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
- $26.9B
- Holdings
- 32
- Top-10 weight
- 71%
- 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 15% of the gross return was idiosyncratic — most of the return came from factor exposure, not stock selection.
Gross
+26.2%
Market
+20.8%
Sector
+1.0%
Subsector
-1.4%
Stock-specific
+3.9%
Top holdings
32 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 | 9.3% | $2.5B | 56% |
| 2 | META | 9.3% | $2.5B | 58% |
| 3 | AMZN | 8.5% | $2.3B | 52% |
| 4 | GEV | 8.2% | $2.2B | 67% |
| 5 | CEG | 7.7% | $2.1B | 65% |
| 6 | NVDA | 6.4% | $1.7B | 46% |
| 7 | AMAT | 5.7% | $1.5B | 35% |
| 8 | APP | 5.5% | $1.5B | 76% |
| 9 | SPOT | 5.3% | $1.4B | 80% |
| 10 | RDDT | 4.7% | $1.3B | 78% |
| 11 | NFLX | 3.8% | $1.0B | 82% |
| 12 | DASH | 3.7% | $989M | 83% |
| 13 | ORCL | 3.2% | $865M | 66% |
| 14 | CVNA | 3.1% | $826M | 96% |
| 15 | SNPS | 2.9% | $778M | 84% |
91% 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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