Bridgewater Associates, the hedge fund founded by Ray Dalio, filed its 13F form with the SEC for the third quarter of 2026. The total value of its equity positions amounts to $24.4 billion, spread across 990 securities.
Bridgewater: Ray Dalio's Investment Philosophy
Ray Dalio, legendary portfolio manager and author of "Principles," built Bridgewater on a global macroeconomic approach. The firm is known for its "All Weather" fund, designed to perform across all economic environments through extreme diversification. Dalio has theorized the balance between growth and inflation, adjusting allocations accordingly. Historically, Bridgewater outperformed during crises, such as 2008, due to its macro bets. The current portfolio reflects this philosophy: a strong exposure to index ETFs (SPDR S&P 500 and iShares) to capture market performance while maintaining positions in growth technology stocks.
Key New Positions and Strengthens
The portfolio is dominated by two ETFs: the SPDR S&P 500 ETF Trust (ticker SPY) represents $3.97 billion, or 16.3% of the portfolio, with 5,320,308 shares. The second holding is an iShares Trust (likely IVV or IWM) at $2.49 billion, or 10.2%, with 5,446,707 shares. Together, these two ETFs account for 26.5% of the assets. Among individual stocks, Nvidia comes in third with $770 million (3.2% of the portfolio), for 3,866,195 shares. Alphabet (parent company of Google) follows with $500 million (2.0%), totaling 1,396,383 shares. Broadcom is also at $500 million (2.0%), with 1,317,923 shares. Amazon rounds out the top 7 with $480 million (2.0%), for 2,025,481 shares. These positions reflect a bet on tech and AI giants, sectors Dalio views as long-term growth drivers.
Cuts and Exits â What Bridgewater is Leaving Behind
The 13F form does not provide details on changes from the previous quarter, but the size of positions suggests adjustments. For example, Lam Research, a semiconductor equipment maker, appears in eighth place with $410 million (1.7%), totaling 938,224 shares. Advanced Micro Devices (AMD) is tenth with $310 million (1.3%), for 538,632 shares. These positions indicate an interest in the chip supply chain. The fund also holds an iShares Inc. (likely an international ETF) at $500 million (2.0%) and a Vanguard Index Fund at $310 million (1.3%). The remaining 980 positions total $14.1 billion, or 57.8% of the portfolio, showing strong diversification. No complete exits are identifiable from the provided data.
The Limits of the 13F: What This Filing DOESN'T Say
The 13F is a quarterly filing requirement for asset managers with over $100 million in assets. It must be filed within 45 days after the end of the quarter, meaning data published in August 2026 reflects June 30 positions â a six-week lag. Additionally, the 13F only discloses long positions in U.S.-listed equities and excludes short positions (short selling), options, bonds, and international investments. Thus, Bridgewater's actual portfolio is much broader, but these elements remain hidden. Finally, ETFs and individual stocks represent only part of Dalio's macro strategy, which also uses derivatives and currencies.
