Great investors · Ray Dalio · Q3 2025
What Ray Dalio bought and sold in Q3 2025
Bridgewater Associates 13F portfolio as of Sep 30, 2025: 1,014 positions worth $25.5 bn. Largest: IVV, SPY, GOOGL, MSFT. Filed with the SEC on Nov 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 Q3 2025
- IncreasediShares Core S&P 500 ETFIVV+4.6 pp
- IncreasedLam ResearchLRCX+1.0 pp
- IncreasedAdobeADBE+0.7 pp
- IncreasedWorkdayWDAY+0.6 pp
- NewRedditRDDT+0.6 pp
- IncreasedMastercardMA+0.5 pp
- IncreasedSeaSE+0.5 pp
Sells in Q3 2025
- ReducedIsharesIEMG−4.0 pp
- ReducedNVIDIANVDA−3.4 pp
- ReducedAlphabetGOOGL−2.8 pp
- Sold outSPDR Gold Shares ETFGLD−1.3 pp
- ReducedMicrosoftMSFT−1.3 pp
- ReducedPalo Alto NetworksPANW−1.2 pp
- ReducedMeta PlatformsMETA−1.1 pp
- Sold outSpotify TechnologySPOT−0.9 pp
- ReducedFortinetFTNT−0.7 pp
- ReducedAt&tT−0.5 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 Q3 2025 13F lists 1,014 lines of US-listed securities worth $25.5 bn; the largest is IVV at 10.6% of the portfolio. It was accepted by the SEC on Nov 13, 2025 at 4:36 PM ET.
Against the previous quarter, it opened 493 positions (RDDT, HOOD, AMAT and APH and 489 more), closed 61 (GLD, SPOT, ARM and CEG and 57 more), added to 190 (IVV, EXEL, MELI and TT and 186 more) and trimmed 120 (GOOGL, NVDA, MSFT and META and 116 more). 3 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | iShares Core S&P 500 ETF IVV | 4.0 M | $2.7 bn | 10.6% | +75% |
| 2 | State Str Spdr S&P 500 ETF T SPY | 2.6 M | $1.7 bn | 6.69% | −1.7% |
| 3 | Alphabet GOOGL | 2.7 M | $645M | 2.53% | −53% |
| 4 | Microsoft MSFT | 1.1 M | $568M | 2.23% | −36% |
| 5 | Salesforce CRM | 2.0 M | $476M | 1.86% | +22% |
| 6 | NVIDIA NVDA | 2.5 M | $468M | 1.83% | −65% |
| 7 | Lam Research LRCX | 3.5 M | $464M | 1.82% | +111% |
| 8 | Adobe ADBE | 1.3 M | $445M | 1.74% | +73% |
| 9 | Booking Holdings BKNG | 77,731 | $420M | 1.64% | +2.1% |
| 10 | GE Vernova GEV | 651,092 | $400M | 1.57% | −16% |
| 11 | UBER Technologies UBER | 3.6 M | $353M | 1.38% | −3.5% |
| 12 | Johnson & Johnson JNJ | 1.7 M | $318M | 1.25% | −25% |
| 13 | Meta Platforms META | 416,919 | $306M | 1.20% | −48% |
| 14 | Advanced Micro Devices AMD | 1.8 M | $290M | 1.14% | +2.3% |
| 15 | Sea SE | 1.6 M | $287M | 1.12% | +84% |
| 16 | Broadcom AVGO | 845,391 | $279M | 1.09% | −27% |
| 17 | ServiceNow NOW | 301,993 | $278M | 1.09% | +54% |
| 18 | Workday WDAY | 1.0 M | $250M | 0.98% | +132% |
| 19 | Amazon.com AMZN | 1.1 M | $247M | 0.97% | −9.6% |
| 20 | Altria Group MO | 3.7 M | $244M | 0.96% | −2% |
| 21 | Visa V | 675,954 | $231M | 0.90% | +4.9% |
