Bridgewater Associates (Ray Dalio) Holds $24.4 Billion Across 990 Positions in Q3 2026

Bridgewater Associates, founded 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 built Bridgewater around a macroeconomic approach that seeks to identify global economic cycles and position capital accordingly. The firm emphasizes diversification across multiple asset classes, risk management, and the use of quantitative models to adjust exposures. This method aims to reduce volatility while capturing the returns from long-term trends in equities, bonds, and commodities.

Key New Positions and Strengthens

The 13F filing reveals that the ten largest positions account for approximately 60% of the portfolio's total value. The SPDR S&P 500 ETF holds the largest stake at $3.97 billion, representing 16.3% of the portfolio, followed by the ISHARES TR ETF at $2.49 billion (10.2%). Among individual stocks, NVIDIA ranks third with $770 million (3.2%), followed by Alphabet, Broadcom, iShares Inc., Amazon, Lam Research, Vanguard Index Funds, and Advanced Micro Devices, each ranging from $310 million to $500 million, or 1.3% to 2.0% of the total.

The allocation to the SPDR S&P 500 ETF reflects a macro conviction in the resilience of the U.S. equity market, providing broad exposure to the 500 largest capitalized companies. This position allows Bridgewater to benefit from overall market performance while minimizing the need to individually select each stock.

The significant weighting given to technology stocks, including NVIDIA, Alphabet, Broadcom, and Advanced Micro Devices, indicates an appreciation for growth prospects in the cloud computing, artificial intelligence, and semiconductor sectors. These companies are often seen as drivers of innovation and productivity, key factors in a macroeconomic analysis focused on digital transformation.

Amazon's presence with $480 million (2.0%) strengthens the fund's exposure to e-commerce and cloud services, two segments that continue to grow at a sustained pace. The inclusion of Lam Research, a manufacturer of semiconductor fabrication equipment, highlights the firm's interest in the chip supply chain, a critical link for cutting-edge technologies.

Positions in Vanguard Index Funds and iShares Inc. (each ranging from $310 million to $500 million) offer additional diversification while maintaining exposure to large-cap U.S. equities. These vehicles allow for reduced risk associated with individual companies while capturing overall market performance.

The remaining 980 positions, totaling $14.1 billion, are spread across a wide range of securities, illustrating Bridgewater's deep diversification strategy. On average, each secondary position represents less than 0.02% of the portfolio, limiting the impact of individual volatility.

Reductions and Exits: What the Manager is Leaving Behind

The 13F filing does not detail divestment movements; it only lists positions held at the end of the quarter. Without comparative information from the previous quarter, it's impossible to precisely identify which securities were reduced or fully liquidated.

Limitations of the 13F: What This Filing DOES NOT Say

The 13F filing must be submitted within 45 days after the end of the quarter, meaning the data reflects the situation on the last day of the quarter but may already have changed by the time of publication. The form only lists long positions, excluding short sales, options, futures, and investments outside the U.S. Additionally, the amounts indicated correspond to the market value reported, without specifying the purchase price or holding period. These constraints limit a complete understanding of the fund's management strategy.

To examine the full details of the filing, readers can consult the official document available on the SEC EDGAR website at the following link: SEC 13F - Bridgewater Associates (Ray Dalio).