Bridgewater Associates
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 13, 2026), Ray Dalio's Bridgewater Associates reported 1,040 stock positions worth $27.4 billion. Its top holding was SS SPDR S&P 500 ETF Trust-US (SPY) at 11.1% of the portfolio, followed by iShares Core S&P 500 ETF (IVV, 10.5%) and Nvidia (NVDA, 2.6%). Compared with Q3 2025, it opened 190 new positions, sold out of 165, added to 451 and reduced 395. The biggest buy was SS SPDR S&P 500 ETF Trust-US (SPY, shares +74%) and the biggest sale Uber Technologies (UBER, shares −64%).
- Most Recent 13F
- Q2 2026
- Notable People
- Ray Dalio
- Location
- Westport, CT
- CIK
- 0001350694
- Portfolio Value
- $27.4B (Q4 2025)
- SEC Filing
- 0001350694-26-000001 ↗ filed Feb 13, 2026
Holdings Value
Holdings 1,040 stocks · $27.4B
| SPY SS SPDR S&P 500 ETF Trust-US | 11.08% | 4,455,413 | $3.0B | Add +73.7% |
| IVV iShares Core S&P 500 ETF | 10.45% | 4,185,589 | $2.9B | Add +3.4% |
| NVDA Nvidia Corp. | 2.63% | 3,865,205 | $720.9M | Add +54.0% |
| LRCX Lam Research Corp. | 1.90% | 3,041,661 | $520.7M | Reduce -12.2% |
| CRM Salesforce Inc. | 1.87% | 1,932,066 | $511.8M | Reduce -3.7% |
| GOOGL Alphabet Inc. Class A | 1.82% | 1,590,826 | $497.9M | Reduce -40.1% |
| MSFT Microsoft Corp. | 1.74% | 984,091 | $475.9M | Reduce -10.3% |
| AMZN Amazon.com Inc. | 1.64% | 1,948,254 | $449.7M | Add +73.2% |
| ADBE Adobe Inc. | 1.63% | 1,275,055 | $446.3M | Add +1.0% |
| GEV GE Vernova Inc. | 1.59% | 665,997 | $435.3M | Add +2.3% |
| BKNG Booking Holdings Inc. | 1.57% | 80,528 | $431.3M | Add +3.6% |
| AVGO Broadcom Inc. | 1.47% | 1,165,740 | $403.5M | Add +37.9% |
| ORCL Oracle Corp. | 1.33% | 1,873,481 | $365.2M | Add +361.1% |
| AMD Advanced Micro Devices | 1.29% | 1,656,527 | $354.8M | Reduce -7.7% |
| JNJ Johnson & Johnson | 0.99% | 1,313,958 | $271.9M | Reduce -23.4% |
| MU Micron Technology Inc. | 0.93% | 889,640 | $253.9M | Add +52355.2% |
| MA Mastercard Inc. Class A | 0.85% | 409,207 | $233.6M | Add +11.7% |
| NEM Newmont Corp. | 0.84% | 2,308,909 | $230.5M | Add +496.1% |
| WDAY Workday Inc. Class A | 0.76% | 965,117 | $207.3M | Reduce -7.2% |
| NOW ServiceNow Inc. | 0.75% | 1,338,885 | $205.1M | Reduce -11.3% |
| EWY iShares MSCI South Korea ETF | 0.73% | 2,072,358 | $201.5M | Add +1.8% |
| SE Sea Ltd.-ADR | 0.71% | 1,533,269 | $195.6M | Reduce -4.5% |
| PYPL PayPal Holdings Inc. | 0.71% | 3,329,311 | $194.4M | Add +18.0% |
| MO Altria Group Inc. | 0.69% | 3,276,751 | $188.9M | Reduce -11.3% |
| V Visa Inc. Class A | 0.69% | 536,497 | $188.2M | Reduce -20.6% |
| RDDT Reddit Inc. Class A | 0.64% | 767,816 | $176.5M | Add +24.4% |
| EXPE Expedia Group Inc. | 0.64% | 622,783 | $176.4M | Reduce -14.9% |
| ANET Arista Networks Inc. | 0.64% | 1,329,442 | $174.2M | Add +95.4% |
