<p>TradingKey - 雷·达里奥的桥水基金在截至 2025 年 3 月 31 日的期间内，拥有令人瞩目的多元化持股，共计 664 只股票，股权价值达 215.5 亿美元。在第一季度 31% 的换手率下，这是超过一年以来的最高水平，达里奥的策略远非静态。尽管佩尔申广场的比尔·阿克曼喜欢集中投资，达里奥的策略则是规模、分散和宏观对冲的游戏。</p>
<p>投资组合在第一季度增加了 123 个头寸，优先考虑广度而非集中。尽管如此，前 10 大持股仍然反映出对重仓 ETF 和领先全球科技平台的深思熟虑和坚定信念。SPDR 标准普尔 500 ETF 信托（SPY）继续是最大的持股，占比 8.67%，尽管减少了惊人的 59.4%，这表明美国股票敞口正在持续再平衡。</p>
<p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250610/971189969b2d4843afbc1c2f3863154420250610092827_optimized_150.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250610/971189969b2d4843afbc1c2f3863154420250610092827_optimized_150.png"/></p>
<p>科技是达里奥最重视的行业，占比 18.79%，紧随其后的是金融服务（12.61%）和消费周期性（12.32%）。通信服务和医疗保健分别远远落后，分别占 8.32% 和 7.16%。基础材料仅占投资组合的 2.08%，显示出在金属和矿业（1.58%）及钢铁（0.37%）方面的集中投资，表明即使在小型领域，达里奥也有明确的观点，通过专注的行业敞口展现出来。</p>
<p>消费防御、工业和能源的占比相对较小，均低于 6%，这表明其在全球风险对冲方面的主题性投资，而非周期性行业的超配。房地产几乎没有表现，仅占 0.51%，而公用事业则以 2.61% 的稳定低权重存在，或许在对抗波动性方面起到了一定的平衡作用。</p>
<p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250610/c800673306e449d0b2786e32ef95d9bd%E5%BE%AE%E4%BF%A1%E5%9B%BE%E7%89%87_20250610092715.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250610/c800673306e449d0b2786e32ef95d9bd%E5%BE%AE%E4%BF%A1%E5%9B%BE%E7%89%87_20250610092715.png"/></p>
<p>达里奥的主要投资显示出捕捉贝塔和机会性阿尔法的结合。SPY 和 IVV（iShares Core S&amp;P 500 ETF）占投资组合的 14% 以上，支持了一个被动的中心。他在阿里巴巴集团（BABA）上的坚定投资，现在占投资组合的 3.47%，在股价上涨 2119% 之后，表明尽管面临地缘政治和政策问题，他对中国电子商务的乐观情绪有所增强。</p>
<p>Alphabet（2.18%）下跌了 15.99%，反映出在面对人工智能变现挑战时对大型美国科技股的保守态度。然而，达里奥仍然在 NVIDIA（1.43%）、微软（1.41%）和 Salesforce（1.30%）等主题上保持最大的敞口。Booking Holdings（1.43%）和 SPDR 黄金股票（1.48%）完成了名单，反映出消费周期性反弹和硬资产对冲的结合。</p>
<p>自 2025 年 3 月 31 日以来，桥水的理论投资组合回报与标准普尔 500 指数大相径庭。尽管标准普尔的回报平平或略微负面，达里奥的投资组合在第二季度飙升近 40%，随后保持在约 30% 的超额回报范围内。这表明达里奥在国际市场、商品和防御性股票上的投资在动荡的市场周期中起到了平衡的作用，甚至在某些情况下成为了顺风。</p>
<p>这种超额回报，尤其是自 2025 年 4 月初以来，与黄金强势、新兴市场和精选科技股一致，确认了桥水方法的多资产、全球宏观基础。</p>
<p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250610/61694381f6b540bd8361b006e84b9f82%E5%BE%AE%E4%BF%A1%E5%9B%BE%E7%89%87_20250610093524.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250610/61694381f6b540bd8361b006e84b9f82%E5%BE%AE%E4%BF%A1%E5%9B%BE%E7%89%87_20250610093524.png"/></p>
<p>达里奥的配置反映了基本的宏观信念：</p>
<ul>
<li>在黄金（GLD）和商品中进行通胀对冲</li>
<li>通过 IEMG（4.75%）和阿里巴巴重振新兴市场</li>
<li>技术选择性，偏好 NVIDIA、微软和 Booking 等成熟平台，而非投机性的小型股</li>
<li>ETF 核心敞口，提供流动性、广泛的市场接入，同时释放资本以实施战术倾斜</li>
</ul>
<p>然而，在大幅削减 SPY 的同时，达里奥并不是在摆脱美国的敞口，而是在重新定位。相比之下，ServiceNow（NOW）、百度（BIDU）和京东（JD.com）的显著新敞口代表了一种逆势的倾向：在一个充满疑虑的世界中，瞄准人工智能的规模化和中国科技的转型。</p>
<h2>结论：全球宏观投资组合中的战术超驱动</h2>
<p>雷·达里奥的 2025 年投资组合是全球宏观执行的宏大范例。拥有 664 个名字，人们可能会期望通过稀释来实现多元化，但实际上是通过精准实现的，结合了 ETF、新兴市场投资、与人工智能相关的美国科技以及黄金和金属形式的对冲。</p>
<p>通过高换手率和明确的再配置，达里奥的数据驱动、纪律性系统在大多数主动管理者落后的环境中持续提取阿尔法。对于观察达里奥在 2025 年的投资者来说，信息是明确的：宏观依然重要，纪律性的广度在混乱时期可以更加闪耀。</p>
<p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250610/3a76ee3f75dd474dbcaeca3e8beb56ad250606--EN1_1_optimized_150.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250610/3a76ee3f75dd474dbcaeca3e8beb56ad250606--EN1_1_optimized_150.png"/></p>
