Great investors · Ray Dalio · Q2 2025
What Ray Dalio bought and sold in Q2 2025
Bridgewater Associates 13F portfolio as of Jun 30, 2025: 585 positions worth $24.8 bn. Largest: SPY, IVV, NVDA, IEMG. Filed with the SEC on Aug 13, 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 Q2 2025
- IncreasedNVIDIANVDA+2.8 pp
- IncreasedAlphabetGOOGL+1.8 pp
- IncreasedMicrosoftMSFT+1.8 pp
- IncreasedJohnson & JohnsonJNJ+1.2 pp
- IncreasedUBER TechnologiesUBER+1.2 pp
- IncreasedMeta PlatformsMETA+1.1 pp
- IncreasedSpotify TechnologySPOT+0.7 pp
- IncreasedSalesforceCRM+0.7 pp
- IncreasedPalo Alto NetworksPANW+0.6 pp
- IncreasedComcastCMCSA+0.5 pp
- IncreasedFortinetFTNT+0.5 pp
Sells in Q2 2025
- Sold outAlibaba Group HoldingBABA−3.0 pp
- ReducedState Str Spdr S&P 500 ETF TSPY−1.8 pp
- Sold outPDD HoldingsPDD−0.8 pp
- Sold outBaiduBIDU−0.8 pp
- ReducedConstellation EnergyCEG−0.8 pp
- ReducedVistra OperationsVST−0.6 pp
17 companies with material moves, out of 17 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 Q2 2025 13F lists 585 lines of US-listed securities worth $24.8 bn; the largest is SPY at 6.51% of the portfolio. It was accepted by the SEC on Aug 13, 2025 at 3:47 PM ET.
Against the previous quarter, it opened 85 positions (ARM, INTU, EQT and LYFT and 81 more), closed 161 (BABA, PDD, BIDU and JD and 157 more), added to 185 (EQIX, JNJ, UBER and NVDA and 181 more) and trimmed 158 (SPY, IEMG, VST and AMD and 154 more). 7 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | State Str Spdr S&P 500 ETF T SPY | 2.6 M | $1.6 bn | 6.51% | −22% |
| 2 | iShares Core S&P 500 ETF IVV | 2.3 M | $1.4 bn | 5.78% | +6.2% |
| 3 | NVIDIA NVDA | 7.2 M | $1.1 bn | 4.61% | +154% |
| 4 | Ishares IEMG | 17.2 M | $1.0 bn | 4.16% | −9.4% |
| 5 | Alphabet GOOGL | 5.6 M | $987M | 3.98% | +84% |
| 6 | Microsoft MSFT | 1.7 M | $853M | 3.44% | +112% |
| 7 | Meta Platforms META | 807,073 | $596M | 2.40% | +90% |
| 8 | Salesforce CRM | 1.6 M | $447M | 1.80% | +57% |
| 9 | Booking Holdings BKNG | 76,153 | $441M | 1.78% | +14% |
| 10 | GE Vernova GEV | 778,263 | $412M | 1.66% | +25% |
| 11 | Johnson & Johnson JNJ | 2.3 M | $349M | 1.41% | +668% |
| 12 | UBER Technologies UBER | 3.7 M | $348M | 1.41% | +531% |
| 13 | SPDR Gold Shares ETF GLD | 1.1 M | $337M | 1.36% | no change |
| 14 | Fortinet FTNT | 3.2 M | $336M | 1.35% | +60% |
| 15 | Broadcom AVGO | 1.2 M | $318M | 1.28% | +23% |
| 16 | Palo Alto Networks PANW | 1.5 M | $314M | 1.27% | +81% |
| 17 | Comcast CMCSA | 8.7 M | $311M | 1.25% | +71% |
| 18 | Wells Fargo WFC | 3.5 M | $284M | 1.15% | +3.9% |
| 19 | Adobe ADBE | 729,498 | $282M | 1.14% | +25% |
| 20 | Amazon.com AMZN | 1.2 M | $273M | 1.10% | −6% |
| 21 | Advanced Micro Devices AMD | 1.8 M | $249M | 1.00% | −19% |
| 22 | PayPal Holdings PYPL | 3.1 M | $234M | 0.94% | −12% |
| 23 | Visa V | 644,314 | $229M | 0.92% | −7.4% |
| 24 | Altria Group MO | 3.8 M | $221M | 0.89% | +14% |
| 25 | Spotify Technology SPOT | 283,898 | $218M | 0.88% | +497% |
