Great investors · Ray Dalio · Q4 2025
What Ray Dalio bought and sold in Q4 2025
Bridgewater Associates 13F portfolio as of Dec 31, 2025: 1,040 positions worth $27.4 bn. Largest: SPY, IVV, NVDA, LRCX. Filed with the SEC on Feb 13, 2026.
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 Q4 2025
- IncreasedState Str Spdr S&P 500 ETF TSPY+4.7 pp
- IncreasedOracleORCL+1.0 pp
- IncreasedMicron TechnologyMU+0.9 pp
- IncreasedNVIDIANVDA+0.9 pp
- IncreasedNewmontNEM+0.7 pp
- IncreasedAmazon.comAMZN+0.7 pp
Sells in Q4 2025
- ReducedAlphabetGOOGL−1.2 pp
- Sold outFiservFISV−0.7 pp
- ReducedUBER TechnologiesUBER−0.7 pp
9 companies with material moves, out of 9 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 Q4 2025 13F lists 1,040 lines of US-listed securities worth $27.4 bn; the largest is SPY at 11.1% of the portfolio. It was accepted by the SEC on Feb 13, 2026 at 4:03 PM ET.
Against the previous quarter, it opened 190 positions (ARM, CAT, IGV and F and 186 more), closed 157 (FISV, CRWV, AZN and DKNG and 153 more), added to 216 (MU, SPY, ORCL and NEM and 212 more) and trimmed 153 (GOOGL, META, UBER and JNJ and 149 more). 9 lines show the same number of shares.
| # | Company | Shares | Value | Weight | Change in shares |
|---|---|---|---|---|---|
| 1 | State Str Spdr S&P 500 ETF T SPY | 4.5 M | $3.0 bn | 11.1% | +74% |
| 2 | iShares Core S&P 500 ETF IVV | 4.2 M | $2.9 bn | 10.5% | +3.4% |
| 3 | NVIDIA NVDA | 3.9 M | $721M | 2.63% | +54% |
| 4 | Lam Research LRCX | 3.0 M | $521M | 1.90% | −12% |
| 5 | Salesforce CRM | 1.9 M | $512M | 1.87% | −3.7% |
| 6 | Alphabet GOOGL | 1.6 M | $498M | 1.82% | −40% |
| 7 | Microsoft MSFT | 984,091 | $476M | 1.74% | −10% |
| 8 | Amazon.com AMZN | 1.9 M | $450M | 1.64% | +73% |
| 9 | Adobe ADBE | 1.3 M | $446M | 1.63% | no change |
| 10 | GE Vernova GEV | 665,997 | $435M | 1.59% | +2.3% |
| 11 | Booking Holdings BKNG | 80,528 | $431M | 1.57% | +3.6% |
| 12 | Broadcom AVGO | 1.2 M | $403M | 1.47% | +38% |
| 13 | Oracle ORCL | 1.9 M | $365M | 1.33% | +361% |
| 14 | Advanced Micro Devices AMD | 1.7 M | $355M | 1.29% | −7.7% |
| 15 | Johnson & Johnson JNJ | 1.3 M | $272M | 0.99% | −23% |
| 16 | Micron Technology MU | 889,640 | $254M | 0.93% | ×525 |
| 17 | Mastercard MA | 409,207 | $234M | 0.85% | +12% |
| 18 | Newmont NEM | 2.3 M | $231M | 0.84% | +496% |
| 19 | Workday WDAY | 965,117 | $207M | 0.76% | −7.2% |
| 20 | ServiceNow NOW | 1.3 M | $205M | 0.75% | −11% |
| 21 | Ishares EWY | 2.1 M | $201M | 0.73% | +1.8% |
| 22 | Sea SE | 1.5 M | $196M | 0.71% | −4.5% |
| 23 | PayPal Holdings PYPL | 3.3 M | $194M | 0.71% | +18% |
| 24 | Altria Group MO | 3.3 M | $189M | 0.69% | −11% |
| 25 | Visa V | 536,497 | $188M | 0.69% | −21% |
| 26 | Reddit RDDT | 767,816 | $176M | 0.64% | +24% |
| 27 | Expedia Group EXPE | 622,783 | $176M | 0.64% | −15% |
| 28 | Arista Networks ANET | 1.3 M | $174M | 0.64% | +95% |
| 29 | British American Tobacco p.l.c. BTI | 3.0 M | $167M | 0.61% | −21% |
