Billionaire investor Ray Dalio has disclosed fresh changes to his equity holdings through the latest 13F filing for the quarter ended December 31, 2025.
A review of the filing shows a modest increase in overall exposure and notable shifts among top positions at Bridgewater Associates.
The firm’s reported market value rose to $27.4 billion, up from $25.5 billion in the prior quarter, reflecting net inflows equivalent to 4.63% of total portfolio value.
During the period, Bridgewater initiated 191 new positions and added to 450 existing holdings, while fully exiting 165 stocks and trimming 395 others.
Portfolio turnover stood at 29.54%, with alternative turnover at 20.49%, signaling active rebalancing. The top 10 holdings accounted for 36.33% of total assets.
Dalio’s top picks
Meanwhile, exchange-traded funds (ETFs) remained central to the portfolio. The largest holding was the SPDR S&P 500 ETF Trust, representing 11.08% of assets, up sharply from 6.69% in the previous quarter after Bridgewater boosted its stake by more than 1.89 million shares, a 73.69% increase. The iShares Core S&P 500 ETF ranked second at 10.45% of the portfolio, followed by NVIDIA at 2.63%.
Among individual stocks, the firm significantly increased exposure to semiconductor giant Nvidia (NASDAQ: NVDA), adding over 1.35 million shares and lifting the position by 54.01%. Amazon (NASDAQ: AMZN) also saw a substantial increase, with the stake rising 73.18%.
Oracle (NYSE: ORCL) recorded one of the largest percentage increases in the portfolio, with shares surging more than 361% quarter over quarter. Micron Technology (NASDAQ: MU) and Newmont (NYSE: NEM) were also notable additions, with the Micron stake rising sharply from a negligible prior allocation.
On the selling side, Bridgewater trimmed several large holdings in technology and communications. The firm reduced its position in Alphabet (NASDAQ: GOOG) by more than one million shares, a 40.06% cut, and lowered its Microsoft (NASDAQ: MSFT) exposure by 10.31%. Holdings in Johnson & Johnson (NYSE: JNJ) and Visa (NYSE: V) were also scaled back, while Uber Technologies emerged as one of the top sellers during the quarter. Fiserv and Meta Platforms were likewise reduced.
Dalio’s warning on state of economy
It is worth noting that the high exposure to ETFs suggests Bridgewater may be taking a more defensive stance as Dalio increasingly warns of an upcoming economic downturn.
For instance, he has cautioned that the world stands “on the brink” of a capital war, in which geopolitical tensions, particularly between the U.S. and China, could weaponize money flows through sanctions, asset freezes, and capital controls.
Dalio has described this emerging “bearish force” as a major threat to global markets, which are already flashing warning signs.
Compounding the risks is U.S. national debt exceeding $38 trillion, forcing a stark choice: print money, risking inflation and currency devaluation, or confront a potential debt crisis.
Dalio has likened the setup to past bubbles and economic turning points, urging diversification, particularly allocating 10% to 15% to gold, as a hedge against dollar weakness and systemic shocks.
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