Bridgewater Holds $24.4 Billion in 13F: 16.3% in SPDR S&P 500 ETF

Bridgewater Associates, the hedge fund founded by Ray Dalio, filed its quarterly 13F report with the SEC, revealing a portfolio of $24.4 billion in long positions listed in the United States as of the end of the third quarter 2026. The fund, known for its macroeconomic investment philosophy and radical diversification approach, holds a total of 990 positions. The filing, submitted on August 14, 2026, shows significant concentration in index ETFs and large technology stocks.

Bridgewater: Ray Dalio's Investment Philosophy

Ray Dalio, founder of Bridgewater Associates, has built his reputation on a global macroeconomic approach, using quantitative models to anticipate market movements. His philosophy, often summarized by the principle of the "economic machine," leads him to prioritize diversification and risk management over individual stock selection. The current portfolio reflects this strategy: the two largest positions are index ETFs, together representing 26.5% of the portfolio. The SPDR S&P 500 ETF Trust (SPY) weighs in at $3.97 billion (16.3%) and the iShares Trust at $2.49 billion (10.2%). This preference for indices suggests strong conviction in the overall performance of the U.S. equity market rather than specific bets.

Key New Positions and Strengths

The 13F report does not detail net purchases or sales but shows end-of-quarter positions. Among the top ten positions, leading technology companies stand out. NVIDIA Corporation represents $770 million (3.2% of the portfolio) with 3,866,195 shares. Alphabet Inc. (Google) weighs $500 million (2.0%) with 1,396,383 shares. Broadcom Inc. and iShares Inc. are also at $500 million each (2.0%). Amazon.com Inc. follows with $480 million (2.0%). Lam Research Corp. adds $410 million (1.7%). Vanguard Index Funds and Advanced Micro Devices (AMD) complete the top 10 with $310 million each (1.3%). These positions indicate significant exposure to semiconductors and major technology platforms, sectors that have seen sustained growth in recent years.

Cuts and Exits – What Bridgewater is Leaving Behind

The 13F report does not provide changes from the previous quarter since it only lists positions held at the end of the quarter. However, the portfolio structure suggests a reallocation toward ETFs and technology stocks. No full exits are visible in the provided data, but the dominance of ETFs in the top 10 could indicate a reduction in individual stock positions in favor of index exposure. Investors should consult the full filing on SEC EDGAR to compare with previous quarters and identify specific moves.

Limitations of the 13F: What This Filing Doesn’t Say

The Form 13F is a mandatory filing for asset managers with over $100 million in assets, but it has significant limitations. First, it is filed up to 45 days after the end of the quarter, so positions may have changed since then. Second, it only covers long positions in listed stocks; short positions, options, and investments outside the U.S. are not included. Therefore, Bridgewater's actual portfolio is broader and more complex than what this report shows. The data reflects only the positions on the last day of the quarter, September 30, 2026.

For a complete analysis, investors can review the original document on SEC EDGAR via the provided link.