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Ray Dalio

Bridgewater Associates

Bridgewater Associates, Ray Dalio's macro cycle and asset allocation framework

Bridgewater is a macro research institution, so its 13F should be read as part of a broader allocation process rather than a normal stock-picking list. The useful context is inflation, growth, policy, currency, and risk-parity thinking.

Sources Bridgewater Associates official site SEC EDGAR profile
Macro / systematic asset allocation CIK 1350694
2026-03-31 Latest 13F 20 Current holdings 391 Last 2 periods Change 3 Public materials
Latest 13F snapshot 2026-03-31 · 993 disclosed positions · $22.4B Top five 30.8%: SPY, IVV, AMZN, NVDA, GOOGL

Performance materials

  • Bridgewater does not publish a simple current public return table for all strategies. Public research, interviews, and filings provide context.

Firm and key people

  • Ray Dalio founded Bridgewater and built a research culture around economic machines, cycles, and diversification.
  • The firm is known for global macro strategies rather than a purely concentrated equity approach.
  • Public equity holdings can reflect allocation, factor, and country views.

Investment style

  • Focus on macro conditions: growth, inflation, liquidity, policy, and currency pressure.
  • Diversification and risk balance matter more than single-company conviction.
  • Read sector and country exposure alongside Bridgewater's public research.

Public materials

View timeline
Shareholder letters / memos 0
Interview 1
Public video 2
Public Q&A / speeches / presentations 0

Current holdings

13F period 2026-03-31 · Filed 2026-05-15
Stocks Shares Value Weight
SPY 4,364,862 $2.8B 12.7%
IVV 2,679,084 $1.8B 7.8%
AMZN 4,388,711 $914.0M 4.1%
NVDA 4,693,003 $818.5M 3.7%
GOOGL 1,997,674 $574.5M 2.6%
AVGO 1,835,380 $568.1M 2.5%
MU 1,475,704 $498.6M 2.2%
MSFT 1,084,979 $401.6M 1.8%
GEV 434,897 $379.6M 1.7%
TSM 1,077,079 $364.0M 1.6%
LRCX 1,571,229 $335.7M 1.5%
AMD 1,292,767 $263.0M 1.2%
NEM 2,316,641 $250.8M 1.1%
ORCL 1,592,069 $234.2M 1.0%
EWY 1,766,264 $217.3M 1.0%
MRVL 1,948,947 $193.0M 0.9%
AMAT 559,918 $191.4M 0.9%
JNJ 696,884 $170.3M 0.8%
META 291,665 $166.9M 0.7%
ANET 1,330,091 $163.3M 0.7%

