Ray Dalio Portfolio: All Stocks & Buys/Sells
As of Q2 2026 · reported on SEC Form 13F
Portfolio at a glance
- Portfolio value ?Total market value of every reported position on the quarter's reporting date, in US dollars.
- $24.38B
- Positions ?Number of distinct securities in the filing. Names reported on several lines are merged into one position.
- 997
- Top 10 share ?Share of the reported portfolio held in the ten largest positions. The higher it is, the more concentrated the bets.
- 40.0%
- Reporting period ?The quarter the filing covers. Managers have up to 45 days after the reporting date to file.
- Q2 2026
- Portfolio vs. S&P 500 (5 yr) ?Cumulative return of the replicated portfolio and of the S&P 500 over the calculated window. The sentence below states the gap between the two in percentage points — the plain difference between the two percentages. Replicated means: the reported stock weights at each quarterly reporting date, carried forward to the next one.
- +57.8% vs. +86.7%
That puts the replication 28.9 percentage points behind the S&P 500.
How this figure is built — and what it is not
This is NOT the fund's return. It is the return of a portfolio you would hold if you rebuilt the reported US stock basket at every quarterly reporting date, using the reported weights, and held it until the next one. Prices include dividends and the quarters are chained; the S&P 500 runs on the same basis. Whatever a 13F leaves out is missing here too: cash, short positions, bonds and everything outside the US. Options are deliberately excluded — a filing carries them at the value of the underlying shares, which would distort every weight. Between two filings a manager trades, and a quarterly replication cannot see those moves.
Calculated window: Q2 2021 to Q2 2026, in 19 quarterly steps.
What these numbers show — and what they don't
The source is SEC Form 13F, the disclosure institutional investment managers must file with the U.S. Securities and Exchange Commission (SEC). It covers long positions in US-listed securities — stocks, plus exchange-traded options and convertible notes, an option being carried at the value of the underlying shares. Cash, short positions, ordinary bonds and holdings outside the US never appear. Filings are quarterly and land up to 45 days after the reporting date, so these figures are an official but delayed and partial view — not a live portfolio.
Buys and sells this quarter
Comparing the Q2 2026 filing against Q1 2026.
New positions
- ES
- 1,195,140 new
- APP
- 146,602 new
- ED
- 623,641 new
- NI
- 1,410,001 new
- NOW
- 635,381 new
- DUK
- 442,098 new
- NTNX
- 998,761 new
- APA
- 1,444,176 new
- CHK
- 447,886 new
- VMC
- 108,687 new
- DVN
- 735,174 new
- XOM
- 216,225 new
- COF
- 145,544 new
- PR
- 1,516,955 new
- SMURFIT WESTROCK PLC
- 471,953 new
and 200 more
Added to
- SPY
- 4,364,862 → 5,320,308
- IVV
- 2,679,084 → 3,002,286
- VOO
- 158,628 → 458,381
- NEM
- 2,316,641 → 2,695,170
- VWO
- 2,721,740 → 2,746,819
- MBB
- 1,360,000 → 1,386,800
- MO
- 1,705,511 → 1,727,216
- B
- 3,079,243 → 3,304,836
- VST
- 348,514 → 751,695
- SHEL
- 312,157 → 1,526,163
- LQD
- 1,021,700 → 1,050,500
- PCAR
- 777,072 → 946,107
- PBR
- 1,150,984 → 6,524,553
- LLY
- 70,812 → 87,023
- PCG
- 24,531 → 5,931,314
and 385 more
Trimmed
- NVDA
- 4,693,003 → 3,866,195
- AVGO
- 1,835,380 → 1,317,923
- AMZN
- 4,388,711 → 2,025,481
- GOOGL
- 1,997,674 → 1,322,176
- LRCX
- 1,571,229 → 938,224
- AMD
- 1,292,767 → 538,632
- EWY
- 1,766,264 → 1,384,772
- MSFT
- 1,084,979 → 711,896
- AMAT
- 559,918 → 291,426
- ORCL
- 1,592,069 → 1,432,967
- STX
- 329,117 → 199,822
- JNJ
- 696,884 → 669,135
- GEV
- 434,897 → 122,768
- UNP
- 532,850 → 514,266
- MU
- 1,475,704 → 116,666
and 362 more
Sold out
- CSCO
- was 822,892
- ASE TECHNOLOGY HLDG CO LTD
- was 1,547,859
- CRWV
- was 364,025
- PRIM
- was 136,170
- BN
- was 477,453
- AAOI
- was 223,935
- PLTR
- was 128,186
- YNDX
- was 157,064
- SLF
- was 250,635
- BMY
- was 241,689
- THOMSON REUTERS CORP
- was 159,909
- CFR
- was 92,885
- TWLO
- was 97,545
- PINS
- was 660,539
- HUT.TO
- was 245,659
and 196 more
Every position in the portfolio
Scrolls sideways. Linked tickers lead to our own stock page for that company.
