With macroeconomic conditions remaining uncertain, billionaire Ray Dalio called for a 20% downside in equities if the Federal Reserve raises interest rates to 4.5%.

His hedge fund, Bridgewater Associates, holds some 985 positions. The dividend stocks mentioned below are Dalio's top two positions.

Considering Bridgewater is the world's largest hedge fund with $154 billion in assets under management, and Dalio ties with Rocket Companies (NYSE:RKT) co-founder Daniel Gilbert among the richest billionaires with a net worth of $22 billion, investors would be wise to follow his lead:

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• Procter & Gamble Co. (NYSE:PG) is offering a dividend yield of 2.64% or $3.65 per share annually, using quarterly payments, with a dividend king track record of increasing its dividends for 66 years. The company's lineup of brands (i.e., Tide laundry detergent, Charmin toilet paper, Pantene shampoo, and Pampers diapers) includes more than 20 that generate north of $1 billion each in annual global sales. Procter & Gamble returned nearly $19 billion of value to shareholders in fiscal 2022 via $8.8 billion in dividend payments and $10 billion of share repurchases.
• Johnson & Johnson (NYSE:JNJ) is offering a dividend yield of 2.74% or $4.52 per share annually, making quarterly payments, with a stellar track record of increasing its dividends for 60 years. The world's largest and most diverse healthcare firm operates in three divisions (pharmaceutical, medical devices and diagnostics, and consumer). On Sept. 14, Johnson & Johnson announced that the board of directors has authorized the repurchase of up to $5 billion of the company's common stock.

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