Elliott Investment Management · Paul Singer
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
- $4.7B
- Holdings
- 10
- Top-10 weight
- 100%
- 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 70% of the gross return was idiosyncratic — this book is earning its return from stock selection, not market exposure.
Gross
+22.8%
Market
+15.7%
Sector
-4.8%
Subsector
-3.3%
Stock-specific
+15.9%
Top holdings
10 reported positions; top 10 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 | LUV | 45.0% | $2.1B | 66% |
| 2 | PINS | 15.4% | $725M | 85% |
| 3 | NVDA | 11.9% | $560M | 46% |
| 4 | HPE | 9.5% | $448M | 70% |
| 5 | ETSY | 5.9% | $277M | 83% |
| 6 | PEP | 3.9% | $183M | 60% |
| 7 | BILL | 3.5% | $164M | 67% |
| 8 | CCI | 2.3% | $109M | 57% |
| 9 | ST | 2.3% | $108M | 62% |
| 10 | HDB | 0.2% | $8M | 90% |
88% 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
Ask the AI risk analyst what changed last quarter, where the concentration risk sits, or how your portfolio overlaps with Paul Singer's.