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
- $13.9B
- Holdings
- 704
- Top-10 weight
- 28%
- As of
- 2025-09-30
- Filed
- 2025-12-14
Return attribution — beta or stock-picking?
Sum of monthly ERM3 attribution over the trailing 12 months (2024-10-31 → 2025-09-30), modeled subset of holdings. Stock selection (residual return) detracted about 49% of the gross return over this window — the factor legs carried the book.
Gross
+11.3%
Market
+16.0%
Sector
-0.4%
Subsector
-0.7%
Stock selection
-5.6%
Top holdings
704 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 | MSFT | 4.1% | $568M | 52% |
| 2 | CRM | 3.4% | $476M | 43% |
| 3 | NVDA | 3.4% | $468M | 47% |
| 4 | ADBE | 3.2% | $445M | 60% |
| 5 | GEV | 2.9% | $400M | 63% |
| 6 | UBER | 2.5% | $353M | 86% |
| 7 | JNJ | 2.3% | $318M | 62% |
| 8 | META | 2.2% | $306M | 60% |
| 9 | AMD | 2.1% | $290M | 49% |
| 10 | SE | 2.1% | $287M | 85% |
| 11 | NOW | 2.0% | $278M | 42% |
| 12 | WDAY | 1.8% | $250M | 51% |
| 13 | AMZN | 1.8% | $247M | 48% |
| 14 | V | 1.7% | $231M | 54% |
| 15 | CMCSK… | 1.5% | $216M | — |
100% of reported AUM is in the ERM3 model universe; attribution and risk shares cover that subset. Source: SEC Form 13F-HR, filed 2025-12-14.
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