| BTI British American Tob-SP ADR | 0.61% | 2,952,078 | $167.1M | Reduce -21.1% |
| HCA HCA Healthcare Inc. | 0.56% | 329,307 | $153.7M | Reduce -3.3% |
| META Meta Platforms Inc. Class A | 0.54% | 223,701 | $147.7M | Reduce -46.3% |
| VWO Vanguard Ftse Emerging Marke | 0.51% | 2,605,136 | $140.1M | Add +5.2% |
| MBB iShares MBS ETF | 0.48% | 1,375,400 | $131.0M | Add +1.5% |
| AMAT Applied Materials Inc. | 0.45% | 477,577 | $122.7M | Add +3.0% |
| PINS Pinterest Inc. Class A | 0.41% | 4,317,906 | $111.8M | Add +4.6% |
| LQD Ishr Ibx Usd Invgd CB ETF-Ui | 0.40% | 999,400 | $110.1M | Add +3.8% |
| B Barrick Mining Corp. | 0.39% | 2,486,509 | $108.3M | Add +306.3% |
| APH Amphenol Corp. Class A | 0.39% | 798,364 | $107.9M | Add +8.6% |
| WFC Wells Fargo & Co. | 0.39% | 1,141,540 | $106.4M | Reduce -55.0% |
| UBER Uber Technologies Inc. | 0.38% | 1,289,061 | $105.3M | Reduce -64.2% |
| CMCSA Comcast Corp. Class A | 0.38% | 3,510,012 | $104.9M | Reduce -48.8% |
| CLS Celestica Inc. | 0.37% | 341,774 | $101.0M | Add +114.7% |
| TEL Te Connectivity PLC | 0.37% | 440,801 | $100.3M | Add +83.8% |
| TLN Talen Energy Corp. | 0.36% | 265,244 | $99.4M | Add +78.4% |
| KLAC KLA Corp. | 0.35% | 78,367 | $95.2M | Reduce -30.5% |
| CI The Cigna Group | 0.35% | 344,452 | $94.8M | Reduce -42.9% |
| MFC Manulife Financial Corp. | 0.34% | 2,558,071 | $93.0M | Reduce -14.5% |
| ASML ASML Holding NV-NY Reg SHS | 0.34% | 86,089 | $92.1M | Reduce -4.6% |
| XYZ Block Inc. | 0.32% | 1,330,153 | $86.6M | Add +960.9% |
| IEMG iShares Core MSCI Emerging | 0.31% | 1,271,627 | $85.5M | Add +9.5% |
| MRVL Marvell Technology Inc. | 0.31% | 987,222 | $83.9M | Add +175.2% |
| C Citigroup Inc. | 0.30% | 716,325 | $83.6M | Reduce -43.2% |
| CVS CVS Health Corp. | 0.30% | 1,037,352 | $82.3M | Reduce -13.1% |
| MET Metlife Inc. | 0.29% | 1,017,093 | $80.3M | Reduce -38.7% |
| LLY Eli Lilly & Co. | 0.29% | 73,292 | $78.8M | Add +602.0% |
| NXPI NXP Semiconductors NV | 0.29% | 362,586 | $78.7M | Reduce -30.8% |
| AAPL Apple Inc. | 0.29% | 289,471 | $78.7M | Reduce -16.0% |
| VALE Vale SA-SP ADR | 0.29% | 6,024,497 | $78.5M | Reduce -17.9% |
| STX Seagate Technology Holdings | 0.28% | 279,977 | $77.1M | Add +72.7% |
| HPE Hewlett Packard Enterprise | 0.28% | 3,179,271 | $76.4M | Add +85.9% |
| GPN Global Payments Inc. | 0.27% | 958,080 | $74.2M | Reduce -23.2% |
| SHEL Shell PLC-ADR | 0.27% | 1,003,577 | $73.7M | Reduce -10.3% |
| GDDY GoDaddy Inc. Class A | 0.26% | 567,916 | $70.5M | Add +10.4% |
| HIG Hartford Insurance Group Inc. | 0.26% | 509,996 | $70.3M | Reduce -24.2% |
| AU Anglogold Ashanti PLC | 0.26% | 822,908 | $70.2M | Add +253.6% |
| VRT Vertiv Holdings Co. Class A | 0.25% | 430,599 | $69.8M | Add +72.0% |
| GSK GSK PLC-Spon ADR | 0.25% | 1,416,525 | $69.5M | Add +1.1% |
| MTCH Match Group Inc. | 0.25% | 2,142,297 | $69.2M | Add +5.1% |
| OMC Omnicom Group | 0.24% | 815,136 | $65.8M | Add +7.6% |
| FIX Comfort Systems USA Inc. | 0.23% | 68,199 | $63.6M | Add +30.9% |
| MNST Monster Beverage Corp. | 0.23% | 823,467 | $63.1M | Add +34.7% |
| TEAM Atlassian Corp. Class A | 0.23% | 385,216 | $62.5M | Add +55.0% |
| NRG NRG Energy Inc. | 0.22% | 380,871 | $60.6M | Add +17.0% |
| DECK Deckers Outdoor Corp. | 0.22% | 580,110 | $60.1M | Add +812.9% |
| ALL Allstate Corp. | 0.21% | 278,816 | $58.0M | Add +17.5% |
| GRAB Grab Holdings Ltd. Class A | 0.21% | 11,534,093 | $57.6M | Reduce -24.0% |
| RYAAY Ryanair Holdings PLC-SP ADR | 0.21% | 795,029 | $57.4M | Reduce -18.9% |
| REGN Regeneron Pharmaceuticals | 0.20% | 72,745 | $56.1M | Reduce -69.1% |
| BAC Bank of America Corp. filed as BANK AMERICA CORP | 0.20% | 1,010,393 | $55.6M | Add +76.9% |
| DT Dynatrace Inc. | 0.20% | 1,276,248 | $55.3M | Add +1.6% |
| MCK McKesson Corp. | 0.20% | 67,413 | $55.3M | Add +20.1% |
| ADSK Autodesk Inc. | 0.20% | 184,199 | $54.5M | Add +20.8% |
| GE General Electric filed as GE AEROSPACE | 0.19% | 170,483 | $52.5M | Add +29.6% |
| VST Vistra Corp. | 0.18% | 309,849 | $50.0M | Reduce -8.4% |
| CFG Citizens Financial Group | 0.18% | 853,903 | $49.9M | Add +1.2% |
| EME Emcor Group Inc. | 0.18% | 81,422 | $49.8M | Reduce -19.9% |
| CIEN Ciena Corp. | 0.18% | 212,643 | $49.7M | Add +31.5% |
| ZION Zions Bancorp NA | 0.18% | 837,335 | $49.0M | Add +53.5% |
| OVV Ovintiv Inc. | 0.18% | 1,239,615 | $48.6M | Add +11.4% |
| UHS Universal Health Services-B | 0.17% | 220,012 | $48.0M | Reduce -24.1% |
| CRS Carpenter Technology | 0.17% | 151,173 | $47.6M | Add +363.9% |
| WBS Webster Financial Corp. | 0.17% | 754,071 | $47.5M | Add +40.9% |
| TMUS T-Mobile US Inc. | 0.17% | 229,631 | $46.6M | Add +76.7% |
| CRDO Credo Technology Group Holdi | 0.17% | 321,111 | $46.2M | Reduce -9.0% |
| DOCU Docusign Inc. | 0.16% | 656,869 | $44.9M | Add +62.9% |
| PRU Prudential Financial Inc. | 0.16% | 396,899 | $44.8M | Add +1.9% |
| ABNB Airbnb Inc. Class A | 0.16% | 328,756 | $44.6M | Add +78.9% |
| CAH Cardinal Health Inc. | 0.16% | 216,669 | $44.5M | Reduce -20.4% |
| FCNCA First Citizens Bcshs Class A | 0.16% | 20,540 | $44.1M | Add +35.7% |
| TFC Truist Financial Corp. | 0.16% | 889,942 | $43.8M | Add +21.5% |
Portfolio Sells Q3 2025 → Q4 2025
| UBER Uber Technologies Inc. | Reduce -64.2% | 0.38% | −1.00 |
| FISV Fiserv Inc. | Sold out | 0.00% | −0.80 |
| GOOGL Alphabet Inc. Class A | Reduce -40.1% | 1.82% | −0.71 |
| META Meta Platforms Inc. Class A | Reduce -46.3% | 0.54% | −0.66 |
| MSFT Microsoft Corp. | Reduce -10.3% | 1.74% | −0.49 |
| CMCSA Comcast Corp. Class A | Reduce -48.8% | 0.38% | −0.46 |
