Core Insights - Bridgewater Associates, one of the largest hedge funds globally, reported a total holding of $25.5 billion as of September 30, 2025, an increase from $24.8 billion at the end of the previous quarter [1] - The fund increased its positions in 325 securities, reduced its holdings in 194, initiated positions in 493 new securities, and completely exited 64 positions during the third quarter [1] - The top two holdings remain the iShares Core S&P 500 ETF (IVV) and SPDR S&P 500 ETF (SPY), with a portfolio concentration of 32.54% in the top ten holdings [1] Holdings Summary - The largest holding, IVV, comprises 10.62% of the portfolio, with a market value of approximately $2.71 billion, while SPY accounts for 6.69% with a market value of about $1.71 billion [2] - Nvidia (NVDA) dropped from the third to the sixth largest holding, with a significant reduction of 4.72 million shares, marking a 65.3% decrease from the previous quarter [2][3] - Other notable holdings include Alphabet (GOOGL), Microsoft (MSFT), and Lam Research (LRCX), with GOOGL seeing a reduction of 2.94 million shares [2][3] Top Buys and Sells - The top buys for the quarter included IVV, LRCX, Adobe (ADBE), Sea Ltd, and Reddit Inc, with IVV seeing a 4.83% increase in portfolio allocation [4] - Significant sells included Nvidia, iShares Core MSCI Emerging Markets ETF (IEMG), and SPDR Gold Shares ETF (GLD), indicating a cautious outlook on these assets [4][5] Market Outlook - Ray Dalio, the founder of Bridgewater, warned that the U.S. economy may be entering the later stages of a "big debt cycle," suggesting that the current bull market driven by tech stocks may continue in the short term due to ongoing AI trends [5] - Dalio indicated that once inflation risks resurface, companies with tangible asset attributes, such as those in mining and infrastructure, may outperform pure tech companies [5]

Core Insights - Bridgewater's overall holdings reached $25.5 billion as of September 30, 2025, an increase from $24.8 billion at the end of the previous quarter [3] - The fund increased its positions in 325 securities, reduced its holdings in 194, initiated 493 new positions, and completely exited 64 positions during the third quarter [4] Holdings Overview - The concentration of Bridgewater's top ten holdings was 32.54%, with iShares Core S&P 500 ETF (IVV) and SPDR S&P 500 ETF (SPY) remaining the top two positions [5] - The top holdings included IVV with a market value of approximately $2.71 billion (10.62% of the portfolio) and SPY valued at about $1.71 billion (6.69% of the portfolio) [6] Notable Changes in Holdings - Nvidia's shares were reduced by 4.72 million, dropping from 7.23 million to 2.51 million, a decrease of 65.3% [7] - This reduction in Nvidia's position indicates a cautious outlook from Bridgewater regarding the stock's future performance [8] Market Performance - Nvidia's stock price increased by 46% and 18% in the second and third quarters of the year, respectively, but only saw a slight increase of 0.15% in the most recent quarter [9] Top Sells and Buys - Significant reductions were also made in iShares Core MSCI Emerging Markets ETF (IEMG), Alphabet Inc. (GOOGL), SPDR Gold Shares ETF (GLD), and Microsoft [11] - The top buys for the third quarter included IVV, Lam Research Corp (LRCX), Adobe, Sea Ltd, and Reddit Inc, with IVV seeing a 4.83% increase in portfolio allocation [13] Economic Outlook - Ray Dalio warned that the U.S. economy may be entering the later stages of a "big debt cycle," with potential bubbles forming due to the Federal Reserve's loose monetary policy [11] - He believes that the current bull market driven by tech stocks will continue in the short term, primarily fueled by ongoing interest in artificial intelligence [12]

Core Insights - Bridgewater Associates, one of the largest hedge funds globally, reported a total holding of $25.5 billion as of September 30, 2025, an increase from $24.8 billion at the end of the previous quarter [1]. Holdings Summary - In Q3, Bridgewater increased its positions in 325 securities, reduced its holdings in 194, initiated positions in 493 new securities, and completely exited 64 positions [2]. - The concentration of Bridgewater's top ten holdings was 32.54%, with iShares Core S&P 500 ETF (IVV) and SPDR S&P 500 ETF (SPY) remaining the top two holdings [2]. Top Holdings - The top holdings included: - IVV: 4,049,300 shares valued at approximately $2.71 billion, representing 10.62% of the portfolio, an increase from 5.78% [3]. - SPY: 2,565,088 shares valued at approximately $1.71 billion, representing 6.69% of the portfolio, a slight decrease from 6.51% [3]. - GOOGL: 2,653,896 shares valued at approximately $645.16 million, representing 2.53% of the portfolio, down from 3.98% [3]. - MSFT: 1,097,169 shares valued at approximately $568.28 million, representing 2.23% of the portfolio, down from 3.44% [3]. - NVDA: 2,509,751 shares valued at approximately $468.27 million, representing 1.83% of the portfolio, down from 4.61% [3]. Notable Changes - Bridgewater significantly reduced its position in NVIDIA by approximately 4.72 million shares, bringing its total to 2.51 million shares, a decrease of 65.3% from the previous quarter [3][4]. - In Q2, Bridgewater had increased its NVIDIA holdings by 154.37%, indicating a shift to a more cautious outlook on the stock [4]. Top Buys and Sells - The top buys in Q3 included: - IVV: Increased by 4.83% [5]. - LRCX: Increased by 1.17% [5]. - ADBE: Increased by 0.61% [5]. - The top sells included: - IEMG: Decreased by 3.86% [5]. - NVDA: Decreased by 2.77% [5]. - GOOGL: Decreased by 1.45% [5]. Market Outlook - Ray Dalio, the founder of Bridgewater, warned that the U.S. economy may be entering the later stages of a "big debt cycle," with potential bubbles forming due to the Federal Reserve's loose monetary policy [6]. - Dalio believes that the current bull market driven by technology stocks will continue in the short term, primarily fueled by ongoing interest in artificial intelligence [6].