Great investors · Ray Dalio · Q1 2025
What Ray Dalio bought and sold in Q1 2025
Bridgewater Associates 13F portfolio as of Mar 31, 2025: 664 positions worth $21.6 bn. Largest: SPY, IVV, IEMG, BABA. Filed with the SEC on May 14, 2025.
The 13F is filed by Bridgewater Associates, not by Ray Dalio personally: these are the whole firm's positions. A “position” is a distinct security in the filing (by CUSIP); share classes of the same company are shown added together.
Buys in Q1 2025
- IncreasedAlibaba Group HoldingBABA+3.3 pp
- NewSPDR Gold Shares ETFGLD+1.5 pp
- IncreasedBaiduBIDU+0.8 pp
- IncreasedBooking HoldingsBKNG+0.7 pp
- IncreasedSalesforceCRM+0.7 pp
- IncreasedPalo Alto NetworksPANW+0.7 pp
- IncreasedServiceNowNOW+0.7 pp
- IncreasedAdobeADBE+0.6 pp
- IncreasedDoorDashDASH+0.6 pp
- IncreasedGE VernovaGEV+0.5 pp
- NewJD.comJD+0.5 pp
- IncreasedFiservFISV+0.5 pp
Sells in Q1 2025
- ReducedState Str Spdr S&P 500 ETF TSPY−12.5 pp
- ReducedAppLovinAPP−0.6 pp
- ReducedMcKESSONMCK−0.5 pp
- ReducedMeta PlatformsMETA−0.5 pp
16 companies with material moves, out of 16 positions with a change. Only moves of 0.5 points of the portfolio or more are listed, measured as “traded weight” (what was bought or sold, excluding price effects). Smaller changes exist and are not listed: a position may have gone up or down without appearing above.
The full 13F, line by line
Bridgewater Associates's Q1 2025 13F lists 664 lines of US-listed securities worth $21.6 bn; the largest is SPY at 8.67% of the portfolio. It was accepted by the SEC on May 14, 2025 at 12:47 PM ET.
Against the previous quarter, it opened 123 positions (GLD, JD, UAL and CB and 119 more), closed 149 (ON, MRNA, LYFT and CHWY and 145 more), added to 224 (PANW, BABA, CVX and BIDU and 220 more) and trimmed 114 (SPY, META, GOOGL and NVDA and 110 more). 6 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | State Str Spdr S&P 500 ETF T SPY | 3.3 M | $1.9 bn | 8.67% | −59% |
| 2 | iShares Core S&P 500 ETF IVV | 2.2 M | $1.2 bn | 5.67% | +6.7% |
| 3 | Ishares IEMG | 19.0 M | $1.0 bn | 4.75% | +7.4% |
| 4 | Alibaba Group Holding BABA | 5.7 M | $748M | 3.47% | ×22 |
| 5 | Alphabet GOOGL | 3.0 M | $470M | 2.18% | −16% |
| 6 | SPDR Gold Shares ETF GLD | 1.1 M | $319M | 1.48% | new |
| 7 | Booking Holdings BKNG | 67,067 | $309M | 1.43% | +112% |
| 8 | NVIDIA NVDA | 2.8 M | $308M | 1.43% | −19% |
| 9 | Microsoft MSFT | 809,435 | $304M | 1.41% | +21% |
| 10 | Salesforce CRM | 1.0 M | $280M | 1.30% | +107% |
| 11 | Fiserv FISV | 1.2 M | $257M | 1.19% | +79% |
| 12 | Amazon.com AMZN | 1.3 M | $252M | 1.17% | +44% |
| 13 | Meta Platforms META | 425,614 | $245M | 1.14% | −31% |
| 14 | Wells Fargo WFC | 3.4 M | $245M | 1.14% | +77% |
| 15 | Visa V | 696,101 | $244M | 1.13% | +14% |
| 16 | PayPal Holdings PYPL | 3.6 M | $235M | 1.09% | +52% |
| 17 | Adobe ADBE | 583,311 | $224M | 1.04% | +147% |
| 18 | Advanced Micro Devices AMD | 2.2 M | $222M | 1.03% | +20% |
| 19 | Apple AAPL | 940,419 | $209M | 0.97% | +52% |
| 20 | PDD Holdings PDD | 1.7 M | $206M | 0.96% | +40% |
