Bridgewater Associates Q1 2026 13F Holdings and Activity Re…

I. Institutional Overview

As of the first quarter of 2026, the portfolio managed by Ray Dalio - Bridgewater Associates presents a sophisticated portrait of a systematic macro-investment powerhouse navigating a complex global market. With a total reported portfolio market value of approximately $22.40 Billion , the institution maintains its status as a titan of the hedge fund industry. The most striking feature of this quarter’s filing is the sheer breadth of its holdings, encompassing 992 distinct stocks . This high level of diversification is a hallmark of the Bridgewater investment philosophy, which seeks to achieve consistent returns through the balancing of uncorrelated risk streams, often referred to as the "All Weather" approach.

The current scale of $22.40 Billion reflects a robust capital base, though the internal composition of this capital has undergone a significant transformation this quarter. When an institution holds nearly a thousand different securities, it signals a move away from idiosyncratic "stock-picking" in the traditional sense and toward a systematic, factor-driven model. This level of diversification suggests that Bridgewater is not merely betting on individual corporate successes but is instead positioning itself to capture broad economic trends, systematic risk premia, and macro-level shifts in productivity and inflation.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

II. Sector Allocation Analysis

The top three sectors—Technology, Industrials, and Consumer Discretionary—account for a combined 60.37% of the total portfolio. This concentration level is significant for a macro fund. A weight of 38.70% in Technology alone indicates that Bridgewater views the current era not just as a period of market growth, but as a fundamental technological paradigm shift. This is a departure from a traditional "Risk Parity" approach, which would typically see a more even distribution across defensive and cyclical sectors.

The allocation of nearly 40% of the portfolio to Technology is the defining characteristic of this period. This suggests a belief that the "AI Alpha" or the productivity gains from advanced computing are the primary drivers of equity returns in 2026. However, the internal logic of this allocation is specific: it is heavily weighted toward hardware, semiconductors, and infrastructure rather than pure-play software. By focusing on the "picks and shovels" of the digital age, Bridgewater is betting on the physical reality of technological expansion.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

III. Top 10 Holdings Deep Dive

These two positions must be analyzed together as they represent Bridgewater’s core market exposure. Combined, they account for over 20% of the portfolio. Interestingly, while the institution reduced its shares in both, the reduction in ETF-IVV was much more drastic (-35.99%). This suggests a tactical rebalancing. By trimming nearly $1 billion from its core S&P 500 exposure, Bridgewater has freed up capital to fund its aggressive additions in individual technology stocks. These ETFs serve as "liquidity buckets"—when the institution sees a high-alpha opportunity in a specific stock like Amazon or NVIDIA, it draws from these broad market trackers. Despite the reduction, these remain "conviction holdings" that provide the necessary beta to ensure the portfolio does not deviate too far from the general market's upward trajectory.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

IV. Major Buys/Additions

The addition of over $500 million into Amazon is the most significant move of the quarter. This is a "growth acceleration bet." Bridgewater is likely looking past the cyclicality of consumer spending and focusing on Amazon's transformation into a high-margin services business. Between AWS and its burgeoning advertising arm, Amazon is generating the kind of free cash flow that macro-investors crave during periods of high interest rates. The timing is also crucial; as other tech giants face regulatory or hardware supply hurdles, Amazon’s integrated ecosystem provides a "valuation trough" opportunity that Bridgewater has exploited with surgical precision.

The 877.54% increase in Union Pacific is a fascinating "macro-cyclical" play. While the rest of the buys are high-tech, UNP is the quintessential "old economy" stock. This addition suggests a belief in the "reshoring" of American manufacturing. If the U.S. is to build more factories and data centers, it will need the rail infrastructure to move the raw materials. This is a "defensive clustering" move within a growth-heavy quarter, providing a hedge against a potential slowdown in digital services by betting on physical logistics.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits

The complete liquidation of Salesforce, a position held for three years, is a "Strategic Retreat." Salesforce was a 1.87% weight in the portfolio—a significant position to exit entirely. This suggests a fundamental breakdown in the investment logic for "seat-based" software models. In an AI-driven world, if companies can do more with fewer employees, the traditional SaaS model of charging per user (seat) faces a structural headwind. Bridgewater’s exit from CRM, combined with exits from Workday (WDAY) and ServiceNow (NOW) , indicates a "logical clearing" of the entire enterprise software sector. They are moving "up the stack" from the applications to the hardware that powers them.

The 48.34% reduction in Lam Research is a "High Amount + High Weight Change" operation, but it differs from the CRM exit. Unlike the software companies, Bridgewater kept a significant portion of LRCX. This is likely "Profit-Taking" after a massive run in semiconductor equipment stocks. Lam Research provides the etching and deposition tools used in chip making; while the long-term logic remains sound, the valuation may have reached a point where Bridgewater felt it was prudent to "retrieve cash flow" and diversify into the foundries (TSM) or the memory providers (MU).

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

This represents a shift from "Soft Services" to "Hard Tech." Bridgewater is betting that in the next phase of the economic cycle, the greatest value will be captured by the companies that own the foundries, the chips, and the power infrastructure (GE Vernova), rather than the companies that build the applications on top of them. For retail investors, the reference value here is the identification of the bottleneck . Bridgewater is not just buying "tech"; they are buying the specific components that the rest of the world cannot do without.

The 13F report only discloses long equity positions . It is a "one-dimensional" view of a "multi-dimensional" hedge fund. Bridgewater is famous for its use of short positions, credit default swaps, currency hedges, and commodity futures. It is highly likely that the aggressive long positions in Technology are hedged by short positions in other sectors or macro-hedges against interest rate spikes. An investor who copies the "longs" without knowing the "shorts" is taking on a risk profile that is vastly different from Bridgewater’s.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.