Billionaire Ray Dalio’s Thoughts on Bitcoin and 10 New Stocks in Portfolio

Published September 20, 2021 at 9:23 am EDT Updated September 7, 2026 at 1:36 pm EDT

In this article, we discuss the 10 new stocks in the portfolio of billionaire Ray Dalio.

Billionaire Ray Dalio has been one of the most successful hedge fund managers in modern history with net gains of more than $46 billion since he founded Bridgewater Associates in 1973. The Connecticut-based fund, per latest data, manages over $15 billion in assets with holdings concentrated in the healthcare, consumer goods, and technology sectors. The top ten holdings of the fund comprise 33% of the portfolio. Between March and June this year, the value of the portfolio has jumped more than $4 billion, 13F filings reveal.

Over the years, the success story of the billionaire has turned him into a legend on Wall Street. Dalio started his hedge fund from his two-bedroom apartment in New York City and has moved to turn the fund into a partnership in order to give employees a stake in it. Dalio has also donated over $800 million to causes like microfinance and inner-city schooling. The Harvard-educated investor, who comes from a humble background, started dabbling into stocks from the age of twelve.

Dalio had a torrid 2020, losing over $12 billion for investors after failing to position the fund for the COVID-19 lockdown and the subsequent recovery at the end of the year. However, he has slowly recovered over the past few months. Some of the top stocks in the investment portfolio of Bridgewater Associates at the end of the second quarter of 2021 were Walmart Inc. (NYSE:WMT), The Coca-Cola Company (NYSE:KO), and The Procter & Gamble Company (NYSE:PG), among others.

Dalio made new purchases in 329 stocks, bought additional stakes in 255 equities, sold out of 80 stocks, and reduced holdings in 116 firms during the second quarter this year.

Ray Dalio’s Thoughts on Bitcoin

Dalio admitted in a recent interview on news platform CNBC that he also owned “some” Bitcoin, the most popular cryptocurrency that has quadrupled in value over the past twelve months. Giving his take on the digital currency that has sparked widespread debate in the finance world, Dalio said he believed that regulators would take control of Bitcoin if it gained mainstream success.

However, the billionaire was quick to clarify that regulation would kill Bitcoin. He noted that the digital currency was a good alternative to cash, appreciating the strides the coin had made at the market in a short space of time. Dalio further claimed that the coin lacked intrinsic value, meaning it did not have fundamental and objective worth. He said there were many examples in history that could serve as a guide for the situation that could go either way. Dalio has a personal net worth of close to $20 billion, according to news publication Forbes.

Billionaire Ray Dalio's Thoughts on Bitcoin and 10 New Stocks in Portfolio

Our Methodology

With this context in mind, here is our list of the 10 new stocks in the portfolio of billionaire Ray Dalio. These were picked from the investment portfolio of Bridgewater Associates at the end of the second quarter of 2021. Only new additions to the portfolio in the second quarter, as compared to the filing for the first quarter, were selected.

The list was compiled according to the number of hedge funds having stakes in each stock. The analyst ratings of each company are also discussed to provide readers with some more context about their investment decisions. The hedge fund sentiment around each stock was gauged using the data of 873 hedge funds tracked by Insider Monkey.

Why pay attention to hedge fund holdings? Insider Monkey’s research was able to identify in advance a select group of hedge fund holdings that outperformed the S&P 500 ETFs by more than 86 percentage points since March 2017. Between March 2017 and July 2021 our monthly newsletter’s stock picks returned 186.1%, vs. 100.1% for the SPY. Our stock picks outperformed the market by 86 percentage points (see the details here). That’s why we believe hedge fund sentiment is an extremely useful indicator that investors should pay attention to. You can subscribe to our free newsletter on our homepage to receive our stories in your inbox.

Billionaire Ray Dalio’s Thoughts on Bitcoin and New Stocks in Portfolio

10. Atrion Corporation (NASDAQ:ATRI)

Number of Hedge Fund Holders: 12

Atrion Corporation (NASDAQ:ATRI) is placed tenth on our list of 10 new stocks in the portfolio of billionaire Ray Dalio. The company makes and sells different kinds of health-related products and is headquartered in Texas. According to the latest securities filings, Bridgewater Associates owned 1,901 shares in the firm at the end of the second quarter of 2021 worth $1.1 million.

