A method that allocates a portfolio by how much risk each asset contributes rather than by how much money goes into it. No single economic scenario, inflation or recession, decides the outcome on its own.

Why are index ETFs in the portfolio?

Because for a macro strategy the relevant decision is usually exposure to an entire market. An S&P 500 ETF is the most direct and lowest-cost way to take that exposure.

Is this list the whole fund?

No. It is the part US regulation requires to be disclosed: long positions in US-listed stocks and ETFs. The rest of the book does not appear.

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Macro hedge fund

The Bridgewater Associates portfolio

The world's largest hedge fund does not pick companies. It picks exposures, and spreads the risk across scenarios.

Size$24.4BPositions100Turnover119%Current weights, 12 m+41.1%

Create an account and we will tell you when this investor reports a trade.

The Bridgewater Associates portfolio

Size$24.4B

Current weights, 12 m+41.1%

Create an account and we will tell you when this investor reports a trade.

CompanyPortfolio weightDisclosed sincePrice24h30dValue

State Street SPDR S&P 500 ETFSPY16.3%————$4.0B

iShares Core S&P 500 ETFIVV9.7%————$2.4B

16.3%

State Street SPDR S&P 500 ETFSPY

9.7%

iShares Core S&P 500 ETFIVV

NVIDIA CorporationNVDA3.2%since 2013$224.58−0.4%—$774M

Alphabet Inc.GOOGL2.1%since 2016$342.36+1.3%—$499M

Broadcom Inc.AVGO2.0%since 2021$350.36−1.3%—$498M

Amazon.com, Inc.AMZN2.0%since 2014$249.38+0.0%—$483M

Lam Research CorporationLRCX1.7%since 2013$307.16−0.0%—$407M

Vanguard S&P 500 ETFVOO1.3%————$315M

Advanced Micro Devices, Inc.AMD1.3%since 2019$629.26+2.4%—$313M

iShares MSCI South Korea ETFEWY1.2%————$296M

Microsoft CorporationMSFT1.1%since 2013$497.93−0.5%—$266M

Newmont CorporationNEM1.0%since 2013$121.30−1.8%—$252M

Applied Materials, Inc.AMAT0.9%since 2013$474.25−0.0%—$211M

Oracle CorporationORCL0.9%since 2013$139.53−3.5%—$210M

iShares Core MSCI Emerging Markets ETFIEMG0.8%————$200M

Seagate Technology Holdings plcSTX0.8%—$905.92−1.9%—$193M

Johnson & JohnsonJNJ0.7%—$270.68+0.6%—$170M

Vanguard FTSE Emerging Markets ETFVWO0.7%————$164M

GE Vernova Inc.GEV0.6%—$955.04+0.3%—$144M

Union Pacific CorporationUNP0.6%—$274.07−0.5%—$140M

Micron Technology, Inc.MU0.5%—$1080.53+0.8%—$135M

iShares MBS ETFMBB0.5%————$132M

Altria Group, Inc.MO0.5%—$68.90−0.1%—$124M

Amphenol CorporationAPH0.5%—$83.08+1.1%—$123M

ASML Holding N.V.ASML0.5%—$1722.50−1.3%—$123M

Barrick Mining CorporationB0.5%—$42.31−0.4%—$121M

Celestica Inc.CLS0.5%—$373.56+3.2%—$121M

Vistra Corp.VST0.5%—$137.94−0.0%—$119M

Shell plcSHEL0.5%—$95.60+0.2%—$118M

Sea LimitedSE0.5%—$100.73−2.5%—$115M

Nucor CorporationNUE0.5%—$247.96+0.4%—$114M

PACCAR IncPCAR0.5%—$110.67−1.3%—$114M

