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
- $169.2B
- Holdings
- 2472
- Top-10 weight
- 18%
- 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. Roughly 7% of the gross return came from stock selection (residual return) — most of the return came from factor exposure, not selection.
Gross
+25.5%
Market
+23.8%
Sector
+3.2%
Subsector
-3.2%
Stock selection
+1.9%
Top holdings
2472 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 | NVDANVIDIA Corporation | 3.1% | $5.3B | 47% |
| 2 | GOOGLmodeled on GOOGAlphabet Inc. | 2.1% | $3.6B | 60% |
| 3 | AMDAdvanced Micro Devices, Inc. | 2.0% | $3.4B | 46% |
| 4 | AMZNAmazon.com, Inc. | 2.0% | $3.3B | 46% |
| 5 | MUMicron Technology, Inc. | 1.8% | $3.1B | 41% |
| 6 | GOOGAlphabet Inc. Class C | 1.7% | $3.0B | 60% |
| 7 | METAMeta Platforms Inc Class A | 1.6% | $2.8B | 57% |
| 8 | TSLATesla, Inc. | 1.5% | $2.6B | 47% |
| 9 | AAPLApple Inc. | 1.3% | $2.1B | 86% |
| 10 | MSFTMicrosoft Corporation | 1.2% | $2.1B | 63% |
| 11 | BEBloom Energy Corporation Class A | 1.2% | $2.0B | 78% |
| 12 | CRWDCrowdStrike Holdings, Inc. Class A | 1.1% | $1.9B | 49% |
| 13 | SNDKSandisk Corporation | 1.1% | $1.9B | 66% |
| 14 | WDCWestern Digital Corporation | 1.1% | $1.8B | 65% |
| 15 | LITELumentum Holdings, Inc. | 1.1% | $1.8B | 71% |
97% 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 83 filings from 2005-12-31 to 2026-06-30, with the latest filing set against this manager's own median.
- Effective N
- 162.4
- median 143.1
- Top 5 weight
- —
- no median
- Top 10 weight
- 18.5%
- median 18.6%
- 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 2,472 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 David Shaw's.