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
- $48.6B
- Holdings
- 66
- Top-10 weight
- 62%
- As of
- 2026-06-30
- Filed
- 2026-08-14
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. Stock selection (residual return) detracted about 10% of the gross return over this window — the factor legs carried the book.
Gross
+26.3%
Market
+30.1%
Sector
+5.1%
Subsector
+0.4%
Stock selection
-2.5%
Top holdings
66 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 | TSMTAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | 8.8% | $4.3B | 35% |
| 2 | LRCXLam Research Corporation | 8.4% | $4.1B | 27% |
| 3 | MUMicron Technology, Inc. | 7.5% | $3.6B | 40% |
| 4 | SPCXSPACE EXPLORATION TECHNOLOGIES CORP | 6.5% | $3.2B | — |
| 5 | AMATApplied Materials, Inc. | 6.3% | $3.0B | 34% |
| 6 | GEVGE Vernova Inc. | 6.2% | $3.0B | 61% |
| 7 | AMZNAmazon.com, Inc. | 5.8% | $2.8B | 46% |
| 8 | AVGOBroadcom Inc. | 4.5% | $2.2B | 48% |
| 9 | ETNEaton Corp. Plc | 4.4% | $2.1B | 42% |
| 10 | GOOGLmodeled on GOOGAlphabet Inc. | 3.6% | $1.7B | 57% |
| 11 | INTCIntel Corporation | 3.5% | $1.7B | 52% |
| 12 | BBG00FNF… | 3.2% | $1.5B | — |
| 13 | METAMeta Platforms Inc Class A | 2.9% | $1.4B | 56% |
| 14 | EQIXEquinix, Inc. | 2.7% | $1.3B | 78% |
| 15 | NVDANVIDIA Corporation | 2.5% | $1.2B | 48% |
87% of reported AUM is in the ERM3 model universe; attribution and risk shares cover that subset. Source: SEC Form 13F-HR, filed 2026-08-14.
How concentrated is this book?
Quarter-end concentration across 89 filings from 2001-12-31 to 2026-06-30, with the latest filing set against this manager's own median.
- Effective N
- 20.6
- median 19.7
- Top 5 weight
- —
- no median
- Top 10 weight
- 61.9%
- median 62.8%
- 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 66 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 Philippe Laffont's.