| 26 | Fiserv FISV | 1.3 M | $218M | 0.88% | +8.5% |
| 27 | Cigna Group CI | 616,626 | $204M | 0.82% | +14% |
| 28 | ServiceNow NOW | 195,574 | $201M | 0.81% | −17% |
| 29 | Charter Communications CHTR | 436,341 | $178M | 0.72% | +103% |
| 30 | DoorDash DASH | 718,082 | $177M | 0.71% | −3.8% |
| 31 | British American Tobacco p.l.c. BTI | 3.4 M | $161M | 0.65% | +5.4% |
| 32 | Lam Research LRCX | 1.6 M | $160M | 0.64% | −16% |
| 33 | Vistra Operations VST | 817,614 | $158M | 0.64% | −50% |
| 34 | HCA Healthcare HCA | 406,706 | $156M | 0.63% | −5.1% |
| 35 | MetLife MET | 1.9 M | $152M | 0.61% | +5.7% |
| 36 | Pinterest PINS | 4.1 M | $147M | 0.59% | +13% |
| 37 | Expedia Group EXPE | 848,568 | $143M | 0.58% | −5.5% |
| 38 | At&t T | 4.9 M | $143M | 0.58% | +78% |
| 39 | eBay EBAY | 1.9 M | $141M | 0.57% | +43% |
| 40 | Sea SE | 872,932 | $140M | 0.56% | +73% |
| 41 | Citigroup C | 1.6 M | $139M | 0.56% | −19% |
| 42 | iShares MBS ETF MBB | 1.5 M | $137M | 0.55% | no change |
| 43 | NRG Energy NRG | 817,082 | $131M | 0.53% | +25% |
| 44 | Cisco Systems CSCO | 1.9 M | $130M | 0.52% | +644% |
| 45 | Bristol-myers Squibb BMY | 2.7 M | $125M | 0.50% | +15% |
| 46 | Qualcomm QCOM | 763,746 | $122M | 0.49% | −30% |
| 47 | Block XYZ | 1.7 M | $118M | 0.48% | −13% |
| 48 | Ishares EWY | 1.6 M | $117M | 0.47% | +8.2% |
| 49 | Ishares Tr LQD | 1.0 M | $113M | 0.46% | +1.1% |
| 50 | EMCOR Group EME | 208,412 | $111M | 0.45% | −5.1% |
| 51 | AbbVie ABBV | 598,292 | $111M | 0.45% | +470% |
| 52 | Pultegroup PHM | 1.0 M | $109M | 0.44% | −1.4% |
| 53 | McKESSON MCK | 147,769 | $108M | 0.44% | −5.4% |
| 54 | Workday WDAY | 448,874 | $108M | 0.43% | +108% |
| 55 | Global Payments GPN | 1.3 M | $107M | 0.43% | +10% |
| 56 | Exxon Mobil XOM | 968,288 | $104M | 0.42% | +355% |
| 57 | Manulife Financial MFC | 3.1 M | $100M | 0.40% | −2% |
| 58 | Celestica CLS | 628,145 | $98.1M | 0.40% | −1.3% |
| 59 | Arista Networks ANET | 900,577 | $92.1M | 0.37% | +6.8% |
| 60 | Shell SHEL | 1.3 M | $91.7M | 0.37% | +24% |
| 61 | Merck MRK | 1.2 M | $91.1M | 0.37% | +115% |
| 62 | Vanguard International Equity Index F VWO | 1.8 M | $90.8M | 0.37% | −15% |
| 63 | Hartford Insurance Group HIG | 702,925 | $89.2M | 0.36% | +14% |
| 64 | Centene CNC | 1.5 M | $80.2M | 0.32% | +22% |
| 65 | Allstate ALL | 397,733 | $80.1M | 0.32% | −11% |
| 66 | ARM Holdings ARM | 473,725 | $76.6M | 0.31% | new |
| 67 | Nutanix NTNX | 985,248 | $75.3M | 0.30% | +97% |
| 68 | Gilead Sciences GILD | 666,300 | $73.9M | 0.30% | +32% |
| 69 | Apple AAPL | 356,812 | $73.2M | 0.30% | −62% |
| 70 | GoDaddy GDDY | 406,532 | $73.2M | 0.30% | +155% |
| 71 | Oracle ORCL | 333,714 | $73.0M | 0.29% | −42% |
| 72 | LPL Financial Holdings LPLA | 192,655 | $72.2M | 0.29% | −14% |
| 73 | Mastercard MA | 125,898 | $70.7M | 0.29% | −37% |
| 74 | Verisign VRSN | 231,721 | $66.9M | 0.27% | +43% |
| 75 | FOX FOXA | 1.2 M | $66.2M | 0.27% | +31% |
| 76 | Kroger KR | 897,125 | $64.4M | 0.26% | +66% |