Last 2 quarters US 13F new / increased / reduced / sold-out positions

As of 13F 2026-03-31 · Filed 2026-05-15
Last 1 quarters Last 2 quarters Last 3 quarters Last 4 quarters
Stocks Action 13F period Current shares Previous shares Share change 13F value change
IVV Major reduction 2026-03-31 Filed 2026-05-15 2,679,084 4,185,589 -36.0% -$1.1B
CRM Sold out 2026-03-31 Filed 2026-05-15 0 1,932,066 -100.0% -$511.8M
AMZN Major increase 2026-03-31 Filed 2026-05-15 4,388,711 1,948,254 125.3% +$464.3M
ADBE Major reduction 2026-03-31 Filed 2026-05-15 1,312 1,275,055 -99.9% -$445.9M
BKNG Major reduction 2026-03-31 Filed 2026-05-15 54 80,528 -99.9% -$431.0M
TSM New 2026-03-31 Filed 2026-05-15 1,077,079 0 - +$364.0M
MU Major increase 2026-03-31 Filed 2026-05-15 1,475,704 889,640 65.9% +$244.6M
MA Major reduction 2026-03-31 Filed 2026-05-15 3,930 409,207 -99.0% -$231.6M
WDAY Sold out 2026-03-31 Filed 2026-05-15 0 965,117 -100.0% -$207.3M
NOW Sold out 2026-03-31 Filed 2026-05-15 0 1,338,885 -100.0% -$205.1M
SPY Minor reduction 2026-03-31 Filed 2026-05-15 4,364,862 4,455,413 -2.0% -$199.6M
PYPL Major reduction 2026-03-31 Filed 2026-05-15 9,820 3,329,311 -99.7% -$193.9M
LRCX Major reduction 2026-03-31 Filed 2026-05-15 1,571,229 3,041,661 -48.3% -$185.0M
V Major reduction 2026-03-31 Filed 2026-05-15 25,172 536,497 -95.3% -$180.5M
EXPE Major reduction 2026-03-31 Filed 2026-05-15 1,089 622,783 -99.8% -$176.2M
RDDT Major reduction 2026-03-31 Filed 2026-05-15 68,807 767,816 -91.0% -$167.2M
AVGO Major increase 2026-03-31 Filed 2026-05-15 1,835,380 1,165,740 57.4% +$164.6M
ORCL Major reduction 2026-03-31 Filed 2026-05-15 1,592,069 1,873,481 -15.0% -$131.0M
BTI Major reduction 2026-03-31 Filed 2026-05-15 765,848 2,952,078 -74.1% -$122.4M
UNP Major increase 2026-03-31 Filed 2026-05-15 532,850 54,509 877.5% +$116.7M
GOOG New 2026-03-31 Filed 2026-05-15 387,002 0 - +$111.0M
MRVL Major increase 2026-03-31 Filed 2026-05-15 1,948,947 987,222 97.4% +$109.1M
NUE New 2026-03-31 Filed 2026-05-15 618,528 0 - +$104.6M
UBER Major reduction 2026-03-31 Filed 2026-05-15 35,245 1,289,061 -97.3% -$102.8M
JNJ Major reduction 2026-03-31 Filed 2026-05-15 696,884 1,313,958 -47.0% -$101.6M
PINS Major reduction 2026-03-31 Filed 2026-05-15 660,539 4,317,906 -84.7% -$99.7M
NVDA Major increase 2026-03-31 Filed 2026-05-15 4,693,003 3,865,205 21.4% +$97.6M
AMD Major reduction 2026-03-31 Filed 2026-05-15 1,292,767 1,656,527 -22.0% -$91.8M
PCAR New 2026-03-31 Filed 2026-05-15 777,072 0 - +$89.8M
SE Minor reduction 2026-03-31 Filed 2026-05-15 1,338,128 1,533,269 -12.7% -$84.8M
EMXC New 2026-03-31 Filed 2026-05-15 1,072,280 0 - +$84.3M
SNPS New 2026-03-31 Filed 2026-05-15 208,353 0 - +$82.6M
TSEM New 2026-03-31 Filed 2026-05-15 462,725 0 - +$81.2M
STLD New 2026-03-31 Filed 2026-05-15 438,079 0 - +$78.9M
XYZ Major reduction 2026-03-31 Filed 2026-05-15 140,703 1,330,153 -89.4% -$78.1M
GOOGL Major increase 2026-03-31 Filed 2026-05-15 1,997,674 1,590,826 25.6% +$76.5M
MO Major reduction 2026-03-31 Filed 2026-05-15 1,705,511 3,276,751 -48.0% -$76.4M
MSFT Minor increase 2026-03-31 Filed 2026-05-15 1,084,979 984,091 10.3% -$74.3M
GPN Sold out 2026-03-31 Filed 2026-05-15 0 958,080 -100.0% -$74.2M
CSX Major increase 2026-03-31 Filed 2026-05-15 2,375,228 690,967 243.8% +$72.5M
VOO Major increase 2026-03-31 Filed 2026-05-15 158,628 36,510 334.5% +$71.9M
HCA Major reduction 2026-03-31 Filed 2026-05-15 173,801 329,307 -47.2% -$71.5M
CMCSA Major reduction 2026-03-31 Filed 2026-05-15 1,192,620 3,510,012 -66.0% -$70.7M
GDDY Sold out 2026-03-31 Filed 2026-05-15 0 567,916 -100.0% -$70.5M
MTCH Sold out 2026-03-31 Filed 2026-05-15 0 2,142,297 -100.0% -$69.2M
AMAT Major increase 2026-03-31 Filed 2026-05-15 559,918 477,577 17.2% +$68.6M
AMKR Major increase 2026-03-31 Filed 2026-05-15 1,580,929 76,139 1976.4% +$68.2M
BKR Major increase 2026-03-31 Filed 2026-05-15 1,381,645 359,797 284.0% +$68.0M
OMC Major reduction 2026-03-31 Filed 2026-05-15 5,345 815,136 -99.3% -$65.4M
KLAC Major increase 2026-03-31 Filed 2026-05-15 108,674 78,367 38.7% +$64.8M
AAPL Major increase 2026-03-31 Filed 2026-05-15 563,492 289,471 94.7% +$64.3M
TER Major increase 2026-03-31 Filed 2026-05-15 338,946 199,761 69.7% +$61.8M
TEAM Major reduction 2026-03-31 Filed 2026-05-15 15,623 385,216 -95.9% -$61.4M
ONTO Major increase 2026-03-31 Filed 2026-05-15 348,405 93,136 274.1% +$56.7M
GEV Major reduction 2026-03-31 Filed 2026-05-15 434,897 665,997 -34.7% -$55.7M
FIX Major increase 2026-03-31 Filed 2026-05-15 86,462 68,199 26.8% +$55.6M
WDC Major increase 2026-03-31 Filed 2026-05-15 249,039 72,339 244.3% +$54.9M
ADSK Sold out 2026-03-31 Filed 2026-05-15 0 184,199 -100.0% -$54.5M
ARM Major increase 2026-03-31 Filed 2026-05-15 593,361 326,320 81.8% +$54.1M
STX Major increase 2026-03-31 Filed 2026-05-15 329,117 279,977 17.6% +$51.8M
SBSW Major increase 2026-03-31 Filed 2026-05-15 4,426,451 265,680 1566.1% +$50.7M
CRDO Major increase 2026-03-31 Filed 2026-05-15 1,028,202 321,111 220.2% +$50.3M
DT Major reduction 2026-03-31 Filed 2026-05-15 162,908 1,276,248 -87.2% -$49.3M
INSM New 2026-03-31 Filed 2026-05-15 295,579 0 - +$48.3M
