Ray Dalio All Weather Portfolio & Bridgewater 13F
The All Weather allocation in numbers
Dalio launched the All Weather strategy at Bridgewater in 1996 to protect family wealth without having to predict the economy. It balances four environments — rising or falling growth, rising or falling inflation — so that each is covered by assets that tend to do well in it. The simple version below was popularized in Tony Robbins's book Money: Master the Game after interviews with Dalio. Here is how it would split $100,000:
| Asset class | Weight | On $100,000 |
|---|---|---|
| US stocks | 30% | $30,000 |
| Long-term US Treasuries | 40% | $40,000 |
| Intermediate-term US Treasuries | 15% | $15,000 |
| Gold | 7.5% | $7,500 |
| Broad commodities | 7.5% | $7,500 |
0001350694-26-000003). Dalio's personal holdings are not publicly disclosed.
What is the All Weather portfolio?
A mix designed to hold up in any economic season. The widely published retail version holds 30% US stocks, 40% long-term Treasuries, 15% intermediate Treasuries, 7.5% gold and 7.5% commodities. Bridgewater's institutional fund uses the same risk-balancing idea with leverage.
What does Bridgewater's 13F hold?
997 US-listed positions worth $24.38 billion. S&P 500 index funds make up 26.8% of reported value; the rest is spread thinly across large companies, led by NVDA, AVGO, AMZN, GOOGL, LRCX.
Does the 13F show the whole fund?
No. Bridgewater trades mainly bonds, currencies and futures, which a 13F does not include. The filing shows only the US equity and ETF sleeve, so it is a partial view of a global macro manager.
Anyone who wants to build ray dalio all weather portfolio exposure with ETFs usually maps each line to a low-cost fund: a total US stock market fund, long-term and intermediate Treasury funds, a physical gold fund and a broad commodity fund, rebalanced once or twice a year. The retail version is unleveraged, so it is heavy in bonds; it has historically fallen less than stocks in crashes but also lagged in strong bull markets and struggled in 2022 when stocks and bonds fell together.
Bridgewater 13F holdings, quarter ended June 30, 2026
| Security | Shares | Reported value | Weight |
|---|---|---|---|
| SPY STATE STR SPDR S&P 500 ETF T | 5,320,308 | $3.97 billion | 16.3% |
| IVV ISHARES TR | 3,002,286 | $2.25 billion | 9.2% |
| NVDA NVIDIA CORPORATION | 3,866,195 | $773.6 million | 3.2% |
| AVGO BROADCOM INC | 1,317,923 | $497.8 million | 2.0% |
| AMZN AMAZON COM INC | 2,025,481 | $482.8 million | 2.0% |
| GOOGL ALPHABET INC | 1,322,176 | $472.5 million | 1.9% |
| LRCX LAM RESEARCH CORP | 938,224 | $406.6 million | 1.7% |
| VOO VANGUARD INDEX FDS | 458,381 | $314.8 million | 1.3% |
| AMD ADVANCED MICRO DEVICES INC | 538,632 | $312.9 million | 1.3% |
| EWY ISHARES INC | 1,384,772 | $279.6 million | 1.1% |
| MSFT MICROSOFT CORP | 711,896 | $265.6 million | 1.1% |
| NEM NEWMONT CORP | 2,695,170 | $251.7 million | 1.0% |
| AMAT APPLIED MATLS INC | 291,426 | $210.7 million | 0.9% |
| ORCL ORACLE CORP | 1,432,967 | $210.0 million | 0.9% |
| STX SEAGATE TECHNOLOGY HLDNGS PL | 199,822 | $192.8 million | 0.8% |
| JNJ JOHNSON & JOHNSON | 669,135 | $169.9 million | 0.7% |
| VWO VANGUARD INTL EQUITY INDEX F | 2,746,819 | $164.0 million | 0.7% |
| GEV GE VERNOVA INC | 122,768 | $144.2 million | 0.6% |
| UNP UNION PAC CORP | 514,266 | $139.9 million | 0.6% |
| MU MICRON TECHNOLOGY INC | 116,666 | $134.7 million | 0.6% |
The 20 largest of 997 reported positions. Source: SEC EDGAR Form 13F-HR; weights use total reported value.
The bridgewater associates 13f filings look very different from a stock picker's. The top ten lines are only 40.0% of reported value, index funds dominate, and hundreds of positions are small. That pattern fits a systematic manager that uses equities to express broad views on growth and markets rather than betting on single companies. Treat any "ray dalio stock picks" headline with care: they are Bridgewater's positions, chosen by its investment team, not by Dalio personally.
A visible tilt toward chipmakers
Outside the index funds, the largest single-company lines lean toward semiconductors and the equipment used to make them. Chip designers and chip-equipment makers among the largest positions — NVDA, AVGO, LRCX, AMD, AMAT, MU, ASML, KLAC — add up to 10.6% of reported value. For a macro manager that usually avoids concentrated bets, that tilt suggests the investment team sees the build-out of artificial-intelligence computing as a durable driver of growth, while the broad index exposure keeps the overall equity position diversified.
What changed last quarter
Compared with the quarter ended March 31, 2026, Bridgewater added VOO, VST, SHEL, PCAR, WDC, IEMG and 3 more to its largest positions and dropped TSM, MRVL, META, ANET, FIX, GOOG and 3 more from that list. Because the book is so broad, these moves are small relative to the fund; they are better read as shifts in sector tilt than as convictions. As a simple bridgewater 13f portfolio tracker, the table below shows how the size and composition of the reported book changed over the last 6 quarters.
| Quarter end | Filed | Positions | Reported value | Largest line |
|---|---|---|---|---|
| 2026-06-30 | 2026-08-14 | 997 | $24.38 billion | SPY (16.3%) |
| 2026-03-31 | 2026-05-15 | 993 | $22.40 billion | SPY (12.7%) |
| 2025-12-31 | 2026-02-13 | 1,040 | $27.42 billion | SPY (11.1%) |
| 2025-09-30 | 2025-11-13 | 1,014 | $25.53 billion | IVV (10.6%) |
| 2025-06-30 | 2025-08-13 | 585 | $24.79 billion | SPY (6.5%) |
| 2025-03-31 | 2025-05-14 | 664 | $21.55 billion | SPY (8.7%) |
Dalio's principles, beyond the holdings
Dalio founded Bridgewater in 1975 from his apartment and built it into one of the world's largest hedge funds with two main strategies: Pure Alpha, an actively managed macro fund, and All Weather. His books Principles, Principles for Dealing with the Changing World Order and How Countries Go Broke explain the ideas behind them: debt cycles, the rise and decline of reserve currencies, and diversification across uncorrelated return streams. For most individuals, those ideas are more useful than any single ray dalio portfolio snapshot.
Limits of the 13F for a macro fund
- Bonds, currencies, commodities and futures — the core of Bridgewater's strategies — are not reported.
- The filing is a quarter-end snapshot published up to 45 days later.
- It shows Bridgewater's positions, not Ray Dalio's personal investments.
Compare with other managers in the superinvestor directory, the Druckenmiller 13F page and the Berkshire Hathaway 13F playbook. Gemral Edge Pro adds cross-manager 13F screens and filing alerts; institutions that need the data programmatically can use the Gemral B2B API plan.