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Ray Dalio - Bridgewater Associates
Ray Dalio founded Bridgewater Associates in 1975 and built it into the world's largest hedge fund, known for its "All Weather" and "Pure Alpha" macro strategies and his principles-driven, systematic approach. He wrote "Principles."
Ray Dalio - Bridgewater Associates manages a $22B U.S. equity portfolio of 993 positions, based on the latest SEC Form 13F-HR filing (Q1 2026). Below you'll find its 100 largest holdings, the biggest quarter-over-quarter buys and sells, position weights, and an estimated average buy price.
This is a market-maker, quant, macro-ETF, or broad-mandate filer. Its 13F reflects trading and inventory — often dominated by index ETFs and option notional — rather than conviction stock-picking, so it's excluded from the site's Combined AUM, Consensus Picks, and Biggest Moves. The portfolio value below is the total value reported on the 13F.
Portfolio Value
$22B
Positions
993
Top 10 Weight
40.65%
Largest Position
12.67%
As of
Q1 2026
Filed
May 15, 2026
Portfolio Composition
SPDR S&P 500 ETF TR12.67%ISHARES TR7.81%AMAZON COM INC4.08%NVIDIA CORPORATION3.65%ALPHABET INC2.56%
Strategy Snapshot
- › Portfolio value fell 18.3% quarter-over-quarter to $22B.
- › Moderately diversified portfolio — the top 10 holdings make up 40.7% of assets.
- › This quarter: 215 new buys, 291 adds, 487 trims, 262 full exits — net seller
- › Biggest new buy: Taiwan Semiconductor Manufac (TSM) ($363M)
- › Biggest exit: SALESFORCE INC (CRM) ($511M position closed)
Changes since Q4 2025
New Buys
Added To / Trimmed
- ISHARES TR (IVV)−36.0%
- AMAZON COM INC (AMZN)++125.3%
- BOOKING HOLDINGS INC (BKNG)−99.9%
- LAM RESEARCH CORP (LRCX)−48.3%
- ADOBE INC (ADBE)−99.9%
- Broadcom Inc (AVGO)++57.4%
- MASTERCARD INC (MA)−99.0%
- Ge Vernova Inc (GEV)−34.7%
- MICRON TECHNOLOGY INC (MU)++65.9%
- VISA INC (V)−95.3%
Current Holdings
Top 100 of 993 · SEC EDGAR ↗
| # | Security | Value | % of Portfolio | Avg Buy Price | Price | Gain | vs 52W High | This Qtr | Last Activity | First Buy |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | SPDR S&P 500 ETF TR SPY | $2B | 12.67% | ~$624.55 | $740.96 | +18.6% | −2.6% | −2.0% | Sold Q1 2026 | Q2 2024 |
| 2 | ISHARES TR IVV | $1B | 7.81% | ~$606.08 | $742.61 | +22.5% | −2.8% | −36.0% | Sold Q1 2026 | Q2 2024 |
| 3 | AMAZON COM INC AMZN | $914M | 4.08% | ~$208.42 | $237.50 | +14.0% | −14.7% | +125.3% | Bought Q1 2026 | Q2 2024 |
| 4 | NVIDIA CORPORATION NVDA | $818M | 3.65% | ~$161.88 | $204.65 | +26.4% | −13.5% | +21.4% | Bought Q1 2026 | Q2 2024 |