WBS Sold out 2026-03-31 Filed 2026-05-15 0 754,071 -100.0% -$47.5M
CLS Major increase 2026-03-31 Filed 2026-05-15 525,621 341,774 53.8% +$47.0M
SHEL Major reduction 2026-03-31 Filed 2026-05-15 312,157 1,003,577 -68.9% -$44.7M
DVN Sold out 2026-03-31 Filed 2026-05-15 0 1,170,881 -100.0% -$42.9M
CEG Major increase 2026-03-31 Filed 2026-05-15 206,339 42,937 380.6% +$42.5M
ALAB Major increase 2026-03-31 Filed 2026-05-15 750,940 240,530 212.2% +$42.3M
LPLA Sold out 2026-03-31 Filed 2026-05-15 0 118,294 -100.0% -$42.3M
CART Sold out 2026-03-31 Filed 2026-05-15 0 917,620 -100.0% -$41.3M
ABNB Major reduction 2026-03-31 Filed 2026-05-15 27,031 328,756 -91.8% -$41.2M
HPE Major reduction 2026-03-31 Filed 2026-05-15 1,476,822 3,179,271 -53.5% -$41.2M
HIG Major reduction 2026-03-31 Filed 2026-05-15 231,050 509,996 -54.7% -$39.0M
LNG Major increase 2026-03-31 Filed 2026-05-15 186,373 71,790 159.6% +$38.9M
DOCU Major reduction 2026-03-31 Filed 2026-05-15 132,778 656,869 -79.8% -$38.6M
REGN Major reduction 2026-03-31 Filed 2026-05-15 22,724 72,745 -68.8% -$38.6M
COF Sold out 2026-03-31 Filed 2026-05-15 0 157,774 -100.0% -$38.2M
VRT Minor reduction 2026-03-31 Filed 2026-05-15 429,766 430,599 -0.2% +$37.9M
CVS Major reduction 2026-03-31 Filed 2026-05-15 618,428 1,037,352 -40.4% -$37.9M
PATH Major reduction 2026-03-31 Filed 2026-05-15 37,242 2,224,610 -98.3% -$36.0M
VRSN Major reduction 2026-03-31 Filed 2026-05-15 4,362 152,607 -97.1% -$36.0M
MET Major reduction 2026-03-31 Filed 2026-05-15 626,530 1,017,093 -38.4% -$36.0M
UTHR Major increase 2026-03-31 Filed 2026-05-15 111,169 64,595 72.1% +$34.4M
RYAAY Major reduction 2026-03-31 Filed 2026-05-15 400,860 795,029 -49.6% -$34.2M
CI Major reduction 2026-03-31 Filed 2026-05-15 228,493 344,452 -33.7% -$33.9M
ASX New 2026-03-31 Filed 2026-05-15 1,547,859 0 - +$33.6M
AMP Major reduction 2026-03-31 Filed 2026-05-15 8,138 74,507 -89.1% -$32.9M
MRK Sold out 2026-03-31 Filed 2026-05-15 0 310,221 -100.0% -$32.7M
CENX Major increase 2026-03-31 Filed 2026-05-15 732,517 271,798 169.5% +$32.3M
WFC Major reduction 2026-03-31 Filed 2026-05-15 942,580 1,141,540 -17.4% -$31.4M
TOST Major reduction 2026-03-31 Filed 2026-05-15 337,235 1,127,052 -70.1% -$31.1M
GSK Major reduction 2026-03-31 Filed 2026-05-15 698,666 1,416,525 -50.7% -$30.9M
CRS Major reduction 2026-03-31 Filed 2026-05-15 42,457 151,173 -71.9% -$30.9M
SCHW Major reduction 2026-03-31 Filed 2026-05-15 22,594 330,047 -93.2% -$30.9M
CPAY Sold out 2026-03-31 Filed 2026-05-15 0 100,657 -100.0% -$30.3M
TEL Major reduction 2026-03-31 Filed 2026-05-15 336,174 440,801 -23.7% -$30.0M
GNTX Major reduction 2026-03-31 Filed 2026-05-15 11,638 1,298,917 -99.1% -$30.0M
PRU Major reduction 2026-03-31 Filed 2026-05-15 152,101 396,899 -61.7% -$29.9M
COHR Major increase 2026-03-31 Filed 2026-05-15 163,368 48,979 233.5% +$29.9M
IGV Sold out 2026-03-31 Filed 2026-05-15 0 281,938 -100.0% -$29.8M
ASML Minor increase 2026-03-31 Filed 2026-05-15 92,196 86,089 7.1% +$29.7M
APTV Major reduction 2026-03-31 Filed 2026-05-15 8,727 387,098 -97.7% -$28.8M
CSCO Major increase 2026-03-31 Filed 2026-05-15 822,892 462,267 78.0% +$28.2M
CRWV New 2026-03-31 Filed 2026-05-15 364,025 0 - +$28.2M
OC Sold out 2026-03-31 Filed 2026-05-15 0 246,565 -100.0% -$27.6M
CTRA Major reduction 2026-03-31 Filed 2026-05-15 83,369 1,149,102 -92.7% -$27.3M
GRAB Major reduction 2026-03-31 Filed 2026-05-15 8,322,991 11,534,093 -27.8% -$27.1M
SPGI Major reduction 2026-03-31 Filed 2026-05-15 32,699 78,134 -58.2% -$26.9M
OVV Major reduction 2026-03-31 Filed 2026-05-15 369,965 1,239,615 -70.2% -$26.6M
IBKR Major reduction 2026-03-31 Filed 2026-05-15 72,337 488,940 -85.2% -$26.6M
FCNCA Major reduction 2026-03-31 Filed 2026-05-15 9,314 20,540 -54.7% -$26.5M
TMUS Major reduction 2026-03-31 Filed 2026-05-15 98,478 229,631 -57.1% -$25.9M
NRG Major increase 2026-03-31 Filed 2026-05-15 588,502 380,871 54.5% +$25.4M
AME Major increase 2026-03-31 Filed 2026-05-15 116,504 4,608 2428.3% +$24.0M
PBR New 2026-03-31 Filed 2026-05-15 1,150,984 0 - +$23.9M
UHS Major reduction 2026-03-31 Filed 2026-05-15 136,368 220,012 -38.0% -$23.6M
LUV Major increase 2026-03-31 Filed 2026-05-15 700,368 70,551 892.7% +$23.4M
DECK Major reduction 2026-03-31 Filed 2026-05-15 367,840 580,110 -36.6% -$23.3M
KMT New 2026-03-31 Filed 2026-05-15 639,195 0 - +$23.1M
CAT Major increase 2026-03-31 Filed 2026-05-15 82,502 62,157 32.7% +$22.8M
MTB Major reduction 2026-03-31 Filed 2026-05-15 41,196 154,846 -73.4% -$22.7M
PFG Major reduction 2026-03-31 Filed 2026-05-15 220,922 475,487 -53.5% -$22.0M
JBL Major reduction 2026-03-31 Filed 2026-05-15 39,570 138,872 -71.5% -$21.2M
STT Major reduction 2026-03-31 Filed 2026-05-15 164,186 323,786 -49.3% -$21.0M
KGC Major increase 2026-03-31 Filed 2026-05-15 1,159,586 517,661 124.0% +$20.8M
AIG Major reduction 2026-03-31 Filed 2026-05-15 176,265 397,659 -55.7% -$20.8M
PSX Major increase 2026-03-31 Filed 2026-05-15 153,254 57,517 166.4% +$20.5M
MFC Major reduction 2026-03-31 Filed 2026-05-15 2,113,648 2,558,071 -17.4% -$20.4M
DTM Major reduction 2026-03-31 Filed 2026-05-15 88,674 270,145 -67.2% -$20.4M
