Ray Dalio Q1 2026 Portfolio — TSM Initiated, CRM & NOW Fully Exited

Ray Dalio's Bridgewater Associates initiated a $364M position in TSM and increased its AMZN holding by 125% to $914M in its Q1 2026 13F filing. At the same time, the firm fully exited five major SaaS positions — including CRM ($512M), WDAY ($207M), and NOW ($205M) — sharply reducing its software sector exposure. Total reported AUM stands at $11.3B across 20 holdings.

Top 5 Holdings — Q1 2026

• SPY: $2.8B (12.7%)
• IVV: $1.8B (7.8%)
• AMZN: $914M (4.1%)
• NVDA: $818M (3.7%)
• GOOGL: $574M (2.6%)

Q1 2026 Key Portfolio Moves

The most prominent theme in this filing is a concentration shift toward semiconductors and AI infrastructure. AMZN surged 125% quarter-over-quarter to $914M (4.1% of portfolio), becoming the largest single-stock position. NVDA followed with a 21% increase to $818M (3.7%), and GOOGL rose 26% to $574M (2.6%). The newly initiated TSM position — alongside $111M in GOOG Class C shares, industrials NUE ($105M) and PCAR ($90M), and emerging market ETF EMXC ($84M) — signals a deliberate push toward portfolio diversification.

• AMZN: Added +125% ($914M, 4.1%) — Most aggressive position build, reflecting conviction in AI cloud growth and e-commerce recovery
• TSM: New position at $364M — Direct exposure to the core AI chip manufacturer amid peak semiconductor demand debate
• CRM: Fully exited ($512M → 0) — Complete withdrawal from enterprise software, likely driven by SaaS valuation concerns or AI transition uncertainty
• NVDA: Added +21% ($818M, 3.7%) — Sustained and reinforced conviction in continued AI accelerator demand
• EMXC: New position at $84M — Emerging markets ex-China ETF initiated as a geopolitical diversification play

On the sell side, Bridgewater executed what amounts to a full retreat from traditional enterprise SaaS. The combined exit value of CRM, WDAY, and NOW alone totals approximately $924M. Payment infrastructure name GPN and domain platform GDDY were also fully liquidated. BKNG, ADBE, and EXPE — classified as reductions — have residual positions in the $200K–$300K range, effectively rendering them full exits as well. SPY ($2.8B, 12.7%) and IVV ($1.8B, 7.8%) remain the top two holdings, with broad market exposure accounting for over 20% of total assets.

What Dalio's Portfolio Signals About Market Direction

Bridgewater's rebalancing sends a clear rotation signal: out of enterprise SaaS, into semiconductors and AI infrastructure. The simultaneous initiation of TSM and expansion of both NVDA and AMZN suggests a view that the AI investment cycle has more runway at the hardware and infrastructure layer than at the software layer. The EMXC addition appears designed to reduce concentration risk in U.S.-centric holdings. That said, SPY and IVV collectively exceeding 20% of the portfolio reflects Dalio's enduring 'All Weather' philosophy — betting on broad market beta rather than any single name.