| 5 | ALPHABET INC GOOGL | $574M | 2.56% | ~$201.46 | $363.79 | +80.6% | −11.0% | +25.6% | Bought Q1 2026 | Q2 2024 |
| 6 | Broadcom Inc AVGO | $568M | 2.54% | ~$270.77 | $392.90 | +45.1% | −20.6% | +57.4% | Bought Q1 2026 | Q2 2024 |
| 7 | MICRON TECHNOLOGY INC MU | $498M | 2.23% | ~$306.10 | $1043.19 | +240.8% | −6.1% | +65.9% | Bought Q1 2026 | Q3 2024 |
| 8 | MICROSOFT CORP MSFT | $401M | 1.79% | ~$458.59 | $378.91 | −17.4% | −31.8% | +10.3% | Bought Q1 2026 | Q2 2024 |
| 9 | Ge Vernova Inc GEV | $379M | 1.69% | ~$357.60 | $1048.86 | +193.3% | −11.3% | −34.7% | Sold Q1 2026 | Q2 2024 |
| 10 | Taiwan Semiconductor Manufac TSM | $363M | 1.62% | ~$337.95 | $432.15 | +27.9% | −4.0% | NEW | Bought Q1 2026 | Q1 2026 |
| 11 | LAM RESEARCH CORP LRCX | $335M | 1.50% | ~$104.72 | $374.18 | +257.3% | −5.9% | −48.3% | Sold Q1 2026 | Q4 2024 |
| 12 | ADVANCED MICRO DEVICES INC AMD | $262M | 1.17% | ~$146.42 | $512.48 | +250.0% | −8.2% | −22.0% | Sold Q1 2026 | Q2 2024 |
| 13 | NEWMONT CORP NEM | $250M | 1.12% | ~$90.75 | $105.67 | +16.4% | −21.7% | +0.3% | Bought Q1 2026 | Q2 2024 |
| 14 | ORACLE CORP ORCL | $234M | 1.05% | ~$189.17 | $183.53 | −3.0% | −46.9% | −15.0% | Sold Q1 2026 | Q2 2024 |
| 15 | ISHARES INC EWY | $217M | 0.97% | ~$65.34 | $205.08 | +213.8% | −5.8% | −14.8% | Sold Q1 2026 | Q2 2024 |
| 16 | MARVELL TECHNOLOGY INC MRVL | $193M | 0.86% | ~$90.42 | $289.54 | +220.2% | −10.7% | +97.4% | Bought Q1 2026 | Q2 2024 |
| 17 | APPLIED MATLS INC AMAT | $191M | 0.85% | ~$226.21 | $592.92 | +162.1% | −4.9% | +17.2% | Bought Q1 2026 | Q2 2024 |
| 18 | JOHNSON & JOHNSON JNJ | $170M | 0.76% | ~$151.89 | $234.20 | +54.2% | −7.0% | −47.0% | Sold Q1 2026 | Q2 2024 |
| 19 | META PLATFORMS INC META | $166M | 0.74% | ~$604.82 | $567.58 | −6.2% | −28.7% | +30.4% | Bought Q1 2026 | Q2 2024 |
| 20 | ARISTA NETWORKS INC ANET | $163M | 0.73% | ~$117.07 | $164.93 | +40.9% | −8.3% | +0.0% | Bought Q1 2026 | Q4 2024 |
| 21 | KLA CORP KLAC | $160M | 0.71% | ~$1143.76 | $238.73 | −79.1% | −10.6% | +38.7% | Bought Q1 2026 | Q2 2024 |
| 22 | Celestica Inc CLS | $148M | 0.66% | ~$224.59 | $380.37 | +69.4% | −19.8% | +53.8% | Bought Q1 2026 | Q2 2024 |
| 23 | VANGUARD INTL EQUITY INDEX F VWO | $147M | 0.66% | ~$47.12 | $59.81 | +26.9% | −2.5% | +4.5% | Bought Q1 2026 | Q2 2024 |
| 24 | APPLE INC AAPL | $143M | 0.64% | ~$237.76 | $295.95 | +24.5% | −6.8% | +94.7% | Bought Q1 2026 | Q2 2024 |
| 25 | UNION PAC CORP UNP | $129M | 0.58% | ~$241.98 | $258.05 | +6.6% | −7.7% | +877.5% | Bought Q1 2026 | Q2 2024 |
