Zhong Guo Ji Jin Bao·2026-02-14 11:57Group 1 - Bridgewater Associates significantly increased its holdings in technology stocks and gold-related stocks in Q4 2025, including Nvidia, Amazon, and Newmont Corporation [1][2] - The total market value of Bridgewater's holdings reached $27.4 billion in Q4 2025, up from $25.5 billion in Q3 2025 [2] - The top ten holdings accounted for 36.35% of the total portfolio, with SPDR S&P 500 ETF (SPY) and iShares S&P 500 ETF (IVV) being the largest positions [2][3] Group 2 - Bridgewater increased its Nvidia shares from 2.51 million to 3.87 million, a 54% increase, and also raised its Amazon shares to 1.95 million [4] - The largest reductions in holdings were in Uber, Fiserv, Google, Meta, and Microsoft [4] - The report indicates a shift in asset allocation from the U.S. to international markets, with a notable focus on gold as a strong asset class [7][8] Group 3 - Ray Dalio emphasized that the main sources of returns in 2025 were changes in currency values and the underperformance of U.S. stocks compared to non-U.S. stocks and gold [7] - The dollar depreciated against several currencies, with a 39% decline against gold, highlighting gold's status as a strong asset [7] - Current high price-to-earnings ratios and low credit spreads indicate that overall valuations are expensive, with expected long-term stock returns at about 4.7% [8]