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
- $24.4B
- Holdings
- 994
- Top-10 weight
- 40%
- 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 3% of the gross return over this window — the factor legs carried the book.
Gross
+31.8%
Market
+26.9%
Sector
+7.1%
Subsector
-1.5%
Stock selection
-0.9%
Top holdings
994 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 | SPYSTATE STR SPDR S&P 500 ETF T | 16.3% | $4.0B | — |
| 2 | IVVISHARES TR | 9.2% | $2.2B | — |
| 3 | NVDANVIDIA Corporation | 3.2% | $774M | 48% |
| 4 | AVGOBroadcom Inc. | 2.0% | $498M | 48% |
| 5 | AMZNAmazon.com, Inc. | 2.0% | $483M | 46% |
| 6 | GOOGLmodeled on GOOGAlphabet Inc. | 1.9% | $473M | 57% |
| 7 | LRCXLam Research Corporation | 1.7% | $407M | 27% |
| 8 | VOOVANGUARD INDEX FDS | 1.3% | $315M | — |
| 9 | AMDAdvanced Micro Devices, Inc. | 1.3% | $313M | 40% |
| 10 | BBG000CD… | 1.1% | $280M | — |
| 11 | MSFTMicrosoft Corporation | 1.1% | $266M | 63% |
| 12 | NEMNewmont Corporation | 1.0% | $252M | 48% |
| 13 | AMATApplied Materials, Inc. | 0.9% | $211M | 34% |
| 14 | ORCLOracle Corporation | 0.9% | $210M | 55% |
| 15 | STXSeagate Technology Holdings PLC | 0.8% | $193M | 66% |
67% 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
- 25.2
- median 8.3
- Top 5 weight
- —
- no median
- Top 10 weight
- 40.1%
- median 61.0%
- 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 994 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.