| 30 | HCA Healthcare HCA | 329,307 | $154M | 0.56% | −3.3% |
| 31 | Meta Platforms META | 223,701 | $148M | 0.54% | −46% |
| 32 | Vanguard International Equity Index F VWO | 2.6 M | $140M | 0.51% | +5.2% |
| 33 | iShares MBS ETF MBB | 1.4 M | $131M | 0.48% | +1.5% |
| 34 | Applied Materials AMAT | 477,577 | $123M | 0.45% | +3% |
| 35 | Pinterest PINS | 4.3 M | $112M | 0.41% | +4.6% |
| 36 | Ishares Tr LQD | 999,400 | $110M | 0.40% | +3.8% |
| 37 | Barrick Mining B | 2.5 M | $108M | 0.39% | +306% |
| 38 | Amphenol APH | 798,364 | $108M | 0.39% | +8.6% |
| 39 | Wells Fargo WFC | 1.1 M | $106M | 0.39% | −55% |
| 40 | UBER Technologies UBER | 1.3 M | $105M | 0.38% | −64% |
| 41 | Comcast CMCSA | 3.5 M | $105M | 0.38% | −49% |
| 42 | Celestica CLS | 341,774 | $101M | 0.37% | +115% |
| 43 | TE Connectivity TEL | 440,801 | $100M | 0.37% | +84% |
| 44 | Talen Energy TLN | 265,244 | $99.4M | 0.36% | +78% |
| 45 | KLA KLAC | 78,367 | $95.2M | 0.35% | −30% |
| 46 | Cigna Group CI | 344,452 | $94.8M | 0.35% | −43% |
| 47 | Manulife Financial MFC | 2.6 M | $93.0M | 0.34% | −14% |
| 48 | ASML Holding ASML | 86,089 | $92.1M | 0.34% | −4.6% |
| 49 | Block XYZ | 1.3 M | $86.6M | 0.32% | ×11 |
| 50 | Ishares IEMG | 1.3 M | $85.5M | 0.31% | +9.5% |
| 51 | Marvell Technology MRVL | 987,222 | $83.9M | 0.31% | +175% |
| 52 | Citigroup C | 716,325 | $83.6M | 0.30% | −43% |
| 53 | CVS Health CVS | 1.0 M | $82.3M | 0.30% | −13% |
| 54 | MetLife MET | 1.0 M | $80.3M | 0.29% | −39% |
| 55 | Eli Lilly LLY | 73,292 | $78.8M | 0.29% | +602% |
| 56 | NXP Semiconductors NXPI | 362,586 | $78.7M | 0.29% | −31% |
| 57 | Apple AAPL | 289,471 | $78.7M | 0.29% | −16% |
| 58 | VALE VALE | 6.0 M | $78.5M | 0.29% | −18% |
| 59 | Seagate Technology Holdings STX | 279,977 | $77.1M | 0.28% | +73% |
| 60 | Hewlett Packard Enterprise HPE | 3.2 M | $76.4M | 0.28% | +86% |
| 61 | Global Payments GPN | 958,080 | $74.2M | 0.27% | −23% |
| 62 | Shell SHEL | 1.0 M | $73.7M | 0.27% | −10% |
| 63 | GoDaddy GDDY | 567,916 | $70.5M | 0.26% | +10% |
| 64 | Hartford Insurance Group HIG | 509,996 | $70.3M | 0.26% | −24% |
| 65 | AngloGold Ashanti AU | 822,908 | $70.2M | 0.26% | +254% |
| 66 | Vertiv Holdings VRT | 430,599 | $69.8M | 0.25% | +72% |
| 67 | GSK GSK | 1.4 M | $69.5M | 0.25% | +1.1% |
| 68 | Match Group MTCH | 2.1 M | $69.2M | 0.25% | +5.1% |
| 69 | Omnicom Group OMC | 815,136 | $65.8M | 0.24% | +7.6% |
| 70 | Comfort Systems USA FIX | 68,199 | $63.6M | 0.23% | +31% |
| 71 | Monster Beverage MNST | 823,467 | $63.1M | 0.23% | +35% |
| 72 | Atlassian TEAM | 385,216 | $62.5M | 0.23% | +55% |
| 73 | NRG Energy NRG | 380,871 | $60.6M | 0.22% | +17% |
| 74 | Deckers Outdoor DECK | 580,110 | $60.1M | 0.22% | +813% |
| 75 | Allstate ALL | 278,816 | $58.0M | 0.21% | +18% |
| 76 | GRAB Holdings GRAB | 11.5 M | $57.6M | 0.21% | −24% |
| 77 | Ryanair Holdings RYAAY | 795,029 | $57.4M | 0.21% | −19% |
