Bridgewater Associates
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), Ray Dalio's Bridgewater Associates reported 664 stock positions worth $21.6 billion. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 8.7% of the portfolio, followed by iShares Core S&P 500 ETF (IVV, 5.7%) and iShares Core MSCI Emerging (IEMG, 4.7%). Compared with Q4 2024, it opened 123 new positions, sold out of 150, added to 283 and reduced 252. The biggest buy was Alibaba Group Holding-SP ADR (BABA, shares +2120%) and the biggest sale SS SPDR S&P 500 ETF Trust-US (SPY, shares −59%).
- Most Recent 13F
- Q2 2026
- Notable People
- Ray Dalio
- Location
- Westport, CT
- CIK
- 0001350694
- Portfolio Value
- $21.6B (Q1 2025)
- SEC Filing
- 0001172661-25-001828 ↗ filed May 14, 2025
Holdings Value
Holdings 664 stocks · $21.6B
| SPY SS SPDR S&P 500 ETF Trust-US | 8.67% | 3,342,242 | $1.9B | Reduce -59.4% |
| IVV iShares Core S&P 500 ETF | 5.67% | 2,175,206 | $1.2B | Add +6.7% |
| IEMG iShares Core MSCI Emerging | 4.75% | 18,957,258 | $1.0B | Add +7.3% |
| BABA Alibaba Group Holding-SP ADR | 3.47% | 5,660,258 | $748.5M | Add +2119.5% |
| GOOGL Alphabet Inc. Class A | 2.18% | 3,042,327 | $470.5M | Reduce -16.0% |
| GLD SPDR Gold Shares | 1.48% | 1,106,395 | $318.8M | New |
| BKNG Booking Holdings Inc. | 1.43% | 67,067 | $309.0M | Add +112.2% |
| NVDA Nvidia Corp. | 1.43% | 2,841,980 | $308.0M | Reduce -18.7% |
| MSFT Microsoft Corp. | 1.41% | 809,435 | $303.9M | Add +21.4% |
| CRM Salesforce Inc. | 1.30% | 1,041,892 | $279.6M | Add +107.4% |
| FISV Fiserv Inc. | 1.19% | 1,163,348 | $256.9M | Add +79.0% |
| AMZN Amazon.com Inc. | 1.17% | 1,323,473 | $251.8M | Add +43.9% |
| META Meta Platforms Inc. Class A | 1.14% | 425,614 | $245.3M | Reduce -31.5% |
| WFC Wells Fargo & Co. | 1.14% | 3,416,439 | $245.3M | Add +76.6% |
| V Visa Inc. Class A | 1.13% | 696,101 | $244.0M | Add +13.7% |
| PYPL PayPal Holdings Inc. | 1.09% | 3,595,333 | $234.6M | Add +52.5% |
| ADBE Adobe Inc. | 1.04% | 583,311 | $223.7M | Add +147.4% |
| AMD Advanced Micro Devices | 1.03% | 2,164,088 | $222.3M | Add +20.4% |
| AAPL Apple Inc. | 0.97% | 940,419 | $208.9M | Add +52.4% |
| PDD PDD Holdings Inc. | 0.96% | 1,742,717 | $206.3M | Add +39.8% |
| MO Altria Group Inc. | 0.92% | 3,313,961 | $198.9M | Add +23.9% |
| BIDU Baidu Inc. - Spon ADR | 0.89% | 2,076,305 | $191.1M | Add +956.2% |
| VST Vistra Corp. | 0.89% | 1,626,251 | $191.0M | Reduce -8.3% |
| FTNT Fortinet Inc. | 0.88% | 1,978,560 | $190.5M | Add +111.9% |
| CEG Constellation Energy | 0.88% | 941,659 | $189.9M | Reduce -0.5% |
| GEV GE Vernova Inc. | 0.88% | 620,763 | $189.5M | Add +157.3% |
| CMCSA Comcast Corp. Class A | 0.87% | 5,087,842 | $187.7M | Add +69.6% |
| NOW ServiceNow Inc. | 0.87% | 234,932 | $187.0M | Add +316.6% |
| CI The Cigna Group | 0.83% | 541,182 | $178.0M | Reduce -6.6% |