On August 30, Atrion Corporation declared a quarterly dividend of $1.95 per share, an increase of 11% from the previous dividend of $1.75. The forward yield was 1.09% and the dividend is payable to shareholders at the end of September.

At the end of the second quarter of 2021, 12 hedge funds in the database of Insider Monkey held stakes worth $52 million in Atrion Corporation, up from 8 in the previous quarter worth $50 million.

Just like Walmart Inc., The Coca-Cola Company, and The Procter & Gamble Company, Atrion Corporation is one of the top stocks in the investment portfolio of Bridgewater Associates.

9. Smith & Nephew plc (NYSE:SNN)

Number of Hedge Fund Holders: 13

Smith & Nephew plc (NYSE:SNN) is ranked ninth on our list of 10 new stocks in the portfolio of billionaire Ray Dalio. The company makes and sells medical devices globally. It is headquartered in the United Kingdom. According to the latest filings, Bridgewater Associates owned 48,087 shares in the company at the end of June 2021 worth $2 million.

On August 2, investment advisory JPMorgan maintained a Neutral rating on Smith & Nephew plc (NYSE:SNN) stock and raised the price target to GBP1,579 from GBP1,542. David Adlington, an analyst at the firm, issued the ratings update.

At the end of the second quarter of 2021, 13 hedge funds in the database of Insider Monkey held stakes worth $119 million in Smith & Nephew plc (NYSE:SNN), up from 11 in the preceding quarter worth $42 million.

8. Atmos Energy Corporation (NYSE:ATO)

Number of Hedge Fund Holders: 18

Atmos Energy Corporation (NYSE:ATO) is a Texas-based company that engages in regulated natural gas distribution, and pipeline and storage. It is placed eighth on our list of 10 new stocks in the portfolio of billionaire Ray Dalio. 13F filings reveal that Bridgewater Associates owned 10,317 shares in the company at the end of the second quarter of 2021 worth $992,000.

On August 17, investment advisory Mizuho maintained a Buy rating on Atmos Energy Corporation stock and raised the price target to $110 from $109, underlining that the firm was back to basics and there were potential growth catalysts for the firm on the horizon.

Out of the hedge funds being tracked by Insider Monkey, Connecticut-based investment firm AQR Capital Management is a leading shareholder in Atmos Energy Corporation with 204,299 shares worth more than $19 million.

In addition to Walmart Inc., The Coca-Cola Company, and The Procter & Gamble Company, Atmos Energy Corporation is one of the premier stocks in the investment portfolio of Bridgewater Associates.

7. AtriCure, Inc. (NASDAQ:ATRC)

Number of Hedge Fund Holders: 21

AtriCure, Inc. (NASDAQ:ATRC) is an Ohio-based firm that makes and sells devices for the surgical ablation of cardiac tissue and systems. It is ranked seventh on our list of 10 new stocks in the portfolio of billionaire Ray Dalio. Latest data shows that Bridgewater Associates owned 43,424 shares in the company at the end of June 2021 worth $3.4 million.

On September 16, investment advisory JPMorgan reiterated an Overweight rating on AtriCure, Inc. stock with a price target of $96, noting that investors should buy the stock as the firm had an “exciting” year ahead.

Out of the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in AtriCure, Inc. with 828,817 shares worth more than $65 million.

Walmart Inc., The Coca-Cola Company, and The Procter & Gamble Company are some of the stocks that Ray Dalio is buying, alongside AtriCure, Inc..

6. Southern Copper Corporation (NYSE:SCCO)

Number of Hedge Fund Holders: 23

Southern Copper Corporation (NYSE:SCCO) is placed sixth on our list of 10 new stocks in the portfolio of billionaire Ray Dalio. The company has interests in the mining business and is headquartered in Arizona. According to the latest filings, Bridgewater Associates owned 233,702 shares in the company at the end of June 2021 worth $15 million.

On July 8, investment advisory Barclays upgraded Southern Copper Corporation stock to Equal Weight from Underweight but lowered the price target to $55 from $57, noting that the minor margins for the industry were now at record highs.

