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
- $14.3B
- Holdings
- 16
- Top-10 weight
- 96%
- 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 35% of the gross return came from stock selection (residual return) — most of the return came from factor exposure, not selection.
Gross
+32.9%
Market
+14.2%
Sector
+5.8%
Subsector
-1.5%
Stock selection
+11.5%
Top holdings
16 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 | TFPMTriple Flag Precious Metals Corp. | 28.0% | $4.0B | 88% |
| 2 | PSXPhillips 66 | 22.8% | $3.3B | 44% |
| 3 | SUSuncor Energy Inc. | 11.1% | $1.6B | 43% |
| 4 | HPEHewlett Packard Enterprise Co. | 10.2% | $1.5B | 69% |
| 5 | LUVSouthwest Airlines Co. | 8.8% | $1.2B | 63% |
| 6 | UNITUniti Group Inc. | 4.7% | $677M | 87% |
| 7 | PINSPinterest, Inc. Class A | 4.1% | $589M | 81% |
| 8 | ETSYEtsy, Inc. | 2.6% | $377M | 90% |
| 9 | NCLHNorwegian Cruise Line Holdings Ltd. | 2.2% | $310M | 67% |
| 10 | PEPPepsiCo, Inc. | 1.2% | $173M | 50% |
| 11 | SDRLSeadrill Limited | 1.2% | $168M | 46% |
| 12 | EQIXEquinix, Inc. | 1.1% | $156M | 78% |
| 13 | SNPSSynopsys, Inc. | 0.7% | $101M | 66% |
| 14 | OROR Royalties Inc. | 0.7% | $98M | 55% |
| 15 | RIGTransocean Ltd. | 0.5% | $76M | 47% |
100% 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 26 filings from 2020-03-31 to 2026-06-30, with the latest filing set against this manager's own median.
- Effective N
- 6.0
- median 6.8
- Top 5 weight
- —
- no median
- Top 10 weight
- 95.7%
- median 90.4%
- 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 16 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 Paul Singer's.