The Bridgewater Associates portfolio
The world's largest hedge fund does not pick companies. It picks exposures, and spreads the risk across scenarios.
State Street SPDR S&P 500 ETFSPY16.3%—————02
Vanguard S&P 500 ETFVOO1.3%—————09State Street SPDR S&P 500 ETFSPY · —9.7%Vanguard S&P 500 ETFVOO · —1.3%SourceSEC Form 13F filings (US)Holdings as of 30 Jun 2026
The +39.6% above is what these weights would have done over 12 months. It is not Bridgewater Associates's return.
Bridgewater invests with a global macro approach. These are the stock and ETF positions from its latest filing, which is only a window onto the full book.
Bridgewater, founded by Ray Dalio, was built on an uncomfortable idea: nobody knows which asset will win the next decade. If nobody knows, you should not bet, you should spread the risk across scenarios. That is where risk parity comes from. It balances shares, bonds and inflation so that no single economic situation can sink the whole portfolio.
That is why its filing reads differently from a stock picker's. Broad index ETFs sit next to individual companies, because for this firm the interesting position is usually a whole market rather than one company. The real decision is not which company to buy, but how much risk to put in each type of asset.
Read this list with a large caveat: it is the visible part of a book that also holds bonds, currencies, commodities and derivatives all over the world. The 13F only requires disclosure of US shares bought. What you see here is the shadow of something much bigger.
Positions come from the 13F form Bridgewater files with the SEC each quarter. The fund operates globally in bonds, currencies and derivatives that the form does not capture, so this list represents a fraction of its real exposure.
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