Ray Dalio is a billionaire investor and the founder of the largest hedge fund in the world, Bridgewater Associates. The fund has over $123 billion in assets under management, which is a testament to his investment prowess.
Dalio’s fund added more to his tech stock holdings in Q1 of this year while slashing down some of his bank holdings. Here’s what he bought.
Alphabet (NASDAQ: GOOGL)
Alphabet Inc., the parent company of Google, is the third-largest tech company in the world by revenue.
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Bridgewater Associates held 743,000 GOOGL shares before increasing its holdings by another 1.56 million shares at an average purchase price of $105 in Q1 of this year.
Alphabet reported better-than-expected Q2 earnings and announced that the CFO Roth Porat would become president and chief investment officer starting in September. The stock is up 7% since the news.
Dalio’s fund is already up 24% on his new GOOGL purchases.
Meanwhile, the average analyst target price on TipRanks is $149, a 13% upside from the current price of $131. This could prove to be an even more profitable investment in the coming months if the analyst target price is reached.
TipRanks analyst ratings. Source: Interactive Brokers Fundamentals Explorer
Meta Platforms (NASDAQ: META)
Meta is the company that operates Facebook, Instagram, Threads, and WhatsApp.
Bridgewater Associates added 466,000 shares in Q1 of this year with an average purchase price of $184. The fund now holds over one million META shares.
Meta reported better-than-expected Q2 earnings and said it anticipates a higher Q3 revenue than Wall Street estimates, pushing the price higher by 5% since the news.
Dalio’s fund is up by 70% on its new META purchase in less than six months.
Analysts on TipRanks hold an average price target of $377, which is 19% higher than the current price of $316.
TipRanks analyst ratings. Source: Interactive Brokers Fundamentals Explorer
Both Meta and Alphabet have outperformed the S&P 500’s 17% return this year. Meta is up 153% year to date, while Alphabet is up 47%.
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