| 22 | Comcast CMCSA | 6.9 M | $216M | 0.84% | −21% |
| 23 | Wells Fargo WFC | 2.5 M | $213M | 0.83% | −29% |
| 24 | Mastercard MA | 366,256 | $208M | 0.82% | +191% |
| 25 | Fiserv FISV | 1.6 M | $205M | 0.80% | +26% |
| 26 | British American Tobacco p.l.c. BTI | 3.7 M | $199M | 0.78% | +9.8% |
| 27 | PayPal Holdings PYPL | 2.8 M | $189M | 0.74% | −10% |
| 28 | Cigna Group CI | 603,139 | $174M | 0.68% | −2.2% |
| 29 | Ishares EWY | 2.0 M | $163M | 0.64% | +25% |
| 30 | Expedia Group EXPE | 731,816 | $156M | 0.61% | −14% |
| 31 | HCA Healthcare HCA | 340,557 | $145M | 0.57% | −16% |
| 32 | Reddit RDDT | 617,208 | $142M | 0.56% | new |
| 33 | MetLife MET | 1.7 M | $137M | 0.53% | −12% |
| 34 | Vanguard International Equity Index F VWO | 2.5 M | $134M | 0.53% | +35% |
| 35 | Pinterest PINS | 4.1 M | $133M | 0.52% | no change |
| 36 | Regeneron Pharmaceuticals REGN | 235,381 | $132M | 0.52% | +164% |
| 37 | iShares MBS ETF MBB | 1.4 M | $129M | 0.51% | −7.2% |
| 38 | Citigroup C | 1.3 M | $128M | 0.50% | −23% |
| 39 | Cisco Systems CSCO | 1.8 M | $122M | 0.48% | −4.7% |
| 40 | KLA KLAC | 112,740 | $122M | 0.48% | +351% |
| 41 | NXP Semiconductors NXPI | 523,933 | $119M | 0.47% | +217% |
| 42 | Robinhood Markets HOOD | 807,514 | $116M | 0.45% | new |
| 43 | Oracle ORCL | 406,279 | $114M | 0.45% | +22% |
| 44 | Ishares Tr LQD | 962,500 | $107M | 0.42% | −7% |
| 45 | Global Payments GPN | 1.2 M | $104M | 0.41% | −6.7% |
| 46 | Arista Networks ANET | 680,366 | $99.1M | 0.39% | −24% |
| 47 | eBay EBAY | 1.1 M | $96.9M | 0.38% | −44% |
| 48 | Applied Materials AMAT | 463,503 | $94.9M | 0.37% | new |
| 49 | Manulife Financial MFC | 3.0 M | $93.2M | 0.37% | −4.5% |
| 50 | GRAB Holdings GRAB | 15.2 M | $91.4M | 0.36% | +43% |
| 51 | Amphenol APH | 735,263 | $91.0M | 0.36% | new |
| 52 | CVS Health CVS | 1.2 M | $90.0M | 0.35% | +43% |
| 53 | Hartford Insurance Group HIG | 673,174 | $89.8M | 0.35% | −4.2% |
| 54 | Qualcomm QCOM | 531,040 | $88.3M | 0.35% | −30% |
| 55 | Apple AAPL | 344,756 | $87.8M | 0.34% | −3.4% |
| 56 | ASML Holding ASML | 90,200 | $87.3M | 0.34% | +690% |
| 57 | DoorDash DASH | 312,161 | $84.9M | 0.33% | −57% |
| 58 | Fortinet FTNT | 980,347 | $82.4M | 0.32% | −69% |
| 59 | EQT EQT | 1.5 M | $82.0M | 0.32% | +91% |
| 60 | Verisign VRSN | 289,239 | $80.9M | 0.32% | +25% |
| 61 | Shell SHEL | 1.1 M | $80.1M | 0.31% | −14% |
| 62 | VALE VALE | 7.3 M | $79.7M | 0.31% | +94% |
| 63 | Ishares IEMG | 1.2 M | $76.5M | 0.30% | −93% |
| 64 | Match Group MTCH | 2.0 M | $72.0M | 0.28% | +14% |
| 65 | GoDaddy GDDY | 514,238 | $70.4M | 0.28% | +26% |