| 77 | State Street STT | 595,949 | $63.4M | 0.26% | −21% |
| 78 | Universal Health Services UHS | 329,651 | $59.7M | 0.24% | no change |
| 79 | Atlassian TEAM | 291,824 | $59.3M | 0.24% | ×14 |
| 80 | CVS Health CVS | 836,588 | $57.7M | 0.23% | +170% |
| 81 | Tapestry TPR | 639,529 | $56.2M | 0.23% | −26% |
| 82 | United Therapeutics UTHR | 195,118 | $56.1M | 0.23% | no change |
| 83 | Match Group MTCH | 1.8 M | $55.2M | 0.22% | +33% |
| 84 | GRAB Holdings GRAB | 10.6 M | $53.2M | 0.21% | +59% |
| 85 | Prudential Financial PRU | 489,520 | $52.6M | 0.21% | −22% |
| 86 | GSK GSK | 1.3 M | $51.6M | 0.21% | +12% |
| 87 | Equinix EQIX | 63,346 | $50.4M | 0.20% | ×52 |
| 88 | Bank of New York Mellon BNY | 551,977 | $50.3M | 0.20% | −47% |
| 89 | Toll Brothers TOL | 432,926 | $49.4M | 0.20% | +56% |
| 90 | Twilio TWLO | 376,378 | $46.8M | 0.19% | +114% |
| 91 | Constellation Energy CEG | 145,003 | $46.8M | 0.19% | −85% |
| 92 | Regeneron Pharmaceuticals REGN | 89,047 | $46.7M | 0.19% | +324% |
| 93 | Intuit INTU | 58,838 | $46.3M | 0.19% | new |
| 94 | EQT EQT | 787,156 | $45.9M | 0.19% | new |
| 95 | Unum Group UNM | 561,884 | $45.4M | 0.18% | +7.6% |
| 96 | Zillow Group Z | 646,856 | $45.3M | 0.18% | −6.6% |
| 97 | Newmont NEM | 764,822 | $44.6M | 0.18% | −48% |
| 98 | Talen Energy TLN | 152,997 | $44.5M | 0.18% | +194% |
| 99 | Cardinal Health CAH | 258,755 | $43.5M | 0.18% | +258% |
| 100 | Astrazeneca AZN | 620,904 | $43.4M | 0.18% | −10% |
The 100 largest lines are shown. The other 485 add up to 17.5% of the portfolio; full 13F of Bridgewater Associates →
Positions it closed (161)
- Alibaba Group Holding BABAwas 3.47% · 5.7 M shares
- PDD Holdings PDDwas 0.96% · 1.7 M shares
- Baidu BIDUwas 0.89% · 2.1 M shares
- JD.com JDwas 0.53% · 2.8 M shares
- Chevron CVXwas 0.37% · 483,055 shares
- Delta Air Lines DALwas 0.32% · 1.6 M shares
- Trip.com Group TCOMwas 0.26% · 881,804 shares
- Goldman Sachs Group GSwas 0.24% · 95,072 shares
- Deckers Outdoor DECKwas 0.20% · 390,252 shares
- Jazz Pharmaceuticals JAZZwas 0.14% · 250,947 shares
- Targa Resources TRGPwas 0.13% · 143,826 shares
- Southwest Airlines LUVwas 0.13% · 853,062 shares
- Ishares Tr MCHIwas 0.13% · 511,947 shares
- Ishares Tr FXIwas 0.11% · 691,242 shares
- Yum China Holdings YUMCwas 0.11% · 453,156 shares
- Duolingo DUOLwas 0.10% · 70,357 shares
- Robinhood Markets HOODwas 0.10% · 516,823 shares
- Diamondback Energy FANGwas 0.10% · 132,092 shares
- Pg&e PCGwas 0.10% · 1.2 M shares
- TransUnion TRUwas 0.09% · 228,864 shares
- KE Holdings BEKEwas 0.08% · 881,219 shares
- ATI ATIwas 0.08% · 318,044 shares
- Raymond James Financial RJFwas 0.08% · 118,153 shares
- Firstenergy FEwas 0.07% · 393,087 shares
- CACI International CACIwas 0.07% · 42,642 shares
- Baker Hughes BKRwas 0.07% · 340,111 shares
- Nucor NUEwas 0.06% · 112,647 shares
- Verisk Analytics VRSKwas 0.06% · 40,890 shares
- Canadian Natural Resources CNQwas 0.05% · 363,211 shares
- Cenovus Energy CVEwas 0.05% · 803,018 shares