| # | Ticker | Company | Value | Weight | Shares | Shares vs. prior quarter |
|---|---|---|---|---|---|---|
| 1 | SPY | STATE STR SPDR S&P 500 ETF T | $3.97B | 16.30% | 5,320,308 | +21.9% |
| 2 | IVV | ISHARES TR | $2.25B | 9.22% | 3,002,286 | +12.1% |
| 3 | NVDA | NVIDIA CORPORATION | $773.6M | 3.17% | 3,866,195 | -17.6% |
| 4 | AVGO | BROADCOM INC | $497.8M | 2.04% | 1,317,923 | -28.2% |
| 5 | AMZN | AMAZON COM INC | $482.8M | 1.98% | 2,025,481 | -53.8% |
| 6 | GOOGL | ALPHABET INC | $472.5M | 1.94% | 1,322,176 | -33.8% |
| 7 | LRCX | LAM RESEARCH CORP | $406.6M | 1.67% | 938,224 | -40.3% |
| 8 | VOO | VANGUARD INDEX FDS | $314.8M | 1.29% | 458,381 | +189.0% |
| 9 | AMD | ADVANCED MICRO DEVICES INC | $312.9M | 1.28% | 538,632 | -58.3% |
| 10 | EWY | ISHARES INC | $279.6M | 1.15% | 1,384,772 | -21.6% |
| 11 | MSFT | MICROSOFT CORP | $265.6M | 1.09% | 711,896 | -34.4% |
| 12 | NEM | NEWMONT CORP | $251.7M | 1.03% | 2,695,170 | +16.3% |
| 13 | AMAT | APPLIED MATLS INC | $210.7M | 0.86% | 291,426 | -48.0% |
| 14 | ORCL | ORACLE CORP | $210.0M | 0.86% | 1,432,967 | -10.0% |
| 15 | STX | SEAGATE TECHNOLOGY HLDNGS PL | $192.8M | 0.79% | 199,822 | -39.3% |
| 16 | JNJ | JOHNSON & JOHNSON | $169.9M | 0.70% | 669,135 | -4.0% |
| 17 | VWO | VANGUARD INTL EQUITY INDEX F | $164.0M | 0.67% | 2,746,819 | +0.9% |
| 18 | GEV | GE VERNOVA INC | $144.2M | 0.59% | 122,768 | -71.8% |
| 19 | UNP | UNION PAC CORP | $139.9M | 0.57% | 514,266 | -3.5% |
| 20 | MU | MICRON TECHNOLOGY INC | $134.7M | 0.55% | 116,666 | -92.1% |
| 21 | MBB | ISHARES TR | $131.1M | 0.54% | 1,386,800 | +2.0% |
| 22 | MO | ALTRIA GROUP INC | $124.3M | 0.51% | 1,727,216 | +1.3% |
| 23 | APH | AMPHENOL CORP | $123.0M | 0.51% | 697,612 | -19.2% |
| 24 | ASML | ASML HLDG NV | $122.7M | 0.50% | 61,675 | -33.1% |
| 25 | B | BARRICK MNG CORP | $121.4M | 0.50% | 3,304,836 | +7.3% |
| 26 | CLS | CELESTICA INC | $120.6M | 0.50% | 330,689 | -37.1% |
| 27 | VST | VISTRA CORP | $119.2M | 0.49% | 751,695 | +115.7% |
| 28 | SHEL | SHELL PLC | $118.3M | 0.49% | 1,526,163 | +388.9% |
| 29 | SE | SEA LTD | $115.4M | 0.47% | 1,204,563 | -10.0% |
| 30 | LQD | ISHARES TR | $114.6M | 0.47% | 1,050,500 | +2.8% |
| 31 | NUE | NUCOR CORP | $114.4M | 0.47% | 513,423 | -17.0% |
| 32 | PCAR | PACCAR INC | $113.6M | 0.47% | 946,107 | +21.8% |
| 33 | WDC | WESTERN DIGITAL CORP | $110.1M | 0.45% | 172,415 | -30.8% |
| 34 | IEMG | ISHARES INC | $110.0M | 0.45% | 1,328,276 | -1.1% |
