Ray Dalio portfolio against fair value

Founder of Bridgewater, one of the largest hedge funds. Dalio no longer runs the firm. Holdings from Bridgewater Associates's 13F filing for Q2 2026, filed Aug 14, 2026. Fair value and quality as of Nov 8, 2026.

Of the 923 stocks we value in Bridgewater Associates' 13F filing for Q2 2026, 335 trade below our fair value (as of Nov 8, 2026).

997stocks in the filing

$24.4 bnreported value

335 / 923below fair value

74without our fair value

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All Bridgewater Associates stocks with fair value

more than 10% below fair value (cheap)near fair value (±10%)more than 10% above fair value (expensive)

Holding	Weight	vs prior qtr	vs fair value	Quality
State Str Spdr S&p 500 Etf T+22 % vs prior qtr	16.3 %	+22 %	fund	n/a
Ishares Tr+12 % vs prior qtr	9.2 %	+12 %	fund	n/a
NVIDIA Corporation NVDA−18 % vs prior qtr	3.2 %	−18 %	6.0 % below FV	75
Broadcom Inc AVGO−28 % vs prior qtr	2.0 %	−28 %	2.3 % below FV	72
Amazon.com Inc AMZN−54 % vs prior qtr	2.0 %	−54 %	FV 46.0 % lower	56
Alphabet Inc Class A GOOGL−34 % vs prior qtr	1.9 %	−34 %	9.9 % below FV	68
Lam Research Corp LRCX−40 % vs prior qtr	1.7 %	−40 %	9.1 % below FV	88
Vanguard Index Fds+189 % vs prior qtr	1.3 %	+189 %	fund	n/a
Advanced Micro Devices Inc AMD−58 % vs prior qtr	1.3 %	−58 %	FV 67.0 % lower	75
Ishares Inc−22 % vs prior qtr	1.2 %	−22 %	fund	n/a
Microsoft Corporation MSFT−34 % vs prior qtr	1.1 %	−34 %	9.1 % below FV	66
Newmont Goldcorp Corp NEM+16 % vs prior qtr	1.0 %	+16 %	7.0 % below FV	69
Applied Materials Inc AMAT−48 % vs prior qtr	0.9 %	−48 %	9.1 % below FV	77
Oracle Corporation ORCL−10 % vs prior qtr	0.9 %	−10 %	FV 3.6 % lower	44
Seagate Technology PLC STX−39 % vs prior qtr	0.8 %	−39 %	FV 54.8 % lower	78
Johnson & Johnson JNJ−4 % vs prior qtr	0.7 %	−4 %	FV 38.9 % lower	81
Vanguard Intl Equity Index F+1 % vs prior qtr	0.7 %	+1 %	fund	n/a
GE Vernova Inc GEV−72 % vs prior qtr	0.6 %	−72 %	FV 81.5 % lower	69
Union Pacific Corporation UNP−4 % vs prior qtr	0.6 %	−4 %	FV 47.0 % lower	66
Micron Technology Inc MU−92 % vs prior qtr	0.6 %	−92 %	FV 10.2 % lower	74
Ishares Tr+2 % vs prior qtr	0.5 %	+2 %	fund	n/a
Altria Group MO+1 % vs prior qtr	0.5 %	+1 %	7.3 % below FV	84
Amphenol Corporation APH−19 % vs prior qtr	0.5 %	−19 %	FV 4.9 % lower	57
ASML Holding NV ADR ASML−33 % vs prior qtr	0.5 %	−33 %	4.6 % below FV	83
Barrick Mining Corporation B+7 % vs prior qtr	0.5 %	+7 %	FV 4.6 % lower	79