| 66 | LPL Financial Holdings LPLA | 208,744 | $69.4M | 0.27% | +8.4% |
| 67 | Intuit INTU | 97,447 | $66.5M | 0.26% | +66% |
| 68 | Vistra Operations VST | 338,335 | $66.3M | 0.26% | −59% |
| 69 | EMCOR Group EME | 101,653 | $66.0M | 0.26% | −51% |
| 70 | Talen Energy TLN | 148,669 | $63.2M | 0.25% | −2.8% |
| 71 | Jabil JBL | 288,182 | $62.6M | 0.25% | +339% |
| 72 | MercadoLibre MELI | 26,486 | $61.9M | 0.24% | ×13 |
| 73 | Omnicom Group OMC | 757,445 | $61.8M | 0.24% | +61% |
| 74 | Dynatrace DT | 1.3 M | $60.9M | 0.24% | +133% |
| 75 | GSK GSK | 1.4 M | $60.5M | 0.24% | +4.3% |
| 76 | AbbVie ABBV | 260,689 | $60.4M | 0.24% | −56% |
| 77 | Universal Health Services UHS | 289,987 | $59.3M | 0.23% | −12% |
| 78 | Ryanair Holdings RYAAY | 980,598 | $59.1M | 0.23% | +108% |
| 79 | Toll Brothers TOL | 394,421 | $54.5M | 0.21% | −8.9% |
| 80 | NRG Energy NRG | 325,652 | $52.7M | 0.21% | −60% |
| 81 | TE Connectivity TEL | 239,872 | $52.7M | 0.21% | +11% |
| 82 | State Street STT | 453,307 | $52.6M | 0.21% | −24% |
| 83 | Credo Technology Group Holding CRDO | 352,806 | $51.4M | 0.20% | new |
| 84 | Allstate ALL | 237,267 | $50.9M | 0.20% | −40% |
| 85 | Autodesk ADSK | 152,543 | $48.5M | 0.19% | new |
| 86 | Charles Schwab SCHW | 483,300 | $46.1M | 0.18% | new |
| 87 | Union Pacific UNP | 194,619 | $46.0M | 0.18% | new |
| 88 | Ovintiv OVV | 1.1 M | $44.9M | 0.18% | +50% |
| 89 | Citizens Financial Group CFG | 843,625 | $44.8M | 0.18% | +103% |
| 90 | Bank of New York Mellon BNY | 400,747 | $43.7M | 0.17% | −27% |
| 91 | McKESSON MCK | 56,139 | $43.4M | 0.17% | −62% |
| 92 | Capital One Financial COF | 203,729 | $43.3M | 0.17% | +5.8% |
| 93 | Merck MRK | 513,943 | $43.1M | 0.17% | −55% |
| 94 | Comfort Systems USA FIX | 52,083 | $43.0M | 0.17% | +325% |
| 95 | Gilead Sciences GILD | 385,364 | $42.8M | 0.17% | −42% |
| 96 | Cardinal Health CAH | 272,033 | $42.7M | 0.17% | +5.1% |
| 97 | Hewlett Packard Enterprise HPE | 1.7 M | $42.0M | 0.16% | +39% |
| 98 | Monster Beverage MNST | 611,218 | $41.1M | 0.16% | ×15 |
| 99 | Principal Financial Group PFG | 491,533 | $40.8M | 0.16% | +8.9% |
| 100 | Prudential Financial PRU | 389,326 | $40.4M | 0.16% | −20% |
The 100 largest lines are shown. The other 914 add up to 27.4% of the portfolio; full 13F of Bridgewater Associates →
Positions it closed (61)
- Spdr Gold Tr GLDwas 1.36% · 1.1 M shares
- Spotify Technology SPOTwas 0.88% · 283,898 shares
- ARM Holdings ARMwas 0.31% · 473,725 shares
- Constellation Energy CEGwas 0.19% · 145,003 shares
- Lyft LYFTwas 0.16% · 2.5 M shares
