Ray Dalio

Bridgewater Associates’ 2026-Q1 13F shows a portfolio that still leans on its macro roots but has drifted toward index-level exposure and semiconductor concentration. The largest position is the SPDR S&P 500 ETF at 12.7% of the fund, a passive anchor that suggests Ray Dalio’s team is hedging against single-stock risk while keeping broad equity beta. The second-largest holding, the iShares Ethereum ETF at 7.8%, is a striking divergence from most macro peers, who have largely avoided crypto vehicles in their 13F filings. That allocation, roughly $1.75 billion, is not a token position; it is a structural bet on digital assets as a distinct asset class. The equity sleeve is dominated by tech and AI-related names. Amazon leads at 4.1%, followed by Nvidia at 3.7%, Alphabet at 2.6%, and Broadcom at 2.5%. Micron’s 2.2% stake and Taiwan Semiconductor’s 1.6% position reinforce a memory and foundry theme. The fund also holds GE Vernova at 1.7%, a power-generation play that aligns with the electricity demand narrative tied to data centers. Microsoft sits at 1.8%, a lower weight than many large-cap funds, which suggests Bridgewater is not chasing the mega-cap tech trade uniformly. What stands out is the absence of traditional macro hedges like gold or Treasuries in the top ten. Instead, Bridgewater has concentrated its disclosed equity book in growth and cyclical tech, with the ETF positions providing liquidity and diversification. The Ethereum ETF is the clearest signal of a differentiated view: it is a high-conviction, high-volatility asset that most institutional filers have avoided. Dalio’s latest positioning is less about predicting the next macro shock and more about riding the AI infrastructure cycle while holding a passive core.