Billionaire Bridgewater Founder Ray Dalio’s Top 5 Holdings in 2023

2. Johnson & Johnson (NYSE:JNJ)

Value of Bridgewater Associates’ 13F Position: $556 million

Number of Hedge Fund Shareholders: 86

Johnson & Johnson (NYSE:JNJ) remained Ray Dalio’s second-largest holding for the fourth-straight quarter in Q1. Bridgewater upped its stake in JNJ by 1% during the quarter, ending March 31 with 3.59 million shares. Hedge fund ownership of the stock has remained largely flat over the past two-and-a-half years.

Johnson & Johnson (NYSE:JNJ) is yet another dividend king and stalwart defensive stock that finds itself in a premium position in Ray Dalio’s 13F portfolio. The healthcare products and pharmaceuticals company has only modest growth rates at this point (5.6% in Q1), but they are at least steady and predictable, and the company is resilient in the face of economic downturns due to the necessity of many of its products.

Distillate Capital was somewhat worried about Johnson & Johnson (NYSE:JNJ)’s valuation last year, as related in its Q2 2022 investor letter:

“Johnson & Johnson was among the 2 largest trims at around 1% each. Each stock was up 1% in the quarter compared to the 16% price decline for the S&P 500 and the positions were reduced as the valuations became somewhat less appealing, though still attractive enough to warrant inclusion.”