NEM Minor increase 2026-03-31 Filed 2026-05-15 2,316,641 2,308,909 0.3% +$20.2M
INCY Major reduction 2026-03-31 Filed 2026-05-15 130,296 328,590 -60.3% -$20.2M
CAH Major reduction 2026-03-31 Filed 2026-05-15 115,229 216,669 -46.8% -$20.2M
EXEL Major reduction 2026-03-31 Filed 2026-05-15 480,996 925,712 -48.0% -$19.9M
META Major increase 2026-03-31 Filed 2026-05-15 291,665 223,701 30.4% +$19.2M
VLO Major increase 2026-03-31 Filed 2026-05-15 133,998 86,346 55.2% +$19.1M
GFI Major reduction 2026-03-31 Filed 2026-05-15 521,411 977,019 -46.6% -$19.0M
GE Major reduction 2026-03-31 Filed 2026-05-15 120,607 170,483 -29.3% -$18.3M
FTI Major reduction 2026-03-31 Filed 2026-05-15 250,795 787,920 -68.2% -$17.8M
B Major increase 2026-03-31 Filed 2026-05-15 3,079,243 2,486,509 23.8% +$17.3M
DELL Major increase 2026-03-31 Filed 2026-05-15 223,392 156,332 42.9% +$17.0M
DG Major increase 2026-03-31 Filed 2026-05-15 216,519 72,338 199.3% +$16.1M
EWY Minor reduction 2026-03-31 Filed 2026-05-15 1,766,264 2,072,358 -14.8% +$15.8M
ALL Major reduction 2026-03-31 Filed 2026-05-15 206,980 278,816 -25.8% -$15.1M
VALE Major reduction 2026-03-31 Filed 2026-05-15 3,986,229 6,024,497 -33.8% -$15.1M
FHN Major increase 2026-03-31 Filed 2026-05-15 1,631,610 928,572 75.7% +$14.9M
TLN Minor increase 2026-03-31 Filed 2026-05-15 266,099 265,244 0.3% -$14.5M
IREN Major increase 2026-03-31 Filed 2026-05-15 720,925 276,688 160.6% +$14.3M
USB Major reduction 2026-03-31 Filed 2026-05-15 295,717 547,558 -46.0% -$13.8M
LLY Minor reduction 2026-03-31 Filed 2026-05-15 70,812 73,292 -3.4% -$13.6M
CDE Major increase 2026-03-31 Filed 2026-05-15 1,302,801 634,286 105.4% +$13.1M
ACGL Major reduction 2026-03-31 Filed 2026-05-15 246,203 383,022 -35.7% -$13.1M
MPC Major reduction 2026-03-31 Filed 2026-05-15 77,283 195,553 -60.5% -$12.9M
SLB Minor increase 2026-03-31 Filed 2026-05-15 744,764 667,499 11.6% +$12.7M
BNY Major reduction 2026-03-31 Filed 2026-05-15 236,346 349,688 -32.4% -$12.6M
TOL Major reduction 2026-03-31 Filed 2026-05-15 217,446 310,287 -29.9% -$12.3M
AU Major reduction 2026-03-31 Filed 2026-05-15 597,304 822,908 -27.4% -$12.0M
ANET Minor increase 2026-03-31 Filed 2026-05-15 1,330,091 1,329,442 0.0% -$10.9M
GILD Major reduction 2026-03-31 Filed 2026-05-15 180,737 292,406 -38.2% -$10.7M
TEVA Major increase 2026-03-31 Filed 2026-05-15 1,128,406 754,093 49.6% +$10.5M
TFC Major reduction 2026-03-31 Filed 2026-05-15 731,655 889,942 -17.8% -$10.2M
SEIC Major reduction 2026-03-31 Filed 2026-05-15 232,675 345,877 -32.7% -$10.1M
EVR Major reduction 2026-03-31 Filed 2026-05-15 90,438 108,425 -16.6% -$9.9M
QCOM Minor increase 2026-03-31 Filed 2026-05-15 223,843 220,092 1.7% -$8.8M
MELI Minor reduction 2026-03-31 Filed 2026-05-15 14,671 16,786 -12.6% -$8.4M
RNR Major reduction 2026-03-31 Filed 2026-05-15 82,204 116,752 -29.6% -$8.4M
KEY Major reduction 2026-03-31 Filed 2026-05-15 965,716 1,344,426 -28.2% -$8.4M
IEMG Minor increase 2026-03-31 Filed 2026-05-15 1,342,944 1,271,627 5.6% +$8.2M
NXT Minor reduction 2026-03-31 Filed 2026-05-15 251,696 254,733 -1.2% +$8.2M
MNST Minor reduction 2026-03-31 Filed 2026-05-15 770,774 823,467 -6.4% -$7.3M
ZION Minor reduction 2026-03-31 Filed 2026-05-15 724,830 837,335 -13.4% -$7.3M
CFG Major reduction 2026-03-31 Filed 2026-05-15 713,638 853,903 -16.4% -$7.1M
VWO Minor increase 2026-03-31 Filed 2026-05-15 2,721,740 2,605,136 4.5% +$7.1M
SU Minor reduction 2026-03-31 Filed 2026-05-15 412,239 467,473 -11.8% +$6.4M
C Minor increase 2026-03-31 Filed 2026-05-15 793,414 716,325 10.8% +$6.4M
CIEN Major reduction 2026-03-31 Filed 2026-05-15 143,846 212,643 -32.4% +$6.1M
BWA Major reduction 2026-03-31 Filed 2026-05-15 649,769 901,684 -27.9% -$5.4M
HALO Minor reduction 2026-03-31 Filed 2026-05-15 511,429 561,577 -8.9% -$4.7M
BAC Minor increase 2026-03-31 Filed 2026-05-15 1,042,897 1,010,393 3.2% -$4.7M
VOD Minor increase 2026-03-31 Filed 2026-05-15 2,089,838 2,039,659 2.5% +$4.4M
EQIX Minor reduction 2026-03-31 Filed 2026-05-15 24,782 25,912 -4.4% +$4.4M
TPR Minor reduction 2026-03-31 Filed 2026-05-15 320,345 322,428 -0.6% +$4.0M
EME Minor reduction 2026-03-31 Filed 2026-05-15 72,808 81,422 -10.6% +$3.9M
PG Minor reduction 2026-03-31 Filed 2026-05-15 157,906 185,351 -14.8% -$3.8M
GMED Major increase 2026-03-31 Filed 2026-05-15 330,463 284,250 16.3% +$3.7M
BPOP Minor increase 2026-03-31 Filed 2026-05-15 317,216 313,203 1.3% +$3.6M
MCK Minor reduction 2026-03-31 Filed 2026-05-15 67,381 67,413 -0.0% +$3.0M
WWD Minor reduction 2026-03-31 Filed 2026-05-15 63,123 66,412 -5.0% +$2.5M
VST Minor increase 2026-03-31 Filed 2026-05-15 348,514 309,849 12.5% +$2.4M
MBB Minor reduction 2026-03-31 Filed 2026-05-15 1,360,000 1,375,400 -1.1% -$1.8M
FNB Minor reduction 2026-03-31 Filed 2026-05-15 1,815,541 1,868,762 -2.8% -$1.6M
WMT Minor reduction 2026-03-31 Filed 2026-05-15 251,809 268,611 -6.3% +$1.4M
COST Minor reduction 2026-03-31 Filed 2026-05-15 27,618 30,342 -9.0% +$1.4M
LQD Minor increase 2026-03-31 Filed 2026-05-15 1,021,700 999,400 2.2% +$1.2M
ALNY Major increase 2026-03-31 Filed 2026-05-15 106,592 85,617 24.5% +$1.2M
