Billionaire investor Ray Dalio has released his latest 13F filing for Q3 2025, revealing a reshuffle across Bridgewater Associates’ equity holdings.
The update shows aggressive cuts to some of the fund’s largest technology positions while expanding exposure to select growth, emerging-market, and healthcare names.
The fund slashed its stake in Meta by nearly half, cut Nvidia by more than 65%, and trimmed Alphabet and Microsoft by 52% and 36%, respectively.
Uber, PayPal, Comcast, Wells Fargo, and Citigroup were also reduced, signaling a broader pullback from large-cap tech and financials.
At the same time, the firm increased positions in several high-conviction plays. Bridgewater lifted its holdings in Sea Limited by more than 83%, boosted Mastercard by 190%, expanded Workday by 131%, increased Regeneron by 164%, and added modestly to AMD with a 2% uptick.
These moves suggest a strategic shift toward select growth opportunities, software, and biotech. The filing also revealed two newly added positions, Fiserv and Reddit, highlighting Dalio’s interest in digital payments infrastructure and the growing social-media-to-advertising ecosystem.
Dalio’s overseas stake
Across global markets, Bridgewater raised its allocation to emerging-market and international funds. The firm increased its stake in South Korea’s EWY fund by 25%, added 34% to its VWO emerging-markets ETF, and lifted its S&P 500 tracker IVV by more than 75%, reflecting an opportunistic approach to macro diversification.
It’s worth noting that Dalio has spent much of this year warning that the U.S. economy is approaching a “danger zone” marked by rising debt, political conflict, and elevated recession risk.
He has cautioned that the combination of high interest costs, stretched asset valuations, and geopolitical tensions could trigger a major market repricing.
In this regard, it can be argued that these concerns are reflected in Bridgewater’s latest portfolio update. The large reductions in technology giants suggest Bridgewater is trimming positions that could be most vulnerable in the kind of economic slowdown Dalio has been warning about.
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