Ray Dalio's Bridgewater: what its public stock portfolio shows, and what it hides
The world's largest hedge fund files a long list of US stocks and funds. Five quarters of that list, read against the All Weather idea of balancing a portfolio for every economic season.
Who he is and why people copy him
Ray Dalio founded Bridgewater Associates in 1975 in a two-bedroom apartment and built it into the largest hedge fund in the world. His book Principles and his explanations of how the economy works, in particular the long debt cycle, made him one of the best-known investors who is not primarily a stock picker.
Bridgewater is not a stock-picking shop. Most of what it does is trade bonds, currencies, commodities and stock index futures on the basis of economic reasoning, so a list of its shares tells only a small part of the story. That is exactly why it is an instructive example of how to read a filing.
The ideas behind the portfolio
Dalio's best-known idea is the All Weather portfolio. He argued that markets are driven by two things, economic growth and inflation, and each can surprise upward or downward, which gives four environments: growth rising, growth falling, inflation rising, inflation falling. No one can reliably forecast which one comes next. So instead of betting on one scenario you hold assets that each do well in one of the four and size them so that each contributes the same amount of risk.
That last part is the key. A normal mix of 60% stocks and 40% bonds looks balanced by money, but stocks are so much more volatile that they supply most of the risk. Risk parity, as the approach is called, holds more of the calm assets such as bonds, and uses leverage to bring the portfolio to a sensible return. The second half of Dalio's thinking is radical diversification: many uncorrelated bets, each with a real edge, are worth more together than one great idea.
What a Form 13F does and does not show
A Form 13F lists only US-listed shares, funds and options at the end of a quarter, filed within 45 days. For Bridgewater this excludes almost everything that defines it: government bonds and inflation-linked bonds, currencies, commodity and index futures, and positions in other countries held through derivatives. The reported book is $22 to $27 billion, a fraction of the money the firm manages.
This means you cannot rebuild All Weather from the filing, and you should be suspicious of any article that tries to. What the filing does show is how the firm's equity sleeve is positioned at that date: the part of the portfolio that holds listed shares and exchange-traded funds.
The portfolio over the last five quarters
Between June 2025 and June 2026 the reported portfolio stayed around $24 billion (it was $24.8 billion at the start and $24.4 billion at the end, with a peak of $27.4 billion in December 2025). The number of positions rose from 579 to 990, and it jumped by three quarters in the very first quarter, to 1,008. This is a very different shape from the concentrated books of Buffett or Ackman: the ten largest holdings make up only 37.6% at the start and 42.1% at the end.
The biggest change is the growth of index funds. The SPDR S&P 500 ETF rose from 6.5% to 16.3% of the reported book, and the iShares funds from 6.8% to 10.2%. In the same period individual technology stocks shrank as a share: Nvidia went from 4.6% to 3.2% and Alphabet from 4.0% to 2.0%, although Broadcom, Amazon and Lam Research are among the largest names at the end. In other words, a growing part of this equity sleeve is exposure to the market as a whole rather than to chosen companies.
Ten largest positions at the end of the latest quarter (2026-06-30) and the same names at the start of the period (2025-06-30), as a share of the US-listed stocks in the report (990 positions, $24.4 billion in total).
| Position | 2026-06-30 | 2025-06-30 |
|---|---|---|
| SPDR S&P 500 ETF | 16.3% | 6.5% |
| iShares Trust ETFs | 10.2% | 6.8% |
| Nvidia | 3.2% | 4.6% |
| Alphabet | 2.0% | 4.0% |
| Broadcom | 2.0% | 1.3% |
| iShares Inc ETFs | 2.0% | 4.7% |
| Amazon | 2.0% | 1.1% |
| Lam Research | 1.7% | 0.6% |
| Vanguard ETFs | 1.3% | — |
| AMD | 1.3% | 1.0% |
| Ten largest together | 42.1% | 37.6% |
What changed quarter by quarter
In the quarter to September 2025 Bridgewater closed its position in the SPDR Gold Trust, which had been 1.4% of the reported book, and closed Spotify (0.9%) and Arm (0.3%), while opening Reddit, Robinhood and Applied Materials. The jump in the number of lines in that quarter, from 579 to 1,008, is something the filing does not explain.