| 26 | ISHARES TR MBB | $129M | 0.58% | ~$91.89 | $94.19 | +2.5% | −2.9% | −1.1% | Sold Q1 2026 | Q2 2024 |
| 27 | Seagate Technology Hldngs Pl STX | $128M | 0.58% | ~$266.18 | $1066.07 | +300.5% | −2.8% | +17.6% | Bought Q1 2026 | Q4 2024 |
| 28 | BARRICK MNG CORP B | $125M | 0.56% | ~$38.50 | $41.29 | +7.2% | −24.5% | +23.8% | Bought Q1 2026 | Q2 2025 |
| 29 | ASML HOLDING N V ASML | $121M | 0.54% | ~$963.05 | $1867.83 | +93.9% | −3.6% | +7.1% | Bought Q1 2026 | Q3 2024 |
| 30 | COMFORT SYS USA INC FIX | $119M | 0.53% | ~$900.92 | $1931.77 | +114.4% | −6.9% | +26.8% | Bought Q1 2026 | Q2 2024 |
| 31 | ALTRIA GROUP INC MO | $112M | 0.50% | ~$52.28 | $68.95 | +31.9% | −7.5% | −48.0% | Sold Q1 2026 | Q2 2024 |
| 32 | ISHARES TR LQD | $111M | 0.50% | ~$107.34 | $108.77 | +1.3% | −3.7% | +2.2% | Bought Q1 2026 | Q2 2024 |
| 33 | ALPHABET INC GOOG | $111M | 0.50% | ~$286.86 | $362.10 | +26.2% | −10.5% | NEW | Bought Q1 2026 | Q1 2026 |
| 34 | Sea Ltd SE | $110M | 0.49% | ~$149.02 | $90.84 | −39.0% | −54.4% | −12.7% | Sold Q1 2026 | Q2 2024 |
| 35 | AMPHENOL CORP NEW APH | $109M | 0.49% | ~$124.78 | $161.11 | +29.1% | −3.6% | +8.1% | Bought Q1 2026 | Q2 2024 |
| 36 | VERTIV HOLDINGS CO VRT | $107M | 0.48% | ~$140.95 | $317.58 | +125.3% | −16.4% | −0.2% | Sold Q1 2026 | Q2 2024 |
| 37 | NUCOR CORP NUE | $104M | 0.47% | ~$169.10 | $252.60 | +49.4% | −6.8% | NEW | Bought Q1 2026 | Q2 2024 |
| 38 | TERADYNE INC TER | $100M | 0.45% | ~$202.86 | $408.56 | +101.4% | −7.3% | +69.7% | Bought Q1 2026 | Q3 2025 |
| 39 | CSX CORP CSX | $97M | 0.44% | ~$39.39 | $45.57 | +15.7% | −5.1% | +243.8% | Bought Q1 2026 | Q2 2024 |
| 40 | CREDO TECHNOLOGY GROUP HOLDI CRDO | $96M | 0.43% | ~$110.03 | $249.33 | +126.6% | −7.7% | +220.2% | Bought Q1 2026 | Q3 2025 |
| 41 | VANGUARD INDEX FDS VOO | $94M | 0.42% | ~$604.16 | $681.41 | +12.8% | −2.5% | +334.5% | Bought Q1 2026 | Q2 2024 |
| 42 | ISHARES INC IEMG | $93M | 0.42% | ~$55.55 | $83.02 | +49.5% | −3.5% | +5.6% | Bought Q1 2026 | Q2 2024 |
| 43 | CITIGROUP INC C | $89M | 0.40% | ~$71.84 | $143.78 | +100.1% | −1.9% | +10.8% | Bought Q1 2026 | Q2 2024 |
| 44 | Arm Holdings Plc ARM | $89M | 0.40% | ~$128.20 | $418.88 | +226.7% | −5.8% | +81.8% | Bought Q1 2026 | Q2 2025 |
| 45 | PACCAR INC PCAR | $89M | 0.40% | ~$115.50 | $117.34 | +1.6% | −11.0% | NEW | Bought Q1 2026 | Q2 2024 |
| 46 | NRG ENERGY INC NRG | $86M | 0.38% | ~$123.57 | $132.13 | +6.9% | −30.4% | +54.5% | Bought Q1 2026 | Q2 2024 |
| 47 | TALEN ENERGY CORP TLN | $84M | 0.38% | ~$308.70 | $409.81 | +32.8% | −9.2% | +0.3% | Bought Q1 2026 | Q3 2024 |