<p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250610/2309cc81e6ec450cbe30b7f8be9b945c250606--EN2_optimized_150.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250610/2309cc81e6ec450cbe30b7f8be9b945c250606--EN2_optimized_150.png"/></p>
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<p>瑞·达里奥的桥水基金截至 2025 年 3 月 31 日持有价值 215.5 亿美元的 664 只股票的多元化投资组合。该投资组合强调广度，换手率为 31%，重点关注 ETF 和领先的科技平台。主要行业包括科技（18.79%）和金融服务（12.61%）。达里奥的策略反映了宏观信念，包括对通货膨胀的对冲和新兴市场的复苏。尽管 SPY 的持仓大幅减少，达里奥仍保持对美国市场的敞口，同时增加了对 ServiceNow 和百度的投资。他的投资组合表现优于标准普尔 500 指数，展示了对全球宏观投资的严谨方法</p>

<p>TradingKey - Ray Dalio's Bridgewater Associates had a striking diversified holding of 664 stocks valued at $21.55 billion in equity value through the period ended March 31, 2025. And at a turnover of 31% in Q1, the highest since well over a year, Dalio's strategy is far from static. While Pershing Square's Bill Ackman likes focused bets, Dalio's is a game of scale, diversification, and macro hedge accuracy.</p>
<div class="lb-trans"><p>TradingKey - 雷·达里奥的桥水基金在截至 2025 年 3 月 31 日的期间内，拥有令人瞩目的多元化持股，共计 664 只股票，股权价值达 215.5 亿美元。在第一季度 31% 的换手率下，这是超过一年以来的最高水平，达里奥的策略远非静态。尽管佩尔申广场的比尔·阿克曼喜欢集中投资，达里奥的策略则是规模、分散和宏观对冲的游戏。</p>
</div><p>The portfolio increased 123 positions in Q1, prioritizing breadth rather than concentration. In spite of this sprawl, the top 10 holdings continue to reflect a considered, conviction-driven focus into ETF-heavy vehicles and leading global tech platforms. SPDR S&amp;P 500 ETF Trust (SPY) continues to be the largest holding at 8.67% despite a staggering 59.4% reduction, indicating ongoing rebalancing on U.S. equity exposures.</p>
<div class="lb-trans"><p>投资组合在第一季度增加了 123 个头寸，优先考虑广度而非集中。尽管如此，前 10 大持股仍然反映出对重仓 ETF 和领先全球科技平台的深思熟虑和坚定信念。SPDR 标准普尔 500 ETF 信托（SPY）继续是最大的持股，占比 8.67%，尽管减少了惊人的 59.4%，这表明美国股票敞口正在持续再平衡。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250610/971189969b2d4843afbc1c2f3863154420250610092827_optimized_150.png" alt="" original-src="https://resource.tradingkey.com/uploads/20250610/971189969b2d4843afbc1c2f3863154420250610092827_optimized_150.png"/></p>
<p>Technology is Dalio's most heavily weighted sector with 18.79%, followed closely by Financial Services (12.61%) and Consumer Cyclical (12.32%). Communication Services and Healthcare are distant behind at 8.32% and 7.16% respectively. Basic Materials, which contributes a mere 2.08% to the portfolio, illustrates a focused bet in Metals &amp; Mining (1.58%) and Steel (0.37%), indicating even in small segments, Dalio has definitive views presented through focused industry exposure.</p>
<div class="lb-trans"><p>科技是达里奥最重视的行业，占比 18.79%，紧随其后的是金融服务（12.61%）和消费周期性（12.32%）。通信服务和医疗保健分别远远落后，分别占 8.32% 和 7.16%。基础材料仅占投资组合的 2.08%，显示出在金属和矿业（1.58%）及钢铁（0.37%）方面的集中投资，表明即使在小型领域，达里奥也有明确的观点，通过专注的行业敞口展现出来。</p>
</div><p>Consumer Defensive, Industrials, and Energy are fairly modest, all at less than 6%, indicating a thematic play on global hedges against risk rather than cyclical industry overweightings. Real Estate is barely showing at 0.51%, while Utilities hold a steady, low-weight presence at 2.61%, perhaps in a role of ballast against volatility.</p>
