Bridgewater Associates Portfolio holdings
Bridgewater Associates, founded in 1975 by Ray Dalio in New York and now headquartered in Westport, Connecticut, is the world’s largest hedge fund, managing over $125 billion in assets as of late 2024, serving institutional clients like pension funds, endowments, and sovereign wealth funds. Known for its pioneering "Pure Alpha" and "All Weather" strategies, the firm uses a systematic, macroeconomic approach to deliver uncorrelated returns and risk parity across global markets, including equities, bonds, currencies, and commodities, guided by rigorous data analysis and radical transparency. Dalio, who stepped down as co-CIO in 2022, built a unique culture of "radical truth" and "thoughtful disagreement," documented in his book *Principles*, though the firm transitioned leadership to co-CEOs Nir Bar Dea and Mark Bertolini in 2023 amid succession planning. With around 1,300 employees and a history of navigating crises like 2008 with gains, Bridgewater remains a titan in alternative investments, blending intellectual rigor with a distinctive, often polarizing management philosophy.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
State Street SPDR S&P 500 ETF Trust
SPY
|
+$1.28B |
| 2 |
Oracle
ORCL
|
+$349M |
| 3 |
NVIDIA
NVDA
|
+$252M |
| 4 |
Micron Technology
MU
|
+$204M |
| 5 |
Amazon
AMZN
|
+$188M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class A
GOOGL
|
+$304M |
| 2 |
Uber
UBER
|
+$208M |
| 3 |
Fiserv Inc
FISV
|
+$205M |
| 4 |
Meta Platforms (Facebook)
META
|
+$129M |
| 5 |
Wells Fargo
WFC
|
+$121M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 28.43% |
| 2 | Miscellaneous | 24.29% |
| 3 | Financials | 11.06% |
| 4 | Consumer Discretionary | 8.43% |
| 5 | Healthcare | 6.54% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
State Street SPDR S&P 500 ETF Trust
SPY
$833B
| $3.04B | 11.08% |
4,455,413
+1,890,325
| +74% | +$1.28B |
2013 Q2
50 quarters
|
|
2
iShares Core S&P 500 ETF
IVV
$899B
| $2.87B | 10.45% |
4,185,589
+136,289
| +3% | +$92.5M |
2013 Q2
50 quarters
|
|
|
3
NVIDIA
NVDA
$5.54T
| $721M | 2.63% |
3,865,205
+1,355,454
| +54% | +$252M |
2023 Q3
9 quarters
|
|
4
Lam Research
LRCX
$399B
| $521M | 1.9% |
3,041,661
-422,319
| -12% | -$65.7M |
2022 Q1
15 quarters
|
|
5
Salesforce
CRM
$189B
| $512M | 1.87% |
1,932,066
-74,961
| -4% | -$18.6M |
2023 Q1
11 quarters
|
|
|
6
Alphabet (Google) Class A
GOOGL
$4.3T
| $498M | 1.82% |
1,590,826
-1,063,070
| -40% | -$304M |
2020 Q4
20 quarters
|
|
7
Microsoft
MSFT
$3.97T
| $476M | 1.74% |
984,091
-113,078
| -10% | -$56.7M |
2020 Q4
20 quarters
|
|
|
8
Amazon
AMZN
$2.83T
| $450M | 1.64% |
1,948,254
+823,277
| +73% | +$188M |
2024 Q1
7 quarters
|
|
9
Adobe
ADBE
$94.3B
| $446M | 1.63% |
1,275,055
+12,359
| +1% | +$4.2M |
2021 Q2
18 quarters
|
|
10
GE Vernova
GEV
$268B
| $435M | 1.59% |
665,997
+14,905
| +2% | +$9.08M |
2024 Q2
6 quarters
|
|
11
Booking.com
BKNG
$120B
| $431M | 1.57% |
2,013,200
+69,925
