Bridgewater's Q2 2026 13F: Selling Micron and TSMC, Buying the Index

Bridgewater Associates does not run a typical stock-picker's portfolio, which makes its 13F both fascinating and easy to misread. The Q2 2026 filing, covering the quarter ended June 30, shows a roughly $24.4 billion reported equity book across about 997 holdings. The headline move: a large reduction in AI-linked names, with much of the cash flowing into broad S&P 500 funds.

The Snapshot

According to 13F aggregators, the reported equity portfolio grew from about $22.4 billion in March to $24.38 billion in June. The top ten positions made up about 40% of the book, but the composition matters more than the concentration. SPDR S&P 500 ETF (SPY) was the largest holding at roughly 16.3%, followed by iShares Core S&P 500 (IVV) at about 9.2%. Only then do we reach NVIDIA at about 3.2%, Broadcom near 2.0%, Amazon near 2.0%, and Alphabet near 1.9%.

That is the first lesson: Bridgewater's 13F is dominated by index exposure. Anyone browsing its holdings on InvestorLens should treat the ETF lines as portfolio plumbing, not conviction picks.

What Bridgewater Sold

The biggest dollar reductions of the quarter were:

• Micron (MU): about $1.57 billion sold, the largest single reduction, even though the stock rose sharply during the quarter.
• Amazon (AMZN): roughly $563 million trimmed, a cut of about 54% of the share count.
• Marvell (MRVL): around $527 million, with more than nine-tenths of the position gone.
• TSMC (TSM): about $498 million, nearly the entire position.
• AMD: about $438 million reduced.

One independent analysis estimates Bridgewater's AI-linked basket fell from about 34% of the stock book in March to roughly 20.8% in June, a net sale of around $7 billion at quarter-end prices. NVIDIA was trimmed by less than a fifth, so most of that position remains.

What Bridgewater Bought

The largest additions were not individual growth stories. SPY gained roughly $714 million, IVV about $242 million, and Vanguard's VOO about $206 million. Smaller adds included PG&E (about $99 million) and Shell (about $94 million), hinting at a modest tilt toward utilities and energy.

In other words, a meaningful slice of the AI proceeds went back into the broad market rather than into a new thematic bet.

Conviction Exit or Rebalance?

This is where 13F reading requires discipline. Several of the sold stocks had enormous run-ups in the quarter. Micron and Marvell reportedly more than doubled, and TSMC rose about 41%. When a position balloons, a systematic manager trims it to stay inside risk limits. That looks like selling, but it is closer to rebalancing than a bearish call.

Bridgewater is also a macro and risk-parity shop. Its 13F captures only long US-listed equity positions, not futures, bonds, currencies, or shorts. A change in the equity sleeve says little about the firm's total stance. For more on that limitation, our macro consensus page shows how the broader hedge fund community is positioned for comparison.

How This Compares to Other Funds

Bridgewater is not alone in taking AI chips off the table after a big run, but the scale stands out. You can check whether the same names are being bought or sold elsewhere with the overlap tool and the capital flow view. If several large, unrelated managers are trimming the same semiconductors while others add, that divergence is the signal, not any single filing.

What to Watch Next

The Q3 2026 13F filings are due by mid-November. The key questions for Bridgewater are:

1. Does AI exposure keep falling, or does it rebuild toward its historical range?

2. Does the index ETF allocation stay elevated?

3. Do the small energy and utility adds grow?

Remember that 13F data is delayed by up to 45 days after quarter end, so these are snapshots of June, not today. Still, a deliberate reduction of this size from one of the world's largest hedge funds deserves attention, as long as you read it as risk management first and prediction second.

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Data sourced from public SEC 13F filings. Educational research only — not investment advice.