APH Minor increase 2026-03-31 Filed 2026-05-15 863,048 798,364 8.1% +$1.2M
FLG Minor increase 2026-03-31 Filed 2026-05-15 1,714,376 1,703,894 0.6% +$1.1M
OGE Minor reduction 2026-03-31 Filed 2026-05-15 517,969 571,397 -9.4% +$443,141
ANF Major increase 2026-03-31 Filed 2026-05-15 248,057 178,158 39.2% +$240,221
SPY Major increase 2025-12-31 Filed 2026-02-13 4,455,413 2,565,088 73.7% +$1.3B
MU Major increase 2025-12-31 Filed 2026-02-13 889,640 1,696 52355.2% +$253.6M
NVDA Major increase 2025-12-31 Filed 2026-02-13 3,865,205 2,509,751 54.0% +$252.6M
ORCL Major increase 2025-12-31 Filed 2026-02-13 1,873,481 406,279 361.1% +$250.9M
UBER Major reduction 2025-12-31 Filed 2026-02-13 1,289,061 3,604,153 -64.2% -$247.8M
FISV Sold out 2025-12-31 Filed 2026-02-13 0 1,593,157 -100.0% -$205.4M
AMZN Major increase 2025-12-31 Filed 2026-02-13 1,948,254 1,124,977 73.2% +$202.7M
NEM Major increase 2025-12-31 Filed 2026-02-13 2,308,909 387,317 496.1% +$197.9M
META Major reduction 2025-12-31 Filed 2026-02-13 223,701 416,919 -46.3% -$158.5M
IVV Minor increase 2025-12-31 Filed 2026-02-13 4,185,589 4,049,300 3.4% +$156.7M
GOOGL Major reduction 2025-12-31 Filed 2026-02-13 1,590,826 2,653,896 -40.1% -$147.2M
AVGO Major increase 2025-12-31 Filed 2026-02-13 1,165,740 845,391 37.9% +$124.6M
CMCSA Major reduction 2025-12-31 Filed 2026-02-13 3,510,012 6,859,625 -48.8% -$110.6M
WFC Major reduction 2025-12-31 Filed 2026-02-13 1,141,540 2,535,209 -55.0% -$106.1M
HOOD Major reduction 2025-12-31 Filed 2026-02-13 138,509 807,514 -82.8% -$100.0M
MSFT Minor reduction 2025-12-31 Filed 2026-02-13 984,091 1,097,169 -10.3% -$92.4M
SE Minor reduction 2025-12-31 Filed 2026-02-13 1,533,269 1,605,624 -4.5% -$91.4M
B Major increase 2025-12-31 Filed 2026-02-13 2,486,509 611,999 306.3% +$88.2M
EBAY Major reduction 2025-12-31 Filed 2026-02-13 112,674 1,065,049 -89.4% -$87.1M
CSCO Major reduction 2025-12-31 Filed 2026-02-13 462,267 1,786,488 -74.1% -$86.6M
EQT Major reduction 2025-12-31 Filed 2026-02-13 34,006 1,506,494 -97.7% -$80.2M
CI Major reduction 2025-12-31 Filed 2026-02-13 344,452 603,139 -42.9% -$79.1M
XYZ Major increase 2025-12-31 Filed 2026-02-13 1,330,153 125,381 960.9% +$77.5M
REGN Major reduction 2025-12-31 Filed 2026-02-13 72,745 235,381 -69.1% -$76.2M
ANET Major increase 2025-12-31 Filed 2026-02-13 1,329,442 680,366 95.4% +$75.1M
NOW Major increase 2025-12-31 Filed 2026-02-13 1,338,885 301,993 343.3% -$72.8M
LLY Major increase 2025-12-31 Filed 2026-02-13 73,292 10,441 602.0% +$70.8M
DASH Major reduction 2025-12-31 Filed 2026-02-13 74,834 312,161 -76.0% -$68.0M
AMD Minor reduction 2025-12-31 Filed 2026-02-13 1,656,527 1,794,801 -7.7% +$64.4M
CLS Major increase 2025-12-31 Filed 2026-02-13 341,774 159,194 114.7% +$61.8M
FTNT Major reduction 2025-12-31 Filed 2026-02-13 267,384 980,347 -72.7% -$61.2M
ABBV Major reduction 2025-12-31 Filed 2026-02-13 14,209 260,689 -94.5% -$57.1M
LRCX Minor reduction 2025-12-31 Filed 2026-02-13 3,041,661 3,463,980 -12.2% +$56.8M
MET Major reduction 2025-12-31 Filed 2026-02-13 1,017,093 1,658,039 -38.7% -$56.3M
MO Minor reduction 2025-12-31 Filed 2026-02-13 3,276,751 3,695,606 -11.3% -$55.2M
AU Major increase 2025-12-31 Filed 2026-02-13 822,908 232,754 253.6% +$53.8M
MRVL Major increase 2025-12-31 Filed 2026-02-13 987,222 358,699 175.2% +$53.7M
DECK Major increase 2025-12-31 Filed 2026-02-13 580,110 63,547 812.9% +$53.7M
QCOM Major reduction 2025-12-31 Filed 2026-02-13 220,092 531,040 -58.6% -$50.7M
TEL Major increase 2025-12-31 Filed 2026-02-13 440,801 239,872 83.8% +$47.6M
INTU Major reduction 2025-12-31 Filed 2026-02-13 29,815 97,447 -69.4% -$46.8M
JNJ Major reduction 2025-12-31 Filed 2026-02-13 1,313,958 1,715,777 -23.4% -$46.2M
C Major reduction 2025-12-31 Filed 2026-02-13 716,325 1,261,052 -43.2% -$44.4M
VRSN Major reduction 2025-12-31 Filed 2026-02-13 152,607 289,239 -47.2% -$43.8M
WDAY Minor reduction 2025-12-31 Filed 2026-02-13 965,117 1,040,435 -7.2% -$43.2M
V Major reduction 2025-12-31 Filed 2026-02-13 536,497 675,954 -20.6% -$42.6M
CRS Major increase 2025-12-31 Filed 2026-02-13 151,173 32,587 363.9% +$39.6M
STX Major increase 2025-12-31 Filed 2026-02-13 279,977 162,108 72.7% +$38.8M
EWY Minor increase 2025-12-31 Filed 2026-02-13 2,072,358 2,035,116 1.8% +$38.5M
CRWV Sold out 2025-12-31 Filed 2026-02-13 0 270,556 -100.0% -$37.0M
ALAB Major increase 2025-12-31 Filed 2026-02-13 240,530 17,478 1276.2% +$36.6M
TLN Major increase 2025-12-31 Filed 2026-02-13 265,244 148,669 78.4% +$36.2M
CRM Minor reduction 2025-12-31 Filed 2026-02-13 1,932,066 2,007,027 -3.7% +$36.2M
ARM New 2025-12-31 Filed 2026-02-13 326,320 0 - +$35.7M
CAT New 2025-12-31 Filed 2026-02-13 62,157 0 - +$35.6M
GEV Minor increase 2025-12-31 Filed 2026-02-13 665,997 651,092 2.3% +$34.9M
RDDT Major increase 2025-12-31 Filed 2026-02-13 767,816 617,208 24.4% +$34.5M
HPE Major increase 2025-12-31 Filed 2026-02-13 3,179,271 1,710,453 85.9% +$34.4M
GRAB Major reduction 2025-12-31 Filed 2026-02-13 11,534,093 15,177,046 -24.0% -$33.8M
UNP Major reduction 2025-12-31 Filed 2026-02-13 54,509 194,619 -72.0% -$33.4M