| 35 | CSX | CSX CORP | $106.0M | 0.44% | 2,229,965 | -6.1% |
| 36 | PBR | PETROLEO BRASILEIRO S A | $105.4M | 0.43% | 6,524,553 | +466.9% |
| 37 | AAPL | APPLE INC | $105.4M | 0.43% | 364,377 | -35.3% |
| 38 | LLY | ELI LILLY & CO | $104.4M | 0.43% | 87,023 | +22.9% |
| 39 | PCG | PG&E CORP | $99.8M | 0.41% | 5,931,314 | +24,078.9% |
| 40 | KLAC | KLA CORP | $99.0M | 0.41% | 328,070 | +201.9% |
| 41 | FIX | COMFORT SYS USA INC | $96.1M | 0.39% | 48,506 | -43.9% |
| 42 | NXPI | NXP SEMICONDUCTORS N V | $94.8M | 0.39% | 337,405 | +28.4% |
| 43 | WFC | WELLS FARGO & CO | $94.7M | 0.39% | 1,145,854 | +21.6% |
| 44 | EIX | EDISON INTL | $91.9M | 0.38% | 1,234,614 | +777.1% |
| 45 | EMXC | ISHARES INC | $90.1M | 0.37% | 880,516 | -17.9% |
| 46 | MPC | MARATHON PETE CORP | $89.3M | 0.37% | 349,224 | +351.9% |
| 47 | STLD | STEEL DYNAMICS INC | $86.8M | 0.36% | 378,490 | -13.6% |
| 48 | ES | EVERSOURCE ENERGY | $86.4M | 0.35% | 1,195,140 | new |
| 49 | TEL | TE CONNECTIVITY PLC | $86.0M | 0.35% | 426,718 | +26.9% |
| 50 | ADI | ANALOG DEVICES INC | $80.7M | 0.33% | 203,208 | +269.0% |
| 51 | HCA | HCA HEALTHCARE INC | $79.2M | 0.33% | 203,204 | +16.9% |
| 52 | TPR | TAPESTRY INC | $79.0M | 0.32% | 539,444 | +68.4% |
| 53 | APP | APPLOVIN CORP | $75.5M | 0.31% | 146,602 | new |
| 54 | VLO | VALERO ENERGY CORP | $74.2M | 0.31% | 285,001 | +112.7% |
| 55 | C | CITIGROUP INC | $73.2M | 0.30% | 522,666 | -34.1% |
| 56 | EOG | EOG RES INC | $70.0M | 0.29% | 539,429 | +4,190.7% |
| 57 | ED | CONSOLIDATED EDISON INC | $69.0M | 0.28% | 623,641 | new |
| 58 | BKR | BAKER HUGHES COMPANY | $67.7M | 0.28% | 1,220,482 | -11.7% |
| 59 | NI | NISOURCE INC | $67.0M | 0.28% | 1,410,001 | new |
| 60 | FTI | TECHNIPFMC PLC | $65.6M | 0.27% | 989,841 | +294.7% |
| 61 | NOW | SERVICENOW INC | $63.1M | 0.26% | 635,381 | new |
| 62 | SLB | SLB LIMITED | $62.2M | 0.26% | 1,338,849 | +79.8% |
| 63 | META | META PLATFORMS INC | $62.0M | 0.25% | 110,083 | -62.3% |
| 64 | UTHR | UNITED THERAPEUTICS CORP DEL | $60.3M | 0.25% | 111,326 | +0.1% |
| 65 | CFG | CITIZENS FINL GROUP INC | $59.4M | 0.24% | 847,858 | +18.8% |
| 66 | MNST | MONSTER BEVERAGE CORP NEW | $58.2M | 0.24% | 605,394 | -21.5% |
| 67 | BAC | BANK OF AMER CORP | $58.2M | 0.24% | 1,020,674 | -2.1% |
| 68 | DUK | DUKE ENERGY CORP NEW | $56.0M | 0.23% | 442,098 | new |
| 69 | OVV | OVINTIV INC | $54.8M | 0.23% | 1,041,316 | +181.5% |
