Bridgewater Nearly Liquidates Micron in Q2, Significantly Increases SPY Holdings
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Bridgewater's Q2 13F shows total holdings rising to $24.4 billion, with three S&P 500 ETFs now accounting for 26.81% of the portfolio — up from ~20.9% — while the fund nearly liquidated Micron and slashed Nvidia and Amazon, marking a systematic rotation from tech bets to broad-index exposure.
S&P 500 ETFs now top a quarter of the book — what is Bridgewater buying?
SPY (SPDR S&P 500 ETF) is the top holding: ~5.32 million shares worth $3.97 billion, or 16.30% of the portfolio — a 21.89% increase in share count from Q1.
IVV (iShares S&P 500 ETF) is second: ~3 million shares worth $2.25 billion, at 9.22% of the portfolio, up 12.06%.
Together, SPY, IVV, and VOO make up 26.81% of the 13F portfolio, versus ~20.9% last quarter. This means → Bridgewater is shifting chips toward "the whole market goes up" rather than picking individual winners.
How deep were the cuts in tech and semis?
Micron Technology was nearly liquidated — a 92% reduction, leaving just 0.55% of the portfolio. In plain terms = more than nine-tenths of Bridgewater's Micron position is gone.
Nvidia was cut 17.62% (remaining value ~$773 million); Broadcom down 28.19%; Amazon saw the steepest trim at 53.85%.
Cisco, Palantir, and CrowdStrike were fully exited. Microsoft was trimmed 34.39%; Seagate cut 39.29%. This reflects a systematic pullback across all of tech and semis, not a single-name call.
Where did the proceeds go?
Bridgewater opened new positions in energy and utilities: ~1.195 million shares of Eversource Energy, a new stake in ExxonMobil, plus new entries in AppLovin and ServiceNow.
The biggest percentage increases: Petrobras (巴西石油) holdings up 467%; Shell up 389%; Pacific Gas & Electric up 24,079% — a small base, but the direction is unmistakable.
Vistra Energy rose 116%. This means → Bridgewater is replacing tech exposure with cash-flow-stable, lower-valuation energy and utility names.
What does this rotation tell us overall?
Total portfolio value rose from $22.4 billion to $24.4 billion — Bridgewater is not leaving the market, it is changing lanes.
The fund added 213 new names, increased 399, while trimming 379 and fully exiting 209 — this is not fine-tuning, it is a large-scale reallocation.
In plain terms = Bridgewater's Q2 move boils down to one sentence: sell single names (especially tech), buy index (especially S&P 500), add energy. Whether Micron and other semi names face a broader institutional exodus is the next data point to watch.
Content is for reference only, not financial advice.