VRT Major increase 2025-12-31 Filed 2026-02-13 430,599 250,414 72.0% +$32.0M
DKNG Sold out 2025-12-31 Filed 2026-02-13 0 852,495 -100.0% -$31.9M
BTI Major reduction 2025-12-31 Filed 2026-02-13 2,952,078 3,742,720 -21.1% -$31.5M
JBL Major reduction 2025-12-31 Filed 2026-02-13 138,872 288,182 -51.8% -$30.9M
IGV New 2025-12-31 Filed 2026-02-13 281,938 0 - +$29.8M
NFLX Major reduction 2025-12-31 Filed 2026-02-13 18,027 26,112 -31.0% -$29.6M
GPN Major reduction 2025-12-31 Filed 2026-02-13 958,080 1,247,587 -23.2% -$29.5M
MELI Major reduction 2025-12-31 Filed 2026-02-13 16,786 26,486 -36.6% -$28.1M
AMAT Minor increase 2025-12-31 Filed 2026-02-13 477,577 463,503 3.0% +$27.8M
SPGI Major increase 2025-12-31 Filed 2026-02-13 78,134 27,956 179.5% +$27.2M
LPLA Major reduction 2025-12-31 Filed 2026-02-13 118,294 208,744 -43.3% -$27.2M
GFI Major increase 2025-12-31 Filed 2026-02-13 977,019 381,952 155.8% +$26.6M
KLAC Major reduction 2025-12-31 Filed 2026-02-13 78,367 112,740 -30.5% -$26.4M
CIEN Major increase 2025-12-31 Filed 2026-02-13 212,643 161,707 31.5% +$26.2M
BAC Major increase 2025-12-31 Filed 2026-02-13 1,010,393 571,084 76.9% +$26.1M
TOST Major increase 2025-12-31 Filed 2026-02-13 1,127,052 389,353 189.5% +$25.8M
MA Minor increase 2025-12-31 Filed 2026-02-13 409,207 366,256 11.7% +$25.3M
UTHR Major increase 2025-12-31 Filed 2026-02-13 64,595 16,065 302.1% +$24.7M
GL Major reduction 2025-12-31 Filed 2026-02-13 67,112 227,937 -70.6% -$23.2M
USB Major increase 2025-12-31 Filed 2026-02-13 547,558 132,255 314.0% +$22.8M
TEAM Major increase 2025-12-31 Filed 2026-02-13 385,216 248,449 55.0% +$22.8M
ABNB Major increase 2025-12-31 Filed 2026-02-13 328,756 183,783 78.9% +$22.3M
MNST Major increase 2025-12-31 Filed 2026-02-13 823,467 611,218 34.7% +$22.0M
Z Major reduction 2025-12-31 Filed 2026-02-13 222,819 475,922 -53.2% -$21.5M
INCY Major increase 2025-12-31 Filed 2026-02-13 328,590 131,284 150.3% +$21.3M
PINS Minor increase 2025-12-31 Filed 2026-02-13 4,317,906 4,126,366 4.6% -$21.0M
FIX Major increase 2025-12-31 Filed 2026-02-13 68,199 52,083 30.9% +$20.7M
EXPE Minor reduction 2025-12-31 Filed 2026-02-13 622,783 731,816 -14.9% +$20.0M
HIG Major reduction 2025-12-31 Filed 2026-02-13 509,996 673,174 -24.2% -$19.5M
AR Major reduction 2025-12-31 Filed 2026-02-13 289,749 867,070 -66.6% -$19.1M
ALNY Major increase 2025-12-31 Filed 2026-02-13 85,617 33,911 152.5% +$18.6M
BPOP Major increase 2025-12-31 Filed 2026-02-13 313,203 163,842 91.2% +$18.2M
ZION Major increase 2025-12-31 Filed 2026-02-13 837,335 545,367 53.5% +$18.2M
NTAP Major reduction 2025-12-31 Filed 2026-02-13 184,508 318,188 -42.0% -$17.9M
FCNCA Major increase 2025-12-31 Filed 2026-02-13 20,540 15,133 35.7% +$17.0M
APH Minor increase 2025-12-31 Filed 2026-02-13 798,364 735,263 8.6% +$16.9M
VST Minor reduction 2025-12-31 Filed 2026-02-13 309,849 338,335 -8.4% -$16.3M
EME Major reduction 2025-12-31 Filed 2026-02-13 81,422 101,653 -19.9% -$16.2M
RF Major reduction 2025-12-31 Filed 2026-02-13 816,700 1,448,944 -43.6% -$16.1M
DOCU Major increase 2025-12-31 Filed 2026-02-13 656,869 403,142 62.9% +$15.9M
WBS Major increase 2025-12-31 Filed 2026-02-13 754,071 535,348 40.9% +$15.6M
TMUS Major increase 2025-12-31 Filed 2026-02-13 229,631 129,991 76.7% +$15.5M
EG Major reduction 2025-12-31 Filed 2026-02-13 72,083 113,362 -36.4% -$15.2M
CART Major increase 2025-12-31 Filed 2026-02-13 917,620 708,369 29.5% +$15.2M
UNM Major reduction 2025-12-31 Filed 2026-02-13 241,414 436,084 -44.6% -$15.2M
PHM Major reduction 2025-12-31 Filed 2026-02-13 105,329 206,085 -48.9% -$14.9M
GEN Major reduction 2025-12-31 Filed 2026-02-13 817,890 1,297,981 -37.0% -$14.6M
CHKP Major reduction 2025-12-31 Filed 2026-02-13 138,471 193,044 -28.3% -$14.2M
NTNX Minor reduction 2025-12-31 Filed 2026-02-13 413,699 474,489 -12.8% -$13.9M
SCHW Major reduction 2025-12-31 Filed 2026-02-13 330,047 483,300 -31.7% -$13.2M
GE Major increase 2025-12-31 Filed 2026-02-13 170,483 131,528 29.6% +$12.9M
EVR Major increase 2025-12-31 Filed 2026-02-13 108,425 71,283 52.1% +$12.8M
TPR Major increase 2025-12-31 Filed 2026-02-13 322,428 250,693 28.6% +$12.8M
KEY Major increase 2025-12-31 Filed 2026-02-13 1,344,426 812,444 65.5% +$12.6M
TOL Major reduction 2025-12-31 Filed 2026-02-13 310,287 394,421 -21.3% -$12.5M
COST Major reduction 2025-12-31 Filed 2026-02-13 30,342 41,494 -26.9% -$12.2M
MCK Major increase 2025-12-31 Filed 2026-02-13 67,413 56,139 20.1% +$11.9M
FNB Major increase 2025-12-31 Filed 2026-02-13 1,868,762 1,254,955 48.9% +$11.7M
BKNG Minor increase 2025-12-31 Filed 2026-02-13 80,528 77,731 3.6% +$11.6M
FTI Major increase 2025-12-31 Filed 2026-02-13 787,920 602,628 30.7% +$11.3M
UHS Major reduction 2025-12-31 Filed 2026-02-13 220,012 289,987 -24.1% -$11.3M
CTSH Major reduction 2025-12-31 Filed 2026-02-13 207,700 420,493 -50.6% -$11.0M
STT Major reduction 2025-12-31 Filed 2026-02-13 323,786 453,307 -28.6% -$10.8M
HRB Major reduction 2025-12-31 Filed 2026-02-13 455,655 606,262 -24.8% -$10.8M
MRK Major reduction 2025-12-31 Filed 2026-02-13 310,221 513,943 -39.6% -$10.5M
TFC Major increase 2025-12-31 Filed 2026-02-13 889,942 732,520 21.5% +$10.3M