| 48 | BAKER HUGHES COMPANY BKR | $84M | 0.38% | ~$57.18 | $60.07 | +5.1% | −14.7% | +284.0% | Bought Q1 2026 | Q2 2024 |
| 49 | ISHARES INC EMXC | $84M | 0.38% | ~$78.66 | $101.76 | +29.4% | −2.3% | NEW | Bought Q1 2026 | Q1 2026 |
| 50 | Synopsys, Inc. SNPS | $82M | 0.37% | ~$396.48 | $461.74 | +16.5% | −29.2% | NEW | Bought Q1 2026 | Q2 2024 |
| 51 | ASTERA LABS INC ALAB | $82M | 0.37% | ~$126.01 | $374.68 | +197.3% | −5.9% | +212.2% | Bought Q1 2026 | Q2 2025 |
| 52 | HCA HEALTHCARE INC HCA | $82M | 0.37% | ~$311.38 | $388.16 | +24.7% | −30.3% | −47.2% | Sold Q1 2026 | Q2 2024 |
| 53 | TOWER SEMICONDUCTOR LTD | $81M | 0.36% | ~$175.48 | — | — | — | NEW | Bought Q1 2026 | Q1 2026 |
| 54 | STEEL DYNAMICS INC STLD | $78M | 0.35% | ~$180.00 | $270.13 | +50.1% | −6.4% | NEW | Bought Q1 2026 | Q2 2024 |
| 55 | Wells Fargo Co New WFC | $75M | 0.33% | ~$66.45 | $83.81 | +26.1% | −14.3% | −17.4% | Sold Q1 2026 | Q2 2024 |
| 56 | MANULIFE FINL CORP MFC | $72M | 0.32% | ~$29.91 | $40.39 | +35.1% | −2.5% | −17.4% | Sold Q1 2026 | Q2 2024 |
| 57 | ONTO INNOVATION INC ONTO | $71M | 0.32% | ~$188.86 | $318.92 | +68.9% | −8.6% | +274.1% | Bought Q1 2026 | Q2 2024 |
| 58 | AMKOR TECHNOLOGY INC AMKR | $71M | 0.32% | ~$44.76 | $86.43 | +93.1% | −10.6% | +1976.4% | Bought Q1 2026 | Q2 2024 |
| 59 | TE CONNECTIVITY PLC TEL | $70M | 0.31% | ~$192.31 | $212.20 | +10.3% | −16.0% | −23.7% | Sold Q1 2026 | Q3 2024 |
| 60 | Western Digital Corp WDC | $67M | 0.30% | ~$231.07 | $712.13 | +208.2% | −4.0% | +244.3% | Bought Q1 2026 | Q3 2025 |
| 61 | UNITED THERAPEUTICS CORP DEL UTHR | $65M | 0.29% | ~$509.09 | $551.47 | +8.3% | −9.5% | +72.1% | Bought Q1 2026 | Q2 2024 |
| 62 | Eli Lilly & Co LLY | $65M | 0.29% | ~$1030.28 | $1112.00 | +7.9% | −6.0% | −3.4% | Sold Q1 2026 | Q2 2024 |
| 63 | CISCO SYS INC CSCO | $63M | 0.28% | ~$72.36 | $117.33 | +62.2% | −10.0% | +78.0% | Bought Q1 2026 | Q2 2024 |
| 64 | Vale S.A., ADR VALE | $63M | 0.28% | ~$10.34 | $15.53 | +50.2% | −13.4% | −33.8% | Sold Q1 2026 | Q2 2024 |
| 65 | THE CIGNA GROUP CI | $60M | 0.27% | ~$310.49 | $285.09 | −8.2% | −15.9% | −33.7% | Sold Q1 2026 | Q2 2024 |
| 66 | CATERPILLAR INC CAT | $58M | 0.26% | ~$606.31 | $955.92 | +57.7% | −2.0% | +32.7% | Bought Q1 2026 | Q2 2024 |
| 67 | MCKESSON CORP MCK | $58M | 0.26% | ~$620.58 | $779.80 | +25.7% | −21.9% | −0.0% | Sold Q1 2026 | Q2 2024 |
| 68 | ANGLOGOLD ASHANTI PLC AU | $58M | 0.26% | ~$69.34 | $90.92 | +31.1% | −29.6% | −27.4% | Sold Q1 2026 | Q2 2024 |