| 78 | Regeneron Pharmaceuticals REGN | 72,745 | $56.1M | 0.20% | −69% |
| 79 | Bank of America BAC | 1.0 M | $55.6M | 0.20% | +77% |
| 80 | Dynatrace DT | 1.3 M | $55.3M | 0.20% | +1.6% |
| 81 | McKESSON MCK | 67,413 | $55.3M | 0.20% | +20% |
| 82 | Autodesk ADSK | 184,199 | $54.5M | 0.20% | +21% |
| 83 | GE Aerospace GE | 170,483 | $52.5M | 0.19% | +30% |
| 84 | Vistra Operations VST | 309,849 | $50.0M | 0.18% | −8.4% |
| 85 | Citizens Financial Group CFG | 853,903 | $49.9M | 0.18% | +1.2% |
| 86 | EMCOR Group EME | 81,422 | $49.8M | 0.18% | −20% |
| 87 | Ciena CIEN | 212,643 | $49.7M | 0.18% | +31% |
| 88 | Zions Bancorporation, National Association ZION | 837,335 | $49.0M | 0.18% | +54% |
| 89 | Ovintiv OVV | 1.2 M | $48.6M | 0.18% | +11% |
| 90 | Universal Health Services UHS | 220,012 | $48.0M | 0.17% | −24% |
| 91 | Carpenter Technology CRS | 151,173 | $47.6M | 0.17% | +364% |
| 92 | Webster Financial WBS | 754,071 | $47.5M | 0.17% | +41% |
| 93 | T-mobile US TMUS | 229,631 | $46.6M | 0.17% | +77% |
| 94 | Credo Technology Group Holding CRDO | 321,111 | $46.2M | 0.17% | −9% |
| 95 | Docusign DOCU | 656,869 | $44.9M | 0.16% | +63% |
| 96 | Prudential Financial PRU | 396,899 | $44.8M | 0.16% | +1.9% |
| 97 | Airbnb ABNB | 328,756 | $44.6M | 0.16% | +79% |
| 98 | Cardinal Health CAH | 216,669 | $44.5M | 0.16% | −20% |
| 99 | First Citizens Bancshares FCNCA | 20,540 | $44.1M | 0.16% | +36% |
| 100 | Truist Financial TFC | 889,942 | $43.8M | 0.16% | +21% |
The 100 largest lines are shown. The other 940 add up to 27.3% of the portfolio; full 13F of Bridgewater Associates →
Positions it closed (157)
- Fiserv FISVwas 0.80% · 1.6 M shares
- CoreWeave CRWVwas 0.15% · 270,556 shares
- Astrazeneca AZNwas 0.14% · 462,859 shares
- Draftkings DKNGwas 0.12% · 852,495 shares
- Cameco CCJwas 0.10% · 293,928 shares
- Palo Alto Networks PANWwas 0.07% · 89,094 shares
- Elevance Health ELVwas 0.07% · 55,203 shares
- Republic Services RSGwas 0.06% · 63,062 shares
- Corteva CTVAwas 0.05% · 191,216 shares
- Arthur J. Gallagher AJGwas 0.05% · 39,190 shares
- ATI ATIwas 0.04% · 136,458 shares
- Progressive PGRwas 0.04% · 42,709 shares
- FedEx FDXwas 0.04% · 43,132 shares
- FOX FOXAwas 0.04% · 142,041 shares
- Motorola Solutions MSIwas 0.03% · 19,429 shares
- Royal Caribbean Cruises RCLwas 0.03% · 25,050 shares
- Carrier Global CARRwas 0.03% · 134,658 shares
- Novo Nordisk A/s NVOwas 0.03% · 138,947 shares
- Winmark WINAwas 0.03% · 14,731 shares
- Commvault Systems CVLTwas 0.03% · 37,834 shares
- Waste Management WMwas 0.03% · 29,609 shares
- Acuity AYIwas 0.03% · 18,781 shares
- Millicom International Cellular TIGOwas 0.02% · 129,443 shares
- Old National Bancorp ONBwas 0.02% · 284,004 shares
- Sprott Fds Tr URNMwas 0.02% · 102,300 shares
- Emerson Electric EMRwas 0.02% · 43,426 shares
- Biogen BIIBwas 0.02% · 39,983 shares
- Commerce Bancshares CBSHwas 0.02% · 91,635 shares