Show 275 more holdings

Holding	Weight	vs prior qtr	vs fair value	Quality
Celestica Inc. CLS−37 % vs prior qtr	0.5 %	−37 %	FV 46.8 % lower	70
Vistra Corp. VST+116 % vs prior qtr	0.5 %	+116 %	FV 83.6 % lower	40
Shell PLC ADR SHEL+389 % vs prior qtr	0.5 %	+389 %	FV 11.4 % lower	66
Sea Ltd SE−10 % vs prior qtr	0.5 %	−10 %	41.5 % below FV	66
Ishares Tr+3 % vs prior qtr	0.5 %	+3 %	fund	n/a
Nucor Corp NUE−17 % vs prior qtr	0.5 %	−17 %	FV 52.4 % lower	60
PACCAR Inc PCAR+22 % vs prior qtr	0.5 %	+22 %	11.3 % below FV	53
Western Digital Corporation WDC−31 % vs prior qtr	0.5 %	−31 %	FV 33.3 % lower	82
Ishares Inc−1 % vs prior qtr	0.5 %	−1 %	fund	n/a
CSX Corporation CSX−6 % vs prior qtr	0.4 %	−6 %	FV 73.7 % lower	57
Petroleo Brasileiro Petrobras SA ADR PBR+467 % vs prior qtr	0.4 %	+467 %	FV 15.3 % lower	64
Apple Inc AAPL−35 % vs prior qtr	0.4 %	−35 %	9.6 % below FV	83
Eli Lilly and Company LLY+23 % vs prior qtr	0.4 %	+23 %	FV 44.6 % lower	68
PG&E Corp PCG+24,079 % vs prior qtr	0.4 %	+24,079 %	25.0 % below FV	34
KLA Corporation KLACsplit	0.4 %	split	FV 1.7 % lower	61
Comfort Systems USA Inc FIX−44 % vs prior qtr	0.4 %	−44 %	9.1 % below FV	72
NXP Semiconductors NV NXPI+28 % vs prior qtr	0.4 %	+28 %	FV 46.4 % lower	65
Wells Fargo & Company WFC+22 % vs prior qtr	0.4 %	+22 %	FV 20.7 % lower	56
Edison International EIX+777 % vs prior qtr	0.4 %	+777 %	34.6 % below FV	52
Ishares Inc−18 % vs prior qtr	0.4 %	−18 %	fund	n/a
Marathon Petroleum Corp MPC+352 % vs prior qtr	0.4 %	+352 %	FV 69.5 % lower	62
Steel Dynamics Inc STLD−14 % vs prior qtr	0.4 %	−14 %	FV 59.8 % lower	60
Eversource Energy ESnew	0.4 %	new	FV 36.8 % lower	41
Te Connectivity Plc+27 % vs prior qtr	0.4 %	+27 %	not covered	n/a
Analog Devices Inc ADI+269 % vs prior qtr	0.3 %	+269 %	FV 27.9 % lower	81
HCA Healthcare, Inc. HCA+17 % vs prior qtr	0.3 %	+17 %	9.6 % below FV	70
Tapestry Inc TPR+68 % vs prior qtr	0.3 %	+68 %	FV 16.8 % lower	89
Applovin Corp APPnew	0.3 %	new	9.1 % below FV	92
Valero Energy Corporation VLO+113 % vs prior qtr	0.3 %	+113 %	FV 62.1 % lower	68
Citigroup Inc. C−34 % vs prior qtr	0.3 %	−34 %	FV 18.9 % lower	51
EOG Resources Inc EOG+4,191 % vs prior qtr	0.3 %	+4,191 %	10.9 % below FV	64
Consolidated Edison Inc EDnew	0.3 %	new	FV 59.7 % lower	45
Baker Hughes Co BKR−12 % vs prior qtr	0.3 %	−12 %	FV 32.4 % lower	60
NiSource Inc NInew	0.3 %	new	FV 55.0 % lower	43
TechnipFMC PLC FTI+295 % vs prior qtr	0.3 %	+295 %	FV 55.7 % lower	77
ServiceNow Inc NOWnew	0.3 %	new	9.4 % below FV	68
Schlumberger NV SLB+80 % vs prior qtr	0.3 %	+80 %	FV 41.8 % lower	54
Meta Platforms Inc. META−62 % vs prior qtr	0.3 %	−62 %	9.1 % below FV	67
United Therapeutics Corporation UTHRunchanged	0.3 %	unchanged	29.7 % below FV	74
Citizens Financial Group, Inc. CFG+19 % vs prior qtr	0.2 %	+19 %	FV 16.7 % lower	64
Monster Beverage Corp MNST−22 % vs prior qtr	0.2 %	−22 %	FV 10.0 % lower	69
Bank of America Corp BAC−2 % vs prior qtr	0.2 %	−2 %	FV 14.7 % lower	60
Duke Energy Corporation DUKnew	0.2 %	new	FV 40.7 % lower	46
Ovintiv Inc OVV+182 % vs prior qtr	0.2 %	+182 %	FV 17.6 % lower	40
Halliburton Company HAL+5,441 % vs prior qtr	0.2 %	+5,441 %	FV 31.8 % lower	57
Marvell Technology Group Ltd MRVL−91 % vs prior qtr	0.2 %	−91 %	FV 37.9 % lower	79
Anglogold Ashanti Plc+11 % vs prior qtr	0.2 %	+11 %	not covered	n/a