| 21 | Altria Group MO | 3.3 M | $199M | 0.92% | +24% |
| 22 | Baidu BIDU | 2.1 M | $191M | 0.89% | ×11 |
| 23 | Vistra Operations VST | 1.6 M | $191M | 0.89% | −8.3% |
| 24 | Fortinet FTNT | 2.0 M | $190M | 0.88% | +112% |
| 25 | Constellation Energy CEG | 941,659 | $190M | 0.88% | no change |
| 26 | GE Vernova GEV | 620,763 | $190M | 0.88% | +157% |
| 27 | Comcast CMCSA | 5.1 M | $188M | 0.87% | +70% |
| 28 | ServiceNow NOW | 234,932 | $187M | 0.87% | +317% |
| 29 | Cigna Group CI | 541,182 | $178M | 0.83% | −6.6% |
| 30 | Qualcomm QCOM | 1.1 M | $167M | 0.78% | +21% |
| 31 | Broadcom AVGO | 936,752 | $157M | 0.73% | +43% |
| 32 | Expedia Group EXPE | 897,803 | $151M | 0.70% | +5.1% |
| 33 | HCA Healthcare HCA | 428,726 | $148M | 0.69% | −8.9% |
| 34 | Palo Alto Networks PANW | 848,233 | $145M | 0.67% | ×272 |
| 35 | MetLife MET | 1.8 M | $144M | 0.67% | +49% |
| 36 | Citigroup C | 2.0 M | $143M | 0.66% | +28% |
| 37 | Bristol-myers Squibb BMY | 2.3 M | $143M | 0.66% | +14% |
| 38 | Lam Research LRCX | 2.0 M | $143M | 0.66% | −23% |
| 39 | DoorDash DASH | 746,750 | $136M | 0.63% | +861% |
| 40 | iShares MBS ETF MBB | 1.4 M | $136M | 0.63% | no change |
| 41 | British American Tobacco p.l.c. BTI | 3.2 M | $134M | 0.62% | +21% |
| 42 | Global Payments GPN | 1.2 M | $119M | 0.55% | +36% |
| 43 | JD.com JD | 2.8 M | $115M | 0.53% | new |
| 44 | Pinterest PINS | 3.6 M | $112M | 0.52% | +2.4% |
| 45 | Ishares Tr LQD | 1.0 M | $111M | 0.52% | +3% |
| 46 | Mastercard MA | 201,078 | $110M | 0.51% | +319% |
| 47 | Block XYZ | 2.0 M | $108M | 0.50% | +62% |
| 48 | Pultegroup PHM | 1.1 M | $108M | 0.50% | +34% |
| 49 | United Airlines Holdings UAL | 1.5 M | $106M | 0.49% | new |
| 50 | McKESSON MCK | 156,212 | $105M | 0.49% | −53% |
| 51 | Manulife Financial MFC | 3.2 M | $99.6M | 0.46% | +64% |
| 52 | Vanguard International Equity Index F VWO | 2.2 M | $98.4M | 0.46% | −2.1% |
| 53 | Allstate ALL | 446,961 | $92.6M | 0.43% | +17% |
| 54 | eBay EBAY | 1.3 M | $90.2M | 0.42% | −25% |
| 55 | Bank of New York Mellon BNY | 1.0 M | $87.8M | 0.41% | +5.7% |
| 56 | Chubb CB | 272,434 | $82.3M | 0.38% | new |
| 57 | Ishares EWY | 1.5 M | $81.3M | 0.38% | −52% |
| 58 | EMCOR Group EME | 219,663 | $81.2M | 0.38% | +240% |
| 59 | Oracle ORCL | 579,931 | $81.1M | 0.38% | +555% |
| 60 | Chevron CVX | 483,055 | $80.8M | 0.37% | ×70 |
| 61 | Charter Communications CHTR | 214,545 | $79.1M | 0.37% | +259% |
| 62 | At&t T | 2.8 M | $78.6M | 0.36% | −57% |
| 63 | CoStar Group CSGP | 985,993 | $78.1M | 0.36% | +12% |
| 64 | Shell SHEL | 1.1 M | $77.0M | 0.36% | +26% |
| 65 | Hartford Insurance Group HIG | 614,430 | $76.0M | 0.35% | +77% |
| 66 | Centene CNC | 1.2 M | $73.5M | 0.34% | no change |
| 67 | S&P Global SPGI | 144,481 | $73.4M | 0.34% | +52% |
| 68 | LPL Financial Holdings LPLA | 222,873 | $72.9M | 0.34% | +243% |
| 69 | Newmont NEM | 1.5 M | $70.8M | 0.33% | +4.2% |
| 70 | Prudential Financial PRU | 630,106 | $70.4M | 0.33% | +62% |
| 71 | Delta Air Lines DAL | 1.6 M | $69.9M | 0.32% | new |
| 72 | State Street STT | 755,692 | $67.7M | 0.31% | +26% |
