Introducing Valuation Models! 
Ray Dalio is one of the most influential investors of his generation. As the founder of Bridgewater Associates, Dalio built a strategy rooted in global diversification, economic forecasting, and risk-balanced portfolio construction. His firm pioneered the “All Weather” approach, focusing less on individual stock picking and more on navigating long-term trends across asset classes and geographies.
Dalio’s worldview is shaped by decades of studying economic cycles, political shifts, and central bank behavior. He has consistently emphasized the importance of understanding history, currency dynamics, and debt patterns when investing. While Bridgewater is known for its proprietary models and global macro lens, its 13F filings still offer valuable insight into where the firm is allocating public equity exposure in a given quarter.
With over $20 billion in publicly disclosed U.S. equities as of March 31, 2025, Bridgewater’s latest 13F filing provides a snapshot of how one of the world’s most data-driven investment firms is navigating today’s complex market environment. Below are the five largest positions currently shaping Bridgewater’s public portfolio.
1. SPDR S&P 500 ETF Trust (SPY) 8.62% of portfolio
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Bridgewater’s largest disclosed holding remains the SPDR S&P 500 ETF Trust, representing 8.62% of the portfolio with a market value of approximately $1.87 billion. However, the firm significantly reduced its position last quarter, selling nearly 4.9 million shares, which was a 59.4% cut.
The move suggests a tactical shift away from broad U.S. equity exposure during a period of heightened market uncertainty. It’s also not unsurprising that some people are interpreting this as a message that Bridgewater and Dalio specifically aren’t confident that it’s smooth sailing ahead for US equities.
Dalio has often emphasized the importance of diversification and risk balancing. This reduction in SPY likely reflects macro-level adjustments tied to Bridgewater’s broader global positioning. As U.S. equity valuations remain elevated and volatility persists, the trim may signal a rebalancing toward non-U.S. assets or more targeted exposures with favorable risk-reward characteristics.
2. iShares Trust – iShares Core S&P 500 ETF (IVV) 5.64% of portfolio
Bridgewater increased its position in the iShares Core S&P 500 ETF, adding nearly 136,000 shares last quarter for a total stake of over 2.17 million shares. This holding is now valued at approximately $1.22 billion, making up 5.64% of the portfolio. While smaller than the SPY position, the increase signals a continued but more measured allocation to U.S. equities.
There is also a consideration that increasing shares in IVV could be seen as offering broader exposure to large-cap US stocks, all while being more cost-efficient.
The IVV addition may represent a structural refinement rather than a directional change. IVV has lower expense ratios than SPY and may better fit Bridgewater’s passive exposure preferences. It could also reflect internal risk modeling choices that favor IVV’s liquidity and tracking characteristics for balancing domestic equity exposure within its risk-parity frameworks.
3. iShares Core MSCI Emerging Markets ETF (IEMG) 4.72% of portfolio
Emerging markets exposure remains a key theme in Bridgewater’s equity strategy. The firm increased its position in IEMG by nearly 1.3 million shares last quarter, bringing its total to 18.96 million shares worth about $1.02 billion. The position now makes up 4.72% of Bridgewater’s portfolio.
It’s believed that Dalio’s purchase of more shares of IEMG is part of his “Holy Grail of Investing” strategy, which includes a focus on both balancing risk and consistent returns.
Dalio has long pointed to the shifting balance of global economic power, favoring emerging markets for their growth potential, demographic trends, and reduced correlation to Western economies. The IEMG addition aligns with this worldview, offering diversified exposure across Asia, Latin America, and beyond. The position supports Bridgewater’s macro thesis that emerging markets will be critical drivers of global returns in the decade ahead.
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4. Alibaba Group Holding Ltd (BABA) 3.45% of portfolio
Alibaba has grown into one of Bridgewater’s more aggressive equity plays, representing 3.45% of the portfolio with a total value of $748.5 million. The firm added over 5.4 million shares last quarter, expanding the position by more than 2,100%. This sharp increase stands out in an otherwise ETF-heavy portfolio and suggests a high-conviction move.
Bridgewater’s sizable bet on Alibaba may reflect a contrarian view on Chinese equities at a time when many investors remain cautious. Dalio has often defended China’s long-term fundamentals and sees companies like Alibaba as undervalued relative to their global peers.
The investment appears to be a macro-driven call on policy easing, e-commerce recovery, and broader stabilization in Chinese capital markets. Alibaba’s strength in AI is also a likely driving force in the increased Bridgewater position.
5. Alphabet Inc (GOOGL) 2.17% of portfolio
Alphabet represents 2.17% of Bridgewater’s portfolio, with a total of just over 3 million shares valued at $470.5 million. The firm reduced the position last quarter by nearly 579,000 shares, trimming its stake by around 16%.
The move suggests a shift in how the firm is allocating to U.S. large-cap tech, which it appears to be slowly moving away from. In other words, this isn’t a reflection of Alphabet itself, but more of the broader US tech market.
Dalio has praised U.S. innovation but remains cautious about valuation excess in the tech sector. The reduction in Alphabet may signal Bridgewater’s desire to moderate exposure to companies heavily tied to advertising and digital consumer trends, especially as macro risks mount. Still, the remaining stake indicates continued belief in Alphabet’s long-term strength in AI and cloud computing.
Dalio Plays the Long Game, Not the Momentum Trade
Ray Dalio’s investment approach is rooted in global macro fundamentals rather than short-term market sentiment. As the founder of Bridgewater Associates, he built his strategy on balancing risk across asset classes and geographic regions. The firm focuses on how economic cycles, interest rates, inflation, and geopolitics interact to shape returns over the long term.
Bridgewater’s portfolio reflects this philosophy, heavy on ETFs, diversified across regions, and occasionally punctuated by bold moves in emerging markets or misunderstood megacaps like Alibaba. For investors, the firm’s holdings reveal a disciplined, top-down view of the world economy and a preference for structural trends over market hype.
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Disclaimer:
Please note that the articles on TIKR are not intended to serve as investment or financial advice from TIKR or our content team, nor are they recommendations to buy or sell any stocks. We create our content based on TIKR Terminal’s investment data and analysts’ estimates. Our analysis might not include recent company news or important updates. TIKR has no position in any stocks mentioned. Thank you for reading, and happy investing!