| 69 | CONSTELLATION ENERGY CORP CEG | $57M | 0.26% | ~$294.65 | $267.17 | −9.3% | −35.3% | +380.6% | Bought Q1 2026 | Q2 2024 |
| 70 | MONSTER BEVERAGE CORP NEW MNST | $55M | 0.25% | ~$68.89 | $91.66 | +33.1% | −2.4% | −6.4% | Sold Q1 2026 | Q2 2024 |
| 71 | CIENA CORP CIEN | $55M | 0.25% | ~$152.29 | $436.72 | +186.8% | −31.5% | −32.4% | Sold Q1 2026 | Q2 2025 |
| 72 | SIBANYE STILLWATER LTD SBSW | $54M | 0.24% | ~$11.84 | $10.15 | −14.3% | −52.3% | +1566.1% | Bought Q1 2026 | Q2 2024 |
| 73 | EMCOR GROUP INC EME | $53M | 0.24% | ~$387.24 | $827.50 | +113.7% | −13.1% | −10.6% | Sold Q1 2026 | Q2 2024 |
| 74 | CHENIERE ENERGY INC LNG | $52M | 0.24% | ~$255.39 | $231.41 | −9.4% | −23.1% | +159.6% | Bought Q1 2026 | Q2 2024 |
| 75 | VISTRA CORP VST | $52M | 0.23% | ~$120.69 | $158.83 | +31.6% | −27.7% | +12.5% | Bought Q1 2026 | Q2 2024 |
| 76 | NXP SEMICONDUCTORS N V NXPI | $51M | 0.23% | ~$222.73 | $298.20 | +33.9% | −12.3% | −27.5% | Sold Q1 2026 | Q2 2024 |
| 77 | BANK AMER CORP BAC | $50M | 0.23% | ~$52.94 | $56.53 | +6.8% | −2.5% | +3.2% | Bought Q1 2026 | Q3 2024 |
| 78 | Insmed Inc INSM | $48M | 0.22% | ~$163.52 | $98.45 | −39.8% | −53.7% | NEW | Bought Q1 2026 | Q1 2026 |
| 79 | TAPESTRY INC TPR | $45M | 0.20% | ~$69.37 | $145.87 | +110.3% | −9.9% | −0.6% | Sold Q1 2026 | Q2 2024 |
| 80 | BRITISH AMERN TOB PLC BTI | $44M | 0.20% | ~$39.13 | $59.49 | +52.0% | −11.6% | −74.1% | Sold Q1 2026 | Q3 2024 |
| 81 | CVS HEALTH CORP CVS | $44M | 0.20% | ~$69.40 | $99.16 | +42.9% | −3.5% | −40.4% | Sold Q1 2026 | Q2 2024 |
| 82 | METLIFE INC MET | $44M | 0.20% | ~$78.78 | $85.85 | +9.0% | −4.2% | −38.4% | Sold Q1 2026 | Q2 2024 |
| 83 | CENTURY ALUM CO CENX | $42M | 0.19% | ~$51.45 | $54.31 | +5.6% | −22.9% | +169.5% | Bought Q1 2026 | Q2 2024 |
| 84 | ALLSTATE CORP ALL | $42M | 0.19% | ~$188.68 | $221.66 | +17.5% | −2.6% | −25.8% | Sold Q1 2026 | Q2 2024 |
| 85 | CITIZENS FINL GROUP INC CFG | $42M | 0.19% | ~$49.07 | $66.78 | +36.1% | −2.9% | −16.4% | Sold Q1 2026 | Q4 2024 |
| 86 | POPULAR INC BPOP | $42M | 0.19% | ~$125.33 | $158.73 | +26.7% | −2.6% | +1.3% | Bought Q1 2026 | Q2 2024 |
| 87 | ZIONS BANCORPORATION N A ZION | $41M | 0.19% | ~$56.30 | $66.15 | +17.5% | −2.7% | −13.4% | Sold Q1 2026 | Q2 2025 |
| 88 | Coherent Corp COHR | $38M | 0.17% | ~$222.13 | $378.85 | +70.6% | −13.9% | +233.5% | Bought Q1 2026 | Q4 2025 |
| 89 | GSK PLC ADR GSK | $38M | 0.17% | ~$36.97 | $52.15 | +41.1% | −15.5% | −50.7% | Sold Q1 2026 | Q2 2024 |
| 90 | SCHLUMBERGER LTD SLB | $38M | 0.17% | ~$36.14 | $50.33 | +39.3% | −14.4% | +11.6% | Bought Q1 2026 | Q2 2024 |
