Bridgewater Associates
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), Ray Dalio's Bridgewater Associates reported 1,014 stock positions worth $25.5 billion. Its top holding was iShares Core S&P 500 ETF (IVV) at 10.6% of the portfolio, followed by SS SPDR S&P 500 ETF Trust-US (SPY, 6.7%) and Alphabet Class A (GOOGL, 2.5%). Compared with Q2 2025, it opened 493 new positions, sold out of 64, added to 325 and reduced 194. The biggest buy was iShares Core S&P 500 ETF (IVV, shares +75%) and the biggest sale iShares Core MSCI Emerging (IEMG, shares −93%).
- Most Recent 13F
- Q2 2026
- Notable People
- Ray Dalio
- Location
- Westport, CT
- CIK
- 0001350694
- Portfolio Value
- $25.5B (Q3 2025)
- SEC Filing
- 0001172661-25-004777 ↗ filed Nov 13, 2025
Holdings Value
Holdings 1,014 stocks · $25.5B
| IVV iShares Core S&P 500 ETF | 10.62% | 4,049,300 | $2.7B | Add +75.3% |
| SPY SS SPDR S&P 500 ETF Trust-US | 6.69% | 2,565,088 | $1.7B | Reduce -1.7% |
| GOOGL Alphabet Inc. Class A | 2.53% | 2,653,896 | $645.2M | Reduce -52.6% |
| MSFT Microsoft Corp. | 2.23% | 1,097,169 | $568.3M | Reduce -36.0% |
| CRM Salesforce Inc. | 1.86% | 2,007,027 | $475.7M | Add +22.4% |
| NVDA Nvidia Corp. | 1.83% | 2,509,751 | $468.3M | Reduce -65.3% |
| LRCX Lam Research Corp. | 1.82% | 3,463,980 | $463.8M | Add +111.4% |
| ADBE Adobe Inc. | 1.74% | 1,262,696 | $445.4M | Add +73.1% |
| BKNG Booking Holdings Inc. | 1.64% | 77,731 | $419.7M | Add +2.1% |
| GEV GE Vernova Inc. | 1.57% | 651,092 | $400.4M | Reduce -16.3% |
| UBER Uber Technologies Inc. | 1.38% | 3,604,153 | $353.1M | Reduce -3.5% |
| JNJ Johnson & Johnson | 1.25% | 1,715,777 | $318.1M | Reduce -24.8% |
| META Meta Platforms Inc. Class A | 1.20% | 416,919 | $306.2M | Reduce -48.3% |
| AMD Advanced Micro Devices | 1.14% | 1,794,801 | $290.4M | Add +2.3% |
| SE Sea Ltd.-ADR | 1.12% | 1,605,624 | $287.0M | Add +83.9% |
| AVGO Broadcom Inc. | 1.09% | 845,391 | $278.9M | Reduce -26.7% |
| NOW ServiceNow Inc. | 1.09% | 301,993 | $277.9M | Add +54.4% |
| WDAY Workday Inc. Class A | 0.98% | 1,040,435 | $250.5M | Add +131.8% |
| AMZN Amazon.com Inc. | 0.97% | 1,124,977 | $247.0M | Reduce -9.6% |
| MO Altria Group Inc. | 0.96% | 3,695,606 | $244.1M | Reduce -2.0% |
| V Visa Inc. Class A | 0.90% | 675,954 | $230.8M | Add +4.9% |
| CMCSA Comcast Corp. Class A | 0.84% | 6,859,625 | $215.5M | Reduce -21.2% |
| WFC Wells Fargo & Co. | 0.83% | 2,535,209 | $212.5M | Reduce -28.6% |
| MA Mastercard Inc. Class A | 0.82% | 366,256 | $208.3M | Add +190.9% |
| FISV Fiserv Inc. | 0.80% | 1,593,157 | $205.4M | Add +26.3% |
| BTI British American Tob-SP ADR | 0.78% | 3,742,720 | $198.7M | Add +9.8% |
| PYPL PayPal Holdings Inc. | 0.74% | 2,822,331 | $189.3M | Reduce -10.3% |