Western Digital CorporationWDC0.4%—$450.31−4.9%—$110M

CSX CorporationCSX0.4%—$46.95−0.5%—$106M

Petróleo Brasileiro S.A. - PetrobrasPBR0.4%—$20.84−1.4%—$105M

Apple Inc.AAPL0.4%—$335.92−0.3%—$105M

Eli Lilly and CompanyLLY0.4%—$1183.86+2.9%—$104M

PG&E CorporationPCG0.4%—$12.32−0.7%—$100M

KLA CorporationKLAC0.4%—$187.11−0.4%—$99M

Comfort Systems USA, Inc.FIX0.4%—$1643.39+1.1%—$96M

Wells Fargo & CompanyWFC0.4%—$82.19+0.3%—$95M

Edison InternationalEIX0.4%—$52.54−1.8%—$92M

Marathon Petroleum CorporationMPC0.4%—$390.95+0.7%—$89M

Steel Dynamics, Inc.STLD0.4%—$235.20+0.4%—$87M

Eversource EnergyES0.4%—$63.80−1.7%—$86M

TE Connectivity plcTEL0.4%—$213.60−0.4%—$86M

Analog Devices, Inc.ADI0.3%—$382.61−0.7%—$81M

HCA Healthcare, Inc.HCA0.3%—$423.48−3.0%—$79M

Tapestry, Inc.TPR0.3%—$112.12+1.5%—$79M

AppLovin CorporationAPP0.3%—$312.47−0.9%—$76M

Valero Energy CorporationVLO0.3%—$382.86+1.9%—$74M

Citigroup Inc.C0.3%—$132.11+0.1%—$73M

EOG Resources, Inc.EOG0.3%—$142.86+0.7%—$70M

Consolidated Edison, Inc.ED0.3%—$102.71+0.1%—$69M

Baker Hughes CompanyBKR0.3%—$57.29−1.3%—$68M

NiSource IncNI0.3%—$39.13−0.3%—$67M

TechnipFMC plcFTI0.3%—$70.95−0.4%—$66M

ServiceNow, Inc.NOW0.3%—$137.78−2.1%—$63M

Slb N.V.SLB0.3%—$51.43−0.8%—$62M

Meta Platforms, Inc.META0.3%—$777.59+4.5%—$62M

United Therapeutics CorporationUTHR0.3%—$472.21−3.5%—$60M

Citizens Financial Group, Inc.CFG0.2%—$64.73+0.2%—$59M

Monster Beverage CorporationMNST0.2%—$42.67−2.8%—$58M

Bank of America CorporationBAC0.2%—$56.03+0.1%—$58M

Duke Energy CorporationDUK0.2%—$113.23−0.8%—$56M

Ovintiv Inc.OVV0.2%—$60.51+1.3%—$55M

Halliburton CompanyHAL0.2%—$32.76−0.8%—$54M

Marvell Technology, Inc.MRVL0.2%—$258.95−0.8%—$54M

AngloGold Ashanti plcAU0.2%—$98.49−0.3%—$54M

Truist Financial CorporationTFC0.2%—$47.18+0.4%—$54M

PPL CorporationPPL0.2%—$31.97−0.9%—$53M

McKesson CorporationMCK0.2%—$869.36−1.3%—$53M

Antero Resources CorporationAR0.2%—$36.09+1.2%—$53M

Southwest Airlines Co.LUV0.2%—$41.55+1.2%—$53M

MetLife, Inc.MET0.2%—$97.25+0.1%—$53M

Nutanix, Inc.NTNX0.2%—$68.59−1.6%—$51M

Ciena CorporationCIEN0.2%—$358.43+0.7%—$50M

Credo Technology Group Holding LtdCRDO0.2%—$195.97+1.1%—$49M

Insmed IncorporatedINSM0.2%—$121.55+2.7%—$49M

Sibanye Stillwater LimitedSBSW0.2%—$10.28−2.6%—$48M

Teradyne, Inc.TER0.2%—$387.70−0.4%—$48M

APA CorporationAPA0.2%—$43.68−0.1%—$47M

Talen Energy CorporationTLN0.2%—$300.01−0.1%—$47M

Popular, Inc.BPOP0.2%—$159.59+0.5%—$46M

CVS Health Corp.CVS0.2%—$85.05−0.9%—$46M

Teva Pharmaceutical Industries LimitedTEVA0.2%—$40.22+3.1%—$45M

Reddit, Inc.RDDT0.2%—$152.73+0.5%—$45M

The Timken CompanyTKR0.2%—$117.19−0.4%—$44M

Arista Networks, Inc.ANET0.2%—$205.70+1.1%—$43M

First Horizon CorporationFHN0.2%—$23.18+0.7%—$42M

Verizon Communications Inc.VZ0.2%—$47.32+1.7%—$42M

BorgWarner Inc.BWA0.2%—$58.48−3.4%—$41M

