Bridgewater Associates
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 13, 2025), Ray Dalio's Bridgewater Associates reported 585 stock positions worth $24.8 billion. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 6.5% of the portfolio, followed by iShares Core S&P 500 ETF (IVV, 5.8%) and Nvidia (NVDA, 4.6%). Compared with Q1 2025, it opened 85 new positions, sold out of 164, added to 206 and reduced 287. The biggest buy was Nvidia (NVDA, shares +154%) and the biggest sale an exit from Alibaba Group Holding-SP ADR (BABA).
- Most Recent 13F
- Q2 2026
- Notable People
- Ray Dalio
- Location
- Westport, CT
- CIK
- 0001350694
- Portfolio Value
- $24.8B (Q2 2025)
- SEC Filing
- 0001172661-25-003151 ↗ filed Aug 13, 2025
Holdings Value
Holdings 585 stocks · $24.8B
| SPY SS SPDR S&P 500 ETF Trust-US | 6.51% | 2,610,360 | $1.6B | Reduce -21.9% |
| IVV iShares Core S&P 500 ETF | 5.78% | 2,309,750 | $1.4B | Add +6.2% |
| NVDA Nvidia Corp. | 4.61% | 7,229,134 | $1.1B | Add +154.4% |
| IEMG iShares Core MSCI Emerging | 4.16% | 17,183,309 | $1.0B | Reduce -9.4% |
| GOOGL Alphabet Inc. Class A | 3.98% | 5,600,424 | $987.0M | Add +84.1% |
| MSFT Microsoft Corp. | 3.44% | 1,715,057 | $853.1M | Add +111.9% |
| META Meta Platforms Inc. Class A | 2.40% | 807,073 | $595.7M | Add +89.6% |
| CRM Salesforce Inc. | 1.80% | 1,639,601 | $447.1M | Add +57.4% |
| BKNG Booking Holdings Inc. | 1.78% | 76,153 | $440.9M | Add +13.6% |
| GEV GE Vernova Inc. | 1.66% | 778,263 | $411.8M | Add +25.4% |
| JNJ Johnson & Johnson | 1.41% | 2,282,539 | $348.7M | Add +667.8% |
| UBER Uber Technologies Inc. | 1.41% | 3,733,769 | $348.4M | Add +531.1% |
| GLD SPDR Gold Shares | 1.36% | 1,106,395 | $337.3M | No change |
| FTNT Fortinet Inc. | 1.35% | 3,174,164 | $335.6M | Add +60.4% |
| AVGO Broadcom Inc. | 1.28% | 1,153,007 | $317.8M | Add +23.1% |
| PANW Palo Alto Networks Inc. | 1.27% | 1,533,292 | $313.8M | Add +80.8% |
| CMCSA Comcast Corp. Class A | 1.25% | 8,708,083 | $310.8M | Add +71.2% |
| WFC Wells Fargo & Co. | 1.15% | 3,548,848 | $284.3M | Add +3.9% |
| ADBE Adobe Inc. | 1.14% | 729,498 | $282.2M | Add +25.1% |
| AMZN Amazon.com Inc. | 1.10% | 1,243,925 | $272.9M | Reduce -6.0% |
| AMD Advanced Micro Devices | 1.00% | 1,755,229 | $249.1M | Reduce -18.9% |
| PYPL PayPal Holdings Inc. | 0.94% | 3,147,541 | $233.9M | Reduce -12.4% |
| V Visa Inc. Class A | 0.92% | 644,314 | $228.8M | Reduce -7.4% |
| MO Altria Group Inc. | 0.89% | 3,770,866 | $221.1M | Add +13.8% |
| SPOT Spotify Technology SA | 0.88% | 283,898 | $217.8M | Add +496.5% |
| FISV Fiserv Inc. | 0.88% | 1,261,873 | $217.6M | Add +8.5% |
| CI The Cigna Group | 0.82% | 616,626 | $203.8M | Add +13.9% |
| NOW ServiceNow Inc. | 0.81% | 195,574 | $201.1M | Reduce -16.8% |
