Reduce tech, increase index weighting! Bridgewater nearly cleared out Micron (MU.US) holdings in Q2, newly invested in energy stocks and heavily bet on the S&P 500.

According to Jinse Finance APP, based on disclosures from the U.S. Securities and Exchange Commission (SEC), Bridgewater Associates has submitted its second-quarter holdings report (13F) for the period ending June 30, 2026.

Statistical data shows that Bridgewater’s total holdings market value in the second quarter reached $24.4 billion, compared to $22.4 billion in the previous quarter. During the second quarter, Bridgewater’s portfolio added 213 new stocks and increased holdings in 399 stocks; meanwhile, it reduced positions in 379 stocks and fully exited 209 stocks. The top ten holdings of Bridgewater account for 40.05% of the total market value.

Among the top five holdings, S&P 500 ETF-SPDR (SPY.US) ranks first, with approximately 5.32 million shares held, a market value of about $3.973 billion, accounting for 16.30% of the portfolio, with the number of shares up by 21.89% from the previous quarter.

S&P 500 ETF-iShares (IVV.US) is second, with around 3 million shares held, a market value of approximately $2.248 billion, representing 9.22% of the portfolio, with holdings up by 12.06% compared to the previous quarter.

NVIDIA (NVDA.US) ranks third, with about 3.87 million shares, a market value of approximately $773 million, accounting for 3.17% of the portfolio, with holdings down 17.62% from last quarter.

Broadcom (AVGO.US) ranks fourth, with around 1.32 million shares, a market value of about $498 million, representing 2.04% of the portfolio, with holdings down 28.19% compared to last quarter.

Amazon (AMZN.US) ranks fifth, with approximately 2.03 million shares, a market value of about $483 million, making up 1.98% of the portfolio, with holdings down 53.85% from last quarter.

Bridgewater's sixth to tenth largest holdings are: Google (GOOGL.US), Lam Research (LRCX.US), S&P 500 ETF-Vanguard (VOO.US), AMD (AMD.US), MSCI Korea ETF-iShares (EWY.US).

This time, Bridgewater has shown a trend of reducing technology holdings and increasing index ETFs. Within the top ten holdings, it significantly increased its position in S&P 500 ETFs while broadly trimming holdings in technology and semiconductor sectors.

The most significant allocation increase this quarter was in broad-based index ETFs. The three S&P 500 ETFs—SPY, IVV, and VOO—together account for 26.81% of the 13F portfolio, significantly higher than the approximately 20.9% in the previous quarter.

While reducing technology stocks, Bridgewater also added utility and energy assets in Q2. Bridgewater opened positions in Eversource Energy (ES.US) and ExxonMobil (XOM.US) in Q2, with a new stake of about 1.195 million Eversource Energy shares (0.35% of the portfolio). It also acquired 140,000 shares of ad-tech company AppLovin (APP.US) and 630,000 shares of enterprise software firm ServiceNow (NOW.US), accounting for 0.31% and 0.26% of the portfolio, respectively.

In Q2, the fund increased its holdings in Shell (SHEL.US) from about 312,000 shares to approximately 1.53 million shares, a 389% increase in portfolio weighting. It also increased positions in Vistra Energy (VST.US), Petrobras (PBR.US), and Pacific Gas and Electric (PCG.US) by 400,000, 5.37 million, and 5.9 million shares, respectively, with portfolio weighting increases of 116%, 467%, and 24,079%.

In the second quarter, Bridgewater fully exited positions in Cisco (CSCO.US), Palantir (PLTR.US), and CrowdStrike (CRWD.US). In addition, Bridgewater reduced its Micron holdings by 92%, with a portfolio weighting of 0.55%, and also trimmed Microsoft (MSFT.US) and Seagate Technology (STX.US) stakes by 34.39% and 39.29%, respectively.

Based on changes in portfolio proportions, the top five buys were: S&P 500 ETF-SPDR, S&P 500 ETF-iShares, S&P 500 ETF-Vanguard, Broadcom, Pacific Gas and Electric, and Shell.

The top five sells included: Amazon, Micron Technology, TSMC (TSM.US), GE Vernova (GEV.US), and Microsoft.