| WFC Wells Fargo & Co. | Reduce -55.0% | 0.39% | −0.44 |
| SE Sea Ltd.-ADR | Reduce -4.5% | 0.71% | −0.41 |
| HOOD Robinhood Markets Inc. Class A | Reduce -82.8% | 0.06% | −0.40 |
| CSCO Cisco Systems Inc. | Reduce -74.1% | 0.13% | −0.35 |
| EBAY eBay Inc. | Reduce -89.4% | 0.04% | −0.34 |
| NOW ServiceNow Inc. | Reduce -11.3% | 0.75% | −0.34 |
| CI The Cigna Group | Reduce -42.9% | 0.35% | −0.34 |
| EQT Eqt Corp. | Reduce -97.7% | 0.01% | −0.31 |
| REGN Regeneron Pharmaceuticals | Reduce -69.1% | 0.20% | −0.31 |
| DASH DoorDash Inc. Class A | Reduce -76.0% | 0.06% | −0.27 |
| MO Altria Group Inc. | Reduce -11.3% | 0.69% | −0.27 |
| JNJ Johnson & Johnson | Reduce -23.4% | 0.99% | −0.25 |
| FTNT Fortinet Inc. | Reduce -72.7% | 0.08% | −0.25 |
| MET Metlife Inc. | Reduce -38.7% | 0.29% | −0.24 |
| WDAY Workday Inc. Class A | Reduce -7.2% | 0.76% | −0.23 |
| ABBV Abbvie Inc. | Reduce -94.5% | 0.01% | −0.22 |
| V Visa Inc. Class A | Reduce -20.6% | 0.69% | −0.22 |
| QCOM Qualcomm Inc. | Reduce -58.5% | 0.14% | −0.21 |
| C Citigroup Inc. | Reduce -43.2% | 0.30% | −0.20 |
| INTU Intuit Inc. | Reduce -69.4% | 0.07% | −0.19 |
| VRSN Verisign Inc. | Reduce -47.2% | 0.14% | −0.18 |
| NXPI NXP Semiconductors NV | Reduce -30.8% | 0.29% | −0.18 |
| BTI British American Tob-SP ADR | Reduce -21.1% | 0.61% | −0.17 |
| GRAB Grab Holdings Ltd. Class A | Reduce -24.0% | 0.21% | −0.15 |
| CRWV Coreweave Inc. Class A | Sold out | 0.00% | −0.14 |
| AZN Astrazeneca PLC-Spons ADR | Sold out | 0.00% | −0.14 |
| GPN Global Payments Inc. | Reduce -23.2% | 0.27% | −0.14 |
| UNP Union Pacific Corp. | Reduce -72.0% | 0.05% | −0.13 |
| JBL Jabil Inc. | Reduce -51.8% | 0.12% | −0.13 |
| KLAC KLA Corp. | Reduce -30.5% | 0.35% | −0.13 |
| DKNG Draftkings Inc. Class A | Sold out | 0.00% | −0.12 |
| MELI MercadoLibre Inc. | Reduce -36.6% | 0.12% | −0.12 |
| LPLA LPL Financial Holdings Inc. | Reduce -43.3% | 0.15% | −0.12 |
| NFLX Netflix Inc. | Reduce -93.1% | 0.01% | −0.12 |
| CCJ Cameco Corp. | Sold out | 0.00% | −0.10 |
| HIG Hartford Insurance Group Inc. | Reduce -24.2% | 0.26% | −0.10 |
| GL Globe Life Inc. | Reduce -70.6% | 0.03% | −0.09 |
| Z Zillow Group Inc. Class C | Reduce -53.2% | 0.06% | −0.09 |
| PM Philip Morris International | Reduce -82.1% | 0.02% | −0.08 |
| CNC Centene Corp. | Reduce -86.0% | 0.01% | −0.08 |
| VZ Verizon Communications Inc. | Reduce -77.9% | 0.02% | −0.08 |
| AR Antero Resources Corp. | Reduce -66.6% | 0.04% | −0.08 |
| VST Vistra Corp. | Reduce -8.4% | 0.18% | −0.08 |
| EME Emcor Group Inc. | Reduce -19.9% | 0.18% | −0.08 |
Portfolio Buys Q3 2025 → Q4 2025
| SPY SS SPDR S&P 500 ETF Trust-US | Add +73.7% | 11.08% | +4.39 |
| MU Micron Technology Inc. | Add +52355.2% | 0.93% | +0.92 |