| CHTR Charter Communications Inc. Class A | 0.72% | 436,341 | $178.4M | Add +103.4% |
| DASH DoorDash Inc. Class A | 0.71% | 718,082 | $177.0M | Reduce -3.8% |
| BTI British American Tob-SP ADR | 0.65% | 3,409,082 | $161.4M | Add +5.4% |
| LRCX Lam Research Corp. | 0.64% | 1,638,780 | $159.5M | Reduce -16.4% |
| VST Vistra Corp. | 0.64% | 817,614 | $158.5M | Reduce -49.7% |
| HCA HCA Healthcare Inc. | 0.63% | 406,706 | $155.8M | Reduce -5.1% |
| MET Metlife Inc. | 0.61% | 1,889,902 | $152.0M | Add +5.7% |
| PINS Pinterest Inc. Class A | 0.59% | 4,091,277 | $146.7M | Add +12.8% |
| EXPE Expedia Group Inc. | 0.58% | 848,568 | $143.1M | Reduce -5.5% |
| T AT&T Inc. | 0.58% | 4,939,124 | $142.9M | Add +77.6% |
| EBAY eBay Inc. | 0.57% | 1,899,039 | $141.4M | Add +42.5% |
| SE Sea Ltd.-ADR | 0.56% | 872,932 | $139.6M | Add +72.6% |
| C Citigroup Inc. | 0.56% | 1,631,392 | $138.9M | Reduce -18.9% |
| MBB iShares MBS ETF | 0.55% | 1,460,200 | $137.1M | Add +0.9% |
| NRG NRG Energy Inc. | 0.53% | 817,082 | $131.2M | Add +24.9% |
| CSCO Cisco Systems Inc. | 0.52% | 1,874,132 | $130.0M | Add +644.2% |
| BMY Bristol-Myers Squibb Co. | 0.50% | 2,703,724 | $125.2M | Add +15.5% |
| QCOM Qualcomm Inc. | 0.49% | 763,746 | $121.6M | Reduce -29.9% |
| XYZ Block Inc. | 0.48% | 1,736,983 | $118.0M | Reduce -12.8% |
| EWY iShares MSCI South Korea ETF | 0.47% | 1,627,624 | $116.8M | Add +8.2% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 0.46% | 1,035,300 | $113.5M | Add +1.1% |
| EME Emcor Group Inc. | 0.45% | 208,412 | $111.5M | Reduce -5.1% |
| ABBV Abbvie Inc. | 0.45% | 598,292 | $111.1M | Add +470.1% |
| PHM Pultegroup Inc. | 0.44% | 1,036,365 | $109.3M | Reduce -1.4% |
| MCK McKesson Corp. | 0.44% | 147,769 | $108.3M | Reduce -5.4% |
| WDAY Workday Inc. Class A | 0.43% | 448,874 | $107.7M | Add +108.3% |
| GPN Global Payments Inc. | 0.43% | 1,337,820 | $107.1M | Add +10.1% |
| XOM Exxon Mobil Corp. | 0.42% | 968,288 | $104.4M | Add +354.9% |
| MFC Manulife Financial Corp. | 0.40% | 3,132,457 | $100.0M | Reduce -2.0% |
| CLS Celestica Inc. | 0.40% | 628,145 | $98.1M | Reduce -1.3% |
| ANET Arista Networks Inc. | 0.37% | 900,577 | $92.1M | Add +6.8% |
| SHEL Shell PLC-ADR | 0.37% | 1,302,469 | $91.7M | Add +23.9% |
| MRK Merck & Co. Inc. | 0.37% | 1,150,722 | $91.1M | Add +115.1% |
| VWO Vanguard Ftse Emerging Marke | 0.37% | 1,836,460 | $90.8M | Reduce -15.5% |
| HIG Hartford Insurance Group Inc. | 0.36% | 702,925 | $89.2M | Add +14.4% |
| CNC Centene Corp. | 0.32% | 1,477,672 | $80.2M | Add +22.1% |
| ALL Allstate Corp. | 0.32% | 397,733 | $80.1M | Reduce -11.0% |
| ARM Arm Holdings PLC-ADR | 0.31% | 473,725 | $76.6M | New |
| NTNX Nutanix Inc. Class A | 0.30% | 985,248 | $75.3M | Add +96.9% |
