Bridgewater Associates Manages $24.4 Billion, 16.3% of Portfolio in SPDR S&P 500 ETF (Q3 2026)
Bridgewater Associates, led by Ray Dalio, reports a $24.4 billion portfolio as of September 30, 2026, with 16.3% (or $3.97 billion) invested in the SPDR S&P 500 ETF. The fund holds 990 positions, with the top ten holdings representing nearly 38% of the declared assets.
Bridgewater Associates, the flagship fund led by Ray Dalio, reported a $24.4 billion portfolio for the third quarter of 2026, spread across 990 positions. The 13F-HR filing, published on August 14, 2026, reveals that the fund holds $3.97 billion (16.3%) in the STATE STR SPDR S&P 500 ETF Trust, followed by $2.49 billion (10.2%) in iShares TR.
Bridgewater Associates: Ray Dalio's Investment Philosophy
Ray Dalio founded Bridgewater on a systematic macroeconomic approach, combining economic cycle analysis, risk management through the "risk parity" model, and a culture of radical transparency. The fund's track record relies on its ability to anticipate major shifts in monetary policy and global imbalances, which translates into flexible allocations across equities, fixed income, and real assets. The strategy emphasizes diversification through long positions in broad market indices (ETFs) and carefully selected technology stocks, while maintaining controlled exposure to cyclical sectors. The preferred sectors remain information technology, communication services, and discretionary consumer goods, reflecting Dalio's belief that innovation continues to drive long-term growth.
Key New Positions and Strengthenings
The filing indicates that the top ten positions total $14.84 billion, representing approximately 60.8% of the declared portfolio. The largest holding, the SPDR S&P 500 ETF, amounts to $3.97 billion (16.3%). The second position, iShares TR, is valued at $2.49 billion (10.2%). Among individual stocks, NVIDIA Corporation appears with $0.77 billion (3.2%) and 3,866,195 shares, highlighting continued exposure to semiconductors. Alphabet Inc. and Broadcom Inc. each hold $0.50 billion (2.0%). Amazon.com Inc. and Lam Research Corp. round out the top ten with $0.48 billion (2.0%) and $0.41 billion (1.7%), respectively. These positions indicate a strengthening of exposure to cutting-edge technologies, particularly artificial intelligence and cloud infrastructure, while maintaining a solid base of broad ETFs for portfolio stability.
Cuts and Exits â What the Manager is Leaving Behind
The 13F filing does not explicitly detail reductions or complete exits, but the absence of certain major positions compared to previous quarters suggests divestments. No title is indicated as having been completely removed from the portfolio in the Q3 2026 filing. Without comparative data, it is noteworthy that the fund does not signal any significant reduction within the top ten, implying that the listed positions are maintained or strengthened. The remaining 980 positions, totaling $14.1 billion (57.4% of the portfolio), remain undetailed, limiting analysis of potential divestments in less favored sectors.
The Limits of the 13F: What This Filing DOES NOT Say
Filed within 45 days of the quarter's end, the 13F form only covers long equity positions in US-listed securities. It excludes short positions, options, futures contracts, as well as non-US assets or private investments. Consequently, the view presented does not reflect the full macro strategy of Bridgewater, which often includes positions in fixed income markets, currencies, and commodities through non-13F vehicles. Furthermore, the figures provided correspond to the securities held at the end of the quarter, without considering subsequent movements. Investors should consult the complete filing on the SEC website for raw details and any potential appendices.