In the quarter to December 2025 the S&P 500 fund grew by 4.4 percentage points and Fiserv (0.8%) was closed. In the quarter to March 2026 Salesforce (1.9%), Workday (0.8%) and ServiceNow (0.7%) were all closed, which looks like a move out of software stocks as a group, while Taiwan Semiconductor (1.6%) was added and Amazon rose by 2.4 points to 4.1%. In the quarter to June 2026 the S&P 500 fund rose by another 3.6 points while Amazon and Micron were cut.
Changes between consecutive filings. A share is measured as a part of the reported stock portfolio; it can move because of price changes too, so read it together with the text.
| Quarter end | Positions | Opened | Closed | Biggest rise in share | Biggest fall in share |
|---|---|---|---|---|---|
| 2025-09-30 | 579 → 1008 | Reddit (0.6%), Robinhood Mkts (0.5%), Applied Materials (0.4%) | SPDR Gold Trust (1.4%), Spotify Technology S A (0.9%), ARM (0.3%) | iShares Trust ETFs (+4.7 pp) | iShares Inc ETFs (−3.7 pp) |
| 2025-12-31 | 1008 → 1034 | ARM (0.1%), Caterpillar (0.1%), Ford Mtr (0.1%) | Fiserv (0.8%), Coreweave (0.1%), Astrazeneca (0.1%) | SPDR S&P 500 ETF (+4.4 pp) | Uber Technologies (−1.0 pp) |
| 2026-03-31 | 1034 → 985 | TSMC (1.6%), Nucor (0.5%), Paccar (0.4%) | Salesforce (1.9%), Workday (0.8%), Servicenow (0.7%) | Amazon (+2.4 pp) | iShares Trust ETFs (−2.6 pp) |
| 2026-06-30 | 985 → 990 | Eversource Energy (0.4%), Applovin (0.3%), Consolidated Edison (0.3%) | Cisco Sys (0.3%), Ase Technology (0.1%), Coreweave (0.1%) | SPDR S&P 500 ETF (+3.6 pp) | Amazon (−2.1 pp) |
What to take away, and what to doubt
The lesson of this filing is mostly a negative one: it shows how little a public list can tell you about a macro fund. Bridgewater's real portfolio is built from assets that never appear in a 13F, and it is balanced by risk, not by company names. Anyone who buys what is in the list is imitating something that was never the strategy.
What can be taken from the equity sleeve is more modest. It is widely diversified, it uses index funds as a core, and it shifts weights by sector, which is consistent with a firm that treats stock selection as a small part of the whole. The honest caution is that a book of almost 1,000 lines changes so often that quarterly snapshots may mislead. And the All Weather idea itself has its critics: it relies on leverage on bonds, and in 2022, when stocks and bonds fell together, balanced portfolios lost money.
Where it meets our bots
The All Weather logic is built into two of our bots. The permanent portfolio holds equal parts of stocks, long bonds, gold and cash and rebalances once a year. The equal-risk bot is closer to Dalio's own method: five types of assets, and the more an asset swings, the smaller its share. The classic 60/40 bot shows what happens when you balance by money and not by risk.
All of them use virtual $100,000 accounts and a public trade log. The guides below explain the rules and their weak points.
Related strategy guides
Risk parity: sizing positions by how much they swing
The permanent portfolio: stocks, bonds, gold and cash
The 60/40 portfolio: stocks and bonds
Models
Portfolios
Dalio All Seasons
Origin and history since 1926
Portfolio builder
Set the shares of stocks, bonds, gold or take famous models, mix them, and see how such a portfolio lived through every era of history.
Goal finder
Say what you need — for example, 6 % a year over 10 years with a drop no deeper than −25 % — and see which models and mixes met it, and in what share of historical periods.
Retirement: how much to withdraw
The 4 % rule tested on 60 portfolios: which share of the money you could take out every year, and when it failed.