| CI The Cigna Group | 0.68% | 603,139 | $173.9M | Reduce -2.2% |
| EWY iShares MSCI South Korea ETF | 0.64% | 2,035,116 | $163.0M | Add +25.0% |
| EXPE Expedia Group Inc. | 0.61% | 731,816 | $156.4M | Reduce -13.8% |
| HCA HCA Healthcare Inc. | 0.57% | 340,557 | $145.1M | Reduce -16.3% |
| RDDT Reddit Inc. Class A | 0.56% | 617,208 | $142.0M | New |
| MET Metlife Inc. | 0.54% | 1,658,039 | $136.6M | Reduce -12.3% |
| VWO Vanguard Ftse Emerging Marke | 0.53% | 2,475,609 | $134.1M | Add +34.8% |
| PINS Pinterest Inc. Class A | 0.52% | 4,126,366 | $132.7M | Add +0.9% |
| REGN Regeneron Pharmaceuticals | 0.52% | 235,381 | $132.3M | Add +164.3% |
| MBB iShares MBS ETF | 0.51% | 1,355,100 | $128.9M | Reduce -7.2% |
| C Citigroup Inc. | 0.50% | 1,261,052 | $128.0M | Reduce -22.7% |
| CSCO Cisco Systems Inc. | 0.48% | 1,786,488 | $122.2M | Reduce -4.7% |
| KLAC KLA Corp. | 0.48% | 112,740 | $121.6M | Add +350.6% |
| NXPI NXP Semiconductors NV | 0.47% | 523,933 | $119.3M | Add +217.1% |
| HOOD Robinhood Markets Inc. Class A | 0.45% | 807,514 | $115.6M | New |
| ORCL Oracle Corp. | 0.45% | 406,279 | $114.3M | Add +21.7% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 0.42% | 962,500 | $107.3M | Reduce -7.0% |
| GPN Global Payments Inc. | 0.41% | 1,247,587 | $103.6M | Reduce -6.7% |
| ANET Arista Networks Inc. | 0.39% | 680,366 | $99.1M | Reduce -24.4% |
| EBAY eBay Inc. | 0.38% | 1,065,049 | $96.9M | Reduce -43.9% |
| AMAT Applied Materials Inc. | 0.37% | 463,503 | $94.9M | New |
| MFC Manulife Financial Corp. | 0.37% | 2,990,651 | $93.2M | Reduce -4.5% |
| GRAB Grab Holdings Ltd. Class A | 0.36% | 15,177,046 | $91.4M | Add +43.4% |
| APH Amphenol Corp. Class A | 0.36% | 735,263 | $91.0M | New |
| CVS CVS Health Corp. | 0.35% | 1,193,144 | $90.0M | Add +42.6% |
| HIG Hartford Insurance Group Inc. | 0.35% | 673,174 | $89.8M | Reduce -4.2% |
| QCOM Qualcomm Inc. | 0.35% | 531,040 | $88.3M | Reduce -30.5% |
| AAPL Apple Inc. | 0.34% | 344,756 | $87.8M | Reduce -3.4% |
| ASML ASML Holding NV-NY Reg SHS | 0.34% | 90,200 | $87.3M | Add +690.5% |
| DASH DoorDash Inc. Class A | 0.33% | 312,161 | $84.9M | Reduce -56.5% |
| FTNT Fortinet Inc. | 0.32% | 980,347 | $82.4M | Reduce -69.1% |
| EQT Eqt Corp. | 0.32% | 1,506,494 | $82.0M | Add +91.4% |
| VRSN Verisign Inc. | 0.32% | 289,239 | $80.9M | Add +24.8% |
| SHEL Shell PLC-ADR | 0.31% | 1,119,305 | $80.1M | Reduce -14.1% |
| VALE Vale SA-SP ADR | 0.31% | 7,339,531 | $79.7M | Add +94.1% |
| IEMG iShares Core MSCI Emerging | 0.30% | 1,161,001 | $76.5M | Reduce -93.2% |
| MTCH Match Group Inc. | 0.28% | 2,038,086 | $72.0M | Add +14.1% |
| GDDY GoDaddy Inc. Class A | 0.28% | 514,238 | $70.4M | Add +26.5% |
| LPLA LPL Financial Holdings Inc. | 0.27% | 208,744 | $69.4M | Add +8.3% |
