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
- $39.7B
- Holdings
- 61
- Top-10 weight
- 68%
- 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 20% of the gross return over this window — the factor legs carried the book.
Gross
+22.1%
Market
+29.2%
Sector
+4.8%
Subsector
-0.9%
Stock selection
-4.5%
Top holdings
61 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 | LRCXLam Research Corporation | 10.3% | $4.1B | 30% |
| 2 | MUMicron Technology, Inc. | 9.1% | $3.6B | 41% |
| 3 | SPCXSpace Exploration Technologies Corp. Class A Common Stock | 8.0% | $3.2B | 105% |
| 4 | AMATApplied Materials, Inc. | 7.7% | $3.0B | 33% |
| 5 | GEVGE Vernova Inc. | 7.6% | $3.0B | 62% |
| 6 | AMZNAmazon.com, Inc. | 7.1% | $2.8B | 46% |
| 7 | AVGOBroadcom Inc. | 5.6% | $2.2B | 50% |
| 8 | GOOGLmodeled on GOOGAlphabet Inc. | 4.4% | $1.7B | 60% |
| 9 | INTCIntel Corporation | 4.2% | $1.7B | 58% |
| 10 | METAMeta Platforms Inc Class A | 3.6% | $1.4B | 57% |
| 11 | EQIXEquinix, Inc. | 3.3% | $1.3B | 80% |
| 12 | NVDANVIDIA Corporation | 3.0% | $1.2B | 47% |
| 13 | CEGConstellation Energy Corporation | 2.9% | $1.2B | 66% |
| 14 | FPSForgent Power Solutions, Inc. | 2.9% | $1.1B | 100% |
| 15 | HUTHut 8 Corp. | 2.8% | $1.1B | 72% |
96% 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 75 filings from 2007-12-31 to 2026-06-30, with the latest filing set against this manager's own median.
- Effective N
- 17.6
- median 14.6
- Top 5 weight
- —
- no median
- Top 10 weight
- 67.5%
- median 72.2%
- 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 61 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.