| QCOM Qualcomm Inc. | 0.78% | 1,090,077 | $167.4M | Add +21.0% |
| AVGO Broadcom Inc. | 0.73% | 936,752 | $156.8M | Add +42.5% |
| EXPE Expedia Group Inc. | 0.70% | 897,803 | $150.9M | Add +5.1% |
| HCA HCA Healthcare Inc. | 0.69% | 428,726 | $148.1M | Reduce -8.9% |
| PANW Palo Alto Networks Inc. | 0.67% | 848,233 | $144.7M | Add +27130.6% |
| MET Metlife Inc. | 0.67% | 1,788,603 | $143.6M | Add +49.3% |
| C Citigroup Inc. | 0.66% | 2,011,758 | $142.8M | Add +28.3% |
| BMY Bristol-Myers Squibb Co. | 0.66% | 2,341,238 | $142.8M | Add +13.6% |
| LRCX Lam Research Corp. | 0.66% | 1,960,237 | $142.5M | Reduce -22.6% |
| DASH DoorDash Inc. Class A | 0.63% | 746,750 | $136.5M | Add +860.7% |
| MBB iShares MBS ETF | 0.63% | 1,447,600 | $135.8M | Add +0.9% |
| BTI British American Tob-SP ADR | 0.62% | 3,234,156 | $133.8M | Add +20.6% |
| GPN Global Payments Inc. | 0.55% | 1,215,131 | $119.0M | Add +36.1% |
| JD Jd.com Inc.-ADR | 0.53% | 2,786,833 | $114.6M | New |
| PINS Pinterest Inc. Class A | 0.52% | 3,627,846 | $112.5M | Add +2.4% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 0.52% | 1,024,100 | $111.3M | Add +3.0% |
| MA Mastercard Inc. Class A | 0.51% | 201,078 | $110.2M | Add +319.0% |
| XYZ Block Inc. | 0.50% | 1,991,031 | $108.2M | Add +61.9% |
| PHM Pultegroup Inc. | 0.50% | 1,050,725 | $108.0M | Add +34.1% |
| UAL United Airlines Holdings Inc. | 0.49% | 1,531,302 | $105.7M | New |
| MCK McKesson Corp. | 0.49% | 156,212 | $105.1M | Reduce -52.6% |
| MFC Manulife Financial Corp. | 0.46% | 3,195,751 | $99.6M | Add +63.5% |
| VWO Vanguard Ftse Emerging Marke | 0.46% | 2,173,213 | $98.4M | Reduce -2.1% |
| ALL Allstate Corp. | 0.43% | 446,961 | $92.6M | Add +17.2% |
| EBAY eBay Inc. | 0.42% | 1,332,447 | $90.2M | Reduce -25.2% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.41% | 1,047,205 | $87.8M | Add +5.7% |
| CB Chubb Ltd. | 0.38% | 272,434 | $82.3M | New |
| EWY iShares MSCI South Korea ETF | 0.38% | 1,504,232 | $81.3M | Reduce -52.3% |
| EME Emcor Group Inc. | 0.38% | 219,663 | $81.2M | Add +239.6% |
| ORCL Oracle Corp. | 0.38% | 579,931 | $81.1M | Add +555.4% |
| CVX Chevron Corp. | 0.37% | 483,055 | $80.8M | Add +6945.7% |
| CHTR Charter Communications Inc. Class A | 0.37% | 214,545 | $79.1M | Add +258.8% |
| T AT&T Inc. | 0.36% | 2,780,614 | $78.6M | Reduce -57.1% |
| CSGP Costar Group Inc. | 0.36% | 985,993 | $78.1M | Add +12.1% |
| SHEL Shell PLC-ADR | 0.36% | 1,051,152 | $77.0M | Add +26.5% |
| HIG Hartford Insurance Group Inc. | 0.35% | 614,430 | $76.0M | Add +77.3% |
| CNC Centene Corp. | 0.34% | 1,210,586 | $73.5M | Reduce -0.9% |
| SPGI S&P Global Inc. | 0.34% | 144,481 | $73.4M | Add +51.8% |
| LPLA LPL Financial Holdings Inc. | 0.34% | 222,873 | $72.9M | Add +243.5% |
| NEM Newmont Corp. | 0.33% | 1,465,489 | $70.8M | Add +4.2% |
| PRU Prudential Financial Inc. | 0.33% | 630,106 | $70.4M | Add +62.3% |