| INTU Intuit Inc. | 0.26% | 97,447 | $66.5M | Add +65.6% |
| VST Vistra Corp. | 0.26% | 338,335 | $66.3M | Reduce -58.6% |
| EME Emcor Group Inc. | 0.26% | 101,653 | $66.0M | Reduce -51.2% |
| TLN Talen Energy Corp. | 0.25% | 148,669 | $63.2M | Reduce -2.8% |
| JBL Jabil Inc. | 0.25% | 288,182 | $62.6M | Add +339.3% |
| MELI MercadoLibre Inc. | 0.24% | 26,486 | $61.9M | Add +1237.7% |
| OMC Omnicom Group | 0.24% | 757,445 | $61.8M | Add +60.9% |
| DT Dynatrace Inc. | 0.24% | 1,256,083 | $60.9M | Add +132.7% |
| GSK GSK PLC-Spon ADR | 0.24% | 1,401,755 | $60.5M | Add +4.3% |
| ABBV Abbvie Inc. | 0.24% | 260,689 | $60.4M | Reduce -56.4% |
| UHS Universal Health Services-B | 0.23% | 289,987 | $59.3M | Reduce -12.0% |
| RYAAY Ryanair Holdings PLC-SP ADR | 0.23% | 980,598 | $59.1M | Add +108.1% |
| TOL Toll Brothers Inc. | 0.21% | 394,421 | $54.5M | Reduce -8.9% |
| NRG NRG Energy Inc. | 0.21% | 325,652 | $52.7M | Reduce -60.1% |
| TEL Te Connectivity PLC | 0.21% | 239,872 | $52.7M | Add +10.6% |
| STT State Street Corp. | 0.21% | 453,307 | $52.6M | Reduce -23.9% |
| CRDO Credo Technology Group Holdi | 0.20% | 352,806 | $51.4M | New |
| ALL Allstate Corp. | 0.20% | 237,267 | $50.9M | Reduce -40.4% |
| ADSK Autodesk Inc. | 0.19% | 152,543 | $48.5M | New |
| SCHW Schwab (charles) Corp. | 0.18% | 483,300 | $46.1M | New |
| UNP Union Pacific Corp. | 0.18% | 194,619 | $46.0M | New |
| OVV Ovintiv Inc. | 0.18% | 1,112,765 | $44.9M | Add +50.1% |
| CFG Citizens Financial Group | 0.18% | 843,625 | $44.8M | Add +102.7% |
| BNY Bank of New York Mellon Corp. filed as BANK NEW YORK MELLON CORP | 0.17% | 400,747 | $43.7M | Reduce -27.4% |
| MCK McKesson Corp. | 0.17% | 56,139 | $43.4M | Reduce -62.0% |
| COF Capital One Financial Corp. | 0.17% | 203,729 | $43.3M | Add +5.8% |
| MRK Merck & Co. Inc. | 0.17% | 513,943 | $43.1M | Reduce -55.3% |
| FIX Comfort Systems USA Inc. | 0.17% | 52,083 | $43.0M | Add +325.3% |
| GILD Gilead Sciences Inc. | 0.17% | 385,364 | $42.8M | Reduce -42.2% |
| CAH Cardinal Health Inc. | 0.17% | 272,033 | $42.7M | Add +5.1% |
| HPE Hewlett Packard Enterprise | 0.16% | 1,710,453 | $42.0M | Add +39.3% |
| MNST Monster Beverage Corp. | 0.16% | 611,218 | $41.1M | Add +1447.1% |
| PFG Principal Financial Group | 0.16% | 491,533 | $40.8M | Add +8.9% |
| PRU Prudential Financial Inc. | 0.16% | 389,326 | $40.4M | Reduce -20.5% |
Portfolio Sells Q2 2025 → Q3 2025
| IEMG iShares Core MSCI Emerging | Reduce -93.2% | 0.30% | −3.86 |
| NVDA Nvidia Corp. | Reduce -65.3% | 1.83% | −2.77 |
| GOOGL Alphabet Inc. Class A | Reduce -52.6% | 2.53% | −1.45 |
| GLD SPDR Gold Shares | Sold out | 0.00% | −1.36 |
| MSFT Microsoft Corp. | Reduce -36.0% | 2.23% | −1.21 |