| 73 | Sea SE | 505,714 | $66.0M | 0.31% | −15% |
| 74 | Vertiv Holdings VRT | 910,356 | $65.7M | 0.30% | +347% |
| 75 | Arista Networks ANET | 843,502 | $65.4M | 0.30% | +25% |
| 76 | Universal Health Services UHS | 332,658 | $62.5M | 0.29% | +3.3% |
| 77 | NRG Energy NRG | 654,193 | $62.4M | 0.29% | −45% |
| 78 | Tapestry TPR | 860,501 | $60.6M | 0.28% | no change |
| 79 | United Therapeutics UTHR | 193,784 | $59.7M | 0.28% | +80% |
| 80 | Steel Dynamics STLD | 474,024 | $59.3M | 0.28% | +101% |
| 81 | Coterra Energy CTRA | 2.0 M | $57.1M | 0.26% | −2% |
| 82 | Gilead Sciences GILD | 502,953 | $56.4M | 0.26% | +9.1% |
| 83 | Trip.com Group TCOM | 881,804 | $56.1M | 0.26% | +51% |
| 84 | Agnico Eagle Mines AEM | 489,998 | $53.1M | 0.25% | +18% |
| 85 | Goldman Sachs Group GS | 95,072 | $51.9M | 0.24% | new |
| 86 | FOX FOXA | 903,288 | $51.1M | 0.24% | +110% |
| 87 | Astrazeneca AZN | 691,100 | $50.8M | 0.24% | +2.6% |
| 88 | Workday WDAY | 215,467 | $50.3M | 0.23% | +120% |
| 89 | Celestica CLS | 636,123 | $50.1M | 0.23% | +62% |
| 90 | Travelers Companies TRV | 187,484 | $49.6M | 0.23% | +103% |
| 91 | Johnson & Johnson JNJ | 297,288 | $49.3M | 0.23% | −45% |
| 92 | Ameriprise Financial AMP | 101,188 | $49.0M | 0.23% | +81% |
| 93 | Merck MRK | 534,866 | $48.0M | 0.22% | −63% |
| 94 | Zillow Group Z | 692,617 | $47.5M | 0.22% | −4.4% |
| 95 | Cameco CCJ | 1.1 M | $47.2M | 0.22% | +22% |
| 96 | GSK GSK | 1.2 M | $46.6M | 0.22% | −46% |
| 97 | Corpay CPAY | 131,847 | $46.0M | 0.21% | −6% |
| 98 | Willis Towers Watson WTW | 135,994 | $46.0M | 0.21% | −29% |
| 99 | GE Aerospace GE | 218,838 | $43.8M | 0.20% | −1.8% |
| 100 | Deckers Outdoor DECK | 390,252 | $43.6M | 0.20% | +191% |
The 100 largest lines are shown. The other 564 add up to 21.6% of the portfolio; full 13F of Bridgewater Associates →
Positions it closed (149)
- ON Semiconductor ONwas 0.20% · 676,720 shares
- Moderna MRNAwas 0.12% · 605,782 shares
- Lyft LYFTwas 0.11% · 1.8 M shares
- Chewy CHWYwas 0.10% · 650,708 shares
- Bentley Systems BSYwas 0.10% · 460,289 shares
- Sentinelone Swas 0.09% · 875,337 shares
- Planet Fitness PLNTwas 0.08% · 174,936 shares
- Kirby KEXwas 0.07% · 148,700 shares
- lululemon athletica LULUwas 0.07% · 38,643 shares
- MGM Resorts International MGMwas 0.07% · 419,332 shares
- Ross Stores ROSTwas 0.06% · 92,046 shares
- GAP GAPwas 0.06% · 585,349 shares
- Eaton ETNwas 0.06% · 41,136 shares
- Amkor Technology AMKRwas 0.06% · 526,238 shares
- CNX Resources CNXwas 0.06% · 366,232 shares
- Darling Ingredients DARwas 0.06% · 372,416 shares
- Hess Midstream HESwas 0.05% · 89,517 shares
- Unity Software Uwas 0.05% · 487,696 shares
- Biogen BIIBwas 0.05% · 70,033 shares
- Tractor Supply TSCOwas 0.04% · 170,075 shares
- Quanta Services PWRwas 0.04% · 27,797 shares
- Simpson Manufacturing SSDwas 0.04% · 49,776 shares
- Rivian Automotive RIVNwas 0.03% · 570,260 shares
- Teradata TDCwas 0.03% · 242,973 shares
- Tencent Music Entertainment Group TMEwas 0.03% · 661,441 shares
- Cirrus Logic CRUSwas 0.03% · 69,765 shares
- O Reilly Automotive ORLYwas 0.03% · 5,372 shares
