The first quarter (Q1) 13-f filing for Bridgewater Associates, the world’s largest hedge fund that boasts the famous investor Ray Dalio as a co-chief investment officer, became public in the early morning of May 15, 2025.
Dalio’s document showcases major differences among the hundreds of the hedge fund’s holdings, including a reduction in the number of positions from 691 to 664.
These are Ray Dalio’s biggest Q1 sales
During Q1, the biggest reductions in terms of the stake’s dollar value involved SPDR S&P 500 ETF Trust (SPY), Alphabet (NASDAQ: GOOGL), and the semiconductor giant Nvidia (NASDAQ: NVDA).
Dalio’s exposure to the SPY exchange-traded fund dropped by nearly $3 billion, as the stake diminished by 61% to $1.87 billion at the end of Q1 due to a mix of selling and stock market decline. The GOOGL stock position was decreased by $215 million, 31%, to its latest confirmed value of $470 million.
The situation is similar for NVDA, as, between the price drop and Ray Dalio’s selling, more than $161 million of the semiconductor stock exited the fund, thus reducing exposure by 34% to $308 million.
All three assets were severely impacted by the stock market turmoil of Q1, with the S&P 500 ETF falling 4.32%, Alphabet equity 18.37%, and Nvidia 21.64% during the three months.
These are Ray Dalio’s biggest Q1 buys
The billionaire hedge fund manager simultaneously executed several massive purchases. Notably, the biggest of these, both in terms of dollar value and percentage change, pertained to Alibaba (NYSE: BABA).
At the end of the final quarter of 2024, Bridgewater owned $21.6 million worth of BABA shares, and by the final day of Q1 2025, the stake skyrocketed 3,361% to nearly $727 million.
Dalio also bought approximately $319 million worth of SPDR Gold Trust (GLD) – an entirely new position. Gold has been among the top-performing assets in the turmoil of Q1 as many investors fled to the safety of the commodity, which, in turn, rapidly rallied above $3,000.
The third-biggest Bridgewater purchase of the quarter was also of a Chinese company. Ray Dalio raised the exposure to Baidu (NASDAQ: BIDU) by $174.5 million, 1,053%, from $16.5 million to $191 million.
Out of the three assets, BABA stock performed best in Q1, rising 55.66%. Simultaneously, Alibaba shares became the hedge fund’s fourth-largest position thanks to the 3,361% stake increase, while SPY remained at the top spot despite the billions of dollars of its stock being sold.
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