Citadel Advisors · Ken Griffin
Latest 13F holdings with ERM3 risk decomposition — how much of the portfolio's return is market beta versus genuine stock-picking, and where the residual risk concentrates.
- Reported AUM
- $366.1B
- Holdings
- 2250
- Top-10 weight
- 42%
- As of
- 2025-12-31
- Filed
- 2026-03-16
Return attribution — beta or stock-picking?
Sum of monthly ERM3 attribution over the trailing 12 months (2025-01-31 → 2025-12-31), modeled subset of holdings. Roughly 13% of the gross return was idiosyncratic — most of the return came from factor exposure, not stock selection.
Gross
+20.2%
Market
+18.3%
Sector
-2.8%
Subsector
+0.8%
Stock-specific
+2.6%
Top holdings
2250 reported positions; top 15 shown. “Stock-specific” is the share of each position's variance not explained by market, sector, or subsector factors.
| # | Holding | Weight | Value | Stock-specific |
|---|---|---|---|---|
| 1 | TSLA | 9.4% | $34.5B | 47% |
| 2 | NVDA | 7.9% | $28.8B | 46% |
| 3 | AAPL | 4.5% | $16.3B | 73% |
| 4 | META | 4.3% | $15.8B | 58% |
| 5 | AMZN | 3.6% | $13.2B | 52% |
| 6 | MSFT | 3.0% | $11.2B | 56% |
| 7 | NFLX | 2.4% | $8.9B | 82% |
| 8 | GOOG | 2.2% | $8.1B | 67% |
| 9 | AMD | 2.1% | $7.6B | 54% |
| 10 | PLTR | 2.1% | $7.6B | 60% |
| 11 | MU | 1.8% | $6.7B | 47% |
| 12 | LLY | 1.5% | $5.4B | 58% |
| 13 | ORCL | 1.2% | $4.2B | 66% |
| 14 | GS | 1.1% | $4.2B | 37% |
| 15 | HOOD | 0.9% | $3.2B | 49% |
85% of reported AUM is in the ERM3 model universe; attribution and risk shares cover that subset. Source: SEC Form 13F-HR, filed 2026-03-16.
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