TER Minor reduction 2025-12-31 Filed 2026-02-13 199,761 207,426 -3.7% +$10.1M
APTV Major increase 2025-12-31 Filed 2026-02-13 387,098 225,541 71.6% +$10.0M
CROX Major reduction 2025-12-31 Filed 2026-02-13 211,228 332,750 -36.5% -$9.7M
ETSY Minor reduction 2025-12-31 Filed 2026-02-13 439,413 504,438 -12.9% -$9.1M
AAPL Major reduction 2025-12-31 Filed 2026-02-13 289,471 344,756 -16.0% -$9.1M
GSK Minor increase 2025-12-31 Filed 2026-02-13 1,416,525 1,401,755 1.1% +$9.0M
IEMG Minor increase 2025-12-31 Filed 2026-02-13 1,271,627 1,161,001 9.5% +$8.9M
IBKR Major reduction 2025-12-31 Filed 2026-02-13 488,940 582,770 -16.1% -$8.7M
HCA Minor reduction 2025-12-31 Filed 2026-02-13 329,307 340,557 -3.3% +$8.6M
DVN Major increase 2025-12-31 Filed 2026-02-13 1,170,881 979,291 19.6% +$8.6M
EQIX Major reduction 2025-12-31 Filed 2026-02-13 25,912 35,892 -27.8% -$8.3M
ACGL Major increase 2025-12-31 Filed 2026-02-13 383,022 317,694 20.6% +$7.9M
NRG Major increase 2025-12-31 Filed 2026-02-13 380,871 325,652 17.0% +$7.9M
CVS Minor reduction 2025-12-31 Filed 2026-02-13 1,037,352 1,193,144 -13.1% -$7.6M
ALL Major increase 2025-12-31 Filed 2026-02-13 278,816 237,267 17.5% +$7.1M
GILD Major reduction 2025-12-31 Filed 2026-02-13 292,406 385,364 -24.1% -$6.9M
SHEL Minor reduction 2025-12-31 Filed 2026-02-13 1,003,577 1,119,305 -10.3% -$6.3M
SEIC Major increase 2025-12-31 Filed 2026-02-13 345,877 262,502 31.8% +$6.1M
ADSK Major increase 2025-12-31 Filed 2026-02-13 184,199 152,543 20.8% +$6.1M
VWO Minor increase 2025-12-31 Filed 2026-02-13 2,605,136 2,475,609 5.2% +$5.9M
EXEL Minor increase 2025-12-31 Filed 2026-02-13 925,712 842,965 9.8% +$5.8M
AMP Major increase 2025-12-31 Filed 2026-02-13 74,507 62,669 18.9% +$5.7M
DOX Major reduction 2025-12-31 Filed 2026-02-13 249,195 314,377 -20.7% -$5.7M
DT Minor increase 2025-12-31 Filed 2026-02-13 1,276,248 1,256,083 1.6% -$5.5M
CP Major reduction 2025-12-31 Filed 2026-02-13 294,565 362,629 -18.8% -$5.3M
CRDO Minor reduction 2025-12-31 Filed 2026-02-13 321,111 352,806 -9.0% -$5.2M
PYPL Major increase 2025-12-31 Filed 2026-02-13 3,329,311 2,822,331 18.0% +$5.1M
MDT Major reduction 2025-12-31 Filed 2026-02-13 282,386 338,201 -16.5% -$5.1M
COF Major reduction 2025-12-31 Filed 2026-02-13 157,774 203,729 -22.6% -$5.1M
AIG Major reduction 2025-12-31 Filed 2026-02-13 397,659 497,445 -20.1% -$5.0M
CFG Minor increase 2025-12-31 Filed 2026-02-13 853,903 843,625 1.2% +$5.0M
CTRA Major reduction 2025-12-31 Filed 2026-02-13 1,149,102 1,482,757 -22.5% -$4.8M
ASML Minor reduction 2025-12-31 Filed 2026-02-13 86,089 90,200 -4.6% +$4.8M
PRU Minor increase 2025-12-31 Filed 2026-02-13 396,899 389,326 1.9% +$4.4M
RNR Minor increase 2025-12-31 Filed 2026-02-13 116,752 111,939 4.3% +$4.4M
OMC Minor increase 2025-12-31 Filed 2026-02-13 815,136 757,445 7.6% +$4.1M
OC Minor increase 2025-12-31 Filed 2026-02-13 246,565 222,087 11.0% -$3.8M
OVV Minor increase 2025-12-31 Filed 2026-02-13 1,239,615 1,112,765 11.4% +$3.6M
MPC Minor increase 2025-12-31 Filed 2026-02-13 195,553 183,639 6.5% -$3.6M
GNTX Major increase 2025-12-31 Filed 2026-02-13 1,298,917 952,358 36.4% +$3.3M
BNY Minor reduction 2025-12-31 Filed 2026-02-13 349,688 400,747 -12.7% -$3.1M
PATH Minor reduction 2025-12-31 Filed 2026-02-13 2,224,610 2,495,625 -10.9% +$3.1M
GPOR Major reduction 2025-12-31 Filed 2026-02-13 114,170 146,973 -22.3% -$2.9M
LQD Minor increase 2025-12-31 Filed 2026-02-13 999,400 962,500 3.8% +$2.8M
MTCH Minor increase 2025-12-31 Filed 2026-02-13 2,142,297 2,038,086 5.1% -$2.8M
DTM Minor reduction 2025-12-31 Filed 2026-02-13 270,145 306,829 -12.0% -$2.4M
GTLB Minor increase 2025-12-31 Filed 2026-02-13 644,268 588,567 9.5% -$2.4M
SLB Major reduction 2025-12-31 Filed 2026-02-13 667,499 811,712 -17.8% -$2.3M
BWA Minor increase 2025-12-31 Filed 2026-02-13 901,684 875,404 3.0% +$2.1M
HALO Major increase 2025-12-31 Filed 2026-02-13 561,577 487,081 15.3% +$2.1M
MBB Minor increase 2025-12-31 Filed 2026-02-13 1,375,400 1,355,100 1.5% +$2.0M
EQH Minor reduction 2025-12-31 Filed 2026-02-13 546,241 549,951 -0.7% -$1.9M
CAH Major reduction 2025-12-31 Filed 2026-02-13 216,669 272,033 -20.4% +$1.8M
OGE Minor increase 2025-12-31 Filed 2026-02-13 571,397 563,723 1.4% -$1.7M
RYAAY Major reduction 2025-12-31 Filed 2026-02-13 795,029 980,598 -18.9% -$1.7M
GMED Major reduction 2025-12-31 Filed 2026-02-13 284,250 461,091 -38.4% -$1.6M
WMT Minor reduction 2025-12-31 Filed 2026-02-13 268,611 275,976 -2.7% +$1.5M
VALE Major reduction 2025-12-31 Filed 2026-02-13 6,024,497 7,339,531 -17.9% -$1.2M
PFG Minor reduction 2025-12-31 Filed 2026-02-13 475,487 491,533 -3.3% +$1.2M
ADBE Minor increase 2025-12-31 Filed 2026-02-13 1,275,055 1,262,696 1.0% +$840,485
CPAY Minor reduction 2025-12-31 Filed 2026-02-13 100,657 107,423 -6.3% -$653,558
MTB Minor reduction 2025-12-31 Filed 2026-02-13 154,846 160,727 -3.7% -$564,498
BN Major increase 2025-12-31 Filed 2026-02-13 565,075 384,727 46.9% -$424,093
MFC Minor reduction 2025-12-31 Filed 2026-02-13 2,558,071 2,990,651 -14.5% -$186,647
GDDY Minor increase 2025-12-31 Filed 2026-02-13 567,916 514,238 10.4% +$103,831