Out of the hedge funds being tracked by Insider Monkey, Washington-based investment firm Fisher Asset Management is a leading shareholder in Southern Copper Corporation with 3.8 million shares worth more than $245 million.

Walmart Inc., The Coca-Cola Company, and The Procter & Gamble Company are some of the stocks that Ray Dalio favors, in addition to Southern Copper Corporation.

5. Huntsman Corporation (NYSE:HUN)

Number of Hedge Fund Holders: 27

Huntsman Corporation (NYSE:HUN) is ranked fifth on our list of 10 new stocks in the portfolio of billionaire Ray Dalio. The company makes and sells differentiated organic chemical products and is headquartered in Texas. According to the latest securities filings, Bridgewater Associates owned 73,676 shares in the firm at the end of the second quarter of 2021 worth $1.9 million.

In February, investment advisory Citi maintained a Buy rating on Huntsman Corporation stock and raised the price target to $34 from $32, appreciating the quarterly earnings results of the company.

At the end of the second quarter of 2021, 27 hedge funds in the database of Insider Monkey held stakes worth $582 million in Huntsman Corporation, down from 35 in the previous quarter worth $735 million.

In its Q4 2020 investor letter, Madison Funds, an asset management firm, highlighted a few stocks and Huntsman Corporation (NYSE:HUN) was one of them. Here is what the fund said:

“We have increased our exposure modestly to several industrial and materials names that we believe should benefit from the reopening of the economy in 2021. One such name is Huntsman Corporation (HUN); a company we have followed for more than 15 years and have never owned before. Huntsman Corporation is a global producer of organic chemicals. The company was founded by well-known businessperson and political figure, Jon Huntsman, in 1970 and has grown through its history into a diversified portfolio of chemical businesses Our interest in Huntsman coincides with the current trough conditions in the global economy due to the Covid-19 recession. The company’s end markets are cyclical and demand for their products is highly price elastic. Additionally, the advanced materials business suffered due to the exposure to the aerospace original equipment manufacturer (OEM) down cycle. Despite these challenges, we believe management has executed well; no surprise, given their track record. We think Earnings before interest, taxes, and amortization (EBITDA) troughed in second quarter and are heartened by the lack of further deterioration in 3Q and 4Q. Looking to the future, we see an intriguing reflation opportunity driven by the resumption of economy activity in late 2021. Further, we posit that the easy monetary policy, that has characterized this cycle, has inflationary side effects which would benefit a basic materials producer such as HUN. The company has also been moving downstream to more value-added businesses, which may drive EBITDA multiple expansion in the future.”

4. SolarEdge Technologies, Inc. (NASDAQ:SEDG)

Number of Hedge Fund Holders: 37

SolarEdge Technologies, Inc. (NASDAQ:SEDG) is an Israel-based company that makes and sells direct current optimized inverter systems for solar photovoltaic installations. It is placed fourth on our list of 10 new stocks in the portfolio of billionaire Ray Dalio. Latest data shows that Bridgewater Associates owned 4,472 shares in the company at the end of June 2021 worth $1.2 million.

On August 31, investment advisory Wolfe Research initiated coverage of SolarEdge Technologies, Inc. stock with an Outperform rating, noting that there was a long runway of growth for the solar industry.

Out of the hedge funds being tracked by Insider Monkey, London-based investment firm Impax Asset Management is a leading shareholder in SolarEdge Technologies, Inc. with 771,762 shares worth more than $212 million.

In its Q2 2021 investor letter, ClearBridge Investments, an asset management firm, highlighted a few stocks and SolarEdge Technologies, Inc. (NASDAQ:SEDG) was one of them. Here is what the fund said:

“Our sustainability orientation has led us to favor renewable energy providers such as SolarEdge over traditional fossil fuel energy companies. Renewables stocks moved up very strongly over the last several quarters on optimism about huge green stimulus plans in Europe and the U.S. so we took profits and sold SolarEdge Technologies as valuations became demanding.”

3. AstraZeneca PLC (NASDAQ:AZN)

Number of Hedge Fund Holders: 37

AstraZeneca PLC (NASDAQ:AZN) is a United Kingdom-based biopharmaceutical company. It is ranked third on our list of 10 new stocks in the portfolio of billionaire Ray Dalio. According to the latest filings, Bridgewater Associates owned 91,336 shares in the firm at the end of the second quarter of 2021 worth $5.4 million.

