Bridgewater Associates, the hedge fund founded by billionaire investor Ray Dalio, disclosed a roughly $24.4 billion U.S. equity portfolio in its Form 13F filing for the quarter ended June 30, 2026, according to Finbold. The filing shows a fund leaning harder into broad-market index exposure even as it trims some of its biggest individual technology bets.
The SPDR S&P 500 ETF Trust remains Bridgewater's largest position by far, with the fund adding 955,446 shares to bring its stake to 5.32 million shares worth roughly $3.97 billion. The iShares Core S&P 500 ETF is the second-largest holding at $2.25 billion after Bridgewater added 323,202 shares during the quarter. Together with the Vanguard S&P 500 ETF, broad-market ETFs now make up more than a quarter of Bridgewater's reported holdings.
Tech names get trimmed even as Nvidia stays a top holding
Individual stock positions tell a more selective story. Nvidia remains Bridgewater's third-largest holding at $773.6 million across 3.87 million shares, and Broadcom holds a $497.8 million position. But the fund cut several other major tech names during the quarter: Micron Technology was reduced by 1.36 million shares, worth about $1.6 billion, while Amazon, Taiwan Semiconductor Manufacturing and AMD were trimmed by $563.3 million, $497.9 million and $438.1 million respectively. Alphabet holdings were reduced as well. The pattern suggests Bridgewater is rotating away from concentrated bets on individual AI-adjacent names while still wanting exposure to the broader rally through index funds. Full filing details are available through the SEC's EDGAR database.
What the equity moves say about Dalio's hard-money views
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The 13F only covers Bridgewater's U.S. equity book, not Dalio's personal views on alternative assets — but those views have been consistent this year. On the July 30 episode of the Diary of a CEO podcast, Dalio said he keeps about 1% of his own portfolio in Bitcoin, describing it as a form of money that governments can't print, while maintaining that gold remains superior on transparency and lack of central-bank counterparty risk. He has separately recommended that investors hold somewhere between 5% and 15% of a portfolio in hard-money assets like gold or Bitcoin combined, citing what he's called America's worsening debt trajectory as the reason to hold non-sovereign stores of value alongside conventional equities.
That combination — a $24.4 billion equity book rotating toward diversified index exposure, paired with a small but deliberate personal allocation to Bitcoin — reflects the same broader theme playing out across institutional finance this year: large allocators increasingly treating Bitcoin and gold as portfolio insurance rather than a replacement for traditional equity exposure.
