Bridgewater’s Q1 Moves: Trimming Big Tech, Buying Gold and China Stocks
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May 15, 2025
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On Wednesday, Bridgewater Associates—the world’s largest hedge fund, founded by Ray Dalio—released its latest 13F portfolio filing, offering a fresh look at how the firm is positioning itself in a shifting macro landscape.
One of the most notable moves? A major bet on gold. Bridgewater initiated a $319 million position in the SPDR Gold ETF ($GLD), making it the fund’s largest new holding of the quarter.
New:
This aligns with Dalio’s long-standing view of gold as a strategic hedge against monetary debasement and geopolitical instability. Earlier this year, Bridgewater published a detailed note calling gold “uniquely valuable” thanks to its low correlation with traditional assets—an increasingly rare trait in today’s environment.
So far, that call has paid off. GLD rose about 19% in Q1 and extended its rally into Q2 before pulling back slightly from April highs.
On the sector allocation side, financials saw the biggest boost. Bridgewater added new positions in insurance giant Chubb ($CB) and banking heavyweight Goldman Sachs ($GS)—possibly a play on sticky inflation and the prospect of higher-for-longer interest rates supporting margins across the financial sector.
In contrast, healthcare saw the steepest cuts. The fund fully exited names like Moderna ($MRNA) and CorVel ($CRVL), pointing to a broader shift away from defensive or post-COVID beneficiaries.
Closed out:
Another headline move: trimming exposure to major U.S. tech. Positions in Alphabet ($GOOGL), NVIDIA ($NVDA), AppLovin ($APP), and Meta Platforms ($META) were all reduced. Given that many tech stocks struggled in Q1 amid rate cut uncertainty and decelerating earnings, this seems more like prudent risk management than a directional shift.
Reduced:
Despite trimming its holdings, the SPDR S&P 500 ETF ($SPY) remains Bridgewater’s largest position, representing 8.7% of the total portfolio.
Holdings:
Also worth highlighting is Bridgewater’s growing interest in Chinese equities. The firm initiated a new $100M+ position in JD.com ($JD) and increased its stakes in Alibaba ($BABA) and Baidu ($BIDU). These moves followed a strong rebound in Chinese tech stocks during Q1—Alibaba surged over 55%, while Baidu gained more than 9%.
After the Q1 rally, Bridgewater now holds roughly $750 million worth of Alibaba shares, underscoring its conviction in the name.
Altogether, the hedge fund disclosed 664 positions worth $21.6 billion as of March 31—a slight 1.2% decline from the previous quarter.
Bridgewater’s Q1 reshuffle doesn’t look like a radical overhaul—it’s more of a tactical repositioning. The fund appears to be hedging against U.S. equity volatility, leaning into real assets like gold, and selectively adding exposure to markets where sentiment remains fragile but upside potential is rising—namely, China.
To me, this isn’t a defensive retreat—it’s a measured recalibration. Stepping back from overheated U.S. tech while quietly doubling down on real assets and unloved geographies feels like a savvy mix of caution and contrarian thinking. #smartmoney
#Follow the Money: Where Are the Market Giants Investing#smartmoney#$SPDR Gold Trust SPDR Gold Shares(GLD)#$Chubb Limited(CB)#$Goldman Sachs Group Inc.(GS)#$Moderna Inc. Common Stock(MRNA)#$Corvel Corp(CRVL)#$Alphabet Inc. Class A Common Stock(GOOGL)#$Nvidia Corp(NVDA)#$Applovin Corporation Class A Common Stock(APP)#$Meta Platforms Inc. Class A Common Stock(META)#$SPDR S&P 500 ETF Trust(SPY)#$JD.com Inc.(JD)#$Alibaba Group Holding Limited American Depositary Shares each represents eight Ordinary Shares(BABA)#$Baidu Inc.(BIDU)