The All Seasons Portfolio by Ray Dalio is a simplified version of his famous All Weather fund that can be easily implemented by everyday investors.
Asset Allocation
- 30% Total Stock Market
- 40% Long Term Bonds
- 15% Intermediate Bonds
- 7.5% Commodities
- 7.5% Gold
Asset Notes
The Portfolio Charts tools use round numbers, so I reallocated the portfolio slightly while preserving the original design intent as closely as possible.
Local Interpretations
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Author
Overview
The All Seasons Portfolio is built on the philosophical foundation of Dalio’s All Weather Fund, a popular hedge fund among institutional investors. According the All Weather Story, the original goal of the fund was to answer a deceptively simple question:
What kind of investment portfolio would you hold that would perform well across all environments, be it a devaluation or something completely different?
Dalio and his Bridgewater team concluded that while individual assets are unpredictable, they react in understandable ways based on cash flows in the prevailing economic environment. They arranged those environments into four quadrants:
By filling each quadrant with assets that respond to each economic condition and balancing the asset weights to achieve risk parity for each situation, Dalio designed a portfolio capable of succeeding no matter what happens in the markets.
While the institutional All Weather fund includes a lot of active management and a number of investments not available to everyday investors, the All Seasons portfolio is a simplified version that he recommends to individuals looking to build an autopilot portfolio using the same All Weather philosophy.
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Alternatives
Portfolios with a similar structure or design intent
Permanent Portfolio — A similar investing philosophy built around economic risk parity
Larry Portfolio — Similar portfolio structure to balance volatility risk between assets
Swensen Portfolio — Another portfolio that uses institutional investing concepts
Performance
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