Coatue Management · Philippe Laffont
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
- $27.5B
- Holdings
- 35
- Top-10 weight
- 69%
- 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. Stock selection (residual return) detracted about 7% of the gross return over this window — the factor legs carried the book.
Gross
+23.8%
Market
+18.5%
Sector
+0.7%
Subsector
-1.4%
Stock selection
-1.6%
Top holdings
35 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 | MSFT | 9.1% | $2.5B | 52% |
| 2 | META | 9.1% | $2.5B | 60% |
| 3 | AMZN | 8.3% | $2.3B | 48% |
| 4 | GEV | 8.0% | $2.2B | 63% |
| 5 | CEG | 7.6% | $2.1B | 63% |
| 6 | NVDA | 6.2% | $1.7B | 47% |
| 7 | AMAT | 5.6% | $1.5B | 33% |
| 8 | APP | 5.4% | $1.5B | 76% |
| 9 | SPOT | 5.2% | $1.4B | 79% |
| 10 | RDDT | 4.6% | $1.3B | 73% |
| 11 | NFLX | 3.7% | $1.0B | 81% |
| 12 | DASH | 3.6% | $989M | 80% |
| 13 | ORCL | 3.1% | $865M | 63% |
| 14 | CVNA | 3.0% | $826M | 76% |
| 15 | SNPS | 2.8% | $778M | 86% |
100% 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.
Interrogate this portfolio
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