Public video / Interview / Shareholder letter / Public Q&A

3 reliable public materials
Interview

Ray Dalio on Debt, Money and the Big Cycle

Bridgewater’s official research page centralizes Dalio and his team’s public research on debt, currency, cycles, and portfolio construction, and is a stable entry point for tracking Dalio’s framework.

  • The official research page continuously presents Dalio's long articles, interviews, and research excerpts.
  • Material themes focus on debt, currency, geography and portfolio dispersion, which are also more important contexts outside of Bridgewater 13F.
  • Bridgewater's true view cannot be inferred using 13F alone, as macro, futures, currencies and bonds are not fully represented in regular stock positions.
  • The official research page is more stable than secondary news and can continue to provide Dalio and Bridgewater's public research context.
  • Together with Dalio's two classic public videos, it can form a macro framework and a data chain of the latest views.
Public video Classic

Principles for Dealing with the Changing World Order

Dalio uses a long-cycle framework to explain the rise and fall of great powers, reserve currencies, debt, internal order and external conflicts, which is his most important public macro material in recent years.

  • The video breaks down historical cycles into variables such as wealth, power, debt, education, competitiveness, and military/geographic power.
  • Dalio's emphasis on the relationship between reserve currencies and debt cycles helps explain Bridgewater's focus on the dollar, interest rates and global asset allocation.
  • The material is not short-term predictions, but rather makes one understand why Dalio often discusses great power relations, internal conflicts and debt structures.
  • It reminds investors that Bridgewater's public equity portfolio is only one part of a larger macro allocation.
  • This piece of classic information has long influenced the subject of Dalio's subsequent public articles and interviews.
Public video Classic

How the Economic Machine Works

Dalio's animation to explain credit, short-term debt cycle, long-term debt cycle, productivity and deleveraging is one of the most classic public materials for understanding Bridgewater's macro framework.

  • The video breaks down the economy into transaction, credit and debt cycles to help understand why Bridgewater always starts with macro mechanisms.
  • The core is not to predict a particular quarter, but to explain how credit expansion and contraction drives income, spending, and asset prices.
  • Dalio distinguishes between short-term and long-term debt cycles, which is important for understanding interest rates, inflation, and risky asset valuations.
  • Deleveraging partly explains why policy mix, debt restructuring, and currency issuance occur simultaneously.
  • This classic source is the clearest and most understandable public expression of Dalio's framework.