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
- $150.9B
- Holdings
- 3101
- Top-10 weight
- 21%
- 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 6% of the gross return came from stock selection (residual return) — most of the return came from factor exposure, not selection.
Gross
+24.5%
Market
+22.3%
Sector
+2.6%
Subsector
-2.2%
Stock selection
+1.5%
Top holdings
3101 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 | SPYSTATE STR SPDR S&P 500 ETF T | 6.9% | $10.5B | — |
| 2 | NVDANVIDIA Corporation | 2.7% | $4.0B | 48% |
| 3 | GOOGLmodeled on GOOGAlphabet Inc. | 1.9% | $2.8B | 57% |
| 4 | AMZNAmazon.com, Inc. | 1.7% | $2.6B | 46% |
| 5 | GOOGAlphabet Inc. Class C | 1.6% | $2.4B | 57% |
| 6 | METAMeta Platforms Inc Class A | 1.3% | $1.9B | 56% |
| 7 | TSLATesla, Inc. | 1.2% | $1.8B | 48% |
| 8 | AMDAdvanced Micro Devices, Inc. | 1.2% | $1.8B | 40% |
| 9 | CRWDCrowdStrike Holdings, Inc. Class A | 1.1% | $1.6B | 49% |
| 10 | AAPLApple Inc. | 1.1% | $1.6B | 88% |
| 11 | HDHome Depot, Inc. | 1.0% | $1.5B | 52% |
| 12 | MSFTMicrosoft Corporation | 0.9% | $1.3B | 63% |
| 13 | STXSeagate Technology Holdings PLC | 0.9% | $1.3B | 66% |
| 14 | SNDKSandisk Corporation | 0.8% | $1.3B | 63% |
| 15 | BEBloom Energy Corporation Class A | 0.8% | $1.3B | 76% |
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 110 filings from 1999-03-31 to 2026-06-30, with the latest filing set against this manager's own median.
- Effective N
- 109.8
- median 208.3
- Top 5 weight
- —
- no median
- Top 10 weight
- 20.6%
- median 14.0%
- 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 3,101 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.