Bridgewater Associates · Ray Dalio
Latest 13F holdings with ERM3 risk decomposition — how much of the portfolio's return is market beta versus genuine stock-picking, and where the residual risk concentrates.
- Reported AUM
- $15.5B
- Holdings
- 914
- Top-10 weight
- 25%
- As of
- 2026-06-30
- Filed
- 2026-08-14
Return attribution — beta or stock-picking?
Sum of monthly ERM3 attribution over the trailing 12 months (2025-07-31 → 2026-06-30), modeled subset of holdings. Stock selection (residual return) detracted about 2% of the gross return over this window — the factor legs carried the book.
Gross
+30.8%
Market
+26.0%
Sector
+6.9%
Subsector
-1.4%
Stock selection
-0.6%
Top holdings
914 reported positions; top 15 shown. “Stock-specific” is the share of each position's variance not explained by market, sector, or subsector factors.
| # | Holding | Weight | Value | Stock-specific |
|---|---|---|---|---|
| 1 | NVDANVIDIA Corporation | 5.0% | $774M | 47% |
| 2 | AVGOBroadcom Inc. | 3.2% | $498M | 50% |
| 3 | AMZNAmazon.com, Inc. | 3.1% | $483M | 46% |
| 4 | GOOGLmodeled on GOOGAlphabet Inc. | 3.0% | $473M | 60% |
| 5 | LRCXLam Research Corporation | 2.6% | $407M | 30% |
| 6 | AMDAdvanced Micro Devices, Inc. | 2.0% | $313M | 46% |
| 7 | MSFTMicrosoft Corporation | 1.7% | $266M | 63% |
| 8 | NEMNewmont Corporation | 1.6% | $252M | 50% |
| 9 | AMATApplied Materials, Inc. | 1.4% | $211M | 33% |
| 10 | ORCLOracle Corporation | 1.4% | $210M | 62% |
| 11 | JNJJohnson & Johnson | 1.1% | $170M | 58% |
| 12 | GEVGE Vernova Inc. | 0.9% | $144M | 62% |
| 13 | UNPUnion Pacific Corporation | 0.9% | $140M | 80% |
| 14 | MUMicron Technology, Inc. | 0.9% | $135M | 41% |
| 15 | MOAltria Group, Inc. | 0.8% | $124M | 94% |
97% of reported AUM is in the ERM3 model universe; attribution and risk shares cover that subset. Source: SEC Form 13F-HR, filed 2026-08-14.
How concentrated is this book?
Quarter-end concentration across 83 filings from 2005-12-31 to 2026-06-30, with the latest filing set against this manager's own median.
- Effective N
- 101.8
- median 72.1
- Top 5 weight
- —
- no median
- Top 10 weight
- 25.0%
- median 27.0%
- Weight HHI
- —
- no median
Effective N is inverse-Herfindahl breadth, not a holding count: it falls well below the number of positions when one name dominates, which is the case worth seeing. This book held 914 positions at 2026-06-30.
Interrogate this portfolio
Ask the AI risk analyst what changed last quarter, where the concentration risk sits, or how your portfolio overlaps with Ray Dalio's.