Bridgewater Associates, a hedge fund founded by Ray Dalio, disclosed its second-quarter 13F filing on Wednesday, August 13, followed by some rather dramatic portfolio updates.
Most notably, the fund increased its Nvidia (NASDAQ: NVDA) holdings by no less than 154.37% in the second quarter, making the semiconductor company its third-largest asset.
An Arm Holdings (NASDAQ: ARM) position was also added, the firm now holding over $76.6 million worth of the stock.
Also noteworthy were the close of the Alibaba (NYSE: BABA) position and a 111.88% increase in Microsoft (NASDAQ: MSFT) stakes.
BREAKING: Ray Dalio's Bridgewater Associates just filed a portfolio update.
— Quiver Quantitative (@QuiverQuant) August 13, 2025
They opened a massive new position in $ARM.
They sold their position in Alibaba, $BABA.
Full portfolio below.
Bridgewater Associates holds $25 billion in assets
Based on the most recent filings, Bridgewater Associates added 85 new assets to its portfolio, boosted stakes in 206 and cut exposure to 287 of its holdings, and fully exited 164 positions.
Ten of its largest holdings now make up roughly 36% of total assets under management, with the SPDR S&P 500 ETF (SPY) still occupying spot number one with 2.61 million shares worth about $1.61 billion, even after a 21.9% cut. In second place is the iShares S&P 500 ETF (IVV), which saw a 6.19% increase in share count to 2.31 million shares, valued at $1.43 billion.
While bolstering its positions in Nvidia and Microsoft, the fund trimmed its stake in Amazon (NASDAQ: AMZN), Apple (NASDAQ: AAPL), and Tesla (NASDAQ: TSLA). More striking, however, is the fact that it dumped all Chinese stocks, 16 in total, worth approximately $1.41 billion.
The exit is particularly surprising as Dalio had cut exposure to U.S. equity while ramping up investments in Chinese companies in previous quarters. In the first quarter, for instance, he upped his stake in Alibaba by more than 3,360%. The change in sentiment is likely the result of fresh tariff tensions between the U.S. and China.
All in all, Bridgewater Associates now holds $24.8 billion in assets overall, a 15% jump from the previous quarter.
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