Ray Dalio’s Bridgewater quietly reshapes its portfolio amid bubble warnings | Official Website of Louis Velazquez, entrepreneur, finance guy and tech innovator

Ray Dalio might not be in the cockpit anymore, but his old shop’s latest 13F still packs a ton of punch.

Bridgewater made just a small gain in overall portfolio size in Q3, but beneath the calm surface, it effectively reshuffled its holdings in ways that say a lot more than the total number shows.

For a little color, Bridgewater’s total disclosed stock portfolio increased from $24.8 billion in Q2to nearly $25.5 billion in Q3, a relatively modest 3% lift. despite a ton of internal reshuffling.

Big Tech got sliced and broad-market ETFs got bumped, while the number of individual positions nearly doubled.

It’s the recalibration you’ll notice if you’re paying attention, lining up perfectly with Dalio’s warnings over potential bubbles, political stress, and with debt-driven roadblocks.

Ray Dalio’s Bridgewater quietly reworked its Q3 holdings, cutting crowded tech and adding broad-market hedges.

Photo by Bloomberg on Getty Images

Dalio’s shadow still hangs over Bridgewater

Dalio isn’t calling Bridgewater’s shots anymore, but the hedge fund giant still sits clearly in his shadow.

He founded Bridgewater in 1975 from a two-bedroom apartment in New York, spending the next five decades as a global macro investor. It ultimately became the world’s largest hedge fund, with assets peaking at nearly $168 billion in 2022.

Bridgewater’s playbook is simple, hinging on a couple of strategies.

Fund manager buys and sells

First, there’s “Pure Alpha,” which makes major, research-driven bets on how global markets move. At the same time, “All Weather” focuses on spreading capital across a variety of assets that can thrive in different economic “seasons.”

Dalio stepped down from his position as CEO in 2017, relinquishing control and the co-CIO role by 2022. He sold off his remaining stake in the firm in 2025, subsequently exiting the board, and handing ownership to employee partners.

These days, Dalio focuses on warning about debt cycles and “financial heart attacks” instead of adjusting portfolios, but he remains a key investing voice that’s impossible to ignore.

Bridgewater pulls back from the tech high-flyers

Ray Dalio’s camp didn’t just trim around the edges; it practically chopped some of the most crowded trades in 2025.

Nvidia, Alphabet, Microsoft, and Meta all saw hefty reductions, and the numbers clearly indicate that it wasn’t exactly a rebalance, indicating profit-taking with a purpose.

Following a year of AI enthusiasm effectively driving mega-cap valuations, Bridgewater stepped back from the euphoria in Q3, locking in gains before the trade gets even messier.

For perspective, Dalio has been sounding the alarm for months that investors are pricing many of these AI businesses to perfection, when they just cannot grow quickly enough to justify the hype.

Bridgewater’s largest Q3 tech reductions

Nvidia (NVDA): -65%Slashed from 7.23 million to 2.51 million shares. Perhaps the fund’s single biggest pullback was cutting billions in high-volatility exposure. Source: WhaleWisdom
Alphabet (GOOGL): -52%Cut 5.6 million to 2.65 million shares, lowering one of Bridgewater’s largest individual stock positions by more than 50%.
Microsoft (MSFT): -36%Down to just over 1.1 million shares, a major shift away from a core mega-cap default.
Meta Platforms (META): -48%Trimmed to 417,000 shares, nearly slicing the position by 50%.

Bridgewater doesn’t want to ride the crowded trade

Bridgewater’s tech pullback appears more aggressive, but it aligns almost seamlessly with Dalio’s recent warnings.

Dalio has discussed extensively his uneasiness with the “late-stage cycle behavior” he observes across markets, backed by runaway valuations and a rampant increase in speculative money.

In a recent interview, he warned that the U.S. and other Western countries are entering “very, very dark times,” led by record debt levels and political dysfunction.

He’s also repeated an old proverb: “A smart rabbit has three holes,” meaning it’s never ideal for investors to rely on a single place to hide.

A bigger, wider, shockingly diversified Bridgewater emerges

That said, Bridgewater didn’t just dump his tech-related bets and call it a day.

The trims essentially freed up a hefty amount for a larger shift, which transformed the fund from a concentrated collection of tech bets into something a lot more diverse.

Index hedges become the real stars

As Bridgewater continued to cut tech, the real action occurred in its index hedges.

IVV (the iShares Core S&P 500 ETF) just became the fund’s MVP, with Bridgewater bumping its stake by nearly 75% in Q3.

SPY, another S&P 500 tracker, held firm with just a small trim, with the two ETFs now accounting for over 17% of all U.S. equity exposure.

The moves point to a classic “all-weather,” approach where Bridgewater’s leaning into broad, liquid, low-concentration exposure, where investors can afford to hide in plain sight.

Bridgewater’s biggest Q3 ETF adjustments

IVV (S&P 500 ETF): +75% increase
SPY (S&P 500 ETF): -1.7% trim
IEMG (Emerging Markets ETF): Massive reduction with nearly $1 billion offloaded

Bridgewater builds a safety net

The tech pullback was the major headline, but perhaps the real story is in Bridgewater’s new sprawling portfolio.

As mentioned earlier, the fund nearly doubled its holdings in Q3, from about 585 to 1,014 positions, a major shift screaming “macro uncertainty” as loudly as any Dalio interview.

That wasn’t exactly random accumulation but classic risk-parity thinking, which involves spreading exposure across sectors, countries, and market conditions so that no individual shock could bring the structure down.

That said, multiple new and expanded positions stand out.

Bridgewater leaned into chip equipment, scooping up Applied Materials while making a major move into Lam Research, a quieter way to play the AI-led boom without the Nvidia-level froth.

Moreover, it bolstered enterprise software with larger stakes in Adobe and ServiceNow, while layering in financial resilience with a bigger increase in Mastercard, and making targeted international bets with Sea Ltd.