Utilize the input text as a context reference, choose the right relationship between Bridgewater Associates and Ray Dalio from the options. Options: product/material produced, manufacturer, distributed by, industry, position held, original broadcaster, owned by, founded by, distribution format, headquarters location, stock exchange, currency, parent organization, chief executive officer, director/manager, owner of, operator, member of, employer, chairperson, platform, subsidiary, legal form, publisher, developer, brand, business division, location of formation, creator.

Ray Dalio of Bridgewater Associates saw his macro fund decline 6.9 percent last month.

Answer: director_/_manager