Bridgewater Associates 13F Portfolio · Ray Dalio

The biggest buys tell a blunt story: Bridgewater wants scalable, liquid exposures it can size meaningfully and hedge around.

On the equity side, they drove SPY up by $713.5M, IVV by $242.0M, and VOO by $205.9M. That is not tinkering — it’s a deliberate overweight to the S&P 500 as the core risk engine, rather than a mosaic of idiosyncratic tech bets.

Their other large adds are all about resilient, real‑asset cash flows:

• PCG (PG&E) was ramped by +24078.9% to $99.8M, a huge swing into a regulated California utility at a modest gain vs cost.
• EIX and ES join PCG to form a new utilities spine, with EIX up +777.1% and ES initiated at $86.4M.
• SHEL, PBR, and MPC were boosted by $94.1M, $86.8M, and $69.5M respectively, building a diversified energy production and refining sleeve.
• In precious metals, NEM and Barrick saw measured increases, reinforcing the inflation‑hedge overlay.

There’s also a quiet vote of confidence in cyclically exposed, asset‑heavy names like PCAR and NXPI, both increased at double‑digit rates. Rising conviction is coalescing around durable cash flows tied to power, fuel, and industrial demand, wrapped in a large, liquid equity‑index core.

If the buys say “beta and defensives,” the sells scream “take the victory lap on AI and megacap growth.”

Bridgewater slashed Micron by -92.1%, cutting about $1.57B of exposure at a massive gain vs cost. AMD was pared by -58.3%, and Lam Research by -40.3%; both show triple‑digit gains against their average buys, classic profit‑harvesting behavior.

The trimming is broad across the AI and cloud complex:

• AVGO, NVDA, and AMAT were all reduced meaningfully, shrinking the single‑name semiconductor bet even as the AI narrative stays intact.
• KLAC and ASML saw steep cuts, further hollowing out the semiconductor equipment cluster.
• GOOGL, MSFT, and AAPL were all taken down, with Amazon cut by -53.8%, pulling risk from megacap platform names that have already rerated.

There is also a clean‑up of high‑beta peripherals: Seagate, Western Digital, Celestica, and comfort‑trade winners like Comfort Systems (FIX) were heavily reduced. The common thread: recycle outsized, realized gains from AI hardware, cloud, and e‑commerce winners into cheaper, more policy‑sensitive exposures.

The sector view makes the rotation impossible to miss. Technology’s share of the book dropped from 45.7% to 29.8%, even though tech still spans many of the largest remaining single names.

What rose to fill that void isn’t another stockpicker sector, but structural exposures: “unclassified” ETFs — mostly SPY, IVV, VOO, and international trackers — jumped from 38.4% to 51.1% of the portfolio. That is Bridgewater swapping stock‑specific tech risk for index‑level equity risk.

The most dramatic sector builds are classic defensive and inflation‑sensitive sleeves:

• Utilities jumped from 0.37% to 2.68% on PCG, VST, EIX, and the new ES position.
• Energy climbed from 0.35% to 2.11% via SHEL, PBR, and MPC.
• Basic materials, driven by Newmont and Barrick, moved from 1.84% to 2.52%.

Health care edged up as they added to Eli Lilly and maintained J&J, while Consumer Discretionary shrank as Amazon and Sea were cut. The portfolio is migrating from a tech‑centric growth profile toward a barbell of broad equity beta and regulated, commodity‑linked cash flows.

Put together, this 13F says Bridgewater wants its equity book to behave like a macro instrument, not a contest in AI stock selection.

On one end of the barbell, they have a supersized S&P 500 core plus emerging‑markets ETFs — easy to trade, hedge, and express factor views through futures, options, and cross‑asset overlays. On the other, they are building ballast in utilities, energy, gold miners, and modest slices of IG credit ETFs like MBB and LQD.

The decision to aggressively shrink semiconductors, cloud platforms, and e‑commerce while still owning them through the index is telling. They’re saying the secular story is intact, but future excess returns are more likely to come from correctly pricing growth, inflation, and policy across asset classes than from picking the next AI winner.

For observers, the signal is clear: Bridgewater is positioning for a world where macro volatility, energy and power scarcity, and policy shifts matter more to returns than idiosyncratic tech breakthroughs. Expect future moves to fine‑tune this barbell — not to re‑embrace the high‑octane single‑name AI risk they just monetized.