Heavy Index Reduction Technology! Qiaoshui Q2 almost cleared Micron (MU.US)'s new energy stocks and is betting heavily on the S&P 500

The Zhitong Finance App learned that according to the US Securities and Exchange Commission (SEC) disclosure, Bridgewater Associates (Bridgewater Associates) submitted a position report (13F) for the second quarter ending June 30, 2026.

Statistics show that the total market value of Qiaoshui's holdings in the second quarter reached 24.4 billion US dollars, and the total market value in the previous quarter was 22.4 billion US dollars. Qiaoshui added 213 new shares to its portfolio in the second quarter, increasing its holdings by 399 shares; at the same time, Qiaoshui reduced its holdings by 379 stocks and cleared 209 stocks. Among them, Qiaoshui's top ten holdings account for 40.05% of the total market value.

Among the top five major stocks, the S&P 500 ETF-SPDR (SPY.US) ranked first, holding about 5.32 million shares, with a market value of about US$3,973 billion, accounting for 16.30% of the portfolio. The number of holdings increased by 21.89% over the previous quarter.

ETF-iShares (IVV.US) ranked second in the S&P 500 index, holding about 3 million shares, with a market value of about US$2,248 billion, accounting for 9.22% of the portfolio. The number of holdings increased by 12.06% over the previous quarter.

Nvidia (NVDA.US) ranked third, holding about 3.87 million shares, with a market value of about US$773 million, accounting for 3.17% of the portfolio. The number of holdings decreased by 17.62% compared to the previous quarter.

Broadcom (AVGO.US) ranked fourth, holding about 1.32 million shares, with a market value of about US$498 million, accounting for 2.04% of the portfolio. The number of holdings decreased by 28.19% compared to the previous quarter.

Amazon (AMZN.US) ranked fifth, holding about 2.03 million shares, with a market value of about US$483 million, accounting for 1.98% of the portfolio. The number of holdings decreased by 53.85% compared to the previous quarter.

Qiaosui's sixth to tenth largest stocks are Google (GOOGL.US), Fanlin Group (LRCX.US), S&P 500 ETF-Vanguard (VOO.US), AMD (AMD.US), and MSCI Korea Index ETF-iShares (EWY.US).

This time, Qiaoshui showed a trend of reducing its holdings in technology and increasing the index. Among the top ten major stocks, it greatly increased its holdings in the S&P 500 index ETF, while comprehensively reducing its holdings in the technology and semiconductor sectors.

The most prominent direction to increase positions this season is broad-based index ETFs. The three S&P 500 ETFs — SPY, IVV, and VOO — together accounted for 26.81% of the 13F portfolio, which is significantly higher than about 20.9% in the previous quarter.

While reducing its holdings in technology stocks, Qiaoshui added utilities and energy assets. Qiaoshui Q2 held positions in energy stocks such as Eversource Energy (ES.US) and ExxonMobil (XOM.US), and added about 1.195 million shares of Eversource Energy, accounting for 0.35% of the portfolio, 140,000 shares of the new advertising technology platform company AppLovin (APP.US), and 630,000 shares of the enterprise software company ServiceNow (NOW.US), accounting for 0.31% and 0.26% of the portfolio, respectively.

The agency increased Shell (SHEL.US) from about 312,000 shares to about 1.53 million shares, increasing its holdings by 389%. In addition, it also increased its holdings of energy stocks Vistra Energy (VST.US), Petrobras (PBR.US), Pacific Coal and Electricity (PCG.US) by 400,000 shares, 5.37 million shares, and 5.9 million shares, increasing its holdings by 116%, 467%, and 24,079%.

In the second quarter, Qiaosui cleared Cisco (CSCO.US), Palantir (PLTR.US), and CrowdStrike (CRWD.US). Furthermore, in the second quarter, it reduced Micron's holdings by 92%, accounting for 0.55%, and reduced Microsoft (MSFT.US) and Seagate Technology (STX.US) positions by 34.39% and 39.29% respectively.

Judging from changes in position ratios, the top five buying targets are: S&P 500 ETF-SPDR, S&P 500 ETF-iShares, S&P 500 ETF-Vanguard, Broadcom, Pacific Coal & Power, and Shell.

The top five sales targets include Amazon, Micron Technology, TSM.US (TSM.US), GE Vernova (GEV.US,) and Microsoft.