Truist Financial Corp TFC+47 % vs prior qtr	0.2 %	+47 %	FV 2.2 % lower	68
PPL Corporation PPL+245 % vs prior qtr	0.2 %	+245 %	FV 46.4 % lower	46
McKesson Corporation MCK+4 % vs prior qtr	0.2 %	+4 %	FV 22.4 % lower	67
Antero Resources Corp AR+793 % vs prior qtr	0.2 %	+793 %	FV 46.3 % lower	73
Southwest Airlines Company LUV+46 % vs prior qtr	0.2 %	+46 %	FV 48.7 % lower	57
MetLife Inc MET−1 % vs prior qtr	0.2 %	−1 %	FV 50.4 % lower	60
Nutanix Inc NTNXnew	0.2 %	new	9.3 % below FV	62
Ciena Corp CIEN−30 % vs prior qtr	0.2 %	−30 %	FV 69.4 % lower	70
Credo Technology Group Holding Ltd CRDO−83 % vs prior qtr	0.2 %	−83 %	FV 6.5 % lower	71
Insmed Inc INSM+54 % vs prior qtr	0.2 %	+54 %	no fair value	n/a
Sibanye Gold Ltd ADR SBSW+29 % vs prior qtr	0.2 %	+29 %	26.5 % below FV	43
Teradyne Inc TER−71 % vs prior qtr	0.2 %	−71 %	FV 69.7 % lower	75
APA Corporation APAnew	0.2 %	new	22.1 % below FV	51
Talen Energy Corporation TLN−54 % vs prior qtr	0.2 %	−54 %	FV 96.2 % lower	45
Popular Inc BPOP−12 % vs prior qtr	0.2 %	−12 %	FV 23.6 % lower	56
CVS Health Corp CVS−29 % vs prior qtr	0.2 %	−29 %	FV 49.4 % lower	56
Teva Pharmaceutical Inds Ltd+18 % vs prior qtr	0.2 %	+18 %	not covered	n/a
Reddit, Inc. RDDT+274 % vs prior qtr	0.2 %	+274 %	7.8 % below FV	77
Timken Company TKR+58 % vs prior qtr	0.2 %	+58 %	FV 29.1 % lower	58
Arista Networks ANET−81 % vs prior qtr	0.2 %	−81 %	FV 5.9 % lower	75
First Horizon Corporation FHNunchanged	0.2 %	unchanged	FV 12.8 % lower	60
Verizon Communications Inc VZ+126 % vs prior qtr	0.2 %	+126 %	33.9 % below FV	57
BorgWarner Inc BWA−4 % vs prior qtr	0.2 %	−4 %	37.5 % below FV	69
nVent Electric PLC NVT−7 % vs prior qtr	0.2 %	−7 %	FV 59.2 % lower	67
Zions Bancorporation ZION−18 % vs prior qtr	0.2 %	−18 %	FV 16.3 % lower	59
Expand Energy Corporation EXEnew	0.2 %	new	48.7 % below FV	56
NRG Energy Inc. NRG−53 % vs prior qtr	0.2 %	−53 %	FV 15.7 % lower	52
Zebra Technologies Corporation ZBRA+948 % vs prior qtr	0.2 %	+948 %	9.0 % below FV	66
Toast Inc TOST+324 % vs prior qtr	0.2 %	+324 %	FV 39.1 % lower	72
Vale SA ADR VALE−34 % vs prior qtr	0.2 %	−34 %	3.5 % below FV	50
Transocean Ltd RIG+1,803 % vs prior qtr	0.2 %	+1,803 %	FV 23.6 % lower	41
S&P Global Inc SPGI+191 % vs prior qtr	0.2 %	+191 %	FV 55.6 % lower	82
Dollar Tree Inc DLTR+1,225 % vs prior qtr	0.2 %	+1,225 %	FV 1.7 % lower	77
Suncor Energy Inc SU+72 % vs prior qtr	0.2 %	+72 %	FV 25.3 % lower	70
GE Aerospace GE−16 % vs prior qtr	0.2 %	−16 %	FV 71.5 % lower	74
Medtronic PLC MDT+89 % vs prior qtr	0.2 %	+89 %	FV 35.6 % lower	69
Onto Innovation Inc ONTO−72 % vs prior qtr	0.2 %	−72 %	FV 10.4 % lower	66
RBC Bearings Incorporated RBC+808 % vs prior qtr	0.2 %	+808 %	FV 19.6 % lower	61
Gilead Sciences Inc GILD+61 % vs prior qtr	0.2 %	+61 %	9.1 % below FV	81
KeyCorp KEY+63 % vs prior qtr	0.2 %	+63 %	FV 15.4 % lower	57
Halozyme Therapeutics Inc HALO−9 % vs prior qtr	0.2 %	−9 %	19.0 % below FV	79
Lennox International Inc LII+1,170 % vs prior qtr	0.2 %	+1,170 %	FV 11.2 % lower	66
NOV Inc. NOV+964 % vs prior qtr	0.2 %	+964 %	FV 24.5 % lower	56
HF Sinclair Corp DINO+63 % vs prior qtr	0.2 %	+63 %	FV 45.5 % lower	64
Neurocrine Biosciences Inc NBIX+39 % vs prior qtr	0.1 %	+39 %	23.0 % below FV	70
F.N.B. Corp FNB−1 % vs prior qtr	0.1 %	−1 %	FV 4.7 % lower	57
Universal Health Services Inc UHS+67 % vs prior qtr	0.1 %	+67 %	56.3 % below FV	67
