Bridgewater Associates, the macroeconomic hedge fund founded by Ray Dalio, reported a $24.4 billion portfolio as of September 30, 2026. The 13F-HR filing includes 990 positions, with the top ten representing nearly 85% of the total reported value. INVESTMENT PHILOSOPHY OF RAY DALIO Bridgewater is renowned for its systematic and macroeconomic approach. The fund builds quantitative models that aim to predict global economic cycles, monetary policies, and geopolitical shocks. This methodology translates into a preference for diversified long positions, often through ETFs, to capture broad market performance while limiting specific risk. The investment style combines elements of "value" (seeking attractive valuations) and "growth" (exposure to high-growth sectors), but the priority remains understanding the macro forces influencing asset classes. Bridgewater's favored sectors include information technology, communication services, and infrastructure, reflecting the conviction that innovation will sustain long-term economic growth. MAJOR NEW POSITIONS AND STRENGTHENINGS The top ten positions show a strong concentration on ETFs and major technology giants. The largest holding is the STATE STREET SPDR S&P 500 ETF (Ticker: T), valued at $397 million, representing 16.3% of the portfolio, with 5,320,308 shares held. This position underscores the fund's broad U.S. market exposure, consistent with its large-scale diversification strategy. In second place, iShares (Ticker: TR) represents $249 million, or 10.2% of the portfolio, with 5,446,707 shares. The iShares fund, though unspecified, is typically an ETF or sector-specific vehicle, reinforcing the preference for low-cost, broad coverage instruments. Third is NVIDIA CORPORATION, valued at $77 million (3.2% of the portfolio) with 3,866,195 shares. NVIDIA's presence reflects the fund's confidence in growing demand for graphics chips, artificial intelligence, and data centers. Alphabet Inc. (Google) appears at $50 million (2.0% of the portfolio) with 1,396,383 shares, followed by Broadcom Inc. and iShares Inc. (likely another ETF) at $50 million each (2.0%). Amazon.com Inc. rounds out the top ten with $48 million (2.0%) and 2,025,481 shares, highlighting exposure to e-commerce platforms and cloud services. Additional positions include Lam Research Corp. ($41 million, 1.7%), Vanguard Index Funds ($31 million, 1.3%), and Advanced Micro Devices Inc. ($31 million, 1.3%). In total, the top ten holdings amount to approximately $10.6 billion, or 43.5% of the reported portfolio. The remaining 980 positions represent $14.1 billion (57.8% of the portfolio), indicating significant diversification beyond the most visible stocks. REDUCTIONS AND EXITSTHIS QUARTER: WHAT THE MANAGER IS LEAVING BEHIND According to the Q3 2026 13F filing, no reductions or full exits are explicitly indicated. The 13F form only details positions held as of the quarter's end, without providing variations from previous periods. Thus, it's impossible to identify, from this document alone, which securities were sold or reduced by Bridgewater during the quarter. LIMITATIONS OF THE 13F: WHAT THIS FILING DOES NOT SAY The 13F form has several limitations worth understanding. First, the data is published within 45 days of the quarter's end, meaning the positions reflect the situation as of September 30, 2026, but are made public on August 14, 2026. Second, the 13F only lists long equity positions in U.S.-listed securities; short positions, options, futures contracts, non-U.S. securities, and alternative investments (private equity, real estate, etc.) are not included. Finally, the filing does not reveal amounts invested in hedge funds, liquidity strategies, or off-balance-sheet exposures, limiting a complete assessment of the fund's risk profile. For individual investors wishing to delve deeper, it is recommended to consult the full filing 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, examination of detailed positions, and comparison of changes from quarter to quarter.