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13F filings 13F is partial

Bridgewater

Ray Dalio
Performance
Assuming an initial $100,000 · Benchmark: S&P 500
Hypothetical
Replication modeTop 5Top 10Main holdings
YTD1Y5Y8YAll
CompoundFixed

Gains are reinvested — principal and returns grow together.

$200k$400k$600k2013/082017/122022/052026/09$578k$265k
Backtest through 2026-09-10
After filingAt quarter endBenchmark · S&P 500
After filing — buys the holdings only once the filing is public — about 45 days after the quarter ends. The path someone could actually have taken.
At quarter end — pretends the same holdings were bought on the last day of the quarter, before anyone could have known them. Not possible in reality — shown dashed for comparison only.
Benchmark — S&P 500 (SPY) total return over the same window — what doing nothing but holding the market would earn.

Hypothetical backtest — not a real trading record. Simulated on public data from 2013-08: each position is bought only after the filing became public (using no information unavailable at the time), with trading costs deducted, on a total-return basis. Past performance does not predict future results.

All metrics below are computed on the After-filing curve.
Return?
7.3%
Compound annual return over the sample.
Risk?
16.7%
How much returns swing (annualized stdev); lower is steadier.
Return vs risk?
0.51
Return ÷ volatility; higher is better.
Beat SPX?
−6.8%
Annualized gain over the S&P.
Excess?
−3.9%
The strategy's own annual excess, apart from the market.
Significance?
t=−1.62 · moderate
t-value: how solid the excess is — higher is more reliable.
Max DD?
−33.6%
Largest peak-to-trough fall.
Leverage?
0.84×
How many times it rises and falls together with the market.
Longest recovery?
34 mo
Longest wait from a peak back to a new high.
About
Ray Dalio

Ray Dalio founded Bridgewater in his apartment in 1975 and built it into the world's largest hedge fund, grounding its investing in his "economic machine" framework, a culture of radical transparency, and "All Weather" risk balancing. He also made his "Principles" public, with influence reaching well beyond investing.

Holdings & changes
Replication modeTop 5Top 10Main holdings
Current holdingsPosition changes
2026-Q2 filing · filed 2026-08-14
The replication holds the 300 largest reported positions (of 997 filed that quarter); the top 30 are listed below, together 52.7% of the portfolio.
Main holdings · filed weights
TickerNameWeightvs last filing
SPY
State Street SPDR S&P 500 ETF Trust
30.9%+3.6 ▲
IVV
iShares Core S&P 500 ETF
17.5%+1.4 ▲
NVDA
Nvidia Corp
6.0%−0.5 ▼
AVGO
Broadcom Inc. Common Stock
3.9%−0.5 ▼
AMZN
Amazon.Com Inc
3.8%−2.1 ▼
GOOGL
Alphabet Inc. Class A Common Stock
3.7%−0.6 ▼
LRCX
Lam Research Corp
3.2%—
VOO
Vanguard S&P 500 ETF
2.4%+0.9 ▲
AMD
Advanced Micro Devices
2.4%—
EWY
iShares MSCI South Korea ETF
2.2%—
MSFT
Microsoft Corp
2.1%−0.7 ▼
NEM
Newmont Corporation
2.0%—
AMAT
Applied Materials Inc
1.6%—
ORCL
Oracle Corp
1.6%—
STX
Seagate Technology Holdings PLC Ordinary Shares (Ireland)
1.5%—
JNJ
Johnson & Johnson
1.3%—
VWO
Vanguard Intl Equity Index F
1.3%—
GEV
GE Vernova Inc.
1.1%−1.1 ▼
UNP
Union Pacific Corp.
1.1%—
MU
Micron Technology, Inc.
1.0%−1.7 ▼
MBB
Ishares TR
1.0%—
MO
Altria Group Inc
1.0%—
APH
Amphenol Corporation
0.9%—
ASML
ASML
0.9%—
B
Barrick Mining Corporation
0.9%—
CLS
Celestica, Inc.
0.9%—
VST
Vistra Corp.
0.9%—
SHEL
Shell PLC
0.9%—
SE
Sea Limited American Depositary Shares, each representing one Class A Ordinary Share
0.9%—
LQD
Ishares TR
0.9%—
Risk
13F is partial — Global macro — the real book is futures and swaps on rates, FX and commodities; the 13F equities (mostly ETFs) are a tiny sliver.
The replication is built from public filings: ~45-day lag, US long stock positions only; replication returns are not the fund’s real returns, and the manager may have traded since.
Past / backtested performance does not predict the future. Data and calculations may contain errors; we correct them when found. Masterfolio is an information service / publisher, not an investment adviser. Fund and manager names refer to their public filings only; no affiliation or endorsement.
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Ray Dalio Portfolio & 13F Holdings 2026 — Replication Backtest · Masterfolio