| GILD Gilead Sciences Inc. | 0.30% | 666,300 | $73.9M | Add +32.5% |
| AAPL Apple Inc. | 0.30% | 356,812 | $73.2M | Reduce -62.1% |
| GDDY GoDaddy Inc. Class A | 0.30% | 406,532 | $73.2M | Add +155.2% |
| ORCL Oracle Corp. | 0.29% | 333,714 | $73.0M | Reduce -42.5% |
| LPLA LPL Financial Holdings Inc. | 0.29% | 192,655 | $72.2M | Reduce -13.6% |
| MA Mastercard Inc. Class A | 0.29% | 125,898 | $70.7M | Reduce -37.4% |
| VRSN Verisign Inc. | 0.27% | 231,721 | $66.9M | Add +42.5% |
| FOXA Fox Corp. Class A | 0.27% | 1,180,423 | $66.2M | Add +30.7% |
| KR Kroger Co. | 0.26% | 897,125 | $64.4M | Add +66.2% |
| STT State Street Corp. | 0.26% | 595,949 | $63.4M | Reduce -21.1% |
| UHS Universal Health Services-B | 0.24% | 329,651 | $59.7M | Reduce -0.9% |
| TEAM Atlassian Corp. Class A | 0.24% | 291,824 | $59.3M | Add +1312.2% |
| CVS CVS Health Corp. | 0.23% | 836,588 | $57.7M | Add +170.0% |
| TPR Tapestry Inc. | 0.23% | 639,529 | $56.2M | Reduce -25.7% |
| UTHR United Therapeutics Corp. | 0.23% | 195,118 | $56.1M | Add +0.7% |
| MTCH Match Group Inc. | 0.22% | 1,786,936 | $55.2M | Add +32.8% |
| GRAB Grab Holdings Ltd. Class A | 0.21% | 10,581,592 | $53.2M | Add +59.3% |
| PRU Prudential Financial Inc. | 0.21% | 489,520 | $52.6M | Reduce -22.3% |
| GSK GSK PLC-Spon ADR | 0.21% | 1,344,042 | $51.6M | Add +11.7% |
| EQIX Equinix Inc. | 0.20% | 63,346 | $50.4M | Add +5126.6% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.20% | 551,977 | $50.3M | Reduce -47.3% |
| TOL Toll Brothers Inc. | 0.20% | 432,926 | $49.4M | Add +55.8% |
| TWLO Twilio Inc. Class A | 0.19% | 376,378 | $46.8M | Add +113.8% |
| CEG Constellation Energy | 0.19% | 145,003 | $46.8M | Reduce -84.6% |
| REGN Regeneron Pharmaceuticals | 0.19% | 89,047 | $46.7M | Add +324.2% |
| INTU Intuit Inc. | 0.19% | 58,838 | $46.3M | New |
| EQT Eqt Corp. | 0.19% | 787,156 | $45.9M | New |
| UNM Unum Group | 0.18% | 561,884 | $45.4M | Add +7.6% |
| Z Zillow Group Inc. Class C | 0.18% | 646,856 | $45.3M | Reduce -6.6% |
| NEM Newmont Corp. | 0.18% | 764,822 | $44.6M | Reduce -47.8% |
| TLN Talen Energy Corp. | 0.18% | 152,997 | $44.5M | Add +193.9% |
| CAH Cardinal Health Inc. | 0.18% | 258,755 | $43.5M | Add +258.0% |
| AZN Astrazeneca PLC-Spons ADR | 0.17% | 620,904 | $43.4M | Reduce -10.2% |
Portfolio Sells Q1 2025 → Q2 2025
| BABA Alibaba Group Holding-SP ADR | Sold out | 0.00% | −3.47 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -21.9% | 6.51% | −2.17 |
| PDD PDD Holdings Inc. | Sold out | 0.00% | −0.96 |
| BIDU Baidu Inc. - Spon ADR | Sold out | 0.00% | −0.89 |
| CEG Constellation Energy | Reduce -84.6% | 0.19% | −0.69 |
| AAPL Apple Inc. | Reduce -62.1% | 0.30% | −0.67 |
| IEMG iShares Core MSCI Emerging | Reduce -9.4% | 4.16% | −0.59 |
