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
- $170.3B
- Holdings
- 5918
- Top-10 weight
- 16%
- As of
- 2026-06-30
- Filed
- 2026-09-02
Return attribution — beta or stock-picking?
Sum of monthly ERM3 attribution over the trailing 12 months (2025-07-31 → 2026-06-30), modeled subset of holdings. Roughly 7% of the gross return came from stock selection (residual return) — most of the return came from factor exposure, not selection.
Gross
+22.3%
Market
+19.0%
Sector
+2.0%
Subsector
-1.1%
Stock selection
+1.6%
Top holdings
5918 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 | IVVISHARES TR | 7.8% | $13.2B | — |
| 2 | AMZNAmazon.com, Inc. | 1.5% | $2.6B | 46% |
| 3 | NVDANVIDIA Corporation | 1.4% | $2.4B | 48% |
| 4 | AAPLApple Inc. | 1.2% | $2.1B | 88% |
| 5 | MSFTMicrosoft Corporation | 0.8% | $1.4B | 63% |
| 6 | EAElectronic Arts Inc. | 0.7% | $1.2B | — |
| 7 | WBDWarner Bros. Discovery, Inc. Series A | 0.7% | $1.2B | — |
| 8 | LLYEli Lilly and Company | 0.7% | $1.1B | 48% |
| 9 | AVGOBroadcom Inc. | 0.6% | $1.1B | 48% |
| 10 | GOOGLmodeled on GOOGAlphabet Inc. | 0.6% | $1.1B | 57% |
| 11 | BLKBlackRock, Inc. | 0.6% | $1.1B | 48% |
| 12 | AMDAdvanced Micro Devices, Inc. | 0.5% | $929M | 40% |
| 13 | GOOGAlphabet Inc. Class C | 0.5% | $899M | 57% |
| 14 | SPCXSPACE EXPLORATION TECHNOLOGIES CORP | 0.5% | $876M | — |
| 15 | ABBVAbbVie, Inc. | 0.5% | $798M | 58% |
86% of reported AUM is in the ERM3 model universe; attribution and risk shares cover that subset. Source: SEC Form 13F-HR, filed 2026-09-02.
How concentrated is this book?
Quarter-end concentration across 67 filings from 2009-12-31 to 2026-06-30, with the latest filing set against this manager's own median.
- Effective N
- 122.7
- median 343.1
- Top 5 weight
- —
- no median
- Top 10 weight
- 16.1%
- median 9.6%
- Weight HHI
- —
- no median
Effective N is inverse-Herfindahl breadth, not a holding count: it falls well below the number of positions when one name dominates, which is the case worth seeing. This book held 5,918 positions at 2026-06-30.
Interrogate this portfolio
Ask the AI risk analyst what changed last quarter, where the concentration risk sits, or how your portfolio overlaps with Ken Griffin's.