Bridgewater's Q2 13F reveals a major shift, boosting S&P 500 ETF holdings while aggressively cutting tech and semiconductor stocks like AMZN, MU, and TSM to rotate into energy and utilities.

In the second quarter of 2026, Bridgewater Associates executed a significant portfolio rebalancing, increasing its total reported value to $24.38 billion. The most prominent move was a substantial increase in exposure to broad-market S&P 500 index ETFs. The firm boosted its top holding, the SPDR S&P 500 ETF (SPY), by 22% to $3.97 billion, an increase of over $1.1 billion. Similarly, it raised its stake in the iShares Core S&P 500 ETF (IVV) by 12% to $2.25 billion and the Vanguard S&P 500 ETF (VOO) by 189% to $314.82 million.

Concurrent with its pivot towards passive indexes, Bridgewater aggressively reduced its holdings across the technology sector, particularly in mega-cap tech and semiconductors. The firm cut its position in Amazon (AMZN) by 54% to $482.75 million and reduced stakes in Microsoft (MSFT) and Alphabet (GOOGL) by 34% each. The sell-off was even more pronounced in semiconductor-related names, with Bridgewater virtually exiting several key positions. Holdings in Micron (MU) were cut by 92%, Taiwan Semiconductor (TSM) by 97%, Marvell Technology (MRVL) by 91%, and ARM Holdings (ARM) by 99%. Positions in Astera Labs (ALAB) and Amkor Technology (AMKR) were fully liquidated from previous values of $82.3 million and $71.19 million, respectively.

In place of technology, the fund initiated and expanded positions in the energy and utilities sectors. Bridgewater established new stakes in several utility companies, including Eversource Energy (ES) for $86.37 million, Consolidated Edison (ED) for $68.99 million, and Duke Energy (DUK) for $55.96 million. The firm also dramatically increased its investment in energy companies, with its PG&E Corp (PCG) stake growing by over 24,000% to $99.76 million. Other notable energy additions include a 389% increase in Shell (SHEL), a 467% increase in Petroleo Brasileiro (PBR), and a 352% increase in Marathon Petroleum (MPC).

Position changes