Bridgewater Associates Manages $24.4 Billion – The S&P 500 ETF Constitutes 16.3% of the Portfolio
Bridgewater Associates, led by Ray Dalio, reports $24.4 billion in assets as of September 30, 2026. The STATE STR SPDR S&P 500 ETF represents 16.3% of the fund, followed by iShares TR at 10.2%.
Bridgewater Associates, Ray Dalio's flagship fund, reported a total long portfolio value of $24.4 billion for the third quarter of 2026, spread across 990 positions.
Bridgewater Associates: Ray Dalio's Investment Philosophy
Ray Dalio builds his strategy on a macroeconomic approach known as "risk-parity," aiming to balance risks across asset classes rather than focusing solely on growth or pure value. The fund emphasizes global diversification, economic cycle analysis, and dynamic exposure adjustments. Since its inception, Bridgewater has delivered performance exceeding market averages, largely due to its ability to anticipate monetary policy shifts. The most frequently targeted sectors are technology, financial services, and consumer goods, reflecting the fund's belief that these areas offer both macro resilience and return potential.
Key New Positions and Strengthens
The August 14, 2026, 13F-HR filing indicates that the largest portfolio positions are: the ETF STATE STR SPDR S&P 500 ( $3.97B, 16.3% of the portfolio), iShares TR ($2.49B, 10.2%), NVIDIA ($770M, 3.2%), Alphabet ($500M, 2.0%), Broadcom ($500M, 2.0%), iShares Inc. ($500M, 2.0%), Amazon ($480M, 2.0%), Lam Research ($410M, 1.7%), Vanguard Index Funds ($310M, 1.3%), and Advanced Micro Devices ($310M, 1.3%). These securities represent 46.2% of the declared portfolio, nearly half of total assets. Based on available information, the filing does not detail changes from the previous quarter, making it impossible to identify specific new acquisitions or strengthens from this document alone.
Cuts and Exits – What the Manager is Leaving Behind
The 13F report does not provide a direct comparison with positions from the previous quarter, preventing the identification of reduced or liquidated securities. Without historical data, it is only possible to note that the listed ten titles remain held at the end of the quarter, without indication of divestment.
Limitations of the 13F: What This Filing Does NOT Say
The Form 13F, filed with the SEC within 45 days after the end of the quarter, only includes long equity positions in US-listed stocks and ETF shares. It excludes short positions, options, futures contracts, as well as non-US assets. Additionally, the filing deadline creates a temporal gap: the figures reflect the situation on the last day of the quarter, but adjustments made between that date and the filing remain invisible. Furthermore, the 13F reveals neither investment rationales nor exposures outside of equities (bonds, real estate, private equity).
