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The world's largest macro hedge fund is pairing passive index exposure with aggressive semiconductor positioning, while quietly exiting software names
Bridgewater Associates, the macro-focused hedge fund managing an estimated $150B to $170B in assets, disclosed a US equity portfolio worth approximately $22.4B in its most recent 13F filing. The portfolio’s top positions tell a clear story: broad index exposure through S&P 500 ETFs like SPY and IVV, layered with concentrated bets on technology heavyweights including Nvidia and Amazon.
The filing, which covers Q1 2026 and was submitted on May 15, revealed 993 individual holdings. The top 10 positions alone accounted for roughly 40.65% of the total portfolio value.
The ETF backbone and the AI pivot #
SPY, the SPDR S&P 500 ETF Trust, claimed the largest single allocation at approximately 12.67% of the portfolio. IVV, BlackRock’s competing S&P 500 tracker, followed at around 7.81%. Together, these two functionally identical index funds represent more than a fifth of Bridgewater’s reported US equity exposure.
Bridgewater meaningfully increased its exposure to semiconductor and AI-adjacent stocks during Q1, adding to positions in Nvidia, Broadcom, and Micron. The fund also initiated new stakes in Taiwan Semiconductor Manufacturing Company, the chipmaker that fabricates processors for Apple, Nvidia, and virtually every other company pushing the boundaries of artificial intelligence.
What Bridgewater is selling matters too #
Bridgewater closed out positions in Salesforce and Workday during the quarter, two enterprise software companies that have historically traded at premium valuations on the promise of recurring revenue growth.
Bridgewater isn’t abandoning technology. It’s rotating within the sector, shifting capital from software businesses toward hardware and infrastructure plays. Bridgewater’s decision to trim these names while simultaneously up on the companies building AI’s physical backbone suggests the fund sees a fundamental reordering of where value accrues in the tech stack.
Ray Dalio, who founded Bridgewater in 1975 and has since stepped back from day-to-day management, built the firm’s reputation on principles-based decision making. The current portfolio is managed by co-CIOs.
What the filing doesn’t show #
The filing only captures US-listed equity positions. It says nothing about the fund’s derivatives book, its international equity exposure, its fixed income positions, or its commodity trades.
The $22.4B equity portfolio represents roughly 13% to 15% of the firm’s total assets under management, meaning the vast majority of Bridgewater’s capital is deployed in ways that this filing cannot capture.
No Q2 2026 13F filing has been reported as of mid-August 2026, leaving open questions about whether Bridgewater maintained, expanded, or reversed these positions during subsequent quarters.
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