- Atkore ATKRwas 0.03% · 72,760 shares
- Exlservice Holdings EXLSwas 0.03% · 130,184 shares
- Clean Harbors CLHwas 0.03% · 25,012 shares
- Enviri NVRIwas 0.02% · 612,997 shares
- Sable Offshore SOCwas 0.02% · 204,946 shares
- CrowdStrike Holdings CRWDwas 0.02% · 13,445 shares
- American Eagle Outfitters AEOwas 0.02% · 272,833 shares
- Transalta TACwas 0.02% · 307,847 shares
- Garmin GRMNwas 0.02% · 20,758 shares
- Dentsply Sirona XRAYwas 0.02% · 225,523 shares
- Mirion Technologies MIRwas 0.02% · 243,755 shares
- Lyondellbasell Industries LYBwas 0.02% · 49,501 shares
- BOX BOXwas 0.02% · 114,686 shares
- Best Buy BBYwas 0.02% · 41,742 shares
- TKO Group Holdings TKOwas 0.02% · 24,973 shares
- Akamai Technologies AKAMwas 0.02% · 36,577 shares
- DUN & Bradstreet Hldgs DNBwas 0.01% · 223,337 shares
- Strategic Education STRAwas 0.01% · 29,708 shares
- Confluent CFLTwas 0.01% · 93,040 shares
- Qualys QLYSwas 0.01% · 18,485 shares
- Aptiv APTVwas 0.01% · 40,791 shares
- Seagate Technology Holdings STXwas 0.01% · 28,582 shares
- TFI International TFIIwas 0.01% · 16,712 shares
- Columbia Sportswear COLMwas 0.01% · 26,496 shares
- Carter’s CRIwas 0.01% · 40,377 shares
- Apollo Global Management APOwas 0.01% · 13,029 shares
- Marriott Vacations Worldwide VACwas 0.01% · 23,717 shares
- Kinsale Capital Group KNSLwas 0.01% · 3,960 shares
- TJX COS TJXwas 0.01% · 15,236 shares
- CF Industries Holdings CFwas 0.01% · 21,194 shares
- Brink’s BCOwas 0.01% · 17,507 shares
- Alnylam Pharmaceuticals ALNYwas 0.01% · 6,452 shares
- Herc Holdings HRIwas 0.01% · 7,556 shares
- DICK'S Sporting Goods DKSwas 0.01% · 6,251 shares
- Dolby Laboratories DLBwas 0.01% · 18,068 shares
- Cinemark Holdings CNKwas 0.01% · 43,276 shares
- Royalty Pharma RPRXwas 0.01% · 49,416 shares
- Houlihan Lokey HLIwas 0.01% · 6,237 shares
- GMS was 0.00% · 12,276 shares
- Stellantis STLAwas 0.00% · 76,523 shares
- Visteon VCwas 0.00% · 11,106 shares
- Axcelis Technologies ACLSwas 0.00% · 13,678 shares
- Palantir Technologies PLTRwas 0.00% · 12,563 shares
- CCC Intelligent Solutions Holdings CCCwas 0.00% · 79,167 shares
- First Horizon FHNwas 0.00% · 44,841 shares
- Royal Gold RGLDwas 0.00% · 6,410 shares
- Noble NEwas 0.00% · 26,355 shares
- Hamilton Lane HLNEwas 0.00% · 5,285 shares
- Carlyle Group CGwas 0.00% · 14,308 shares
- Halliburton HALwas 0.00% · 25,799 shares
- Ishares EWZwas 0.00% · 30,655 shares
- Ferguson Enterprises FERGwas 0.00% · 3,956 shares
- Berkshire Hathaway BRK/Bwas 0.00% · 1,505 shares
- Newell Brands NWLwas 0.00% · 66,405 shares
- Avery Dennison AVYwas 0.00% · 3,425 shares
- Boston Beer SAMwas 0.00% · 2,013 shares
- Firstcash Holdings FCFSwas 0.00% · 5,750 shares
- T. Rowe Price TROWwas 0.00% · 4,834 shares
- Lucid Group LCIDwas 0.00% · 176,197 shares
- CSW Industrials CSWwas 0.00% · 1,499 shares
- Linde LINwas 0.00% · 1,166 shares
- Integer Holdings ITGRwas 0.00% · 3,529 shares
- Interparfums IPARwas 0.00% · 3,487 shares
- Central Garden & Pet CENTAwas 0.00% · 13,614 shares
- J&j Snack Foods JJSFwas 0.00% · 2,897 shares