| JD Jd.com Inc.-ADR | Sold out | 0.00% | −0.53 |
| UAL United Airlines Holdings Inc. | Reduce -81.3% | 0.09% | −0.40 |
| CVX Chevron Corp. | Sold out | 0.00% | −0.37 |
| CB Chubb Ltd. | Reduce -94.6% | 0.02% | −0.36 |
| DAL Delta Air Lines Inc. | Sold out | 0.00% | −0.32 |
| QCOM Qualcomm Inc. | Reduce -29.9% | 0.49% | −0.29 |
| STLD Steel Dynamics Inc. | Reduce -94.4% | 0.01% | −0.26 |
| VRT Vertiv Holdings Co. Class A | Reduce -90.5% | 0.04% | −0.26 |
| TCOM Trip.com Group Ltd.-ADR | Sold out | 0.00% | −0.26 |
| VST Vistra Corp. | Reduce -49.7% | 0.64% | −0.25 |
| GS Goldman Sachs Group Inc. | Sold out | 0.00% | −0.24 |
| MA Mastercard Inc. Class A | Reduce -37.4% | 0.29% | −0.23 |
| CSGP Costar Group Inc. | Reduce -56.1% | 0.14% | −0.22 |
| V Visa Inc. Class A | Reduce -7.4% | 0.92% | −0.21 |
| BNY Bank of New York Mellon Corp. | Reduce -47.3% | 0.20% | −0.20 |
| SPGI S&P Global Inc. | Reduce -55.6% | 0.14% | −0.20 |
| DECK Deckers Outdoor Corp. | Sold out | 0.00% | −0.20 |
| WTW Willis Towers Watson PLC | Reduce -76.2% | 0.04% | −0.17 |
| BLDR Builders Firstsource Inc. | Reduce -99.1% | 0.00% | −0.17 |
| FIX Comfort Systems USA Inc. | Reduce -90.4% | 0.03% | −0.16 |
| NEM Newmont Corp. | Reduce -47.8% | 0.18% | −0.15 |
| PYPL PayPal Holdings Inc. | Reduce -12.4% | 0.94% | −0.14 |
| JAZZ Jazz Pharmaceuticals PLC | Sold out | 0.00% | −0.14 |
| AMP Ameriprise Financial Inc. | Reduce -61.3% | 0.08% | −0.14 |
| TRGP Targa Resources Corp. | Sold out | 0.00% | −0.13 |
| LUV Southwest Airlines Co. | Sold out | 0.00% | −0.13 |
| TRV The Travelers Cos Inc. | Reduce -51.8% | 0.10% | −0.13 |
| MCHI iShares MSCI China ETF | Sold out | 0.00% | −0.13 |
| EOG EOG Resources Inc. | Reduce -57.8% | 0.07% | −0.13 |
| SU Suncor Energy Inc. | Reduce -55.7% | 0.07% | −0.13 |
| EXPE Expedia Group Inc. | Reduce -5.5% | 0.58% | −0.12 |
| ALK Alaska Air Group Inc. | Reduce -74.1% | 0.04% | −0.12 |
| RMD Resmed Inc. | Reduce -95.6% | 0.01% | −0.12 |
| NFLX Netflix Inc. | Reduce -91.4% | 0.01% | −0.12 |
| FXI iShares China Large-Cap ETF | Sold out | 0.00% | −0.11 |
| PRU Prudential Financial Inc. | Reduce -22.3% | 0.21% | −0.11 |
| CPAY Corpay Inc. | Reduce -42.6% | 0.10% | −0.11 |
| CCJ Cameco Corp. | Reduce -68.1% | 0.11% | −0.11 |
| YUMC Yum China Holdings Inc. | Sold out | 0.00% | −0.11 |
| ALL Allstate Corp. | Reduce -11.0% | 0.32% | −0.11 |
| TXNM TXNM Energy Inc. | Reduce -70.7% | 0.04% | −0.11 |
| SNPS Synopsys Inc. | Reduce -63.0% | 0.07% | −0.10 |
| BP BP PLC-Spons ADR | Reduce -50.8% | 0.06% | −0.10 |
Portfolio Buys Q1 2025 → Q2 2025
| NVDA Nvidia Corp. | Add +154.4% | 4.61% | +3.18 |
| MSFT Microsoft Corp. | Add +111.9% | 3.44% | +2.03 |