Airbnb Inc ABNB+777 % vs prior qtr	0.1 %	+777 %	9.1 % below FV	80
Jabil Circuit Inc JBL+121 % vs prior qtr	0.1 %	+121 %	10.6 % below FV	61
Deckers Outdoor Corporation DECK−9 % vs prior qtr	0.1 %	−9 %	50.8 % below FV	85
Bridgebio Pharma Inc BBIO+73 % vs prior qtr	0.1 %	+73 %	no fair value	n/a
Western Alliance Bancorporation WAL+111 % vs prior qtr	0.1 %	+111 %	FV 4.7 % lower	42
Vulcan Materials Company VMCnew	0.1 %	new	FV 53.0 % lower	68
Regeneron Pharmaceuticals Inc REGN+126 % vs prior qtr	0.1 %	+126 %	29.1 % below FV	74
United Rentals Inc URI+170 % vs prior qtr	0.1 %	+170 %	FV 58.6 % lower	59
Tenaris SA ADR TS+1,885 % vs prior qtr	0.1 %	+1,885 %	FV 33.9 % lower	70
Block, Inc XYZ+194 % vs prior qtr	0.1 %	+194 %	FV 10.6 % lower	67
Cardinal Health Inc CAH+15 % vs prior qtr	0.1 %	+15 %	FV 40.1 % lower	66
British American Tobacco p.l.c. BTI−34 % vs prior qtr	0.1 %	−34 %	8.9 % below FV	74
Agnico Eagle Mines Limited AEM+122 % vs prior qtr	0.1 %	+122 %	13.0 % below FV	73
Devon Energy Corporation DVNnew	0.1 %	new	FV 6.5 % lower	43
Carpenter Technology Corporation CRS+15 % vs prior qtr	0.1 %	+15 %	FV 49.7 % lower	69
Qualcomm Incorporated QCOM−27 % vs prior qtr	0.1 %	−27 %	9.1 % below FV	72
Alnylam Pharmaceuticals Inc ALNY−7 % vs prior qtr	0.1 %	−7 %	10.3 % below FV	69
United Airlines Holdings Inc UAL+172 % vs prior qtr	0.1 %	+172 %	24.2 % below FV	51
Exxon Mobil Corpnew	0.1 %	new	not covered	n/a
Kinross Gold Corporation KGC+7 % vs prior qtr	0.1 %	+7 %	FV 19.0 % lower	85
Walmart Inc. WMT+3 % vs prior qtr	0.1 %	+3 %	FV 60.0 % lower	64
Capital One Financial Corporation COFnew	0.1 %	new	FV 47.1 % lower	39
Keysight Technologies Inc KEYS+10 % vs prior qtr	0.1 %	+10 %	FV 56.9 % lower	71
T-Mobile US Inc TMUS+75 % vs prior qtr	0.1 %	+75 %	40.6 % below FV	64
Ametek Inc AME+1 % vs prior qtr	0.1 %	+1 %	FV 45.0 % lower	70
Visa Inc. Class A V+224 % vs prior qtr	0.1 %	+224 %	FV 42.5 % lower	88
Permian Resources Corporation PRnew	0.1 %	new	FV 0.3 % lower	33
Grab Holdings Ltd GRAB−11 % vs prior qtr	0.1 %	−11 %	FV 45.5 % lower	58
Regal Beloit Corporation RRX+3,101 % vs prior qtr	0.1 %	+3,101 %	4.1 % below FV	57
Globus Medical GMED+7 % vs prior qtr	0.1 %	+7 %	30.1 % below FV	66
Manulife Financial Corp MFC−68 % vs prior qtr	0.1 %	−68 %	FV 38.3 % lower	69
Gulfport Energy Operating Corp GPOR+74 % vs prior qtr	0.1 %	+74 %	46.2 % below FV	75
CF Industries Holdings Inc CF+1,221 % vs prior qtr	0.1 %	+1,221 %	FV 3.8 % lower	81
DexCom Inc DXCM+187 % vs prior qtr	0.1 %	+187 %	9.1 % below FV	83
Viatris Inc VTRS+134 % vs prior qtr	0.1 %	+134 %	3.0 % below FV	49
Reinsurance Group of America RGA+26 % vs prior qtr	0.1 %	+26 %	FV 24.1 % lower	47
EMCOR Group Inc EME−56 % vs prior qtr	0.1 %	−56 %	FV 13.9 % lower	65
GlaxoSmithKline PLC ADR GSK−28 % vs prior qtr	0.1 %	−28 %	27.2 % below FV	66
Sanmina Corporation SANM+88 % vs prior qtr	0.1 %	+88 %	FV 6.1 % lower	63
Alphabet Inc Class C GOOG−81 % vs prior qtr	0.1 %	−81 %	10.2 % below FV	68
Otis Worldwide Corp OTIS+31 % vs prior qtr	0.1 %	+31 %	FV 38.5 % lower	77
FormFactor Inc FORM+224 % vs prior qtr	0.1 %	+224 %	FV 82.8 % lower	55
Everest Group Ltd EG+311 % vs prior qtr	0.1 %	+311 %	3.0 % below FV	51
Chevron Corp CVX+5,374 % vs prior qtr	0.1 %	+5,374 %	FV 56.7 % lower	51
Microchip Technology Inc MCHP+853 % vs prior qtr	0.1 %	+853 %	FV 52.6 % lower	68
