Core Insights - Bridgewater has significantly reduced its holdings in Nvidia by 65.3%, from 7.23 million shares to 2.51 million shares as of September 30, indicating a strategic shift towards risk management [1][3][5] - The fund has increased its investment in U.S. large-cap ETFs, with SPY holdings rising by 75.3% to 4.05 million shares, making it the largest position in the portfolio [1][9] - Bridgewater has also reduced its stakes in major tech companies like Google and Meta by 52.6% and 48.3% respectively, while also cutting back on Microsoft and Amazon [1][12] Summary by Category Nvidia Holdings - Bridgewater's holdings in Nvidia have dropped from 7.23 million shares to 2.51 million shares, a reduction of 65.3% [1][3] - This drastic cut follows a significant increase in the previous quarter, suggesting a shift from trend-following to risk management [3][5] U.S. Large-Cap ETFs - The fund has increased its position in SPDR S&P 500 ETF (SPY) by 75.3%, now holding 4.05 million shares, which constitutes 10.62% of the portfolio [1][9] - iShares Core S&P 500 ETF (IVV) has also seen an increase, now making up 6.69% of the portfolio [9][10] Reduction in Tech Holdings - Bridgewater has reduced its holdings in Google by 52.6%, Meta by 48.3%, and Microsoft by 36% [1][12] - The fund has also completely exited positions in 10 significant stocks, including Lyft and Spotify, indicating a broader strategy to divest from non-core assets [12][14] Risk Management Strategy - The adjustments reflect a clear intent to lower industry concentration and avoid overexposure to high-volatility sectors like AI and technology [10][11] - The fund aims to embrace stable cash flows from large-cap stocks during the economic late-cycle phase, which is seen as less risky compared to growth stocks [10][11] Emerging Markets and Other Investments - Bridgewater has continued to lower its exposure to emerging market ETFs, reflecting concerns over their vulnerability amid tightening global liquidity [14] - Despite the overall risk-reduction strategy, the fund has made significant increases in positions in companies like Netflix and MercadoLibre, focusing on firms with strong cash flows and stable earnings [15][16]

Portfolio Overview - Bridgewater's total portfolio value increased from $24.8 billion in 2Q25 to $25.5 billion in 3Q25, a rise of 3%[1] - The number of positions expanded significantly to 1014, up from 585 in the previous quarter[1] - The share of the top 10 holdings decreased from 36.1% to 32.5%[1] Investment Strategy - Increased allocation to S&P 500 ETFs, with iShares S&P 500 ETF (IVV) becoming the largest holding at $2.71 billion, representing 10.6% of the portfolio[1] - Combined weight of S&P 500 ETFs reached approximately 17.3%, a notable increase from the previous quarter[1] - Emerging market ETF exposure was nearly eliminated, indicating a shift in strategy[1] Sector Adjustments - Significant reductions in holdings of major tech stocks, including Nvidia (down 65%), Alphabet (down 53%), and Microsoft (down 36%) to lock in profits[1] - Full exit from SPDR Gold Trust, reflecting a tactical profit-taking move after a strong price rally[1] - The portfolio remains biased towards information technology but has shifted to a more balanced allocation across sectors[1] Notable Transactions - Major increases in positions included Lam Research (+111%), Mastercard (+191%), and Workday (+132%) among others[1] - New positions initiated in Reddit and Robinhood, contributing to a more diversified portfolio with 493 new holdings[1] Risk Management - The strategy reflects a commitment to dynamic balance and risk-aware positioning in an uncertain economic environment[1] - The overall approach aims to enhance portfolio resilience by reducing concentration and broadening holdings[1]

【美国上市新兴市场ETF资金流入情况更新】11月3日消息，截至10月31日当周，投资于发展中国家及 特定国家的美国上市新兴市场ETF，资金流入总计7.603亿美元。前一周流入9.291亿美元，今年以来， 资金流入合计达278亿美元。 本文由 AI 算法生成，仅作参考，不涉投资建议，使用风险自担 ...

周一（10月13日），新兴市场ETF收涨2.91%，罗素2000指数ETF涨2.78%，黄金ETF涨2.43%，巴克莱 美国可转债ETF涨2.20%，纳指100 ETF涨2.12%，标普500 ETF、美国布伦特油价基金、道指ETF至多涨 1.53%，美国房地产ETF、做多美元指数、农产品基金、大豆基金至多涨0.64%。（美国债市逢哥伦布日 休市当天）美国国债20+年ETF收跌0.06%，欧元做多跌0.41%，日元做多跌0.46%，恐慌指数做多跌 7.61%。 ...