Zions Bancorporation, National AssociationZION0.2%—$62.82+0.3%—$41M

Expand Energy CorporationEXE0.2%—$88.62+1.8%—$41M

NRG Energy, Inc.NRG0.2%—$97.85−2.9%—$41M

Zebra Technologies CorporationZBRA0.2%—$365.10−1.6%—$40M

Toast, Inc.TOST0.2%—$30.11+1.0%—$40M

Vale S.A.VALE0.2%—$13.56−1.9%—$40M

Transocean Ltd.RIG0.2%—$5.43−0.7%—$39M

100

S&P Global Inc.SPGI0.2%—$403.25−0.8%—$39M

3.2%

NVIDIA CorporationNVDA · $224.58−0.4%

2.1%

Alphabet Inc.GOOGL · $342.36+1.3%

2.0%

Broadcom Inc.AVGO · $350.36−1.3%

2.0%

Amazon.com, Inc.AMZN · $249.38+0.0%

1.7%

Lam Research CorporationLRCX · $307.16−0.0%

1.3%

Vanguard S&P 500 ETFVOO

1.3%

Advanced Micro Devices, Inc.AMD · $629.26+2.4%

1.2%

iShares MSCI South Korea ETFEWY

1.1%

Microsoft CorporationMSFT · $497.93−0.5%

1.0%

Newmont CorporationNEM · $121.30−1.8%

0.9%

Applied Materials, Inc.AMAT · $474.25−0.0%

0.9%

Oracle CorporationORCL · $139.53−3.5%

0.8%

iShares Core MSCI Emerging Markets ETFIEMG

0.8%

Seagate Technology Holdings plcSTX · $905.92−1.9%

0.7%

Johnson & JohnsonJNJ · $270.68+0.6%

0.7%

Vanguard FTSE Emerging Markets ETFVWO

0.6%

GE Vernova Inc.GEV · $955.04+0.3%

0.6%

Union Pacific CorporationUNP · $274.07−0.5%

0.5%

Micron Technology, Inc.MU · $1080.53+0.8%

0.5%

iShares MBS ETFMBB

0.5%

Altria Group, Inc.MO · $68.90−0.1%

0.5%

Amphenol CorporationAPH · $83.08+1.1%

0.5%

ASML Holding N.V.ASML · $1722.50−1.3%

0.5%

Barrick Mining CorporationB · $42.31−0.4%

0.5%

Celestica Inc.CLS · $373.56+3.2%

0.5%

Vistra Corp.VST · $137.94−0.0%

0.5%

Shell plcSHEL · $95.60+0.2%

0.5%

Sea LimitedSE · $100.73−2.5%

0.5%

Nucor CorporationNUE · $247.96+0.4%

0.5%

PACCAR IncPCAR · $110.67−1.3%

0.4%

Western Digital CorporationWDC · $450.31−4.9%

0.4%

CSX CorporationCSX · $46.95−0.5%

0.4%

Petróleo Brasileiro S.A. - PetrobrasPBR · $20.84−1.4%

0.4%

Apple Inc.AAPL · $335.92−0.3%

0.4%

Eli Lilly and CompanyLLY · $1183.86+2.9%

0.4%

PG&E CorporationPCG · $12.32−0.7%

0.4%

KLA CorporationKLAC · $187.11−0.4%

0.4%

Comfort Systems USA, Inc.FIX · $1643.39+1.1%

0.4%

Wells Fargo & CompanyWFC · $82.19+0.3%

0.4%

Edison InternationalEIX · $52.54−1.8%

0.4%

Marathon Petroleum CorporationMPC · $390.95+0.7%

0.4%

Steel Dynamics, Inc.STLD · $235.20+0.4%

0.4%

Eversource EnergyES · $63.80−1.7%

0.4%

TE Connectivity plcTEL · $213.60−0.4%

0.3%

Analog Devices, Inc.ADI · $382.61−0.7%

0.3%

HCA Healthcare, Inc.HCA · $423.48−3.0%

0.3%

Tapestry, Inc.TPR · $112.12+1.5%

0.3%

AppLovin CorporationAPP · $312.47−0.9%

0.3%

Valero Energy CorporationVLO · $382.86+1.9%

0.3%

Citigroup Inc.C · $132.11+0.1%

0.3%

EOG Resources, Inc.EOG · $142.86+0.7%

0.3%

Consolidated Edison, Inc.ED · $102.71+0.1%

0.3%

Baker Hughes CompanyBKR · $57.29−1.3%

0.3%

NiSource IncNI · $39.13−0.3%

0.3%

TechnipFMC plcFTI · $70.95−0.4%