Mp Materials Corp MP+313 % vs prior qtr	0.1 %	+313 %	no fair value	n/a
Edwards Lifesciences Corp EW+60 % vs prior qtr	0.1 %	+60 %	FV 19.8 % lower	67
Centene Corp Del CNC+130 % vs prior qtr	0.1 %	+130 %	no fair value	n/a
Costco Wholesale Corp COST−4 % vs prior qtr	0.1 %	−4 %	FV 58.5 % lower	68
Crane Company CR+7 % vs prior qtr	0.1 %	+7 %	FV 52.5 % lower	72
Flagstar Bank National Assoc FLG−5 % vs prior qtr	0.1 %	−5 %	no fair value	n/a
Cigna Corp CI−62 % vs prior qtr	0.1 %	−62 %	40.8 % below FV	66
Renaissancere Holdings Ltd RNR−8 % vs prior qtr	0.1 %	−8 %	38.0 % below FV	73
Portland General Electric Co POR+301 % vs prior qtr	0.1 %	+301 %	FV 32.3 % lower	31
Insulet Corporation PODD+343 % vs prior qtr	0.1 %	+343 %	9.1 % below FV	72
Vertiv Holdings Co VRT−84 % vs prior qtr	0.1 %	−84 %	FV 2.3 % lower	70
Hexcel Corporation HXL+974 % vs prior qtr	0.1 %	+974 %	FV 62.2 % lower	65
TG Therapeutics Inc TGTX+38 % vs prior qtr	0.1 %	+38 %	FV 42.7 % lower	60
Valaris Ltd VAL+796 % vs prior qtr	0.1 %	+796 %	FV 26.4 % lower	58
Five Below Inc FIVE+110 % vs prior qtr	0.1 %	+110 %	FV 23.0 % lower	61
Liberty Energy Inc. LBRT+313 % vs prior qtr	0.09 %	+313 %	FV 8.7 % lower	42
Chubb Ltd CB+50 % vs prior qtr	0.09 %	+50 %	FV 35.3 % lower	66
Allegheny Technologies Incorporated ATI+424 % vs prior qtr	0.09 %	+424 %	FV 73.4 % lower	64
Comcast Corp CMCSA−23 % vs prior qtr	0.09 %	−23 %	66.7 % below FV	66
American International Group Inc AIG+67 % vs prior qtr	0.09 %	+67 %	FV 5.8 % lower	63
Woodward Inc WWD−19 % vs prior qtr	0.09 %	−19 %	FV 59.3 % lower	67
American Electric Power Co Inc AEP+208 % vs prior qtr	0.09 %	+208 %	FV 20.9 % lower	52
Smurfit WestRock plc SWnew	0.09 %	new	0.1 % below FV	39
GXO Logistics Inc GXO+561 % vs prior qtr	0.09 %	+561 %	FV 58.0 % lower	50
Exelixis Inc EXEL−17 % vs prior qtr	0.09 %	−17 %	37.2 % below FV	96
Century Aluminum Company CENX−35 % vs prior qtr	0.09 %	−35 %	FV 78.3 % lower	38
Arch Capital Group Ltd. ACGL−9 % vs prior qtr	0.09 %	−9 %	19.5 % below FV	70
Kennametal Inc KMT−4 % vs prior qtr	0.09 %	−4 %	22.8 % below FV	68
Phillips 66 PSX−18 % vs prior qtr	0.09 %	−18 %	FV 64.8 % lower	62
Hasbro Inc HASnew	0.09 %	new	FV 72.5 % lower	62
FedEx Corporation FDX+4,636 % vs prior qtr	0.09 %	+4,636 %	12.2 % below FV	63
Etsy, Inc. ETSY+298 % vs prior qtr	0.08 %	+298 %	10.7 % below FV	76
Corteva Inc CTVAnew	0.08 %	new	no fair value	n/a
Eastern Bankshares Inc EBC−2 % vs prior qtr	0.08 %	−2 %	FV 51.8 % lower	43
Ross Stores Inc ROST+55 % vs prior qtr	0.08 %	+55 %	FV 48.8 % lower	77
Xp Inc XPnew	0.08 %	new	8.8 % below FV	58
PNC Financial Services Group Inc PNC+7 % vs prior qtr	0.08 %	+7 %	FV 29.1 % lower	56
Unum Group UNM−8 % vs prior qtr	0.08 %	−8 %	FV 18.3 % lower	44
Krystal Biotech Inc KRYS+18 % vs prior qtr	0.08 %	+18 %	10.3 % below FV	73
Procter & Gamble Company PG−13 % vs prior qtr	0.08 %	−13 %	FV 28.9 % lower	75
The Bank of New York Mellon Corporation BNY−41 % vs prior qtr	0.08 %	−41 %	FV 51.0 % lower	72
Watsco Inc WSOnew	0.08 %	new	FV 17.8 % lower	66
Global X Fds+32 % vs prior qtr	0.08 %	+32 %	fund	n/a
Dollar General Corporation DG−21 % vs prior qtr	0.08 %	−21 %	FV 11.6 % lower	63
Lockheed Martin Corporation LMT+243 % vs prior qtr	0.08 %	+243 %	FV 22.5 % lower	67
Weyerhaeuser Company WY+159 % vs prior qtr	0.08 %	+159 %	FV 63.5 % lower	49