（文章来源：每日经济新闻） 每经AI快讯，周五（10月10日），美国布伦特油价基金收跌3.78%，新兴市场ETF跌3.69%，纳指100 ETF跌3.47%、罗素2000指数ETF跌2.99%、标普500 ETF跌2.70%、道指ETF跌1.86%。 ...

Group 1 - Gold ETFs rose by 1.06% on Friday, September 19 [1] - Nasdaq 100 ETFs increased by 0.68% [1] - S&P 500 ETFs gained 0.50% [1] Group 2 - Dow Jones ETFs saw a rise of 0.35% [1] - Long positions in the US Dollar Index increased by 0.29% [1] - US Treasury 20+ Year ETFs declined by 0.19% [1] Group 3 - Emerging Market ETFs fell by 0.23% [1] - Euro long positions decreased by 0.30% [1] - Agricultural funds dropped by 0.41% [1] Group 4 - US Real Estate ETFs declined by 0.65% [1] - Russell 2000 Index ETFs fell by 0.76% [1] - Soybean funds decreased by 0.95% [1] Group 5 - US Brent Oil price funds dropped by 1.45% [1]

1.随着国际经济、地缘环境均呈现有利于推动美联储降息的状态，交易员们加大了对黄金和大宗商品的 押注。截至发稿，伦敦现货黄金日内涨近40美元，历史首次站上3680美元/盎司；COMEX黄金也拉涨近 1%，创出3720美元/盎司的历史新高。 2.上周投资者继续买入新兴市场股票和债券交易所交易基金(ETF)，资金连续第五周流入此类ETF。数据 显示，截至9月12日当周，投资于发展中国家及特定国家的美国上市新兴市场ETF资金流入合计21.7亿 美元，而前一周流入10.2亿美元。今年迄今为止，流入资金总额为198亿美元。股票ETF流入14.5亿美 元；债券ETF流入7.163亿美元；总资产从4,223亿美元增至4,375亿美元。MSCI新兴市场指数上周涨 3.9%，报1325.73点，为2021年7月22日以来最高。分市场看，中国资金流入规模最大，为6.539亿美 元，以iShares Core MSCI Emerging Markets为首。阿根廷资金流出最大，为699万美元。 3.前圣路易斯联储主席布拉德周一表示，他上周与美国财政部长贝森特就出任美联储主席一职进行了交 流，并表示如果条件合适，他对这一职位非常感兴趣 ...

Group 1 - Agricultural funds increased by 1.49% on Monday, September 15 [1] - Gold ETFs rose by 1.04% [1] - Brent crude oil price funds gained 0.96% [1] Group 2 - Nasdaq 100 ETFs saw an increase of 0.86% [1] - Emerging market ETFs rose by 0.73% [1] - S&P 500 ETFs increased by 0.53% [1] Group 3 - Russell 2000 index ETFs, Euro long positions, US Treasury 20+ year ETFs, Dow Jones ETFs, and Yen long positions all saw gains of up to 0.42% [1] - US real estate ETFs decreased by 0.16% [1] - Soybean funds and long US dollar index positions fell by up to 0.33% [1]

Group 1 - The US real estate ETF declined by 1.66% on September 2 [1] - Agricultural funds fell by 1.15%, with soybean funds down by 1.03% [1] - The Nasdaq 100 ETF decreased by 0.84%, while the S&P 500 ETF and 20+ year US Treasury ETF both dropped by 0.74% [1] Group 2 - The Dow Jones ETF and Russell 2000 index ETF fell by 0.54% [1] - The Euro long position decreased by 0.47%, and emerging market ETFs were down by 0.08% [1] - The US dollar index rose by 0.66%, while gold ETFs increased by 2.36% [1] Group 3 - The US Brent oil price fund rose by 2.57%, and the fear index increased by 3.09% [1]

Core Insights - On August 28, US Brent oil price fund increased by 0.76% [1] - Gold ETF rose by 0.74% [1] - US Treasury 20+ year ETF gained 0.66% [1] - Nasdaq 100 ETF saw an increase of 0.63% [1] - Emerging markets ETF and Euro long positions both rose by 0.38% [1] - Yen long positions increased by 0.37% [1] - S&P 500 ETF grew by 0.35% [1] - Soybean fund increased by 0.24% [1] - Dow Jones ETF and Russell 2000 index ETF both saw a maximum increase of 0.17% [1] - US real estate ETF declined by 0.26% [1] - Long positions in the US dollar index fell by 0.36% [1] - Agricultural products fund decreased by 0.58% [1] - Fear index long positions dropped by 1.56% [1]