- APA APAwas 0.05% · 517,553 shares
- AppFolio APPFwas 0.05% · 46,368 shares
- H World Group HTHTwas 0.04% · 257,259 shares
- Terex TEXwas 0.04% · 238,032 shares
- Kanzhun BZwas 0.04% · 461,559 shares
- Northern Oil and Gas NOGwas 0.04% · 285,195 shares
- Vipshop Holdings VIPSwas 0.04% · 544,665 shares
- Qfin Holdings QFINwas 0.04% · 180,607 shares
- Cactus WHDwas 0.04% · 168,406 shares
- Interactive Brokers Group IBKRwas 0.04% · 185,216 shares
- Legend Biotech LEGNwas 0.04% · 225,449 shares
- TAL Education Group TALwas 0.04% · 575,553 shares
- American Express AXPwas 0.03% · 27,789 shares
- Paramount Skydance was 0.03% · 599,772 shares
- Nexstar Media Group NXSTwas 0.03% · 39,363 shares
- NIO NIOwas 0.03% · 1.7 M shares
- Charles Schwab SCHWwas 0.03% · 84,797 shares
- Jefferies Financial Group JEFwas 0.03% · 120,103 shares
- AutoZone AZOwas 0.03% · 1,639 shares
- Weyerhaeuser WYwas 0.03% · 206,391 shares
- J.b. Hunt Transport Services JBHTwas 0.03% · 40,674 shares
- Kinetik Holdings KNTKwas 0.03% · 110,940 shares
- Datadog DDOGwas 0.03% · 57,523 shares
- HP HPQwas 0.03% · 201,776 shares
- Assurant AIZwas 0.02% · 24,945 shares
- US Bancorp \de\ USBwas 0.02% · 122,009 shares
- SLB SLBwas 0.02% · 118,542 shares
- Royal Caribbean Cruises RCLwas 0.02% · 23,483 shares
- Gartner ITwas 0.02% · 10,900 shares
- Knight-Swift Transportation Holdings KNXwas 0.02% · 103,514 shares
- Union Pacific UNPwas 0.02% · 18,676 shares
- General Dynamics GDwas 0.02% · 15,912 shares
- Moody's MCOwas 0.02% · 8,808 shares
- Vanguard Index Fds VOOwas 0.02% · 7,605 shares
- Civitas Resources CIVIwas 0.02% · 94,018 shares
- Helmerich & Payne HPwas 0.02% · 125,341 shares
- Kennametal KMTwas 0.01% · 142,348 shares
- Interpublic Group of Companies IPGwas 0.01% · 107,923 shares
- First Citizens Bancshares FCNCAwas 0.01% · 1,401 shares
- JBT Marel JBTMwas 0.01% · 20,327 shares
- Autohome ATHMwas 0.01% · 88,490 shares
- Eli Lilly LLYwas 0.01% · 2,746 shares
- Iridium Communications IRDMwas 0.01% · 81,731 shares
- Monolithic Power Systems MPWRwas 0.01% · 3,276 shares
- Mohawk Industries MHKwas 0.01% · 16,168 shares
- LKQ LKQwas 0.01% · 42,433 shares
- FedEx FDXwas 0.01% · 7,392 shares
- Carnival CCLwas 0.01% · 87,572 shares
- nCino NCNOwas 0.01% · 61,285 shares
- YETI Holdings YETIwas 0.01% · 50,082 shares
- Ventas VTRwas 0.01% · 21,374 shares
- KBR KBRwas 0.01% · 28,115 shares
- Century Aluminum CENXwas 0.01% · 73,514 shares
- Ralph Lauren RLwas 0.01% · 6,132 shares
- Textron TXTwas 0.01% · 18,254 shares
- BioNTech BNTXwas 0.01% · 14,319 shares
- Sarepta Therapeutics SRPTwas 0.01% · 19,820 shares
- Lumen Technologies LUMNwas 0.01% · 307,098 shares
- Aon AONwas 0.01% · 2,976 shares
- Samsara IOTwas 0.01% · 30,118 shares
- Invesco IVZwas 0.01% · 70,921 shares
- Accenture ACNwas 0.01% · 3,420 shares
- Louisiana-pacific LPXwas 0.00% · 11,515 shares
- Kontoor Brands KTBwas 0.00% · 16,167 shares
- Applied Materials AMATwas 0.00% · 6,320 shares