| DAL Delta Air Lines Inc. | 0.32% | 1,602,890 | $69.9M | New |
| STT State Street Corp. | 0.31% | 755,692 | $67.7M | Add +25.9% |
| SE Sea Ltd.-ADR | 0.31% | 505,714 | $66.0M | Reduce -15.3% |
| VRT Vertiv Holdings Co. Class A | 0.30% | 910,356 | $65.7M | Add +347.1% |
| ANET Arista Networks Inc. | 0.30% | 843,502 | $65.4M | Add +25.3% |
| UHS Universal Health Services-B | 0.29% | 332,658 | $62.5M | Add +3.3% |
| NRG NRG Energy Inc. | 0.29% | 654,193 | $62.4M | Reduce -44.8% |
| TPR Tapestry Inc. | 0.28% | 860,501 | $60.6M | Reduce -0.8% |
| UTHR United Therapeutics Corp. | 0.28% | 193,784 | $59.7M | Add +79.9% |
| STLD Steel Dynamics Inc. | 0.28% | 474,024 | $59.3M | Add +101.4% |
| CTRA Coterra Energy Inc. | 0.26% | 1,975,765 | $57.1M | Reduce -2.0% |
| GILD Gilead Sciences Inc. | 0.26% | 502,953 | $56.4M | Add +9.1% |
| TCOM Trip.com Group Ltd.-ADR | 0.26% | 881,804 | $56.1M | Add +51.0% |
| AEM Agnico Eagle Mines Ltd. | 0.25% | 489,998 | $53.1M | Add +18.0% |
| GS Goldman Sachs Group Inc. | 0.24% | 95,072 | $51.9M | New |
| FOXA Fox Corp. Class A | 0.24% | 903,288 | $51.1M | Add +110.4% |
| AZN Astrazeneca PLC-Spons ADR | 0.24% | 691,100 | $50.8M | Add +2.6% |
| WDAY Workday Inc. Class A | 0.23% | 215,467 | $50.3M | Add +119.5% |
| CLS Celestica Inc. | 0.23% | 636,123 | $50.1M | Add +62.1% |
| TRV The Travelers Cos Inc. | 0.23% | 187,484 | $49.6M | Add +102.8% |
| JNJ Johnson & Johnson | 0.23% | 297,288 | $49.3M | Reduce -44.7% |
| AMP Ameriprise Financial Inc. | 0.23% | 101,188 | $49.0M | Add +80.7% |
| MRK Merck & Co. Inc. | 0.22% | 534,866 | $48.0M | Reduce -62.8% |
| Z Zillow Group Inc. Class C | 0.22% | 692,617 | $47.5M | Reduce -4.4% |
| CCJ Cameco Corp. | 0.22% | 1,147,175 | $47.2M | Add +21.6% |
| GSK GSK PLC-Spon ADR | 0.22% | 1,203,095 | $46.6M | Reduce -46.5% |
| CPAY Corpay Inc. | 0.21% | 131,847 | $46.0M | Reduce -6.0% |
| WTW Willis Towers Watson PLC | 0.21% | 135,994 | $46.0M | Reduce -28.7% |
| GE General Electric filed as GE AEROSPACE | 0.20% | 218,838 | $43.8M | Reduce -1.8% |
| DECK Deckers Outdoor Corp. | 0.20% | 390,252 | $43.6M | Add +190.8% |
Portfolio Sells Q4 2024 → Q1 2025
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -59.4% | 8.67% | −13.45 |
| GOOGL Alphabet Inc. Class A | Reduce -16.0% | 2.18% | −0.96 |
| NVDA Nvidia Corp. | Reduce -18.7% | 1.43% | −0.72 |
| APP AppLovin Corp. Class A | Reduce -98.7% | 0.01% | −0.72 |
| META Meta Platforms Inc. Class A | Reduce -31.5% | 1.14% | −0.53 |
| MRK Merck & Co. Inc. | Reduce -62.8% | 0.22% | −0.43 |
| HPQ HP Inc. | Reduce -92.9% | 0.03% | −0.40 |
| MCK McKesson Corp. | Reduce -52.6% | 0.49% | −0.37 |
| EWY iShares MSCI South Korea ETF | Reduce -52.3% | 0.38% | −0.36 |
| HOOD Robinhood Markets Inc. Class A | Reduce -79.0% | 0.10% | −0.32 |
| T AT&T Inc. | Reduce -57.1% | 0.36% | −0.31 |