0.3%

ServiceNow, Inc.NOW · $137.78−2.1%

0.3%

Slb N.V.SLB · $51.43−0.8%

0.3%

Meta Platforms, Inc.META · $777.59+4.5%

0.3%

United Therapeutics CorporationUTHR · $472.21−3.5%

0.2%

Citizens Financial Group, Inc.CFG · $64.73+0.2%

0.2%

Monster Beverage CorporationMNST · $42.67−2.8%

0.2%

Bank of America CorporationBAC · $56.03+0.1%

0.2%

Duke Energy CorporationDUK · $113.23−0.8%

0.2%

Ovintiv Inc.OVV · $60.51+1.3%

0.2%

Halliburton CompanyHAL · $32.76−0.8%

0.2%

Marvell Technology, Inc.MRVL · $258.95−0.8%

0.2%

AngloGold Ashanti plcAU · $98.49−0.3%

0.2%

Truist Financial CorporationTFC · $47.18+0.4%

0.2%

PPL CorporationPPL · $31.97−0.9%

0.2%

McKesson CorporationMCK · $869.36−1.3%

0.2%

Antero Resources CorporationAR · $36.09+1.2%

0.2%

Southwest Airlines Co.LUV · $41.55+1.2%

0.2%

MetLife, Inc.MET · $97.25+0.1%

0.2%

Nutanix, Inc.NTNX · $68.59−1.6%

0.2%

Ciena CorporationCIEN · $358.43+0.7%

0.2%

Credo Technology Group Holding LtdCRDO · $195.97+1.1%

0.2%

Insmed IncorporatedINSM · $121.55+2.7%

0.2%

Sibanye Stillwater LimitedSBSW · $10.28−2.6%

0.2%

Teradyne, Inc.TER · $387.70−0.4%

0.2%

APA CorporationAPA · $43.68−0.1%

0.2%

Talen Energy CorporationTLN · $300.01−0.1%

0.2%

Popular, Inc.BPOP · $159.59+0.5%

0.2%

CVS Health Corp.CVS · $85.05−0.9%

0.2%

Teva Pharmaceutical Industries LimitedTEVA · $40.22+3.1%

0.2%

Reddit, Inc.RDDT · $152.73+0.5%

0.2%

The Timken CompanyTKR · $117.19−0.4%

0.2%

Arista Networks, Inc.ANET · $205.70+1.1%

0.2%

First Horizon CorporationFHN · $23.18+0.7%

0.2%

Verizon Communications Inc.VZ · $47.32+1.7%

0.2%

BorgWarner Inc.BWA · $58.48−3.4%

0.2%

Zions Bancorporation, National AssociationZION · $62.82+0.3%

0.2%

Expand Energy CorporationEXE · $88.62+1.8%

0.2%

NRG Energy, Inc.NRG · $97.85−2.9%

0.2%

Zebra Technologies CorporationZBRA · $365.10−1.6%

0.2%

Toast, Inc.TOST · $30.11+1.0%

0.2%

Vale S.A.VALE · $13.56−1.9%

0.2%

Transocean Ltd.RIG · $5.43−0.7%

0.2%

S&P Global Inc.SPGI · $403.25−0.8%

SourceSEC Form 13F filings (US)Holdings as of 30 Jun 2026

The +41.1% above is the 12-month change these weights would have produced. It is not Bridgewater Associates's return.

Why people follow this portfolio

Bridgewater invests with a global macro approach. These are the stock and ETF positions from its latest filing, which represents only part of the assets it manages.

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 an important caveat: it is the visible part of a book that also holds bonds, currencies, commodities and derivatives around the world. The 13F only requires disclosure of long positions in US shares, so what appears here is a fraction of the total managed.

Where this data comes from

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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