- Carvana CVNAwas 0.02% · 14,229 shares
- Cintas CTASwas 0.02% · 23,996 shares
- Bentley Systems BSYwas 0.02% · 93,424 shares
- LA Z BOY LZBwas 0.02% · 137,353 shares
- Autonation ANwas 0.02% · 21,191 shares
- Duke Energy DUKwas 0.02% · 35,659 shares
- Sphere Entertainment SPHRwas 0.02% · 69,359 shares
- Buckle BKEwas 0.02% · 71,008 shares
- Super Micro Computer SMCIwas 0.02% · 83,464 shares
- Aerovironment AVAVwas 0.01% · 11,349 shares
- Wesbanco WSBCwas 0.01% · 108,045 shares
- TransMedics Group TMDXwas 0.01% · 30,085 shares
- Neogen NEOGwas 0.01% · 584,794 shares
- Builders Firstsource BLDRwas 0.01% · 27,324 shares
- International Flavors & Fragrances IFFwas 0.01% · 53,659 shares
- Brighthouse Financial BHFwas 0.01% · 60,339 shares
- Core Scientific CORZwas 0.01% · 177,740 shares
- Teledyne Technologies TDYwas 0.01% · 5,399 shares
- Upstart Holdings UPSTwas 0.01% · 61,972 shares
- Elbit Systems ESLTwas 0.01% · 6,080 shares
- GAP GAPwas 0.01% · 143,542 shares
- BIO RAD Labs BIOwas 0.01% · 10,632 shares
- Wolverine World Wide WWWwas 0.01% · 108,474 shares
- Dayforce DAYwas 0.01% · 42,601 shares
- Upbound Group UPBDwas 0.01% · 123,302 shares
- Haemonetics HAEwas 0.01% · 59,104 shares
- Churchill Downs CHDNwas 0.01% · 29,631 shares
- MDU Resources Group MDUwas 0.01% · 149,167 shares
- Masco MASwas 0.01% · 37,662 shares
- Ss&c Technologies Holdings SSNCwas 0.01% · 29,174 shares
- Curevac CVACwas 0.01% · 466,407 shares
- Exxon Mobil XOMwas 0.01% · 22,199 shares
- AptarGroup ATRwas 0.01% · 18,568 shares
- DICK'S Sporting Goods DKSwas 0.01% · 11,079 shares
- Akamai Technologies AKAMwas 0.01% · 30,689 shares
- Floor & Decor Holdings FNDwas 0.01% · 31,336 shares
- Bio-techne TECHwas 0.01% · 41,146 shares
- Universal Display OLEDwas 0.01% · 15,268 shares
- Tri Pointe Homes TPHwas 0.01% · 59,119 shares
- Equity Lifestyle Properties ELSwas 0.01% · 32,904 shares
- Core & Main CNMwas 0.01% · 35,833 shares
- Paychex PAYXwas 0.01% · 15,102 shares
- Chewy CHWYwas 0.01% · 47,043 shares
- Madison Square Garden Entertainment MSGEwas 0.01% · 40,458 shares
- Fluor FLRwas 0.01% · 42,330 shares
- Entergy ETRwas 0.01% · 18,855 shares
- Humana HUMwas 0.01% · 6,603 shares
- Light & Wonder LNWOwas 0.01% · 19,975 shares
- Coursera COURwas 0.01% · 140,240 shares
- Spire SRwas 0.01% · 19,007 shares
- Idex IEXwas 0.01% · 9,459 shares
- Silgan Holdings SLGNwas 0.01% · 34,378 shares
- Wyndham Hotels & Resorts WHwas 0.01% · 18,044 shares
- Progyny PGNYwas 0.01% · 65,643 shares
- Skyworks Solutions SWKSwas 0.01% · 18,265 shares
- Boeing BAwas 0.01% · 6,453 shares
- Annaly Capital Management NLYwas 0.01% · 68,878 shares
- RLI RLIwas 0.01% · 20,541 shares
- Clean Harbors CLHwas 0.01% · 5,762 shares
- United Parks & Resorts PRKSwas 0.00% · 23,795 shares
- Matson MATXwas 0.00% · 12,373 shares
- THOR Industries THOwas 0.00% · 11,445 shares
- Martin Marietta Materials MLMwas 0.00% · 1,855 shares
- Archrock AROCwas 0.00% · 42,230 shares