| ORCL Oracle Corp. | Add +361.1% | 1.33% | +0.88 |
| NVDA Nvidia Corp. | Add +54.0% | 2.63% | +0.79 |
| NEM Newmont Corp. | Add +496.1% | 0.84% | +0.71 |
| AMZN Amazon.com Inc. | Add +73.2% | 1.64% | +0.67 |
| AVGO Broadcom Inc. | Add +37.9% | 1.47% | +0.38 |
| B Barrick Mining Corp. | Add +306.3% | 0.39% | +0.32 |
| XYZ Block Inc. | Add +960.9% | 0.32% | +0.28 |
| LLY Eli Lilly & Co. | Add +602.0% | 0.29% | +0.26 |
| ANET Arista Networks Inc. | Add +95.4% | 0.64% | +0.25 |
| CLS Celestica Inc. | Add +114.7% | 0.37% | +0.21 |
| DECK Deckers Outdoor Corp. | Add +812.9% | 0.22% | +0.19 |
| AU Anglogold Ashanti PLC | Add +253.6% | 0.26% | +0.19 |
| MRVL Marvell Technology Inc. | Add +175.2% | 0.31% | +0.19 |
| TEL Te Connectivity PLC | Add +83.8% | 0.37% | +0.16 |
| CRS Carpenter Technology | Add +363.9% | 0.17% | +0.14 |
| ALAB Astera Labs Inc. | Add +1276.2% | 0.15% | +0.13 |
| STX Seagate Technology Holdings | Add +72.7% | 0.28% | +0.13 |
| ARM Arm Holdings PLC-ADR | New | 0.13% | +0.13 |
| CAT Caterpillar Inc. | New | 0.13% | +0.13 |
| TLN Talen Energy Corp. | Add +78.4% | 0.36% | +0.11 |
| HPE Hewlett Packard Enterprise | Add +85.9% | 0.28% | +0.11 |
| IGV iShares Expanded Tech-Softwa | New | 0.11% | +0.11 |
| VRT Vertiv Holdings Co. Class A | Add +72.0% | 0.25% | +0.11 |
| EWY iShares MSCI South Korea ETF | Add +1.8% | 0.73% | +0.10 |
| SPGI S&P Global Inc. | Add +179.5% | 0.15% | +0.10 |
| GFI Gold Fields Ltd.-Spons ADR | Add +155.8% | 0.16% | +0.09 |
| TOST Toast Inc. Class A | Add +189.5% | 0.15% | +0.09 |
| CIEN Ciena Corp. | Add +31.5% | 0.18% | +0.09 |
| UTHR United Therapeutics Corp. | Add +302.1% | 0.11% | +0.09 |
| RDDT Reddit Inc. Class A | Add +24.4% | 0.64% | +0.09 |
| BAC Bank of America Corp. | Add +76.9% | 0.20% | +0.09 |
| HMY Harmony Gold MNG-Spon ADR | Add +1973.3% | 0.09% | +0.08 |
| F Ford Motor Co. | New | 0.08% | +0.08 |
| USB US Bancorp | Add +314.0% | 0.11% | +0.08 |
| FHN First Horizon Corp. | New | 0.08% | +0.08 |
| SJM The JM Smucker Co. | Add +3350.8% | 0.08% | +0.08 |
| VOO Vanguard S&P 500 ETF | Add +1621.4% | 0.08% | +0.08 |
| AMAT Applied Materials Inc. | Add +3.0% | 0.45% | +0.08 |
| ABNB Airbnb Inc. Class A | Add +78.9% | 0.16% | +0.08 |
| INCY Incyte Corp. | Add +150.3% | 0.12% | +0.07 |
| TEAM Atlassian Corp. Class A | Add +55.0% | 0.23% | +0.07 |
| DELL Dell Technologies -C | New | 0.07% | +0.07 |
| CSX CSX Corp. | Add +345.8% | 0.09% | +0.07 |
| MNST Monster Beverage Corp. | Add +34.7% | 0.23% | +0.07 |
| FLG Flagstar Bank NA | Add +708.2% | 0.08% | +0.07 |
| SN Sharkninja Inc. | Add +2925.9% | 0.07% | +0.07 |
| NBIX Neurocrine Biosciences Inc. | Add +551.0% | 0.08% | +0.06 |
| FIX Comfort Systems USA Inc. | Add +30.9% | 0.23% | +0.06 |
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 |