Bridgewater Q4 13F: Heavy Buy Tech, Gold; Ray Dalio Sees 2025 Gains in Currency and Asset Rebalancing

Bridgewater Associates' latest 13F filing (Feb 13, 2026) shows a significant buildup in U.S. equities and precious metals in Q4 2025. Total Q4 equity holdings reached $27.4B, up from $25.5B in Q3, with top holdings including SPY, IVV, NVIDIA, LRCX, CRM, GOOGL, MSFT, ADBE, and GEV. The firm added most heavily to SPDR S&P 500, Micron, Oracle, NVIDIA, and Newmont, while reducing positions in UBER, FISV, META, and Microsoft. Ray Dalio highlights 2025 gains will stem from currency and asset reallocation: the dollar declined versus peers and gold, while gold outperformed broad equities. U.S. equities lagged non-U.S. and gold, and the S&P 500's 18% return was driven mostly by sales growth and pricing improvements. With valuations stretched and policy uncertainty over interest rates, Dalio stresses a macro-cycle lens on debt, monetary policy, geopolitical risks, climate, and AI-driven disruption to guide 2025 asset allocation.