In its second-quarter 13F filing for the period ending June 30, 2026, Ray Dalio's Bridgewater Associates revealed a significant increase in its bet on the broader U.S. stock market. The firm's total portfolio value grew to $24.38 billion, and it heavily bolstered its positions in S&P 500 index ETFs. The top three holdings, SPY, IVV, and VOO, are all S&P 500 trackers and now represent a combined 26.81% of the total portfolio, a substantial increase from the previous quarter.
The most prominent theme was the additions to these broad-market index funds. The firm's top holding, SPDR S&P 500 ETF Trust (SPY), increased to a $3.97 billion position, making up 16.30% of the portfolio. Similarly, the iShares CORE S&P 500 ETF (IVV) and the Vanguard S&P 500 ETF (VOO) saw significant increases, solidifying a strong bullish stance on large-cap U.S. equities. This move comes as Bridgewater's portfolio has reportedly gained 38.5% over the last year, outperforming the S&P 500's 20.8% rise.
While concentrating on index funds, Bridgewater showed a more mixed approach to the technology sector. The firm reduced exposure to several tech and semiconductor stocks, most notably cutting its position in Micron (MU) by over 90% and fully exiting its stake in Cisco (CSCO). Despite these reductions, top individual stock holdings remain concentrated in major technology companies like NVIDIA (NVDA), Broadcom (AVGO), Amazon (AMZN), and Alphabet (GOOGL), indicating a selective approach to the sector. The firm also initiated several new, smaller positions in utilities and software.