Key Portfolio Changes in Q1 2025
In the first quarter of 2025, Ray Dalio’s Bridgewater Associates made notable changes to its portfolio, introducing five new names into the top ten holdings, which is significant for investors monitoring the fund’s strategy.
Five New Top Ten Holdings:
Bridgewater added several substantial positions that reshaped its top holdings. The most prominent new entries include:
- Alibaba Group Holding Limited (BABA): This was Bridgewater’s largest buy by far. The stake surged from about $21.6 million at the end of 2024 to nearly $727 million by the end of Q1 2025, a staggering increase of over 3,300%. Alibaba became Bridgewater’s fourth-largest holding and saw a price rise of approximately 55.66% during this period.
- SPDR Gold Trust (GLD): Bridgewater initiated a large position in gold with an investment worth around $319 million. This move reflects a strategic pivot toward gold as a safe-haven asset amid market volatility in early 2025.
- Baidu Inc. (BIDU): Another major addition was Baidu shares, increasing exposure from roughly $16.5 million to about $191 million—a more than tenfold increase—making it one of the top buys for Q1.
Other notable increases included Booking Holdings Inc., Palo Alto Networks Inc., ServiceNow Inc., Fiserv Inc., DoorDash Inc., Adobe Inc., and JD.com—all contributing to diversification across technology and consumer sectors.
Strategic Implications
This reallocation signals several strategic shifts:
- A clear tilt towards Chinese equities with heavy investments in Alibaba and Baidu.
- A significant move into gold via GLD as a hedge against market uncertainty.
- Concurrent reductions in U.S.-centric assets such as SPDR S&P 500 ETF Trust (SPY), Alphabet (GOOGL), and Nvidia (NVDA) indicate reduced exposure to traditional U.S. tech stocks and broad market indices.
For investors following Ray Dalio’s approach at Bridgewater Associates, these moves highlight an increased appetite for alternative assets like gold alongside selective growth opportunities in Chinese technology companies while trimming riskier or overvalued U.S. tech positions.
In summary, Ray Dalio’s fund has substantially revamped its portfolio composition early in 2025 by adding five new names among its top ten holdings—most notably Alibaba, GLD, and Baidu—reflecting both geographic diversification towards China and sectoral shifts favoring precious metals as part of risk management strategies.