Ray Dalio's Bridgewater Dumps SPY, Trims Nvidia, Meta, Alphabet — Bearish Vibes?

Ray Dalio's Bridgewater Associates just made a massive portfolio move that's bound to raise eyebrows on Wall Street.

Is Berkshire’s Portfolio Sending A Message

According to its first quarter 13F filing, the world's largest hedge fund slashed its top holding — the SPDR S&P 500 ETF (NYSE:SPY) — by nearly 60%, dumping 4.9 million shares. The fund still holds over 3.3 million SPY shares, but the dramatic trim slashed its portfolio weighting from 22.1% to just 8.7%.

It didn't stop there. Nvidia Corp (NASDAQ:NVDA), Meta Platforms Inc (NASDAQ:META) and Alphabet Inc (NASDAQ:GOOGL) (NASDAQ:GOOG) all got haircuts, with share reductions of 18.7%, 31.5%, and 16% respectively. These aren't minor trims — they're deliberate signals.

Dalio may no longer be Bridgewater's CEO, but his macro fingerprints still loom large over the firm's playbook.

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Gold In, Tech Out?

If there's a pivot in the air, it's sparkling — Bridgewater added a fresh position in SPDR Gold Trust (NYSE:GLD), which now ranks in its top ten holdings. Combined with fresh buying in Alibaba Group Holding Ltd (NYSE:BABA) (NYSE:BABAF) and a double-down in emerging markets via the iShares Core MSCI Emerging Markets ETF (NYSE:IEMG), the shift feels tactical — away from frothy U.S. equities, toward value, hedges, and international exposure.

Interestingly, while SPY took a hit, its ETF cousins iShares Core S&P 500 ETF (NYSE:IVV) and IEMG saw inflows. It's not a total U.S. equity exodus — it's a reallocation. And that's a warning worth watching.

For holders of SPY, IVV, and VOO, the message is mixed. While SPY got snipped, IVV was topped up. Bridgewater's moves suggest caution, not panic — but if Dalio's reading tea leaves, he's seeing clouds.

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