Charter Communications Inc CHTR+207 % vs prior qtr	0.08 %	+207 %	no fair value	n/a
Crocs Inc CROX−12 % vs prior qtr	0.08 %	−12 %	30.9 % below FV	63
Gold Fields Ltd ADR GFI+11 % vs prior qtr	0.08 %	+11 %	FV 46.5 % lower	75
Avista Corporation AVA+2,509 % vs prior qtr	0.08 %	+2,509 %	FV 22.2 % lower	38
Incyte Corporation INCY+29 % vs prior qtr	0.08 %	+29 %	39.9 % below FV	85
Hancock Whitney Corp HWC+43 % vs prior qtr	0.08 %	+43 %	FV 23.3 % lower	63
Crowdstrike Holdings Inc CRWD+520 % vs prior qtr	0.08 %	+520 %	FV 82.5 % lower	50
Boston Scientific Corp BSX+474 % vs prior qtr	0.08 %	+474 %	9.1 % below FV	69
The Coca-Cola Company KOunchanged	0.08 %	unchanged	FV 69.4 % lower	68
Adobe Systems Incorporated ADBE+6,665 % vs prior qtr	0.07 %	+6,665 %	48.4 % below FV	94
Las Vegas Sands Corp LVS+603 % vs prior qtr	0.07 %	+603 %	26.3 % below FV	68
Avery Dennison Corp AVY+972 % vs prior qtr	0.07 %	+972 %	FV 32.8 % lower	65
FirstEnergy Corporation FEnew	0.07 %	new	FV 49.5 % lower	41
Pinnacle West Capital Corp PNW+3 % vs prior qtr	0.07 %	+3 %	FV 40.8 % lower	37
Star Bulk Carriers Corp SBLK+30 % vs prior qtr	0.07 %	+30 %	9.1 % below FV	53
Synopsys Inc SNPS−81 % vs prior qtr	0.07 %	−81 %	FV 36.0 % lower	42
IDEXX Laboratories Inc IDXX+225 % vs prior qtr	0.07 %	+225 %	FV 26.6 % lower	84
Tetra Tech Inc TTEK+184 % vs prior qtr	0.07 %	+184 %	FV 31.6 % lower	65
EQT Corporation EQTnew	0.07 %	new	9.1 % below FV	53
Vodafone Group PLC ADR VOD−38 % vs prior qtr	0.07 %	−38 %	66.7 % below FV	58
Cheniere Energy Inc LNG−61 % vs prior qtr	0.07 %	−61 %	18.6 % below FV	63
Valley National Bancorp VLY−20 % vs prior qtr	0.07 %	−20 %	FV 14.8 % lower	51
AXIS Capital Holdings Ltd AXS+42 % vs prior qtr	0.07 %	+42 %	9.6 % below FV	49
Exelon Corporation EXC+2,072 % vs prior qtr	0.07 %	+2,072 %	FV 21.1 % lower	40
MercadoLibre Inc. MELI−32 % vs prior qtr	0.07 %	−32 %	17.5 % below FV	59
Sterling Construction Company Inc STRL−46 % vs prior qtr	0.07 %	−46 %	5.9 % below FV	64
State Street Corp STT−39 % vs prior qtr	0.07 %	−39 %	FV 15.8 % lower	76
Independent Bank INDB−2 % vs prior qtr	0.07 %	−2 %	FV 28.1 % lower	54
Ishares Inc+15 % vs prior qtr	0.07 %	+15 %	fund	n/a
PVH Corp PVH+38 % vs prior qtr	0.07 %	+38 %	16.0 % below FV	59
IDACORP Inc IDA+14 % vs prior qtr	0.07 %	+14 %	FV 62.7 % lower	41
Taiwan Semiconductor Manufacturing TSM−97 % vs prior qtr	0.07 %	−97 %	9.1 % below FV	75
Kimberly-clark Corp KMB+677 % vs prior qtr	0.07 %	+677 %	no fair value	n/a
Leidos Holdings Inc LDOS+11,966 % vs prior qtr	0.07 %	+11,966 %	38.8 % below FV	74
PepsiCo Inc PEP+16 % vs prior qtr	0.07 %	+16 %	FV 31.2 % lower	64
Copa Holdings SA CPA+15 % vs prior qtr	0.07 %	+15 %	14.0 % below FV	53
Dynatrace Holdings LLC DT+127 % vs prior qtr	0.07 %	+127 %	FV 11.5 % lower	69
Rocket Companies Inc RKTnew	0.07 %	new	FV 88.1 % lower	27
Ameren Corp AEE+173 % vs prior qtr	0.07 %	+173 %	FV 54.1 % lower	41
Lumentum Holdings Inc LITE+220 % vs prior qtr	0.07 %	+220 %	FV 84.1 % lower	40
Hartford Financial Services Group HIG−48 % vs prior qtr	0.07 %	−48 %	FV 14.2 % lower	71
Biomarin Pharmaceutical Inc BMRN+33 % vs prior qtr	0.06 %	+33 %	9.3 % below FV	70
Albemarle Corp ALB+253 % vs prior qtr	0.06 %	+253 %	13.4 % below FV	44
Modine Manufacturing Company MOD+128 % vs prior qtr	0.06 %	+128 %	FV 57.3 % lower	49