<div class="lb-trans"><p>消费防御、工业和能源的占比相对较小，均低于 6%，这表明其在全球风险对冲方面的主题性投资，而非周期性行业的超配。房地产几乎没有表现，仅占 0.51%，而公用事业则以 2.61% 的稳定低权重存在，或许在对抗波动性方面起到了一定的平衡作用。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250610/c800673306e449d0b2786e32ef95d9bd%E5%BE%AE%E4%BF%A1%E5%9B%BE%E7%89%87_20250610092715.png" alt="" original-src="https://resource.tradingkey.com/uploads/20250610/c800673306e449d0b2786e32ef95d9bd%E5%BE%AE%E4%BF%A1%E5%9B%BE%E7%89%87_20250610092715.png"/></p>
<p>Dalio's top bets illustrate a combination of beta capture and opportunistic alpha. SPY and IVV (iShares Core S&amp;P 500 ETF) account for well more than 14% of the portfolio, supporting a passive center. His conviction bet in Alibaba Group (BABA), now 3.47% of the portfolio after a 2,119% rise in shares, indicates increased optimism in Chinese e-commerce in spite of geopolitics and policy issues.</p>
<div class="lb-trans"><p>达里奥的主要投资显示出捕捉贝塔和机会性阿尔法的结合。SPY 和 IVV（iShares Core S&amp;P 500 ETF）占投资组合的 14% 以上，支持了一个被动的中心。他在阿里巴巴集团（BABA）上的坚定投资，现在占投资组合的 3.47%，在股价上涨 2119% 之后，表明尽管面临地缘政治和政策问题，他对中国电子商务的乐观情绪有所增强。</p>
</div><p>Alphabet (2.18%) lost 15.99% and reflected a conservative approach to the theme of large-cap U.S. tech in the face of AI monetization challenges. However, Dalio remains most exposed to the theme through NVIDIA (1.43%), Microsoft (1.41%), and Salesforce (1.30%). Booking Holdings (1.43%) and SPDR Gold Shares (1.48%) complete the list, reflecting a blend of consumer cyclical rebound and hard-asset hedging.</p>
<div class="lb-trans"><p>Alphabet（2.18%）下跌了 15.99%，反映出在面对人工智能变现挑战时对大型美国科技股的保守态度。然而，达里奥仍然在 NVIDIA（1.43%）、微软（1.41%）和 Salesforce（1.30%）等主题上保持最大的敞口。Booking Holdings（1.43%）和 SPDR 黄金股票（1.48%）完成了名单，反映出消费周期性反弹和硬资产对冲的结合。</p>
</div><p>Bridgewater's theoretical portfolio return since March 31, 2025, is quite divergent from the S&amp;P 500. While the S&amp;P has straggled with flat to slightly negative returns, Dalio's portfolio skyrocketed almost 40% in Q2 before falling into a steady ~30% outperformance range. This is an indication that Dalio's move into international, commodities, and defensively geared names is playing the role of ballast, and in a few instances, a tailwind, during a turbulent market cycle.</p>
<div class="lb-trans"><p>自 2025 年 3 月 31 日以来，桥水的理论投资组合回报与标准普尔 500 指数大相径庭。尽管标准普尔的回报平平或略微负面，达里奥的投资组合在第二季度飙升近 40%，随后保持在约 30% 的超额回报范围内。这表明达里奥在国际市场、商品和防御性股票上的投资在动荡的市场周期中起到了平衡的作用，甚至在某些情况下成为了顺风。</p>
</div><p>This outperformance, in particular since the beginning of April 2025, is consistent with gold strength, emerging markets, and selective technology names, affirming the multi-asset, global macro underpinnings of Bridgewater's approach.</p>
<div class="lb-trans"><p>这种超额回报，尤其是自 2025 年 4 月初以来，与黄金强势、新兴市场和精选科技股一致，确认了桥水方法的多资产、全球宏观基础。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250610/61694381f6b540bd8361b006e84b9f82%E5%BE%AE%E4%BF%A1%E5%9B%BE%E7%89%87_20250610093524.png" alt="" original-src="https://resource.tradingkey.com/uploads/20250610/61694381f6b540bd8361b006e84b9f82%E5%BE%AE%E4%BF%A1%E5%9B%BE%E7%89%87_20250610093524.png"/></p>
