Ray Dalio - Bridgewater Associates, Lp Portfolio Q2'2025: Top Holdings & Recent Changes
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Ray Dalio, founder of Bridgewater Associates, continues to shape global macro investing with a distinctive blend of diversification and tactical sector tilts. His Q2’2025 portfolio reveals a $24.8 billion allocation across 585 positions, marked by significant shifts into technology leaders and a notable reduction in broad market ETFs—underscoring Bridgewater’s evolving view on risk and opportunity in a changing economic landscape.
Portfolio Overview: Macro Diversification with a Tech Edge
Portfolio Highlights (Q2’2025): - Market Value: $24.8B - Top 10 Holdings: 36.1% - Portfolio Size: 585 -98 - Average Holding Period: 10 quarters - Turnover: 39.7%
Bridgewater’s Q2’2025 portfolio remains one of the most diversified among major hedge funds, with 585 positions even after a net reduction of 98 holdings this quarter. The top 10 holdings account for just 36.1% of assets, reflecting Dalio’s commitment to risk parity and broad exposure across asset classes and sectors.
Despite this breadth, the latest quarter saw a decisive pivot: Bridgewater trimmed its exposure to passive index ETFs while aggressively increasing allocations to select technology giants. This blend of macro diversification and targeted conviction bets is a hallmark of Dalio’s adaptive strategy, balancing systematic risk management with opportunistic tilts toward perceived winners in the current market environment.
Top Holdings Analysis: From Index Exposure to Tech Titans
The portfolio’s largest position, SPDR S&P 500 ETF TR, was sharply reduced by 21.90%, now representing 6.5% of assets. Meanwhile, ISHARES TR 5.8% saw a modest 6.19% addition, while ISHARES INC 4.2% was trimmed by 9.36%. These moves suggest a nuanced rebalancing of broad market exposure.
The most striking changes are in technology: - NVIDIA Corporation surged to 4.6% of the portfolio after a massive 154.37% increase in shares, signaling high conviction in AI-driven growth. - Alphabet Inc. 4.0% was boosted by 84.08%, while Microsoft Corporation 3.4% saw a 111.88% increase—both reflecting a strong bet on cloud, AI, and digital transformation. - Meta Platforms, Inc. 2.4% was added to by 89.63%, and Salesforce, Inc. 1.8% by 57.37%, further emphasizing the tech tilt. - Booking Holdings Inc. 1.8% was increased by 13.55%, while GE Vernova Inc. 1.7% saw a 25.37% addition, highlighting selective bets outside pure tech.
Other notable positions from the top 10 include continued exposure to ISHARES vehicles, reflecting ongoing diversification, but with a clear reduction in passive ETF weightings in favor of direct equity stakes in high-growth, high-quality names.
What the Portfolio Reveals About Current Strategy
- Quality Over Quantity: Despite a large number of holdings, the most significant capital flows are concentrated in a handful of high-conviction tech stocks.
- Sector Rotation: The sharp increase in technology allocations—especially to NVIDIA, Alphabet, and Microsoft—signals a strategic pivot toward companies driving the next wave of innovation.
- Risk Management: The reduction in broad ETFs and the overall portfolio size (down by 98 positions) suggests a more selective, risk-aware approach amid market volatility.
- Global Exposure: Continued use of ISHARES and other ETFs ensures Bridgewater maintains diversified exposure to international markets and asset classes, consistent with Dalio’s macro framework.
Portfolio Concentration Analysis
| Position | Value | % of Portfolio | Recent Change |
|---|---|---|---|
| SPDR S&P 500 ETF TR | $1,612.8M | 6.5% | Reduce 21.90% |
| ISHARES TR | $1,434.1M | 5.8% | Add 6.19% |
| NVIDIA Corporation | $1,142.1M | 4.6% | Add 154.37% |
| ISHARES INC | $1,031.5M | 4.2% | Reduce 9.36% |
| Alphabet Inc. | $987.0M | 4.0% | Add 84.08% |
| Microsoft Corporation | $853.1M | 3.4% | Add 111.88% |
| Meta Platforms, Inc. | $595.7M | 2.4% | Add 89.63% |
| Salesforce, Inc. | $447.1M | 1.8% | Add 57.37% |
| Booking Holdings Inc. | $440.9M | 1.8% | Add 13.55% |
| GE Vernova Inc. | $411.8M | 1.7% | Add 25.37% |
The table underscores Bridgewater’s evolving concentration: while the top 10 holdings account for just over a third of assets, the largest positions are increasingly skewed toward technology and away from passive index funds. The outsized additions to NVIDIA, Alphabet, and Microsoft reflect a willingness to take meaningful bets on secular winners, even within a broadly diversified framework.
Investment Lessons from Ray Dalio’s Approach
- Diversification is Foundational: Even as Bridgewater tilts toward tech, the portfolio remains broadly diversified, embodying Dalio’s “don’t bet too much on anything” principle.
- Dynamic Rebalancing: Significant quarterly changes—such as the reduction in SPDR S&P 500 ETF and the ramp-up in tech—demonstrate the importance of adapting to new information and market conditions.
- Conviction Matters: When the research supports it, Bridgewater is willing to size up positions dramatically, as seen with the 154% increase in NVIDIA.
- Macro + Micro Synthesis: Dalio’s strategy blends top-down macro analysis with bottom-up stock selection, allowing for both broad risk management and targeted opportunity capture.
- Holding Period Discipline: With an average holding period of 10 quarters, Bridgewater balances patience with tactical flexibility.
Looking Ahead: What Comes Next?
With nearly $25 billion still at work and a 39.7% turnover rate, Bridgewater has ample flexibility to respond to shifting macro conditions. The sharp reduction in passive ETF exposure may signal caution about broad market valuations, while the aggressive tech allocations suggest confidence in secular growth themes like AI, cloud computing, and digital transformation.
Investors should watch for: - Further concentration in high-conviction names if tech momentum persists. - Potential re-engagement with defensive or international assets should macro risks rise. - Ongoing adaptation as Dalio and his team interpret global economic signals.
FAQ about Ray Dalio’s Bridgewater Portfolio
Q: Why did Bridgewater reduce its SPDR S&P 500 ETF position so significantly?
Bridgewater trimmed its SPDR S&P 500 ETF TR holding by 21.90%, likely reflecting a tactical shift away from broad market exposure in favor of more targeted bets on individual companies and sectors.
Q: How concentrated is Bridgewater’s portfolio compared to other hedge funds?
While Bridgewater holds 585 positions, its top 10 account for 36.1% of assets—a lower concentration than many peers, consistent with Dalio’s risk parity and diversification philosophy.
Q: What’s driving the big increases in technology stocks like NVIDIA and Microsoft?
Bridgewater’s massive additions to NVIDIA 154.37%, Microsoft 111.88%, and Alphabet 84.08% reflect conviction in the long-term growth of AI, cloud, and digital platforms.
Q: How can investors track Ray Dalio’s moves in real time?
Due to the 45-day reporting lag of 13F filings, there’s always a delay in seeing the latest trades. For up-to-date tracking and analysis, use ValueSense’s Bridgewater portfolio page.
Q: Does Bridgewater’s approach favor any particular sector or region?
While Bridgewater is globally diversified, the current portfolio shows a pronounced tilt toward U.S. technology leaders, balanced by ongoing ETF exposure to maintain international and asset class diversification.
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