- At&t Twas 0.00% · 37,777 shares
- Rayonier RYNwas 0.00% · 37,927 shares
- UMB Financial UMBFwas 0.00% · 8,442 shares
- Hasbro HASwas 0.00% · 12,385 shares
- Sprott Fds Tr URNJwas 0.00% · 31,592 shares
- Ormat Technologies ORAwas 0.00% · 9,057 shares
- Ashland ASHwas 0.00% · 17,588 shares
- W.W. Grainger GWWwas 0.00% · 862 shares
- MillerKnoll MLKNwas 0.00% · 45,794 shares
- WESCO International WCCwas 0.00% · 3,774 shares
- Impinj PIwas 0.00% · 4,339 shares
- Omega Healthcare Investors OHIwas 0.00% · 18,216 shares
- GATX GATXwas 0.00% · 3,977 shares
- AST Spacemobile ASTSwas 0.00% · 13,741 shares
- AGNC Investment AGNCwas 0.00% · 67,260 shares
- Affirm Holdings AFRMwas 0.00% · 8,860 shares
- Embraer EMBJwas 0.00% · 10,611 shares
- RYAN Specialty Holdings RYANwas 0.00% · 10,877 shares
- Prestige Consumer Healthcare PBHwas 0.00% · 9,657 shares
- ONE Gas OGSwas 0.00% · 7,296 shares
- Ondas ONDSwas 0.00% · 76,482 shares
- Dana DANwas 0.00% · 29,323 shares
- Valvoline VVVwas 0.00% · 16,195 shares
- Chord Energy CHRDwas 0.00% · 5,415 shares
- Vail Resorts MTNwas 0.00% · 3,580 shares
- LEVI Strauss LEVIwas 0.00% · 22,758 shares
- Otter Tail OTTRwas 0.00% · 6,406 shares
- Armour Residential Reit ARRwas 0.00% · 32,480 shares
- Dynex Capital DXwas 0.00% · 38,705 shares
- Leonardo DRS DRSwas 0.00% · 10,459 shares
- Encore Energy EUwas 0.00% · 140,137 shares
- Waters WATwas 0.00% · 1,482 shares
- Vaxcyte PCVXwas 0.00% · 11,855 shares
- Intapp INTAwas 0.00% · 10,377 shares
- Nisource NIwas 0.00% · 9,786 shares
- Nlight LASRwas 0.00% · 14,222 shares
- Blue OWL Capital OBDCwas 0.00% · 32,862 shares
- Stantec STNwas 0.00% · 3,678 shares
- Karman Holdings KRMNwas 0.00% · 5,282 shares
- FTAI Aviation FTAIwas 0.00% · 2,255 shares
- CAE CAEwas 0.00% · 12,163 shares
- Two Harbors Investment was 0.00% · 36,436 shares
- CGI GIBwas 0.00% · 3,916 shares
- Boise Cascade BCCwas 0.00% · 4,429 shares
- Invesco Mortgage Capital IVRwas 0.00% · 44,713 shares
- Centerra Gold CGAUwas 0.00% · 31,139 shares
- Centerpoint Energy CNPwas 0.00% · 8,440 shares
- IsoEnergy ISOUwas 0.00% · 30,241 shares
- Biohaven BHVNwas 0.00% · 20,060 shares
- Blacksky Technology BKSYwas 0.00% · 14,879 shares
- Conmed CNMDwas 0.00% · 5,933 shares
- Unifirst UNFwas 0.00% · 1,626 shares
- ULTA Beauty ULTAwas 0.00% · 465 shares
- AEHR Test Systems AEHRwas 0.00% · 8,394 shares
- Joby Aviation JOBYwas 0.00% · 15,619 shares
- Helmerich & Payne HPwas 0.00% · 11,054 shares
- Pan American Silver PAASwas 0.00% · 6,253 shares
- Certara CERTwas 0.00% · 19,122 shares
- Ducommun DCOwas 0.00% · 2,417 shares
- Axcelis Technologies ACLSwas 0.00% · 2,224 shares
- Avista AVAwas 0.00% · 5,469 shares
- Option Care Health OPCHwas 0.00% · 7,404 shares
- Ichor Holdings ICHRwas 0.00% · 10,888 shares
- Ur-energy URGwas 0.00% · 92,733 shares
- Serve Robotics SERVwas 0.00% · 12,779 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.