Bridgewater Associates Manages $24.4 Billion Portfolio, 16.3% Invested in the SPDR S&P 500 ETF

Bridgewater Associates, Ray Dalio’s fund, reported a total portfolio of $24.4 billion as of the close of the third quarter 2026, spread across 990 securities.

Bridgewater Associates: Ray Dalio's Investment Philosophy

Ray Dalio builds his strategy on global diversification, macroeconomic analysis, and the pursuit of unrelated returns. The "All Weather" model aims to balance exposures across equities, bonds, and real assets to withstand various market environments. The fund’s track record demonstrates its ability to generate long-term superior performance through dynamic allocation between value and growth while favoring resilient sectors such as technology, financial services, and consumer goods. This approach is reflected in the current composition, where the largest positions are concentrated in large-cap, geographically diversified stocks.

Key New Positions and Strengthens

The 13F filing shows that the SPDR S&P 500 ETF (ticker T) represents $3.97 billion, or 16.3% of the portfolio, making it the largest holding. This exposure to the broad U.S. equity index suggests strong conviction in the medium-term stability of the U.S. stock market. The second position, iShares Trust (unknown ticker), is valued at $2.49 billion (10.2%). While the exact title isn’t specified, it’s an index fund that complements the SPDR, reinforcing the sector diversification strategy. NVIDIA Corporation appears with $770 million (3.2%) – 3,866,195 shares – indicating a strengthening of exposure to semiconductors and artificial intelligence. Alphabet Inc. (Google) is held at $500 million (2.0%) – 1,396,383 shares – highlighting interest in digital services and online advertising. Broadcom Inc. and iShares Inc. are each valued at $500 million (2.0%); Broadcom strengthens the position in chips and communication infrastructure, while iShares Inc. likely represents another index fund, solidifying the index-following strategy. Amazon.com Inc. is present at $480 million (2.0%) – 2,025,481 shares – reinforcing exposure to e-commerce and cloud services. Lam Research Corp., at $410 million (1.7%), indicates an additional bet on semiconductor manufacturing equipment. Vanguard Index Funds, at $310 million (1.3%), and Advanced Micro Devices Inc., at $310 million (1.3%), complete the technology stock basket, showing a preference for key players in the chip value chain. These positions represent 24.1% of the total portfolio, while the remaining 980 securities collectively amount to $14.1 billion (57.7%). The heavy weighting of index funds (SPDR, iShares, Vanguard) underscores a strategy of broad U.S. market coverage, while the specific technology stocks reflect conviction in the continued growth of cutting-edge technologies.

Reductions and Exits – What the Manager is Leaving Behind

The filing does not explicitly detail reductions or complete exits compared to the previous quarter; it only provides the end-of-quarter position table. Without comparative data, it’s impossible to identify which securities were sold or reduced. Based on available information, no positions are indicated as entirely exited from the portfolio.

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

The Form 13F only lists long equity positions in U.S.-listed securities, with a 45-day lag after the quarter’s close. Short positions, options, derivatives, non-U.S. listed securities, and allocations to bonds or cash are not included in this document. Consequently, the real composition of Bridgewater’s portfolio, which likely includes significant bond, currency, and derivative exposures, remains partial. Additionally, the filing does not reveal the exact timing of buys or sells, nor execution prices, limiting precise interpretation of short-term strategy. For individual investors, it’s essential to understand that the 13F provides an aggregated and delayed view of positions, useful for identifying portfolio trends but insufficient for assessing immediate performance or market sensitivity. Reading the complete filing, available on the SEC website, allows access to detailed lists and exact amounts.

In summary, Bridgewater Associates maintains a strong exposure to broad U.S. indices through the SPDR S&P 500 ETF and several iShares funds while retaining targeted bets on technology leaders like NVIDIA, Alphabet, and AMD. This combination reflects the fund’s macro-driven diversification philosophy while betting on the continued growth of technology sectors. Investors wishing to delve deeper into the data can review the complete filing on the SEC’s official website: SEC 13F – Bridgewater Associates (Q3 2026).