| META Meta Platforms Inc. Class A | Reduce -48.3% | 1.20% | −1.20 |
| PANW Palo Alto Networks Inc. | Reduce -94.2% | 0.07% | −1.19 |
| FTNT Fortinet Inc. | Reduce -69.1% | 0.32% | −1.03 |
| SPOT Spotify Technology SA | Sold out | 0.00% | −0.88 |
| CHTR Charter Communications Inc. Class A | Reduce -83.8% | 0.08% | −0.64 |
| T AT&T Inc. | Reduce -99.2% | 0.00% | −0.57 |
| XYZ Block Inc. | Reduce -92.8% | 0.04% | −0.44 |
| BMY Bristol-Myers Squibb Co. | Reduce -83.6% | 0.08% | −0.43 |
| XOM Exxon Mobil Corp. | Reduce -97.7% | 0.01% | −0.41 |
| CMCSA Comcast Corp. Class A | Reduce -21.2% | 0.84% | −0.41 |
| DASH DoorDash Inc. Class A | Reduce -56.5% | 0.33% | −0.38 |
| VST Vistra Corp. | Reduce -58.6% | 0.26% | −0.38 |
| PHM Pultegroup Inc. | Reduce -80.1% | 0.11% | −0.33 |
| NRG NRG Energy Inc. | Reduce -60.1% | 0.21% | −0.32 |
| WFC Wells Fargo & Co. | Reduce -28.6% | 0.83% | −0.31 |
| ARM Arm Holdings PLC-ADR | Sold out | 0.00% | −0.31 |
| MCK McKesson Corp. | Reduce -62.0% | 0.17% | −0.27 |
| CLS Celestica Inc. | Reduce -74.7% | 0.15% | −0.24 |
| KR Kroger Co. | Reduce -91.7% | 0.02% | −0.24 |
| FOXA Fox Corp. Class A | Reduce -88.0% | 0.04% | −0.23 |
| CNC Centene Corp. | Reduce -54.2% | 0.09% | −0.23 |
| ABBV Abbvie Inc. | Reduce -56.4% | 0.24% | −0.21 |
| PYPL PayPal Holdings Inc. | Reduce -10.3% | 0.74% | −0.20 |
| UTHR United Therapeutics Corp. | Reduce -91.8% | 0.03% | −0.20 |
| MRK Merck & Co. Inc. | Reduce -55.3% | 0.17% | −0.20 |
| EME Emcor Group Inc. | Reduce -51.2% | 0.26% | −0.19 |
| EBAY eBay Inc. | Reduce -43.9% | 0.38% | −0.19 |
| AVGO Broadcom Inc. | Reduce -26.7% | 1.09% | −0.19 |
| CEG Constellation Energy | Sold out | 0.00% | −0.19 |
| NTNX Nutanix Inc. Class A | Reduce -51.8% | 0.14% | −0.17 |
| JNJ Johnson & Johnson | Reduce -24.8% | 1.25% | −0.16 |
| LYFT LYFT Inc. Class A | Sold out | 0.00% | −0.16 |
| DHI D.R. Horton Inc. | Reduce -99.5% | 0.00% | −0.16 |
| QCOM Qualcomm Inc. | Reduce -30.5% | 0.35% | −0.14 |
| RIO Rio Tinto PLC-Spon ADR | Reduce -99.3% | 0.00% | −0.14 |
| CI The Cigna Group | Reduce -2.2% | 0.68% | −0.14 |
| CSGP Costar Group Inc. | Sold out | 0.00% | −0.14 |
| SMCI Super Micro Computer Inc. | Reduce -89.3% | 0.02% | −0.14 |
| AMZN Amazon.com Inc. | Reduce -9.6% | 0.97% | −0.13 |
| TWLO Twilio Inc. Class A | Reduce -62.2% | 0.06% | −0.13 |
| GILD Gilead Sciences Inc. | Reduce -42.2% | 0.17% | −0.13 |
| ALL Allstate Corp. | Reduce -40.4% | 0.20% | −0.12 |
| TPR Tapestry Inc. | Reduce -60.8% | 0.11% | −0.12 |
| ULTA Ulta Beauty Inc. | Reduce -99.2% | 0.00% | −0.11 |
| LEN Lennar Corp. Class A | Sold out | 0.00% | −0.11 |
Portfolio Buys Q2 2025 → Q3 2025
| IVV iShares Core S&P 500 ETF | Add +75.3% | 10.62% | +4.83 |
| LRCX Lam Research Corp. | Add +111.4% | 1.82% | +1.17 |
