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Bridgewater Q2 2025 — Portfolio Moves Dashboard
13F deep-diveFounded by Ray Dalio in 1975, Bridgewater Associates is the world’s largest hedge fund and a pioneer of risk-parity and macro systematic strategies. This dashboard visualizes Bridgewater’s Q2 2025 U.S. equity & ETF disclosure—where capital was added, initiated, reduced, and fully exited.
Portfolio at a Glance
Quarter: Q2 2025Top ETF Weight
$1.03B
IEMG · 4.16% of portfolio
Largest Single-Name Add
$1.14B
NVIDIA (NVDA)
Largest New Position
$76.6M
Arm Holdings (ARM)
Biggest Exit by $
$641.9M
Alibaba (BABA)
🧭 Key Themes
- AI platform concentration — outsized additions: NVDA, MSFT, GOOGL, META, PANW, FTNT.
- Barbell with defensives — JNJ and staples/healthcare as counterweights.
- China internet de-risking — exits in BABA, PDD, BIDU, JD, TCOM and others.
- Energy & uranium rebalance — trims in VST and URA/URNM/UEC/NXE/DNN/UUUU.
🚀 Major Adds (by market value at Q2 close)
Position to $1.14B (↑ 4.38M sh). AI infra leadership.
$853.1M stake after adding ~905k sh. Cloud & AI core.
Now $987.0M. Ads + Cloud + Gemini stack.
$348.4M—scale in mobility & delivery.
To $348.7M. Quality defensive ballast.
$313.8M. Cybersecurity platform.
$335.6M. Network security exposure.
$440.9M. High-end travel resilience.
$595.7M. AI-driven ads & infra.
$178.4M. Broadband leverage.
✨ Major New Positions (initiated)
Plus first stakes in MPC, VRTX, JBL and a basket of regional banks / specialty tech.
📉 Major Reductions (trimmed, not exited)
Top Trims by Dollars Sold
Largest % Trims (still holding small stakes)
Uranium & Energy Rebalance (broad trims)
Uranium basket trimmed across URA (−31.1%), URNM (−35.9%), UEC (−43.1%), NXE (−47.0%), DNN (−41.2%), UUUU (−37.5%). Traditional energy also pared in VST (−$70.0M), EOG (−57.8%), BP (−50.8%), SU (−55.7%), CTRA (−17.1%).
🧨 Major Positions Closed (0 shares at Q2 end)
Chinese internet platforms dominate the exit list — a clear de-risking from PRC consumer tech.
📦 ETFs & Rotations
Trimmed −9.36% (−1.77M sh) but remains a $1.03B anchor at 4.16% of portfolio.
Trimmed −15.5% (−336,753 sh); MV $90.8M.
URA −31.1% (MV $22.4M post-trim); URNM −35.9% (MV $6.28M).
🧩 What It Means
Adds cluster around NVDA → MSFT/GOOGL → PANW/FTNT — a full-stack AI exposure from infra to cloud to security.
Growth engines (NVDA/META/UBER) balanced with high-quality defensives (JNJ, staples) to stabilize factor risk.
Wholesale exit from Chinese consumer internet reduces policy/tail-risk; EM kept via broad ETFs (IEMG/VWO).
Profit-taking / volatility management across Vistra and uranium miners while retaining optionality.
