Bridgewater Associates, the fund managed by Ray Dalio, reported a $24.4 billion equity portfolio as of September 30, 2026, spread across 990 distinct positions. ## Bridgewater Associates: Ray Dalio's Investment Philosophy Ray Dalio founded Bridgewater around a systematic macroeconomic approach. The fund combines quantitative analysis, economic cycle modeling, and large-scale risk management. Its style is characterized by a search for balance across asset classes, often described as "risk parity," aiming to reduce volatility while capturing returns from global economic movements. Historically favored sectors include U.S. equities, sovereign bonds, and market derivatives, though the 13F filing only details long positions. ## Key New Positions and Strengthens The Q3 2026 13F filing shows that Bridgewater concentrated a significant portion of its capital in index funds and technology stocks. The largest position is the STATE STR SPDR S&P 500 ETF Trust, valued at $397 million, representing 16.3% of the portfolio, with 5,320,308 shares held. In second place, the iShares Trust is valued at $249 million (10.2% of the portfolio) and 5,446,707 shares. These two positions indicate a preference for broad U.S. market exposure, consistent with the fund's diversification philosophy. Among individual stocks, NVIDIA Corporation holds third place with $77 million (3.2% of the portfolio) and 3,866,195 shares. The company, a leader in graphics chips and artificial intelligence, attracts macro managers anticipating sustained demand in cloud and high-performance computing sectors. Alphabet Inc. (Google) and Broadcom Inc. are each held at $50 million (2.0% of the portfolio), reflecting exposure to digital services and semiconductor infrastructure. Another iShares fund, distinct from the first, also represents $50 million (2.0%). Amazon.com Inc. ranks seventh with $48 million (2.0%). The company, a key player in e-commerce and cloud computing, complements the portfolio's technology theme. Lam Research Corp., specializing in semiconductor manufacturing equipment, is present at $41 million (1.7%). Vanguard Index Funds and Advanced Micro Devices Inc. round out the top ten, each at $31 million (1.3%). Together, the top ten positions total $10.24 billion, approximately 42% of the reported value. The remaining 980 positions, valued at $14.1 billion, represent the remaining 58% and cover a broad range of sectors not detailed in the filing. ## Cuts and Exits - What the Manager is Leaving Behind The 13F form does not provide a direct comparison with the previous quarter, making it impossible to identify precisely which positions were reduced or liquidated. The filing only lists positions held at the end of the quarter without indicating percentage changes or amounts divested. Without additional information, we can only note that the current portfolio contains no short positions, as required by the 13F. ## Limitations of the 13F: What This Filing Does NOT Say The 13F form presents several important constraints for analysts. First, the data is published up to 45 days after the end of the quarter, meaning the reflected positions may already have evolved. Second, the 13F only lists long positions; short sales, options, futures contracts, and hedging strategies are not disclosed. Third, investments outside the U.S., as well as non-listed securities, are not included in the filing. Finally, the reported amount corresponds to market value at the end of the quarter, without considering subsequent price changes. For a complete view of Bridgewater's strategy, the full filing is available on the SEC EDGAR website at the following link: https://www.sec.gov/Archives/edgar/data/1350694/000135069426000003/0001350694-26-000003-index.htm. This official source allows verification of the figures presented here and a more detailed analysis of portfolio composition. In summary, the Q3 2026 13F filing shows that Bridgewater Associates maintains strong exposure to broad U.S. indices and top-tier technology stocks while maintaining significant diversification across an additional 980+ positions. The inherent limitations of the 13F form should be considered when interpreting these data.