- Ford Motor Fwas 0.00% · 42,032 shares
- Acadia Healthcare ACHCwas 0.00% · 9,894 shares
- Smurfit Westrock SWwas 0.00% · 7,269 shares
- Sonoco Products SONwas 0.00% · 7,913 shares
- AAON AAONwas 0.00% · 3,268 shares
- Corvel CRVLwas 0.00% · 3,429 shares
- ICU Medical ICUIwas 0.00% · 2,415 shares
- RLI RLIwas 0.00% · 4,522 shares
- Amgen AMGNwas 0.00% · 1,415 shares
- Okta OKTAwas 0.00% · 4,533 shares
- Envista Holdings NVSTwas 0.00% · 18,345 shares
- Avalonbay Communities AVBwas 0.00% · 1,600 shares
- TreeHouse Foods THSwas 0.00% · 9,663 shares
- Domino’s Pizza DPZwas 0.00% · 798 shares
- Amedisys AMEDwas 0.00% · 3,686 shares
- NovoCure NVCRwas 0.00% · 11,119 shares
- ZTO Express (Cayman) ZTOwas 0.00% · 16,201 shares
- BCE BCEwas 0.00% · 13,655 shares
- Perdoceo Education PRDOwas 0.00% · 11,685 shares
- iRhythm Holdings IRTCwas 0.00% · 3,364 shares
- Energizer Holdings ENRwas 0.00% · 8,630 shares
- Danaher DHRwas 0.00% · 1,254 shares
- Vertex Pharmaceuticals VRTXwas 0.00% · 710 shares
- Neogen NEOGwas 0.00% · 23,371 shares
- Reynolds Consumer Products REYNwas 0.00% · 10,429 shares
- Quidelortho QDELwas 0.00% · 6,257 shares
- Tandem Diabetes Care TNDMwas 0.00% · 7,378 shares
- Addus HomeCare ADUSwas 0.00% · 2,075 shares
- Enovis ENOVwas 0.00% · 5,915 shares
- Qiagen QGENwas 0.00% · 5,612 shares
- Helen of Troy HELEwas 0.00% · 4,325 shares
- Telus TUwas 0.00% · 18,562 shares
- Papa John’s International PZZAwas 0.00% · 5,998 shares
- BlackLine BLwas 0.00% · 4,018 shares
- Privia Health Group PRVAwas 0.00% · 12,318 shares
- Evolent Health EVHwas 0.00% · 21,118 shares
- Neogenomics NEOwas 0.00% · 14,397 shares
- ULTA Beauty ULTAwas 0.00% · 545 shares
- ACI Worldwide ACIWwas 0.00% · 4,560 shares
- Phreesia PHRwas 0.00% · 8,971 shares
- Doximity DOCSwas 0.00% · 4,222 shares
- Omnicell OMCLwas 0.00% · 4,959 shares
- Iron Mountain IRMwas 0.00% · 2,074 shares
- Lemaitre Vascular LMATwas 0.00% · 2,353 shares
- TransMedics Group TMDXwas 0.00% · 3,463 shares
- Air Products and Chemicals APDwas 0.00% · 735 shares
- Weis Markets WMKwas 0.00% · 3,125 shares
- Worthington Enterprises WORwas 0.00% · 5,214 shares
- TEVA Pharmaceutical Industries TEVAwas 0.00% · 9,393 shares
- Fair Isaac FICOwas 0.00% · 103 shares
- 3m MMMwas 0.00% · 1,585 shares
- Murphy USA MUSAwas 0.00% · 407 shares
- Antero Midstream AMwas 0.00% · 13,519 shares
- UFP Technologies UFPTwas 0.00% · 831 shares
- Herbalife HLFwas 0.00% · 18,806 shares
- AdaptHealth AHCOwas 0.00% · 11,675 shares
- agilon health was 0.00% · 24,539 shares
One row per line of the filing (by CUSIP): share classes of the same company are listed separately here. “Change in shares” compares the count with the previous quarter, split-adjusted; the value is the one reported in the 13F at quarter end, not today's price.
Original documents: Bridgewater Associates's 13F filings on EDGAR (SEC) ↗
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Source: 13F filings with the SEC. A 13F shows the portfolio at quarter-end and is filed up to 45 days later: these are not real-time positions. Not investment advice.