Bridgewater Associates, led by Ray Dalio, reports a $24.4 billion portfolio for Q3 2026
Bridgewater Associates, led by Ray Dalio, reported a $24.4 billion market-valued portfolio for the third quarter of 2026, spread across 990 distinct positions. The top ten holdings account for nearly 40% of the total assets, with significant exposure to S&P 500 ETFs and technology stocks.
Bridgewater Associates, the flagship fund led by Ray Dalio, reported a $24.4 billion market-valued portfolio for the third quarter of 2026, spread across 990 distinct positions.
Bridgewater Associates: Ray Dalio's Investment Philosophy
Ray Dalio founded Bridgewater on a systematic macroeconomic approach aimed at identifying growth, inflation, and monetary policy cycles to position capital in ways that mitigate extreme risks. The fund emphasizes diversification across multiple asset classes, employs quantitative models to calibrate exposures, and applies a risk-parity risk management approach where each source of risk receives an allocation proportional to its expected volatility. This methodology has enabled Bridgewater to generate superior market-average returns over decades while maintaining strict discipline in tracking global economic indicators. Historically favored sectors include large-cap U.S. equities, technology stocks, and index funds offering broad market coverage.
Key Positions and Strengths
The August 14, 2026, 13F filing reveals that the top ten holdings represent 39.7% of the total reported value. The largest position is the STATE STREET SPDR S&P 500 ETF TRUST, valued at $3.97 billion (16.3% of the portfolio), holding 5,320,308 shares. In second place is the ISHARES TR, valued at $2.49 billion (10.2% of the portfolio), spread across 5,446,707 shares. Third is NVIDIA Corporation, with $770 million (3.2% of the total), representing 3,866,195 shares. Alphabet Inc. and Broadcom Inc. each hold $500 million (2.0% of the portfolio), with respective shares of 1,396,383 and 1,317,923. Another iShares fund, simply identified as ISHARES INC, also represents $500 million (2.0%). Amazon.com Inc. is at $480 million (2.0%), followed by Lam Research Corp. at $410 million (1.7%). Vanguard Index Funds, Advanced Micro Devices Inc., and others round out the top ten, each around $310 million (1.3%). The remaining 980 positions total $14.1 billion (57.8% of the portfolio), illustrating the fund's broad diversification beyond its flagship stocks.
Reductions and Exits â What the Manager is Leaving Behind
The 13F filing does not detail reductions or exits relative to previous quarters. Therefore, based on available information, no explicit cutbacks or full exits are mentioned in the third-quarter 2026 filing. Readers should refer to prior filings to identify potential disengagements, which is not possible from the provided document alone.
The Limits of the 13F: What This Filing DOES NOT Say
A 13F filing reflects long positions held at the quarter's end but is subject to a 45-day lag before public disclosure, meaning allocations may have evolved since then. The form does not list short positions, options, futures contracts, or U.S.-dollar-denominated investments, even if the fund holds them. Additionally, the reported values are expressed in U.S. dollars and do not account for currency fluctuations that could impact real value for non-U.S. investors. Finally, the 13F does not reveal hedging strategies, detailed sector exposures, or internal weightings used by the manager to manage risk.