| 70 | HAL | HALLIBURTON CO | $54.0M | 0.22% | 1,590,285 | +5,441.4% |
| 71 | MRVL | MARVELL TECHNOLOGY INC | $54.0M | 0.22% | 181,176 | -90.7% |
| 72 | – | ANGLOGOLD ASHANTI PLC | $53.8M | 0.22% | 665,558 | +11.4% |
| 73 | TFC | TRUIST FINL CORP | $53.7M | 0.22% | 1,078,721 | +47.4% |
| 74 | PPL | PPL CORP | $53.4M | 0.22% | 1,468,865 | +245.1% |
| 75 | MCK | MCKESSON CORP | $53.2M | 0.22% | 70,358 | +4.4% |
| 76 | AR | ANTERO RESOURCES CORP | $53.0M | 0.22% | 1,507,657 | +793.4% |
| 77 | LUV | SOUTHWEST AIRLS CO | $52.6M | 0.22% | 1,022,946 | +46.1% |
| 78 | MET | METLIFE INC | $52.6M | 0.22% | 621,519 | -0.8% |
| 79 | NTNX | NUTANIX INC | $50.9M | 0.21% | 998,761 | new |
| 80 | CIEN | CIENA CORP | $49.6M | 0.20% | 101,038 | -29.8% |
| 81 | CRDO | CREDO TECHNOLOGY GROUP HOLDI | $48.7M | 0.20% | 178,996 | -82.6% |
| 82 | INSM | INSMED INC | $48.6M | 0.20% | 455,392 | +54.1% |
| 83 | SBSW | SIBANYE STILLWATER LTD | $48.3M | 0.20% | 5,691,634 | +28.6% |
| 84 | TER | TERADYNE INC | $47.7M | 0.20% | 98,627 | -70.9% |
| 85 | APA | APA CORPORATION | $47.0M | 0.19% | 1,444,176 | new |
| 86 | TLNE | TALEN ENERGY CORP | $46.7M | 0.19% | 121,506 | -54.3% |
| 87 | BPOP | POPULAR INC | $45.7M | 0.19% | 278,207 | -12.3% |
| 88 | CVS | CVS HEALTH CORP | $45.6M | 0.19% | 440,972 | -28.7% |
| 89 | TEVA | TEVA PHARMACEUTICAL INDS LTD | $44.9M | 0.18% | 1,326,678 | +17.6% |
| 90 | RDDT | REDDIT INC | $44.7M | 0.18% | 257,428 | +274.1% |
| 91 | TKR | TIMKEN CO | $44.0M | 0.18% | 302,724 | +57.7% |
| 92 | ANET | ARISTA NETWORKS INC | $43.2M | 0.18% | 254,275 | -80.9% |
| 93 | FHN | FIRST HORIZON CORPORATION | $41.9M | 0.17% | 1,633,439 | +0.1% |
| 94 | VZ | VERIZON COMMUNICATIONS INC | $41.5M | 0.17% | 980,458 | +125.5% |
| 95 | BWA | BORGWARNER INC | $41.4M | 0.17% | 623,455 | -4.0% |
| 96 | NVT | NVENT ELEC PLC | $41.2M | 0.17% | 242,970 | -7.0% |
| 97 | ZION | ZIONS BANCORPORATION NATL AS | $40.9M | 0.17% | 591,357 | -18.4% |
| 98 | CHK | EXPAND ENERGY CORPORATION | $40.8M | 0.17% | 447,886 | new |
| 99 | NRG | NRG ENERGY INC | $40.6M | 0.17% | 277,935 | -52.8% |
| 100 | ZBRA | ZEBRA TECHNOLOGIES CORPORATI | $39.8M | 0.16% | 151,328 | +947.8% |
| 897 more positions (together 28.0% of the portfolio) | ||||||
The “Shares vs. prior quarter” column shows how the number of shares held changed compared with the previous quarterly filing — not the stock’s price performance.
