An Extensive Look At Ray Dalio's Portfolio Shakeup

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 |  Includes: AAPL, AGN, BRK.B, CTL, EEM, GE, HPQ, IBM, INTC, IVV, KO, LMT, LQD, NVDA, ORCL, PG, SPY, SWY, VRSN, VWO, VZ
by: Profit Fan

In a CNBC interview earlier this year, Ray Dalio of Bridgewater Associates said he was going to be moving his cash around and, after a look at Bridgewater's most recent 13F-HR, he proved he is a man of his word. After running the numbers through my fund tracking spreadsheet, we find that only two of the previously reported holdings were left untouched.

A lot can be learned from tracking hedge funds and investors can use them as a screen for investment ideas as well as for ideas about how to manage their own personal portfolios. What's a better way to learn than checking out free information that allows us to peak into billion dollar portfolios?

Below, I have picked out a few notable changes that I would like to highlight and then have presented a copy of Bridgewater's full portfolio. I haven't found a more comprehensive view of Dalio's large portfolio on SeekingAlpha.com and I will be updating this throughout the year so, anyone interested in following this and other funds can follow me for updates.

Portfolio

The Bridgewater Portfolio increased from $9.816 billion to $10.989 billion (11.9% increase) in the first quarter of 2013.

TOP 3

Bridgewater's top three holdings are important to note because they account for 88.5% of the portfolio. They are as follows:

  • Vanguard FTSE Emerging Markets ETF (NYSEARCA:VWO) - 32.78% of the portfolio and worth $3.602 billion. This ETF saw its share count increase by 25% in the first quarter of 2013.
  • SPDR S&P 500 ETF (NYSEARCA:SPY) - This ETF was increased by 3% (share count) and accounted for 29.8% of the portfolio, or $3.274 billion.
  • ISHARES MSCI Emerging Markets (NYSEARCA:EEM) - Bridgewater increased the share count of this ETF by 17% and on 3/31/13 it was worth $2.8 billion, or 25.92% of the portfolio.

Notable Moves In The Top 10 Holdings

  • Increased Oracle (NYSE:ORCL) share count by 116%, position was 0.27% of the portfolio at the end of March.
  • Increased holdings of Intel (NASDAQ:INTC) by 38% to $22.8 million. This position was the funds 8th largest at the end of March.
  • Increased Lockheed Martin (NYSE:LMT) share count by 340% to $21.1 million, moving the holding into the top 10.

2 Largest Purchases

  • CenturyLink (NYSE:CTL), this was the largest new holding that was purchased in the first quarter and was worth $16.5 million at the end of March.
  • General Electric (NYSE:GE) was the second largest new purchase, worth $14.1 million and 0.13% of the portfolio.

Other Notable New Holdings

  • Investment in VeriSign (NASDAQ:VRSN), worth $9.3 million.
  • Purchase of IBM (NYSE:IBM) worth $8.5 million.
  • Dalio picked up 11,971 shares of Apple (NASDAQ:AAPL) worth $5.299 million at the end of March.

Only 2 Left Untouched In The First Quarter

  • iSHARES iBOXX Investment Grade Corporate Bonds ETF (NYSEARCA:LQD) - This position was the fourth largest at the end of March and worth $43.6 million.
  • iShares Core S&P 500 ETF (NYSEARCA:IVV) - This position was worth $27.5 million at the end of March.

Top 4 Partial Sells

  • Bridgewater's investment in Allergan (NYSE:AGN) was cut 94%.
  • Procter & Gamble (NYSE:PG) holding was cut back 93%.
  • 83% of Bridgwater's Coca-Cola (NYSE:KO) holdings were sold, position was worth $2.1 million at the end of the first quarter.
  • Position in Nvidia (NASDAQ:NVDA) was cut 76% to $3.5 million.

2 Largest Sellouts

  • Hewlett-Packard (NYSE:HPQ) position was eliminated. At the end of 2012, the investment was worth $29 million.
  • $21 million Safeway (NYSE:SWY) holding was sold.

Other Notable Sellouts

  • Berkshire B (NYSE:BRK.B) holding was sold. Bridgewater previously reported an $8 million investment at the end of 2012.
  • Verizon (NYSE:VZ) investment worth $10 million at the end of 2012 was eliminated.

And now for a complete look at the portfolio from largest to smallest holding as of 3/31/13: Please share any thoughts on the portfolio as well as any interesting buys/sells! Hope you enjoy!

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Disclosure: I am long AAPL. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.