- Minerals Technologies MTXwas 0.00% · 13,575 shares
- Berkley W R WRBwas 0.00% · 11,459 shares
- Asbury Automotive Group ABGwas 0.00% · 2,829 shares
- RELX RELXwas 0.00% · 12,087 shares
- Manpowergroup MANwas 0.00% · 10,503 shares
- Honeywell International HONwas 0.00% · 2,750 shares
- Ermenegildo Zegna ZGNwas 0.00% · 76,042 shares
- Choice Hotels International CHHwas 0.00% · 4,100 shares
- Light & Wonder LNWOwas 0.00% · 6,011 shares
- Camden Property Trust CPTwas 0.00% · 4,114 shares
- Dupont De Nemours DDwas 0.00% · 6,561 shares
- Renaissancere Holdings RNRwas 0.00% · 2,040 shares
- Imperial Oil IMOwas 0.00% · 6,591 shares
- Synovus Finl was 0.00% · 9,662 shares
- Valaris VALwas 0.00% · 11,491 shares
- West Fraser Timber WFGwas 0.00% · 5,826 shares
- Williams-sonoma WSMwas 0.00% · 2,816 shares
- Magnolia Oil & Gas MGYwas 0.00% · 17,424 shares
- Kyndryl Holdings KDwas 0.00% · 13,201 shares
- Verra Mobility VRRMwas 0.00% · 17,144 shares
- Ziff Davis ZDwas 0.00% · 10,150 shares
- Eagle Materials EXPwas 0.00% · 1,709 shares
- Trimble TRMBwas 0.00% · 5,660 shares
- Boise Cascade BCCwas 0.00% · 3,719 shares
- First Solar FSLRwas 0.00% · 2,820 shares
- Simon Property Group SPGwas 0.00% · 2,059 shares
- Li Auto LIwas 0.00% · 12,826 shares
- Freshpet FRPTwas 0.00% · 3,614 shares
- Arcbest ARCBwas 0.00% · 4,230 shares
- Capri Holdings CPRIwas 0.00% · 14,789 shares
- Upwork UPWKwas 0.00% · 22,175 shares
- Solventum SOLVwas 0.00% · 3,781 shares
- Kilroy Realty KRCwas 0.00% · 8,653 shares
- Healthpeak Properties DOCwas 0.00% · 13,372 shares
- Trinet Group TNETwas 0.00% · 3,387 shares
- Sealed Air was 0.00% · 9,225 shares
- Lancaster Colony MZTIwas 0.00% · 1,480 shares
- Merit Medical Systems MMSIwas 0.00% · 2,440 shares
- WD 40 WDFCwas 0.00% · 1,003 shares
- Simply Good Foods SMPLwas 0.00% · 6,927 shares
- Pentair PNRwas 0.00% · 2,707 shares
- Cintas CTASwas 0.00% · 1,148 shares
- Xylem XYLwas 0.00% · 1,968 shares
- TPG TPGwas 0.00% · 4,903 shares
- Glaukos GKOSwas 0.00% · 2,356 shares
- Plexus PLXSwas 0.00% · 1,807 shares
- Evertec EVTCwas 0.00% · 6,063 shares
- Nordson NDSNwas 0.00% · 1,097 shares
- Expeditors International of Washington EXPDwas 0.00% · 1,817 shares
- Sweetgreen SGwas 0.00% · 8,724 shares
- Ametek AMEwas 0.00% · 1,266 shares
- Lennox International LIIwas 0.00% · 383 shares
- Realty Income Owas 0.00% · 3,687 shares
- C3 AI AIwas 0.00% · 10,136 shares
- Beone Medicines ONCwas 0.00% · 772 shares
- Huntington Ingalls Industries HIIwas 0.00% · 1,026 shares
- PriceSmart PSMTwas 0.00% · 2,377 shares
- Otter Tail OTTRwas 0.00% · 2,526 shares
- W.W. Grainger GWWwas 0.00% · 203 shares
- LEVI Strauss LEVIwas 0.00% · 10,735 shares
- Equinox Gold EQXwas 0.00% · 23,108 shares
- Avidxchange Holdings AVDXwas 0.00% · 18,032 shares
- Host Hotels & Resorts HSTwas 0.00% · 10,716 shares
- Certara CERTwas 0.00% · 10,270 shares
- Coursera COURwas 0.00% · 11,341 shares
- iQIYI IQwas 0.00% · 15,858 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.