Helmerich and Payne Inc HP+585 % vs prior qtr	0.06 %	+585 %	FV 40.1 % lower	40
Cactus Inc WHD+4,285 % vs prior qtr	0.06 %	+4,285 %	9.1 % below FV	66
McDonald’s Corporation MCD+12 % vs prior qtr	0.06 %	+12 %	FV 41.1 % lower	69
Cummins Inc CMI−46 % vs prior qtr	0.06 %	−46 %	FV 20.3 % lower	60
YPF Sociedad Anonima YPFnew	0.06 %	new	17.4 % below FV	35
Bank Ozk OZK+2 % vs prior qtr	0.06 %	+2 %	14.1 % below FV	60
Columbia Banking System Inc COLB+17 % vs prior qtr	0.06 %	+17 %	FV 21.5 % lower	44
Verisk Analytics Inc VRSKnew	0.06 %	new	FV 28.8 % lower	76
Spotify Technology SA SPOT−12 % vs prior qtr	0.06 %	−12 %	2.2 % below FV	72
Novanta Inc NOVTnew	0.06 %	new	FV 78.5 % lower	40
Evergy, Inc. EVRG+9 % vs prior qtr	0.06 %	+9 %	FV 33.9 % lower	44
Sysco Corporation SYY+250 % vs prior qtr	0.06 %	+250 %	FV 10.3 % lower	60
Axsome Therapeutics Inc. AXSM+2 % vs prior qtr	0.06 %	+2 %	no fair value	n/a
SSR Mining Inc SSRM+22 % vs prior qtr	0.06 %	+22 %	19.6 % below FV	73
Weatherford International plc WFRD+26 % vs prior qtr	0.06 %	+26 %	FV 3.6 % lower	56
Align Technology Inc ALGN+730 % vs prior qtr	0.06 %	+730 %	9.1 % below FV	73
LKQ Corporation LKQ+111 % vs prior qtr	0.06 %	+111 %	62.0 % below FV	57
Solventum Corp. SOLV+5,167 % vs prior qtr	0.06 %	+5,167 %	31.0 % below FV	62
Moodys Corporation MCOnew	0.06 %	new	FV 60.7 % lower	78
M&T Bank Corporation MTB+39 % vs prior qtr	0.06 %	+39 %	FV 7.8 % lower	65
The Allstate Corporation ALL−73 % vs prior qtr	0.05 %	−73 %	12.3 % below FV	70
Murphy USA Inc MUSA+411 % vs prior qtr	0.05 %	+411 %	FV 32.7 % lower	58
Noble Corporation plc NEnew	0.05 %	new	9.4 % below FV	46
ResMed Inc RMD+72 % vs prior qtr	0.05 %	+72 %	8.2 % below FV	80
Enersys ENS+188 % vs prior qtr	0.05 %	+188 %	12.7 % below FV	71
First Citizens BancShares, Inc. FCNCA−33 % vs prior qtr	0.05 %	−33 %	10.2 % below FV	49
Fidelity National Information Services Inc FIS+473 % vs prior qtr	0.05 %	+473 %	10.2 % below FV	65
Remitly Global Inc RELY+146 % vs prior qtr	0.05 %	+146 %	FV 16.0 % lower	64
U.S. Bancorp USB−28 % vs prior qtr	0.05 %	−28 %	FV 26.1 % lower	60
Match Group Inc MTCHnew	0.05 %	new	11.3 % below FV	80
CH Robinson Worldwide Inc CHRW+301 % vs prior qtr	0.05 %	+301 %	FV 29.5 % lower	66
The Travelers Companies Inc TRV+42 % vs prior qtr	0.05 %	+42 %	FV 35.5 % lower	61
SEI Investments Company SEIC−38 % vs prior qtr	0.05 %	−38 %	FV 26.4 % lower	81
Prudential Financial, Inc. PRU−23 % vs prior qtr	0.05 %	−23 %	FV 28.1 % lower	52
Chord Energy Corp CHRDnew	0.05 %	new	33.9 % below FV	30
Cboe Global Markets Inc CBOE+247 % vs prior qtr	0.05 %	+247 %	FV 29.9 % lower	78
Pan American Silver Corp. PAAS+83 % vs prior qtr	0.05 %	+83 %	18.1 % below FV	59
Synnex Corporation SNX−61 % vs prior qtr	0.05 %	−61 %	24.7 % below FV	62
Global Payments Inc GPNnew	0.05 %	new	FV 9.8 % lower	53
Royalty Pharma Plc RPRXnew	0.05 %	new	FV 71.8 % lower	70
MongoDB MDB−26 % vs prior qtr	0.05 %	−26 %	FV 60.3 % lower	54
Victorias Secret And Co VSXY−63 % vs prior qtr	0.05 %	−63 %	FV 68.2 % lower	51
ViaSat Inc VSAT+70 % vs prior qtr	0.05 %	+70 %	4.9 % below FV	29
WSFS Financial Corporation WSFS+77 % vs prior qtr	0.05 %	+77 %	FV 40.0 % lower	61
MKS Instruments Inc MKSI−29 % vs prior qtr	0.05 %	−29 %	1.2 % below FV	52
Illinois Tool Works Inc ITW+27 % vs prior qtr	0.05 %	+27 %	FV 45.1 % lower	75

