5 Best Growth Stocks to Buy According to Billionaire Ray Dalio’s Bridgewater Associates

In this piece, we will take a look at the 5 best growth stocks to buy according to billionaire Ray Dalio’s Bridgewater Associates. If you want to see more stocks in this selection, then take a look at 12 Best Growth Stocks to Buy According to Billionaire Ray Dalio’s Bridgewater Associates.

5. Kinsale Capital Group, Inc. (NYSE:KNSL)

Percent of Revenue Growth in Past One Year: 44.19%
Bridgewater Associates’ Q3 2023 Stake: $1.98 Million
Number of Hedge Fund Holders: 24

Kinsale Capital Group, Inc. (NYSE:KNSL) is a financial services company offering US property and casualty insurance products. Kinsale Capital Group, Inc. (NYSE:KNSL) markets and sells insurance products in commercial lines, including small business, energy, healthcare, and inland marine, among others.

Kinsale Capital Group, Inc. (NYSE:KNSL) has gained 26% year to date, trading at a P/E ratio of 28.34. Its revenue growth rate for the 12 months ended September stands at 44.19%. Bridgewater Associates increased its stake in the company by 61% to stakes worth $1.98 million in Q3 2023. 

Here is what Baron Discovery Fund said about Kinsale Capital Group, Inc. (NYSE:KNSL) in its Q3 2023 investor letter:

“Specialty insurer Kinsale Capital Group, Inc. (NYSE:KNSL) contributed to performance after reporting consensus-beating quarterly results. Gross written premiums grew 58%, and earnings per share increased 50%. Market conditions remained favorable, with rising premium rates and more business shifting from the standard lines market to the excess and surplus lines market where Kinsale operates. The company is also capitalizing on disruption in the property market, where rates are rising rapidly after years of industry losses and a reduction in reinsurance capacity. We continue to own the stock because we believe Kinsale is well managed and has a long runway for growth in an attractive segment of the insurance market.”

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4. AAON, Inc. (NASDAQ:AAON)

Percent of Revenue Growth in Past One Year: 44.91%
Bridgewater Associates’ Q3 2023 Stake: $1.13 Million
Number of Hedge Fund Holders: 20

AAON, Inc. (NASDAQ:AAON) and its subsidiaries make and sell air conditioning and heating systems in the US and Canada. AAON, Inc. (NASDAQ:AAON) has three segments: AAON Oklahoma, AAON Coil Products, and BASX. The stock has risen by 30.97% this year and trades at price-to-earnings multiple of 31.87.

AAON, Inc. (NASDAQ:AAON)’s revenue was $1.12 billion for the twelve months ending on September 30, 2023, a 44.91% increase from last year.

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3. NVIDIA Corporation (NASDAQ:NVDA)

Percent of Revenue Growth in Past One Year: 57.07%
Bridgewater Associates’ Q3 2023 Stake: $20.923 Million
Number of Hedge Fund Holders: 180

NVIDIA Corporation (NASDAQ:NVDA) is a technology company that designs and develops graphics and networking solutions. The company is best known for developing chips that power data centers, personal computers, and mobile devices. NVIDIA Corporation (NASDAQ:NVDA) has significantly improved its fortunes amid solid demand for graphics processing units for powering artificial intelligence solutions.

NVIDIA Corporation (NASDAQ:NVDA) is already up by more than 230% for the year, an impressive rally against record earnings and revenues. Its revenue for the 12 months ended October was up 57.07% year over year.

Here is what White Brook Capital said about NVIDIA Corporation (NASDAQ:NVDA) in its Q3 2023 investor letter:

“The magnificent seven, that underpin the S&P 500 performance, which includes NVIDIA Corporation (NASDAQ:NVDA), now comprise almost 30% of the market capitalization of the S&P500. At least three of the seven stocks have heightened downside risk and suffer from already high penetration, weakening end markets, competitive risk, and lofty valuation. They have been remarkably resilient to increased interest rates and the potential for slowing growth. Small and midcap stocks, on the other hand, have been systemically penalized by fears of recession and continue to price that eventuality even as significantly better outcomes have become more probable. Today, it’s relatively easy to find attractive investments in this segment.”

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2. Permian Resources Corporation (NYSE:PR)

Percent of Revenue Growth in Past One Year: 63.67%
Bridgewater Associates’ Q3 2023 Stake: $8.79 Million
Number of Hedge Fund Holders: 35

Permian Resources Corporation (NYSE:PR) is a high-growth energy company focusing on developing crude oil and related liquids and natural gas reserves in the US. Over the past 12 months, its revenue has increased by 63.67%, benefiting from high oil and natural gas prices.

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1. e.l.f. Beauty, Inc. (NYSE:ELF)

Percent of Revenue Growth in Past One Year: 70.85%
Bridgewater Associates’ Q3 2023 Stake: $12.07 Million
Number of Hedge Fund Holders: 34

e.l.f. Beauty, Inc. (NYSE:ELF) and its subsidiaries make and sell cosmetic and skin care products under four brands globally. The company has eye, lip, face, paw, and skin care products. e.l.f. Beauty, Inc. (NYSE:ELF) is up 129.98% year to date and trades at price-to-earnings multiple of 59.75.

e.l.f. Beauty, Inc. (NYSE:ELF)’s revenue was $765.74 million for the twelve months ending on September 30, 2023, a 70.85% increase from last year. Bridgewater Associates increased its stakes in e.l.f. Beauty, Inc. (NYSE:ELF) by 12% in Q3 2023 to 109,862, valued at $12.07 million. 

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