- CoStar Group CSGPwas 0.14% · 432,708 shares
- Lennar LENwas 0.11% · 238,744 shares
- Pfizer PFEwas 0.10% · 1.0 M shares
- United Airlines Holdings UALwas 0.09% · 286,287 shares
- Synopsys SNPSwas 0.07% · 31,574 shares
- JPMorgan Chase JPMwas 0.06% · 51,287 shares
- ConocoPhillips COPwas 0.06% · 165,634 shares
- BHP Group BHPwas 0.05% · 262,747 shares
- Chart Industries was 0.05% · 72,646 shares
- Nutrien NTRwas 0.05% · 197,809 shares
- Axsome Therapeutics AXSMwas 0.05% · 107,292 shares
- TXNM Energy TXNMwas 0.04% · 171,638 shares
- Seadrill SDRLwas 0.04% · 340,862 shares
- Alcoa AAwas 0.03% · 261,986 shares
- Hexcel HXLwas 0.03% · 116,023 shares
- Gates Industrial was 0.03% · 276,534 shares
- Tesla TSLAwas 0.02% · 19,413 shares
- LandBridge LBwas 0.02% · 89,418 shares
- GFL Environmental GFLwas 0.02% · 114,128 shares
- MasTec MTZwas 0.02% · 30,680 shares
- Brookfield Asset Management BAMwas 0.02% · 82,222 shares
- Matador Resources MTDRwas 0.02% · 86,357 shares
- Permian Resources PRwas 0.02% · 293,916 shares
- NOV NOVwas 0.02% · 318,066 shares
- Steel Dynamics STLDwas 0.01% · 26,712 shares
- Frontier Group Holdings ULCCwas 0.01% · 821,122 shares
- Coca-cola Europacific Partners CCEPwas 0.01% · 30,988 shares
- Sigma Lithium SGMLwas 0.01% · 620,346 shares
- Allegro Microsystems ALGMwas 0.01% · 77,321 shares
- StoneCo STNEwas 0.01% · 144,804 shares
- Ally Financial ALLYwas 0.01% · 52,593 shares
- Tegna TGNAwas 0.01% · 109,953 shares
- Coinbase Global COINwas 0.01% · 5,049 shares
- Granite Construction GVAwas 0.01% · 17,736 shares
- UGI UGIwas 0.01% · 36,252 shares
- Mister Car Wash was 0.01% · 217,205 shares
- Meritage Homes MTHwas 0.00% · 17,306 shares
- Janus Henderson Group JHGwas 0.00% · 27,926 shares
- The Trade Desk TTDwas 0.00% · 12,107 shares
- Shopify SHOPwas 0.00% · 7,445 shares
- BGC Group BGCwas 0.00% · 78,002 shares
- Eastman Chemical EMNwas 0.00% · 9,779 shares
- Illinois Tool Works ITWwas 0.00% · 2,811 shares
- KB Home KBHwas 0.00% · 10,813 shares
- Brady BRCwas 0.00% · 7,597 shares
- Unilever was 0.00% · 8,372 shares
- Signet Jewelers SIGwas 0.00% · 6,184 shares
- Potlatchdeltic PCHwas 0.00% · 12,415 shares
- Esco Technologies ESEwas 0.00% · 2,413 shares
- Thomson Reuters TRIwas 0.00% · 2,105 shares
- Fidelity National Financial FNFwas 0.00% · 7,001 shares
- Viper Energy VNOMwas 0.00% · 9,172 shares
- Liberty Media was 0.00% · 3,847 shares
- W. P. Carey WPCwas 0.00% · 4,429 shares
- Johnson Controls International JCIwas 0.00% · 2,370 shares
- Tempus AI TEMwas 0.00% · 3,815 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.