| +4% | +$14.4M |
2021 Q3
17 quarters
|
|
12
Broadcom
AVGO
$1.73T
| $403M | 1.47% |
1,165,740
+320,349
| +38% | +$115M |
2023 Q3
9 quarters
|
|
|
13
Oracle
ORCL
$429B
| $365M | 1.33% |
1,873,481
+1,467,202
| +361% | +$349M |
2024 Q4
4 quarters
|
|
14
Advanced Micro Devices
AMD
$993B
| $355M | 1.29% |
1,656,527
-138,274
| -8% | -$31.1M |
2024 Q1
7 quarters
|
|
15
Johnson & Johnson
JNJ
$630B
| $272M | 0.99% |
1,313,958
-401,819
| -23% | -$79.5M |
2020 Q3
21 quarters
|
|
|
16
Micron Technology
MU
$1.16T
| $254M | 0.93% |
889,640
+887,944
| +52,355% | +$204M |
2025 Q3
1 quarter
|
|
17
Mastercard
MA
$516B
| $234M | 0.85% |
409,207
+42,951
| +12% | +$24M |
2022 Q1
15 quarters
|
|
18
Newmont
NEM
$124B
| $231M | 0.84% |
2,308,909
+1,921,592
| +496% | +$174M |
2023 Q4
8 quarters
|
|
19
Workday
WDAY
$45B
| $207M | 0.76% |
965,117
-75,318
| -7% | -$17.1M |
2019 Q4
24 quarters
|
|
20
ServiceNow
NOW
$146B
| $205M | 0.75% |
1,338,885
-171,080
| -11% | -$29.3M |
2024 Q4
4 quarters
|
|
21
iShares MSCI South Korea ETF
EWY
$25.4B
| $201M | 0.73% |
2,072,358
+37,242
| +2% | +$3.4M |
2024 Q1
7 quarters
|
|
22
Sea Limited
SE
$58.3B
| $196M | 0.71% |
1,533,269
-72,355
| -5% | -$10.7M |
2022 Q2
14 quarters
|
|
23
PayPal
PYPL
$47.5B
| $194M | 0.71% |
3,329,311
+506,980
| +18% | +$32.9M |
2022 Q1
15 quarters
|
|
24
Altria Group
MO
$120B
| $189M | 0.69% |
3,276,751
-418,855
| -11% | -$25.3M |
2021 Q3
17 quarters
|
|
25
Visa
V
$724B
| $188M | 0.69% |
536,497
-139,457
| -21% | -$47.5M |
2021 Q1
19 quarters
|
|
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Bridgewater Associates's Q4 2025 Portfolio in Review
As of Q4 2025, Bridgewater Associates held 1,205 positions worth $27.4B, up 7.4% from $25.5B the previous quarter. Its ten largest holdings account for 36% of the portfolio.
Bridgewater Associates deployed $1.36B of net new capital in Q4 2025, opening 191 new positions and adding to 450 existing holdings. Its largest new stake was Arm: 326,320 shares worth $35.7M.
By sector, the portfolio is most concentrated in Technology at 28% of assets, down from 29% a quarter earlier, followed by Miscellaneous and Financials.
On the sell side, the largest reduction was Alphabet (Google) Class A, an estimated $304M trimmed.
- Bridgewater Associates's largest Q4 2025 buy was Arm: 326,320 shares worth $35.7M.
- Bridgewater Associates added most to State Street SPDR S&P 500 ETF Trust in Q4 2025, an estimated $1.28B increase.
- Bridgewater Associates's biggest Q4 2025 reduction was Alphabet (Google) Class A, cutting an estimated $304M.
- Bridgewater Associates fully exited Fiserv Inc in Q4 2025, selling an estimated $205M.
- Bridgewater Associates's ten largest holdings make up 36% of its $27.4B portfolio in Q4 2025.
- Bridgewater Associates opened 191 new positions and closed 165 in Q4 2025.
- Bridgewater Associates's portfolio value rose 7.4% quarter-over-quarter to $27.4B.
Based on Bridgewater Associates's 13F filing for Q4 2025, filed 13 Feb 2026.