| AZO AutoZone Inc. | Reduce -92.5% | 0.03% | −0.29 |
| LLY Eli Lilly & Co. | Reduce -96.7% | 0.01% | −0.29 |
| TOST Toast Inc. Class A | Reduce -60.7% | 0.14% | −0.25 |
| TSLA Tesla Inc. | Reduce -79.0% | 0.04% | −0.25 |
| KLAC KLA Corp. | Reduce -74.4% | 0.09% | −0.24 |
| VST Vistra Corp. | Reduce -8.3% | 0.89% | −0.23 |
| EWW iShares MSCI Mexico ETF | Reduce -93.2% | 0.02% | −0.21 |
| NRG NRG Energy Inc. | Reduce -44.8% | 0.29% | −0.20 |
| ABNB Airbnb Inc. Class A | Reduce -95.5% | 0.01% | −0.20 |
| ON On Semiconductor | Sold out | 0.00% | −0.20 |
| TMUS T-Mobile US Inc. | Reduce -91.8% | 0.02% | −0.19 |
| COST Costco Wholesale Corp. | Reduce -58.8% | 0.15% | −0.19 |
| PG The Procter & Gamble Co. | Reduce -58.0% | 0.15% | −0.19 |
| WMT Walmart Inc. | Reduce -58.3% | 0.13% | −0.19 |
| COR Cencora Inc. | Reduce -93.1% | 0.02% | −0.19 |
| LRCX Lam Research Corp. | Reduce -22.6% | 0.66% | −0.18 |
| CAH Cardinal Health Inc. | Reduce -82.3% | 0.05% | −0.18 |
| LEN Lennar Corp. Class A | Reduce -81.9% | 0.03% | −0.17 |
| ANF Abercrombie & Fitch Co. Class A | Reduce -80.4% | 0.02% | −0.17 |
| SNOW Snowflake Inc. | Reduce -96.2% | 0.01% | −0.17 |
| NBIX Neurocrine Biosciences Inc. | Reduce -73.8% | 0.04% | −0.16 |
| GSK GSK PLC-Spon ADR | Reduce -46.5% | 0.22% | −0.13 |
| ABBV Abbvie Inc. | Reduce -63.4% | 0.10% | −0.13 |
| JNJ Johnson & Johnson | Reduce -44.7% | 0.23% | −0.13 |
| STZ Constellation Brands Inc. Class A | Reduce -91.5% | 0.01% | −0.13 |
| PM Philip Morris International | Reduce -72.5% | 0.07% | −0.12 |
| VALE Vale SA-SP ADR | Reduce -76.8% | 0.04% | −0.12 |
| XOM Exxon Mobil Corp. | Reduce -55.3% | 0.12% | −0.12 |
| MDT Medtronic PLC | Reduce -66.8% | 0.07% | −0.12 |
| MRNA Moderna Inc. | Sold out | 0.00% | −0.12 |
| RL Ralph Lauren Corp. | Reduce -94.6% | 0.01% | −0.11 |
| BBWI Bath & Body Works Inc. | Reduce -95.1% | 0.00% | −0.11 |
| THC Tenet Healthcare Corp. | Reduce -50.9% | 0.12% | −0.11 |
| TOL Toll Brothers Inc. | Reduce -35.0% | 0.14% | −0.11 |
| LYFT LYFT Inc. Class A | Sold out | 0.00% | −0.11 |
| VTRS Viatris Inc. | Reduce -73.4% | 0.02% | −0.11 |
| KO The Coca-Cola Co. | Reduce -58.9% | 0.10% | −0.10 |
| PEP Pepsico Inc. | Reduce -58.8% | 0.07% | −0.10 |
| CHWY Chewy Inc. Class A | Sold out | 0.00% | −0.10 |
Portfolio Buys Q4 2024 → Q1 2025
| BABA Alibaba Group Holding-SP ADR | Add +2119.5% | 3.47% | +3.37 |
| GLD SPDR Gold Shares | New | 1.48% | +1.48 |
| BIDU Baidu Inc. - Spon ADR | Add +956.2% | 0.89% | +0.81 |
| BKNG Booking Holdings Inc. | Add +112.2% | 1.43% | +0.71 |
| PANW Palo Alto Networks Inc. | Add +27130.6% | 0.67% | +0.67 |
| NOW ServiceNow Inc. | Add +316.6% | 0.87% | +0.59 |
| FISV Fiserv Inc. | Add +79.0% | 1.19% | +0.58 |
| DASH DoorDash Inc. Class A | Add +860.7% | 0.63% | +0.57 |
| ADBE Adobe Inc. | Add +147.4% | 1.04% | +0.56 |
| JD Jd.com Inc.-ADR | New | 0.53% | +0.53 |