| 91 | FIRST HORIZON CORPORATION FHN | $37M | 0.17% | ~$23.41 | $24.73 | +5.6% | −6.9% | +75.7% | Bought Q1 2026 | Q4 2024 |
| 92 | DECKERS OUTDOOR CORP DECK | $36M | 0.16% | ~$103.42 | $105.72 | +2.2% | −16.4% | −36.6% | Sold Q1 2026 | Q2 2024 |
| 93 | DELL TECHNOLOGIES INC DELL | $36M | 0.16% | ~$137.36 | $419.32 | +205.3% | −10.7% | +42.9% | Bought Q1 2026 | Q2 2024 |
| 94 | KINROSS GOLD CORP KGC | $35M | 0.16% | ~$21.41 | $27.28 | +27.4% | −30.2% | +124.0% | Bought Q1 2026 | Q2 2024 |
| 95 | ALNYLAM PHARMACEUTICALS INC ALNY | $35M | 0.16% | ~$403.07 | $282.72 | −29.9% | −42.9% | +24.5% | Bought Q1 2026 | Q3 2024 |
| 96 | BORGWARNER INC BWA | $35M | 0.16% | ~$36.79 | $70.54 | +91.7% | −10.5% | −27.9% | Sold Q1 2026 | Q2 2024 |
| 97 | HEWLETT PACKARD ENTERPRISE C HPE | $35M | 0.16% | ~$22.71 | $48.20 | +112.2% | −25.0% | −53.5% | Sold Q1 2026 | Q2 2024 |
| 98 | COMCAST CORP NEW CMCSA | $34M | 0.15% | ~$36.87 | $22.69 | −38.5% | −34.0% | −66.0% | Sold Q1 2026 | Q2 2024 |
| 99 | GE AEROSPACE GE | $34M | 0.15% | ~$193.50 | $357.03 | +84.5% | −1.5% | −29.3% | Sold Q1 2026 | Q2 2024 |
| 100 | TEVA PHARMACEUTICAL INDS LTD TEVA | $33M | 0.15% | ~$23.49 | $32.56 | +38.6% | −12.8% | +49.6% | Bought Q1 2026 | Q2 2024 |
Filing History
| Period | Portfolio Value | QoQ Change | Positions | Filed |
|---|---|---|---|---|
| Q1 2026 | $22B | −18.3% | 993 | May 15, 2026 |
| Q4 2025 | $27B | +7.4% | 1,040 | Feb 13, 2026 |
| Q3 2025 | $25B | +3.0% | 1,014 | Nov 13, 2025 |
| Q2 2025 | $24B | +15.0% | 585 | Aug 13, 2025 |
| Q1 2025 | $21B | −1.2% | 664 | May 14, 2025 |
| Q4 2024 | $21B | +23.5% | 691 | Feb 13, 2025 |
| Q3 2024 | $17B | −7.8% | 773 | Nov 13, 2024 |
| Q2 2024 | $19B | — | 877 | Aug 14, 2024 |
Frequently Asked Questions
What stocks does Ray Dalio - Bridgewater Associates own?
As of Q1 2026, Ray Dalio - Bridgewater Associates held 993 U.S.-listed positions worth $22B. The largest is SPDR S&P 500 ETF TR (SPY) (12.67% of the portfolio). Its 100 largest positions are listed in the table above; the complete list is on SEC EDGAR.
What is Ray Dalio - Bridgewater Associates's largest holding?
SPDR S&P 500 ETF TR (SPY) — about 12.67% of the equity portfolio as of Q1 2026.
What did Ray Dalio - Bridgewater Associates buy recently?
Their biggest new position last quarter was Taiwan Semiconductor Manufac (TSM) ($363M).
Do these holdings reflect Ray Dalio - Bridgewater Associates's current portfolio?
They reflect the latest 13F filing (Q1 2026), which can lag actual trades by up to 45 days and excludes short positions, cash, and non-U.S. holdings.