Learn · Last updated September 8, 2026

Bridgewater Associates 13F Portfolio: Q2 2026 Holdings and Changes

Bridgewater Associates, founded by Ray Dalio, is one of the world's largest hedge funds and runs a systematic, macro-driven strategy. Its 13F is the opposite reading experience of a conviction book: broad, diversified, and machine-rebalanced, so single positions mean less than the portfolio's overall tilts.

As of Q2 2026, Bridgewater disclosed a portfolio worth $24.4B spread across 997 positions, a textbook example of industrial-strength diversification.

Top holdings (Q2 2026)

What changed in Q2 2026

The filing shows the largest moves rather than a complete inventory of changes. The pattern is mechanical rotation: modest shifts in ETF exposure, sweeping overhauls in individual equities.

Among the largest new positions, utilities and regulated infrastructure dominate. Eversource Energy appeared at $86.4M, Applovin Corp at $75.5M, Consolidated Edison Inc at $69.0M, and Nisource Inc at $67.0M. Servicenow Inc arrived at $63.1M, Duke Energy Corp New at $56.0M, and a cluster of energy plays (Nutanix Inc, Apa Corporation, Expand Energy Corporation) filled out the roster. The list reads more like sector rebalancing than conviction calls.

The largest exits included Cisco Sys Inc (formerly $63.8M), Ase Technology Hldg Co Ltd ($33.6M), and Coreweave Inc ($28.2M). Palantir Technologies Inc, Bristol-Myers Squibb Co, and Netflix Inc. also left the portfolio entirely.

Share-count increases clustered in energy and utilities. State Str Spdr S&P 500 Etf T rose by 21.9% to 5,320,308 shares, Ishares Tr grew 12.1% to 3,002,286. Pg&E Corp surged 24078.9% to 5,931,314 shares, a position essentially built from scratch.

Shell Plc climbed 388.9%, Edison Intl jumped 777.1%, Petroleo Brasileiro S A increased 466.9%. Vistra Corp, Eog Res Inc, and Marathon Pete Corp all saw triple-digit percentage gains in share count.

The largest trims hit semiconductors and mega-cap tech. Amazon Com Inc fell 53.8% to 2,025,481 shares. Micron Technology Inc dropped 92.1%, Taiwan Semiconductor Manufac declined 96.8%, Marvell Technology Inc fell 90.7%.

Microsoft Corp decreased 34.4%, Alphabet Inc shed 33.8%, and Broadcom Inc trimmed 28.2%. Arm Holdings Plc nearly vanished, declining 99.2% to 4,924 shares. The pattern suggests a broad de-risking of semiconductor exposure while maintaining core technology allocations.

The shape of the portfolio

The top 10 positions account for 40% of assets: concentrated by the standards of a 997-name portfolio, diffuse by activist standards. That split says everything about how to read this filing: Bridgewater is running a model, not making stock picks. Position size reflects factor exposure and volatility budgets, not persuasion about a company's future. The biggest holdings matter mostly in aggregate: ETFs plus a handful of liquid mega-caps provide the core, while the long tail executes tactical tilts.

How to read Bridgewater's 13F

Every 13F arrives 45 days stale, but that lag matters less when the strategy is systematic. Bridgewater's portfolio adjusts constantly; this snapshot captures one moment in a continuous rebalancing process.

The filing shows U.S. long equity only: no shorts, no bonds, no FX, no derivatives beyond the put/call footnotes. For a global macro fund, that means you're seeing a fraction of the book.

The useful information is in the tilts: sector rotations, volatility bets via options, sudden buildups or liquidations that hint at regime changes in the model. Read it as a barometer, not a blueprint. For more on the mechanics and limits of 13F data, see how to read a 13F filing, are 13F filings useless after 45 days, and what 13F filings don't show.

FAQ

Data from the Q2 2026 Form 13F filed with the SEC. Methodology at /learn/how-we-source-13f-data. Nothing here is investment advice.