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
- $9.1B
- Holdings
- 11
- 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 73% of the gross return came from stock selection (residual return) — this book is earning its return from selection, not market exposure.
Gross
+39.7%
Market
+11.2%
Sector
-5.1%
Subsector
+3.9%
Stock selection
+28.9%
Top holdings
11 reported positions; top 11 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 | TFPM | 48.6% | $4.4B | 59% |
| 2 | LUV | 23.1% | $2.1B | 66% |
| 3 | PINS | 7.9% | $725M | 83% |
| 4 | NVDA | 6.1% | $560M | 47% |
| 5 | HPE | 4.9% | $448M | 70% |
| 6 | ETSY | 3.0% | $277M | 83% |
| 7 | PEP | 2.0% | $183M | 58% |
| 8 | BILL | 1.8% | $164M | 65% |
| 9 | CCI | 1.2% | $109M | 53% |
| 10 | ST | 1.2% | $108M | 60% |
| 11 | HDB | 0.1% | $8M | 87% |
100% 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.