Ray Dalio's top holdings (September 2025) include SSgA Active Trust - SPDR S&P 500 ETF Trust (SPY), an exchange-traded fund designed to track the performance of the S&P 500 index.

Ray Dalio is the founder of Bridgewater Associates, one of the world's largest hedge funds. As co-chief investment officer, he focuses on macroeconomic trends and a principles-based approach to investment management and organizational culture. His investment philosophy often emphasizes broad diversification across asset classes and geographies.

SSgA Active Trust - SPDR S&P 500 ETF Trust (SPY)

The SPDR S&P 500 ETF Trust is one of the oldest and largest exchange-traded funds, providing investors with exposure to the 500 largest U.S. publicly traded companies. It is widely used as a benchmark for the broader U.S. equity market. The fund's market capitalization is $769.09M, and Ray Dalio's position in this ETF is currently valued at $1.68B.

Here's an overview of Ray Dalio's trades in SSgA Active Trust - SPDR S&P 500 ETF Trust:

BlackRock Institutional Trust Company N.A. - iShares Core S&P 500 ETF (IVV)

The iShares Core S&P 500 ETF, offered by BlackRock, seeks to track the investment results of an index composed of large-capitalization U.S. equities. It provides a core holding for many portfolios, aiming to replicate the performance of the S&P 500. This holding in Ray Dalio's portfolio is currently worth $1.5B, with the company's market cap standing at $2.83B.

Here's an overview of Ray Dalio's trades in BlackRock Institutional Trust Company N.A. - iShares Core S&P 500 ETF:

NVIDIA Corp (NVDA)

NVIDIA Corp is a leading designer of graphics processing units (GPUs) for the gaming and professional markets, as well as chipsets for workstations, personal computers, and mobile devices. Its technology is pivotal in artificial intelligence, data centers, and autonomous vehicles. NVIDIA has a market capitalization of $4.25T, with Ray Dalio's position currently valued at $1.26B. Analysts have set a price target of $203.4 for NVIDIA, and the company's discounted cash flow analysis suggests a value of $148.96 per share.

Here's an overview of Ray Dalio's trades in NVIDIA Corp:

Alphabet Inc - Ordinary Shares - Class A (GOOGL)

Alphabet Inc. is a global technology company known for its diverse portfolio, including the Google search engine, Android operating system, YouTube, and various cloud computing services. It maintains a significant presence across advertising, software, and hardware sectors worldwide. The current value of Ray Dalio's position in Alphabet Class A shares is $1.19B, and its market cap is $2.58T. The company's discounted cash flow suggests a value of $276.45 per share, while analysts have a price target of $190.0 for Alphabet.

Here's an overview of Ray Dalio's trades in Alphabet Inc - Ordinary Shares - Class A:

BlackRock Institutional Trust Company N.A. - iShares Core MSCI Emerging Markets ETF (IEMG)

The iShares Core MSCI Emerging Markets ETF, managed by BlackRock, offers broad exposure to large, mid, and small-cap emerging market stocks. This ETF is designed to provide diversified investment opportunities in countries undergoing rapid economic development. The company's market cap for BlackRock Institutional Trust Company N.A. is $2.83B, and Ray Dalio's holding in IEMG is currently valued at $1.07B.

Here's an overview of Ray Dalio's trades in BlackRock Institutional Trust Company N.A. - iShares Core MSCI Emerging Markets ETF: