D. E. Shaw & Co. · David Shaw
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
- $118.8B
- Holdings
- 1696
- Top-10 weight
- 22%
- 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 28% of the gross return was idiosyncratic — most of the return came from factor exposure, not stock selection.
Gross
+25.6%
Market
+17.5%
Sector
-0.6%
Subsector
+0.3%
Stock-specific
+7.3%
Top holdings
1696 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 | NVDA | 4.8% | $5.6B | 46% |
| 2 | MSFT | 3.3% | $3.9B | 56% |
| 3 | PLTR | 2.3% | $2.7B | 60% |
| 4 | TSLA | 2.2% | $2.6B | 47% |
| 5 | AMD | 2.1% | $2.5B | 54% |
| 6 | AAPL | 1.8% | $2.1B | 73% |
| 7 | AMZN | 1.8% | $2.1B | 52% |
| 8 | MU | 1.5% | $1.8B | 47% |
| 9 | META | 1.4% | $1.6B | 58% |
| 10 | NFLX | 1.3% | $1.5B | 82% |
| 11 | TXN | 1.2% | $1.4B | 78% |
| 12 | SOFI | 1.2% | $1.4B | 65% |
| 13 | LLY | 1.1% | $1.3B | 58% |
| 14 | WDC | 1.0% | $1.2B | 65% |
| 15 | GM | 1.0% | $1.2B | 79% |
93% 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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