| CRM Salesforce Inc. | Add +107.4% | 1.30% | +0.53 |
| IEMG iShares Core MSCI Emerging | Add +7.3% | 4.75% | +0.52 |
| GEV GE Vernova Inc. | Add +157.3% | 0.88% | +0.52 |
| WFC Wells Fargo & Co. | Add +76.6% | 1.14% | +0.52 |
| UAL United Airlines Holdings Inc. | New | 0.49% | +0.49 |
| FTNT Fortinet Inc. | Add +111.9% | 0.88% | +0.48 |
| PDD PDD Holdings Inc. | Add +39.8% | 0.96% | +0.40 |
| MA Mastercard Inc. Class A | Add +319.0% | 0.51% | +0.40 |
| CB Chubb Ltd. | New | 0.38% | +0.38 |
| CVX Chevron Corp. | Add +6945.7% | 0.37% | +0.37 |
| CMCSA Comcast Corp. Class A | Add +69.6% | 0.87% | +0.35 |
| DAL Delta Air Lines Inc. | New | 0.32% | +0.32 |
| ORCL Oracle Corp. | Add +555.4% | 0.38% | +0.31 |
| MO Altria Group Inc. | Add +23.9% | 0.92% | +0.28 |
| CHTR Charter Communications Inc. Class A | Add +258.8% | 0.37% | +0.27 |
| AAPL Apple Inc. | Add +52.4% | 0.97% | +0.26 |
| V Visa Inc. Class A | Add +13.7% | 1.13% | +0.24 |
| AMZN Amazon.com Inc. | Add +43.9% | 1.17% | +0.24 |
| EME Emcor Group Inc. | Add +239.6% | 0.38% | +0.24 |
| LPLA LPL Financial Holdings Inc. | Add +243.5% | 0.34% | +0.24 |
| GS Goldman Sachs Group Inc. | New | 0.24% | +0.24 |
| MET Metlife Inc. | Add +49.3% | 0.67% | +0.22 |
| VRT Vertiv Holdings Co. Class A | Add +347.1% | 0.30% | +0.20 |
| MFC Manulife Financial Corp. | Add +63.5% | 0.46% | +0.19 |
| HIG Hartford Insurance Group Inc. | Add +77.3% | 0.35% | +0.18 |
| BTI British American Tob-SP ADR | Add +20.6% | 0.62% | +0.17 |
| BLDR Builders Firstsource Inc. | New | 0.17% | +0.17 |
| IVV iShares Core S&P 500 ETF | Add +6.7% | 5.67% | +0.17 |
| PYPL PayPal Holdings Inc. | Add +52.5% | 1.09% | +0.17 |
| PFE Pfizer Inc. | Add +503.8% | 0.19% | +0.16 |
| ALK Alaska Air Group Inc. | New | 0.16% | +0.16 |
| C Citigroup Inc. | Add +28.3% | 0.66% | +0.16 |
| STLD Steel Dynamics Inc. | Add +101.4% | 0.28% | +0.15 |
| QCOM Qualcomm Inc. | Add +21.0% | 0.78% | +0.14 |
| FOXA Fox Corp. Class A | Add +110.4% | 0.24% | +0.14 |
| LUV Southwest Airlines Co. | New | 0.13% | +0.13 |
| NFLX Netflix Inc. | New | 0.13% | +0.13 |
| BMY Bristol-Myers Squibb Co. | Add +13.6% | 0.66% | +0.13 |
| TRV The Travelers Cos Inc. | Add +102.8% | 0.23% | +0.13 |
| SPGI S&P Global Inc. | Add +51.8% | 0.34% | +0.12 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 997 | $24.4B | SPY, IVV, NVDA, AVGO, AMZN |
| Q1 2026 | 993 | $22.4B | SPY, IVV, AMZN, NVDA, GOOGL |
| Q4 2025 | 1,040 | $27.4B | SPY, IVV, NVDA, LRCX, CRM |
| Q3 2025 | 1,014 | $25.5B | IVV, SPY, GOOGL, MSFT, CRM |
| Q2 2025 | 585 | $24.8B | SPY, IVV, NVDA, IEMG, GOOGL |
| Q1 2025 | 664 | $21.6B | SPY, IVV, IEMG, BABA, GOOGL |
| Q4 2024 | 691 | $21.8B | SPY, IVV, IEMG, GOOGL, NVDA |
| Q3 2024 | 773 | $17.7B | IVV, IEMG, GOOGL, NVDA, SPY |
| Q2 2024 | 877 | $19.2B | IVV, IEMG, GOOGL, NVDA, PG |
| Q1 2024 | 677 | $19.8B | IVV, IEMG, GOOGL, PG, NVDA |