77 with a P/E ratio of 14.20. The P/S is 4.22. The dividend yield of Oracle Corporation stocks is 0.74%. The company has had an annual average earnings growth of 20% over the past 10 years. GuruFocus rated Oracle Corporation the business predictability rank of 5-star.

Guru Action: As of June 30, 2013, Ray Dalio increased his position by 6.32%, buying 57,900 shares at an average price of $33.18, for a loss of 4.2%. He has averaged a gain of 16% on 2,197,182 shares bought at an average price of $27.28 per share. On shares sold, he has averaged a gain of 1% on 1,223,600 shares sold at an average price of $31.39 per share.

Ray Dalio holds 0.02% of ORCL shares outstanding.

Historical share pricing:



No. 6: iShares S&P 500 Index ( IVV ) ETF

Weightings: 0.25%

Shares Owned: 175,000

Up 18% over 12 months, the iShares S&P 500 Index, an ETF, has a market cap of $37.07 billion; its shares were traded at around $167.54. The dividend yield of iShares S&P 500 Index stocks is 2.00%.

Guru Action: As of June 30, 2013, Ray Dalio averaged a gain of 3.4% on 175,000 shares bought at an average price of $162.02 per share. Since the third quarter of 2010, he has averaged a gain of 51% on 175,000 shares bought at an average price of $111.22 per share.

Dalio holds 0.08% of shares outstanding.

Historical share pricing:



Here is the complete portfolio of Ray Dalio.






Be sure to read:
1. Ray Dalio's Undervalued Stocks
2. Ray Dalio's Top Growth Companies
3. Ray Dalio's High Yield stocks
4. Stocks that Ray Dalio keeps buying

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