| GOOGL Alphabet Inc. Class A | Add +84.1% | 3.98% | +1.80 |
| META Meta Platforms Inc. Class A | Add +89.6% | 2.40% | +1.26 |
| UBER Uber Technologies Inc. | Add +531.1% | 1.41% | +1.21 |
| JNJ Johnson & Johnson | Add +667.8% | 1.41% | +1.18 |
| GEV GE Vernova Inc. | Add +25.4% | 1.66% | +0.78 |
| SPOT Spotify Technology SA | Add +496.5% | 0.88% | +0.76 |
| PANW Palo Alto Networks Inc. | Add +80.8% | 1.27% | +0.59 |
| AVGO Broadcom Inc. | Add +23.1% | 1.28% | +0.55 |
| CRM Salesforce Inc. | Add +57.4% | 1.80% | +0.51 |
| FTNT Fortinet Inc. | Add +60.4% | 1.35% | +0.47 |
| CSCO Cisco Systems Inc. | Add +644.2% | 0.52% | +0.45 |
| CMCSA Comcast Corp. Class A | Add +71.2% | 1.25% | +0.38 |
| CHTR Charter Communications Inc. Class A | Add +103.4% | 0.72% | +0.35 |
| ABBV Abbvie Inc. | Add +470.1% | 0.45% | +0.35 |
| BKNG Booking Holdings Inc. | Add +13.6% | 1.78% | +0.34 |
| ARM Arm Holdings PLC-ADR | New | 0.31% | +0.31 |
| XOM Exxon Mobil Corp. | Add +354.9% | 0.42% | +0.30 |
| SE Sea Ltd.-ADR | Add +72.6% | 0.56% | +0.26 |
| NRG NRG Energy Inc. | Add +24.9% | 0.53% | +0.24 |
| TEAM Atlassian Corp. Class A | Add +1312.2% | 0.24% | +0.22 |
| T AT&T Inc. | Add +77.6% | 0.58% | +0.21 |
| WDAY Workday Inc. Class A | Add +108.3% | 0.43% | +0.20 |
| EQIX Equinix Inc. | Add +5126.6% | 0.20% | +0.20 |
| INTU Intuit Inc. | New | 0.19% | +0.19 |
| EQT Eqt Corp. | New | 0.19% | +0.19 |
| GDDY GoDaddy Inc. Class A | Add +155.2% | 0.30% | +0.16 |
| LYFT LYFT Inc. Class A | New | 0.16% | +0.16 |
| EBAY eBay Inc. | Add +42.5% | 0.57% | +0.15 |
| MRK Merck & Co. Inc. | Add +115.1% | 0.37% | +0.14 |
| NTNX Nutanix Inc. Class A | Add +96.9% | 0.30% | +0.14 |
| CVS CVS Health Corp. | Add +170.0% | 0.23% | +0.14 |
| TLN Talen Energy Corp. | Add +193.9% | 0.18% | +0.13 |
| CAH Cardinal Health Inc. | Add +258.0% | 0.18% | +0.13 |
| REGN Regeneron Pharmaceuticals | Add +324.2% | 0.19% | +0.13 |
| NTAP Netapp Inc. | Add +1720.3% | 0.13% | +0.13 |
| EW Edwards Lifesciences Corp. | Add +611.6% | 0.14% | +0.12 |
| COR Cencora Inc. | Add +725.8% | 0.14% | +0.12 |
| MRVL Marvell Technology Inc. | Add +1223.8% | 0.13% | +0.12 |
| IVV iShares Core S&P 500 ETF | Add +6.2% | 5.78% | +0.11 |
| ULTA Ulta Beauty Inc. | New | 0.11% | +0.11 |
| TWLO Twilio Inc. Class A | Add +113.8% | 0.19% | +0.11 |
| NXPI NXP Semiconductors NV | Add +292.8% | 0.15% | +0.11 |
| CTSH Cognizant Tech Solutions-A | Add +898.3% | 0.12% | +0.11 |
| VALE Vale SA-SP ADR | Add +309.1% | 0.15% | +0.11 |
| KEYS Keysight Technologies Inc. | New | 0.10% | +0.10 |
| AR Antero Resources Corp. | New | 0.10% | +0.10 |
| ADBE Adobe Inc. | Add +25.1% | 1.14% | +0.10 |
| AIG American International Group | Add +313.2% | 0.14% | +0.10 |
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 |