Showing the 300 largest of 997 stocks.

"Weight" is the share of the total reported value. "Vs prior qtr" compares the share count with the previous filing. "Not covered" means we could not match this position to one of our stocks with two independent sources, so we show no value.

Bought and sold in Q2 2026

New positions:

Eversource Energy (0.4 %), FV 36.8 % lower
Applovin Corp (0.3 %), 9.1 % below FV
Consolidated Edison Inc (0.3 %), FV 59.7 % lower
NiSource Inc (0.3 %), FV 55.0 % lower
ServiceNow Inc (0.3 %), 9.4 % below FV
Duke Energy Corporation (0.2 %), FV 40.7 % lower
Nutanix Inc (0.2 %), 9.3 % below FV
APA Corporation (0.2 %), 22.1 % below FV
Expand Energy Corporation (0.2 %), 48.7 % below FV
Vulcan Materials Company (0.1 %), FV 53.0 % lower
Devon Energy Corporation (0.1 %), FV 6.5 % lower
Exxon Mobil Corp (0.1 %)
Capital One Financial Corporation (0.1 %), FV 47.1 % lower
Permian Resources Corporation (0.1 %), FV 0.3 % lower
Smurfit WestRock plc (0.09 %), 0.1 % below FV

Sold out:

Cisco Sys Inc
Ase Technology Hldg Co Ltd
Coreweave Inc
Primoris Svcs Corp
Brookfield Corp
Applied Optoelectronics Inc
Palantir Technologies Inc
Nebius Group N.v.
Sun Life Financial Inc.
Bristol-myers Squibb Co
Thomson Reuters Corp
Cullen Frost Bankers Inc
Twilio Inc
Pinterest Inc
Hut 8 Corp

Frequently asked questions

What stocks does Ray Dalio own?

According to Bridgewater Associates' 13F filing for Q2 2026 (filed Aug 14, 2026), the five largest positions are State Str Spdr S&p 500 Etf T (16.3 %), Ishares Tr (9.2 %), NVIDIA Corporation (3.2 %), Broadcom Inc (2.0 %), Amazon.com Inc (2.0 %). In total the filing lists 997 stocks worth $24.4 bn.

Which Ray Dalio stocks trade below fair value?

335 of the 923 stocks we value. The largest of them: NVIDIA Corporation: 6% below fair value; Broadcom Inc: 2% below fair value; Alphabet Inc Class A: 10% below fair value; Lam Research Corp: 9% below fair value; Microsoft Corporation: 9% below fair value. As of Nov 8, 2026, not financial advice.

How current is this list?

Large US investment managers report their US stock holdings to the SEC once a quarter (Form 13F), at the latest 45 days after quarter end. This list shows Q2 2026, filed Aug 14, 2026. Bridgewater Associates may have bought or sold since. We recalculate our fair value daily, last on Nov 8, 2026.

Source of the holdings: 13F filing with the SEC (Bridgewater Associates, CIK 1350694). A 13F covers only US-listed stocks, options and certain bonds, no short positions and no foreign shares. Fair value and quality are our valuation and do not account for your personal situation.