Ray Dalio's VWO Position Overview
Ray Dalio (via Bridgewater Associates, Lp) currently holds 2.61 M shares of Vanguard FTSE Emerging Markets ETF (VWO) worth $140.05 M, representing 0.51% of the portfolio. First purchased in 2013-Q2, this long-term strategic position has been held for 51 quarters.
Based on 13F filings since 2013, Ray Dalio has maintained a long-term strategic position in VWO, representing a significant commitment to this investment thesis. Largest addition occurred in Q1 2019, adding 22.82 M shares. Largest reduction occurred in Q3 2015, reducing 45.42 M shares.
Analysis based on 13F filings available since 2013 Q2
Ray Dalio's Vanguard FTSE Emerging Markets ETF (VWO) Holding Value Over Time
Track share changes against reported price movement
Quarterly Vanguard FTSE Emerging Markets ETF (VWO) Trades by Ray Dalio
| Report Date | Bought/Sold (Sh.) | % Change | Qtr. End Shares | Reported Price |
|---|---|---|---|---|
| Q4 2025 | +129,527 | Add 5.23% | 2.61 M | $53.76 |
| Q3 2025 | +639,149 | Add 34.80% | 2.48 M | $54.18 |
| Q2 2025 | -336,753 | Reduce 15.50% | 1.84 M | $49.46 |
| Q1 2025 | -46,973 | Reduce 2.12% | 2.17 M | $45.26 |
| Q4 2024 | -1.2 M | Reduce 35.13% | 2.22 M | $44.04 |
| Q3 2024 | -734,068 | Reduce 17.66% | 3.42 M | $47.85 |
| Q2 2024 | -670,270 | Reduce 13.89% | 4.16 M | $43.76 |
| Q1 2024 | -545,294 | Reduce 10.15% | 4.83 M | $41.77 |
| Q4 2023 | -599,737 | Reduce 10.04% | 5.37 M | $41.10 |
| Q3 2023 | -1.88 M | Reduce 23.91% | 5.97 M | $39.21 |
| Q2 2023 | -622,601 | Reduce 7.35% | 7.85 M | $40.68 |
| Q1 2023 | -5.36 M | Reduce 38.74% | 8.47 M | $40.40 |
| Q4 2022 | -936,110 | Reduce 6.34% | 13.83 M | $38.98 |
| Q3 2022 | -667,590 | Reduce 4.33% | 14.76 M | $36.49 |
| Q2 2022 | -7.29 M | Reduce 32.07% | 15.43 M | $41.65 |
| Q1 2022 | +5.91 M | Add 35.18% | 22.72 M | $46.13 |
| Q4 2021 | -6.64 M | Reduce 28.32% | 16.81 M | $49.46 |
| Q3 2021 | +11.57 M | Add 97.47% | 23.45 M | $50.01 |
| Q2 2021 | +783,391 | Add 7.06% | 11.87 M | $54.31 |
| Q1 2021 | -2.08 M | Reduce 15.78% | 11.09 M | $52.05 |
| Q4 2020 | +500,908 | Add 3.95% | 13.17 M | $50.11 |
| Q3 2020 | +1.43 M | Add 12.76% | 12.67 M | $43.24 |
| Q2 2020 | -2.64 M | Reduce 19.05% | 11.23 M | $39.61 |
| Q1 2020 | -10.88 M | Reduce 43.96% | 13.88 M | $33.55 |
| Q4 2019 | -12.62 M | Reduce 33.77% | 24.76 M | $44.47 |
| Q3 2019 | -10.17 M | Reduce 21.39% | 37.38 M | $40.26 |
| Q2 2019 | -26.08 M | Reduce 35.42% | 47.55 M | $42.53 |
| Q1 2019 | +22.82 M | Add 44.92% | 73.63 M | $42.50 |
| Q4 2018 | +48,891 | Add 0.10% | 50.81 M | $38.10 |
| Q3 2018 | +854,812 | Add 1.71% | 50.76 M | $41.00 |
| Q2 2018 | -1.68 M | Reduce 3.26% | 49.91 M | $42.20 |
| Q1 2018 | -17.37 M | Reduce 25.19% | 51.59 M | $46.98 |
| Q4 2017 | -19.38 M | Reduce 21.94% | 68.96 M | $45.91 |
| Q3 2017 | +9.45 M | Add 11.98% | 88.34 M | $43.57 |
| Q2 2017 | +6.71 M | Add 9.29% | 78.89 M | $40.83 |
| Q1 2017 | -20.02 M | Reduce 21.71% | 72.18 M | $39.72 |
| Q4 2016 | +11.79 M | Add 14.66% | 92.2 M | $35.78 |
| Q3 2016 | +10.41 M | Add 14.87% | 80.41 M | $37.63 |
| Q2 2016 | -4.83 M | Reduce 6.45% | 70 M | $35.23 |
| Q1 2016 | +970,143 | Add 1.31% | 74.83 M | $34.58 |
| Q4 2015 | +6.5 M | Add 9.65% | 73.86 M | $32.71 |
| Q3 2015 | -45.42 M | Reduce 40.27% | 67.36 M | $33.09 |
| Q2 2015 | +785,951 | Add 0.70% | 112.79 M | $40.88 |
| Q1 2015 | -4.21 M | Reduce 3.63% | 112 M | $40.87 |
| Q4 2014 | +5.33 M | Add 4.81% | 116.21 M | $40.02 |
| Q3 2014 | +1.86 M | Add 1.71% | 110.88 M | $41.71 |
| Q2 2014 | +3.53 M | Add 3.35% | 109.02 M | $43.13 |
| Q1 2014 | +3.39 M | Add 3.32% | 105.48 M | $40.58 |
| Q4 2013 | +496,598 | Add 0.49% | 102.1 M | $41.14 |
| Q3 2013 | +2.41 M | Add 2.43% | 101.6 M | $40.14 |
| Q2 2013 | +99.19 M | Add 0.00% | 99.19 M | $38.79 |
Ray Dalio's Vanguard FTSE Emerging Markets ETF Investment FAQs
Ray Dalio first purchased Vanguard FTSE Emerging Markets ETF (VWO) in Q2 2013, acquiring 99,189,020 shares, as reported in their 13F filing for that period. Note: Analysis reflects filings available since Q2 2013; earlier records may be incomplete.
Ray Dalio has held Vanguard FTSE Emerging Markets ETF (VWO) for 51 quarters since Q2 2013.
Ray Dalio's largest addition to Vanguard FTSE Emerging Markets ETF (VWO) was in Q2 2013, adding 99,189,020 shares worth $3.85 B.
According to the latest 13F filing for Q4 2025, Ray Dalio's firm, Bridgewater Associates, Lp, owns 2,605,136 shares of Vanguard FTSE Emerging Markets ETF (VWO), valued at approximately $140.05 M.
As of the Q4 2025 filing, Vanguard FTSE Emerging Markets ETF (VWO) represents approximately 0.51% of Ray Dalio's publicly disclosed stock portfolio, making it one of their key holdings.
Ray Dalio's peak holding in Vanguard FTSE Emerging Markets ETF (VWO) was 116,213,008 shares, as reported at the end of Q4 2014.