Ray Dalio’s Top Portfolio Trims: Tech, Energy, and Healthcare Face Sharp Reductions

Each week, we unpack the latest high-conviction trades from legendary investors — revealing what they’re doubling down on, cutting loose, or quietly walking away from.

In his latest reported quarter, Ray Dalio — founder of Bridgewater Associates and a pioneer of macro-driven investing — made a series of substantial cuts to his equity portfolio. Known for his diversified all-weather approach, Dalio’s deepest reductions this quarter suggest a meaningful repositioning away from several high-profile names.

Here are the top five reductions by percentage change in common stocks:

1. AppLovin Corp (APP) – ↓98.70% (Ad Tech / Software)
   Dalio sold nearly half a million shares of this mobile advertising and app monetization platform. While AppLovin has grown rapidly in the digital space, the steep exit may signal concerns around valuation, competition, or macro-driven advertising headwinds.
2. Imperial Oil Ltd (IMO) – ↓97.65% (Energy / Oil & Gas)
   Bridgewater trimmed over 274,000 shares of this Canadian oil and gas producer. Despite energy market strength, the move could reflect profit-taking or a shift toward less cyclical exposures.
3. First Solar Inc (FSLR) – ↓97.03% (Renewable Energy / Solar)
   A nearly full exit from this leading solar panel manufacturer indicates a strong pivot away from green energy bets. While solar remains a long-term theme, volatility in subsidies and input costs may have triggered the decision.
4. Eli Lilly & Co (LLY) – ↓96.74% (Pharmaceuticals / Healthcare)
   Dalio reduced his position by over 80,000 shares in this heavyweight pharmaceutical firm. The sell-down comes despite strong momentum in GLP-1 diabetes drugs — potentially a valuation-driven move given recent price surges.
5. Lennox International Inc (LII) – ↓96.51% (Industrial / HVAC)
   Bridgewater slashed over 10,000 shares in this climate control equipment maker. As a high-margin industrial player, Lennox may have been trimmed due to cyclical exposure or limited near-term upside.

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Our Interpretation of the Sales Strategy

Ray Dalio’s latest round of portfolio trims spans technology, energy, healthcare, renewables, and industrials — signaling no sector is immune from reevaluation. The magnitude of these reductions — each over 96% — points to decisive capital reallocation. Whether due to macro risks, sector headwinds, or valuation discipline, these moves suggest a sharpening of focus in an increasingly uncertain environment.