About Ray Dalio
Ray Dalio founded Bridgewater Associates in 1975, running the firm out of his New York apartment before building it into the world's largest hedge fund by assets under management. He's as well known for his book "Principles" and his "All Weather" philosophy as for the fund itself: a portfolio engineered to hold up across every economic season, spread deliberately across asset classes, geographies, and risk factors rather than betting on any single direction. His thinking centers on recurring economic patterns – debt cycles, shifts in the global order – which Bridgewater translates into systematic, rules-based investment processes.
This page tracks the US stock holdings Bridgewater Associates is required to disclose to the SEC on Form 13F: position size, weight within the reported equity book, and quarter-over-quarter buys and sells, updated automatically as new filings arrive.
A few limits matter here. A 13F only captures a manager's long positions in US-listed stocks – it excludes bonds, commodities, currencies, derivatives, and short positions, all of which play a real role in Bridgewater's genuinely global, multi-asset strategy. Filings are quarterly and can lag up to 45 days after quarter-end, so what you see here is never live. A 13F also says nothing about returns or performance. Treat this table as a window into portfolio composition, not investment advice.
Frequently Asked Questions
Bridgewater's reported US equity book has historically leaned diversified, often mixing large, liquid names across sectors with broad index funds and ETFs that let the firm dial market exposure up or down efficiently – consistent with the diversified spirit behind All Weather. Which names lead the list shifts from quarter to quarter. The table on this page always shows the most recent snapshot from Bridgewater's SEC Form 13F.
The latest buys, sells, and position changes are shown in the table above, compared quarter over quarter, and refresh automatically whenever Bridgewater files a new Form 13F. A reported buy or sell doesn't reveal the exact timing or price within that quarter.
All Weather, the approach Dalio built at Bridgewater, spreads capital across asset classes and risk factors so the portfolio stays balanced through any economic season – growth, recession, inflation, deflation – instead of leaning on a forecast. The US stocks disclosed in the 13F are only one piece of that picture; bonds, commodities, and other instruments a 13F doesn't capture play a role too.
Form 13F is a quarterly disclosure that institutional investment managers above a certain asset threshold must file with the US Securities and Exchange Commission (SEC). It lists long positions in US-listed securities, but not currencies, commodities, ordinary bonds, or short positions – and firms have up to 45 days after quarter-end to file it.
No. Bridgewater runs a globally diversified, multi-asset portfolio. SEC Form 13F, however, is legally limited to US-listed long stock positions, so what's shown on this page is just the publicly disclosed slice of Bridgewater's full strategy, not a complete picture of it.
Source
SEC Form 13F — the mandatory quarterly disclosure institutional investment managers file with the U.S. Securities and Exchange Commission (SEC). One filing per quarter, submitted up to 45 days after the reporting date; values are market values on that date, in US dollars.
These pages show reported holdings. They are not investment advice and not a recommendation to buy.