The Dalio Family Office reveals its US stock holdings for the first time, with gold ETFs accounting for over 70% of the portfolio.

The latest 13F filing from the family office of Ray Dalio, founder of Bridgewater Associates, shows that as of the end of last year, its holdings in the US stock market amounted to $503 million, marking the first official disclosure since the pandemic began. Over three-quarters of its US equity allocation is concentrated in ETFs tracking gold, with the remainder diversified across S&P 500 index funds, US Treasury bonds, and ETFs covering developed and emerging markets globally.

Analysis of Dalio Family Office’s 13F Filing: Portfolio Structure and Allocation Logic

This 13F filing marks the first public disclosure of its US stock investment structure since the COVID-19 pandemic, with a significant expansion compared to its asset allocation levels in early 2021. Notably, the ETF holdings have increased from just two gold ETFs to nearly a dozen assets, indicating a systematic shift toward asset diversification.

Main Asset Allocation Structure

Gold ETFs: Account for over three-quarters of US stock holdings, representing the largest single allocation

S&P 500 ETFs: Slightly allocated, maintaining exposure to the US equity market

US Treasury Bonds: Defensive fixed-income assets used to hedge against market volatility

Global Market ETFs: Covering developed and emerging markets, continuing the “All-Weather Strategy” of cross-regional diversification

Dalio’s Macro Warnings: The Role of Capital Wars and Gold as a Hedge

Recently, Dalio has repeatedly stated that as the Trump administration adopts more aggressive trade protectionism and sanctions, the global conflict will evolve from trade wars into “Capital Wars.” His core argument is that expanding trade deficits and escalating tariffs will directly impact global capital flows, undermining foreign investors’ long-term confidence in dollar-denominated assets.

This macro perspective is directly reflected in the family office’s allocation logic: in an environment of heightened policy uncertainty, gold ETFs serve as the core hedge, supplemented by stock and fixed-income exposures, embodying a global macro strategy prioritizing asset preservation.

Global Footprint: New Middle Eastern Base, Talent Deployment in Singapore, and $7 Billion in Charitable Donations

Beyond capital allocation, the family office is actively expanding its physical operational structure. Recently, the CEO led the establishment of a new branch in Abu Dhabi to strengthen direct engagement with the Middle Eastern sovereign wealth market. Simultaneously, talent recruitment in the US and Singapore focuses on investment, tax planning, and technology fields to support global capital deployment and multi-market opportunities.

In terms of family legacy, Dalio’s charitable foundation has donated over $7 billion since 2003, supporting ocean exploration, scientific research, and environmental protection. It systematically converts investment returns into long-term social impact, exemplifying a modern family office integrating investment and philanthropy.

Frequently Asked Questions

What important information does the Dalio Family Office’s 13F disclosure reveal?

According to the latest 13F filing, as of the end of last year, the family office’s US stock holdings totaled $503 million, publicly disclosed for the first time since the pandemic. Over 75% is invested in gold ETFs, with the rest diversified across S&P 500 index funds, US Treasuries, and global market ETFs, reflecting a defensive, asset-preserving approach.

Why does Dalio allocate most of his assets to gold ETFs?

Dalio has been warning that the world is entering a “Capital War” phase, where trade tensions and a crisis of confidence in the dollar will cause structural impacts on capital flows. Historically, gold has served as a hedge during financial stress environments, aligning with his “All-Weather Strategy” that emphasizes cross-asset risk diversification.

How does the Dalio Family Office differ from Bridgewater Associates?

Bridgewater is the world’s largest hedge fund founded by Dalio, serving external institutional investors. Dalio has since retired from Bridgewater, with his family office now led by close associates. They have assembled a global macro team composed of former Bridgewater senior staff to focus on managing the family’s private assets independently.