저자: BobbytheMarketWatcher · 외국인
요약 보기
레이 달리오 브리지워터의 13F 보유 상위 종목을 분석하며, 경기침체 대비 필수소비재·헬스케어 중심 포트폴리오를 강조한 영상이다. 핵심 주장: 달리오는 경기 침체 국면에 진입한다고 보고 있으며, 상위 투자는 대부분 경기방어주인 필수소비재 종목이라는 점이 이를 뒷받침한다. 상위 보유 종목 소개: 10위 CVS헬스(1.48%, 배당수익률 2.26%, 부채비율 0.72, PER 38로 높다고 평가), 9위 애보트(1.5%, PER 25, 부채비율 0.43), 8위 핀둬둬(1.6%, 무배당, 부채비율 0.15), 7위 맥도날드(2.46%, PER 33, 자기자본 음수), 6위 월마트(2.64%, 배당 1.57%, PER 44), 5위 코스트코(2.86%, 배당 0.79%, PER 34), 4위 코카콜라(3.25%, 배당 2.8%, 부채비율 1.74, PER 27), 3위 펩시코(3.32%, PER 25, 부채비율 2.08), 2위 존슨앤드존슨(3.89%, 배당 2.55%, PER 25), 1위 P&G(4.22%, 배당 2.59%, 부채비율 0.75, PER 26). 조건·리스크: 금리 인상과 높은 부채 환경에서 재무 안정성이 중요하며, PER이 높은 종목에 대한 우려가 언급됨. 출연자 전망: 경기 악화를 전제로 한 방어주 선호 입장이며, 개별 종목 가격 방향에 대한 구체적 목표가는 제시되지 않음.
다듬은 글
Ray Dalio is an investment titan with over 50 years of experience in the markets and in 2022 he managed to prove himself once again as Pure Alpha Fund managed to rack in 20% annual returns in a year, in which the S&P 500 was down by 20%. In this video I, Bobby the Market Watcher, will discuss his portfolio so stay until the end of the video if you want to see which are the Top 10 investments of Bridgewater, the company of the investment tycoon.
As . Ray Dalio believes we are entering a period of economic hardship and his top investments are the proof in the pudding as they say as almost all of them are recession protection stocks from predominantly the consumer staples sector. This sector is more stable in hard economic times as the products and services, which are being sold, are of basic need for the consumer.
This makes them very sticky as it is hard not to buy your basic foods items, drinks, hygiene products or medicines. Also it is important to note that the information is derived from the 13F filing report of Dalio which does not include any international holdings or short positions he may have. With that said let’s start off with his 10th biggest position which is CVS Health with a 1.48% portfolio share.
Alongside Walgreens, CVS is the largest pharmacy provider in the US. As of the end of 2022 the company has a forward looking dividend yield of 2.26%, it has a low long-term debt to equity ratio of 0.72 which is below 1 and it is good but I do not like the P/E of 38 for me it is just too high. The 9th biggest position is in Abbott Laboratories which is a 1.5% share of the portfolio.
This is one of the biggest providers of health-care and medical devices companies. It has a P/E ratio of 25 and a debt to equity ratio of 0.43 which is below 0.5 and it is the optimal place to be in such a high debt and higher interest rate environment. The forward dividend yield of Abbott is 1.81%.
The 8th biggest position is Pinduoduo stock which alongside Alibaba and JD is the largest e-commerce play in China. The company has introduced the team purchase and consumer-to-manufacturer (C2M) concepts in the Chinese e-commerce sector. The company does not pay a dividend as it uses almost all of its generated profit to invest in for more growth.
Its debt levels are quite low for such a business with a minor debt to equity ratio of 0.15. It represents a 1.6% share of the portfolio. The 7th biggest position is in McDonalds with a 2.46% share. The forward dividend of the company is 2.24%, the current P/E multiple is higher than the historical average standing at a whooping 33, while the company has a negative equity as the total assets are lower than their total liabilities.
On spot number 6 is Walmart, the epiphany of the classic consumer staples stock - no matter if we have a war, earthquake or a recession people will have to go to Walmart to shop. The forward dividend yield is 1.57%, the debt to equity ratio is 0.48 which is the optimal level, the P/E ratio is 44 which for me is just too high.
The portfolio sizing is 2.64%. On spot number 5 we have another classic for the consumer staples sector Costco with a 2.86% portfolio share. The forward dividend for Costco is 0.79%. Costco is also a very beloved investment of Charlie Munger, the long-time partner of Warren Buffet. The debt levels of Costco are also very strong with a debt to equity ratio of 0.3.
While the P/E is 34. On spot number 4 is Coca-Cola with a 3.25% share of the Bridgewater public allocations. Coke has a forward dividend yield of 2.8%. While their debt to equity ratio could be much better as it is well above 1, sitting in at 1.74. The price to earnings multiple is 27, 10 years ago the level was 10 or so.
For more info on Coke stock make sure to watch my Coke stock analysis here on the channel. On the official podium, spot number 3, is the rival of Coke, PepsiCo with almost the same portfolio share amount of 3.32%. PepsiCo is valued at 25 times earnings, it has a forward dividend yield of 2.52% while its debt to equity ratio is even worse than Coke stock with a 2.08.
The second place is reserved for Jonhnson and Johnson with a 3.89% portfolio share. The management of the long-term debts is great with a level of only 0.37, while the forward dividend yield is 2.55%. Just like Pepsi, the earnings multiple for JNJ stock is 25. The top position in Dalio’s portfolio is Procter and Gamble which is the only stock to break above a 4% portfolio share allocation sitting at 4.22%.
With a forward dividend of 2.59%, a debt to equity ratio of 0.75 and a multiple of 26, it is not much different from the other positions of Dalio. As for the very important conclusion, Dalio is betting heavily on the biggest and most proven consumer and health care sector stocks which all pay dividends, with the only expectation being Pinduoduo.
Comment down below if you want me to analyze PDD stock and make sure to watch my other analysis videos on the channel. Please like this video if you learned something valuable and make sure to subscribe to the channel to learn even more! Thank you again for watching and I’ll see you again in the next video!
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