On September 17, investment advisory Morgan Stanley maintained an Overweight rating on AstraZeneca PLC stock and raised the price target to GBP10,000 from GBP9,800. Mark Purcell, an analyst at the firm, issued the ratings update.

At the end of the second quarter of 2021, 37 hedge funds in the database of Insider Monkey held stakes worth $2.7 billion in AstraZeneca PLC, up from 34 in the previous quarter worth $2.6 billion.

In its Q4 2020 investor letter, Baron Health Care Fund, an asset management firm, highlighted a few stocks and AstraZeneca PLC (NASDAQ:AZN) was one of them. Here is what the fund said:

“AstraZeneca PLC is a multinational pharmaceutical company developing drugs across multiple therapeutic areas such as oncology and respiratory diseases. Shares were impacted by news of AstraZeneca’s joint development with Oxford University of a viral-based COVID-19 vaccine. Given a mixed data set due to an unforeseen error in dosing that occurred in the Brazilian market, the vaccine timelines slipped, hurting share performance. Our investment thesis on AstraZeneca is not dependent on COVID-19 but rather its best-in-class large-cap growth profile, and we retain conviction.”

2. Autodesk, Inc. (NASDAQ:ADSK)

Number of Hedge Fund Holders: 64

Autodesk, Inc. (NASDAQ:ADSK) is placed second on our list of 10 new stocks in the portfolio of billionaire Ray Dalio. The company markets 3D design, engineering, and entertainment software and services. It is headquartered in California. Latest data shows that Bridgewater Associates owned 76,787 shares in the firm at the end of June 2021 worth $22 million.

On September 2, investment advisory Rosenblatt maintained a Buy rating on Autodesk, Inc. stock with a price target of $355, noting that the firm expected double-digits revenue growth over the next few years.

At the end of the second quarter of 2021, 64 hedge funds in the database of Insider Monkey held stakes worth $3.2 billion in Autodesk, Inc., down from 66 the preceding quarter worth $3 billion.

In its Q1 2021 investor letter, Polen Capital, an asset management firm, highlighted a few stocks and Autodesk, Inc. (NASDAQ:ADSK) was one of them. Here is what the fund said:

“Adobe and Autodesk are both prime examples of the rotation that occurred during the quarter. Both are dominant businesses in their respective markets, which are experiencing structural tailwinds. Despite each business’s position of strength, the stocks of cyclicals and businesses with higher leverage and lower profitability were more favored this past quarter. In stark contrast, Adobe and Autodesk both have low leverage, high levels of profitability, high recurring revenues that mitigate cyclicality, and are both capital-light business models—all attributes we appreciate as investors. Adobe and Autodesk were also two of the top three performers within the Portfolio during 2020.”

1. AT&T Inc. (NYSE:T)

Number of Hedge Fund Holders: 68

AT&T Inc. is ranked first on our list of 10 new stocks in the portfolio of billionaire Ray Dalio. The company operates as a telecommunication, media, and technology firm and is based in Texas. 13F filings reveal that Bridgewater Associates owned 11,187 shares in the company at the end of the second quarter of 2021 worth $322,000.

On September 8, investment advisory LightShed Partners initiated coverage of AT&T Inc. stock with a Buy rating and a price target of $36, highlighting that the wireless and fiber growth opportunity was “not being properly recognized by the market”.

At the end of the second quarter of 2021, 68 hedge funds in the database of Insider Monkey held stakes worth $2.8 billion in AT&T Inc., up from 63 in the previous quarter worth $2.7 billion.

In its Q1 2021 investor letter, Nelson Capital Management, an asset management firm, highlighted a few stocks and AT&T Inc. (NYSE:T) was one of them. Here is what the fund said:

“Nelson Capital stayed busy in the first quarter, making several adjustments within our core portfolio. In the communication services sector, we sold AT&T (tkr: T). Over the years, AT&T has made several poor acquisitions, especially in the content realm, leaving the company saddled with debt and unable to change directions.”

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