<p>Dalio's allocations reflect fundamental macro beliefs:</p>
<div class="lb-trans"><p>达里奥的配置反映了基本的宏观信念：</p>
</div><ul>
<li>Inflation hedging in gold (GLD) and commodities</li>
<li>Resurgence in emerging markets through IEMG (4.75%) and Alibaba</li>
<li>Technological selectivity, preferring established platforms such as NVIDIA, Microsoft, and Booking over speculative small-cap gems</li>
<li>ETF core exposure, offering liquid, broad market access while releasing capital to implement tactical tilts</li>
</ul>
<div class="lb-trans"><ul>
<li>在黄金（GLD）和商品中进行通胀对冲</li>
<li>通过 IEMG（4.75%）和阿里巴巴重振新兴市场</li>
<li>技术选择性，偏好 NVIDIA、微软和 Booking 等成熟平台，而非投机性的小型股</li>
<li>ETF 核心敞口，提供流动性、广泛的市场接入，同时释放资本以实施战术倾斜</li>
</ul>
</div><p>In trimming SPY quite heavily, however, Dalio is not getting rid of U.S. exposure, just repositioning. In contrast, noteworthy fresh exposures in ServiceNow (NOW), Baidu (BIDU), and JD.com represent a contrarian bent: hitting AI scale-ups and Chinese tech turnaround plays in a doubtful world.</p>
<div class="lb-trans"><p>然而，在大幅削减 SPY 的同时，达里奥并不是在摆脱美国的敞口，而是在重新定位。相比之下，ServiceNow（NOW）、百度（BIDU）和京东（JD.com）的显著新敞口代表了一种逆势的倾向：在一个充满疑虑的世界中，瞄准人工智能的规模化和中国科技的转型。</p>
</div><h2>Conclusion: A Tactical Overdrive in a Global Macro Portfolio</h2>
<div class="lb-trans"><h2>结论：全球宏观投资组合中的战术超驱动</h2>
</div><p>Ray Dalio's 2025 portfolio is a study in global macro execution on a grand scale. With 664 names, one might expect diversification to be achieved through dilution but instead is accomplished through precision, aligning ETFs, emerging market wagers, AI-connected U.S. tech, and hedges in the form of gold and metals.</p>
<div class="lb-trans"><p>雷·达里奥的 2025 年投资组合是全球宏观执行的宏大范例。拥有 664 个名字，人们可能会期望通过稀释来实现多元化，但实际上是通过精准实现的，结合了 ETF、新兴市场投资、与人工智能相关的美国科技以及黄金和金属形式的对冲。</p>
</div><p>Through high turnover and pointed reallocations, Dalio's data-driven, disciplined system persists in extracting alpha in an environment where most active managers trail behind. To investors observing Dalio in 2025, the message is unmistakable: macro continues to count, and disciplined breadth can shine even brighter in chaotic times.</p>
<div class="lb-trans"><p>通过高换手率和明确的再配置，达里奥的数据驱动、纪律性系统在大多数主动管理者落后的环境中持续提取阿尔法。对于观察达里奥在 2025 年的投资者来说，信息是明确的：宏观依然重要，纪律性的广度在混乱时期可以更加闪耀。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://resource.tradingkey.com/uploads/20250610/3a76ee3f75dd474dbcaeca3e8beb56ad250606--EN1_1_optimized_150.png" alt="" original-src="https://resource.tradingkey.com/uploads/20250610/3a76ee3f75dd474dbcaeca3e8beb56ad250606--EN1_1_optimized_150.png"/></p>
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Ray Dalio’s 2025 Portfolio: A Macro Masterclass in Diversified Precision

- Ray Dalio 的 Bridgewater Associates 持有 664 支股票，市值 215.5 亿美元。  
- 投资组合在第一季度增加了 123 个头寸，重视多样化而非集中。  
- Dalio 的投资策略在动荡市场中表现出色，回报率超越 S&P 500。  

雷·达里奥的 2025 年投资组合：多元化精确的宏观大师课