| ADBE Adobe Inc. | Add +73.1% | 1.74% | +0.61 |
| SE Sea Ltd.-ADR | Add +83.9% | 1.12% | +0.56 |
| RDDT Reddit Inc. Class A | New | 0.56% | +0.56 |
| WDAY Workday Inc. Class A | Add +131.8% | 0.98% | +0.55 |
| MA Mastercard Inc. Class A | Add +190.9% | 0.82% | +0.53 |
| HOOD Robinhood Markets Inc. Class A | New | 0.45% | +0.45 |
| KLAC KLA Corp. | Add +350.6% | 0.48% | +0.39 |
| AMAT Applied Materials Inc. | New | 0.37% | +0.37 |
| APH Amphenol Corp. Class A | New | 0.36% | +0.36 |
| REGN Regeneron Pharmaceuticals | Add +164.3% | 0.52% | +0.33 |
| NXPI NXP Semiconductors NV | Add +217.1% | 0.47% | +0.32 |
| ASML ASML Holding NV-NY Reg SHS | Add +690.5% | 0.34% | +0.31 |
| NOW ServiceNow Inc. | Add +54.4% | 1.09% | +0.28 |
| MELI MercadoLibre Inc. | Add +1237.7% | 0.24% | +0.22 |
| CRDO Credo Technology Group Holdi | New | 0.20% | +0.20 |
| ADSK Autodesk Inc. | New | 0.19% | +0.19 |
| JBL Jabil Inc. | Add +339.3% | 0.25% | +0.19 |
| SCHW Schwab (charles) Corp. | New | 0.18% | +0.18 |
| UNP Union Pacific Corp. | New | 0.18% | +0.18 |
| EWY iShares MSCI South Korea ETF | Add +25.0% | 0.64% | +0.17 |
| VALE Vale SA-SP ADR | Add +94.1% | 0.31% | +0.16 |
| VWO Vanguard Ftse Emerging Marke | Add +34.8% | 0.53% | +0.16 |
| IBKR Interactive Brokers Gro Class A | New | 0.16% | +0.16 |
| CHKP Check Point Software Tech | New | 0.16% | +0.16 |
| ORCL Oracle Corp. | Add +21.7% | 0.45% | +0.15 |
| MNDY Monday.com Ltd. | New | 0.15% | +0.15 |
| MNST Monster Beverage Corp. | Add +1447.1% | 0.16% | +0.15 |
| CRWV Coreweave Inc. Class A | New | 0.14% | +0.14 |
| GRAB Grab Holdings Ltd. Class A | Add +43.4% | 0.36% | +0.14 |
| FIX Comfort Systems USA Inc. | Add +325.3% | 0.17% | +0.14 |
| HALO Halozyme Therapeutics Inc. | New | 0.14% | +0.14 |
| EQT Eqt Corp. | Add +91.4% | 0.32% | +0.14 |
| STX Seagate Technology Holdings | Add +526.3% | 0.15% | +0.13 |
| AMD Advanced Micro Devices | Add +2.3% | 1.14% | +0.13 |
| EXEL Exelixis Inc. | Add +3940.1% | 0.14% | +0.13 |
| BTI British American Tob-SP ADR | Add +9.8% | 0.78% | +0.13 |
| RYAAY Ryanair Holdings PLC-SP ADR | Add +108.1% | 0.23% | +0.12 |
| CVS CVS Health Corp. | Add +42.6% | 0.35% | +0.12 |
| DT Dynatrace Inc. | Add +132.7% | 0.24% | +0.12 |
| BAC Bank of America Corp. | New | 0.12% | +0.12 |
| ETSY Etsy Inc. | Add +484.2% | 0.13% | +0.11 |
| TER Teradyne Inc. | New | 0.11% | +0.11 |
| RNR Renaissancere Holdings Ltd. | New | 0.11% | +0.11 |
| SLB SLB Ltd. | New | 0.11% | +0.11 |
| NFLX Netflix Inc. | Add +896.6% | 0.12% | +0.11 |
| FCNCA First Citizens Bcshs Class A | New | 0.11% | +0.11 |
| OMC Omnicom Group | Add +60.9% | 0.24% | +0.11 |
| VRT Vertiv Holdings Co. Class A | Add +191.1% | 0.15% | +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 |