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
- $12.4B
- Holdings
- 12
- Top-10 weight
- 99%
- 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 24% of the gross return came from stock selection (residual return) — most of the return came from factor exposure, not selection.
Gross
+29.9%
Market
+17.9%
Sector
+5.6%
Subsector
-3.0%
Stock selection
+7.2%
Top holdings
12 reported positions; top 12 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. | 32.3% | $4.0B | 91% |
| 2 | PSXPhillips 66 | 26.3% | $3.3B | 43% |
| 3 | HPEHewlett Packard Enterprise Co. | 11.8% | $1.5B | 66% |
| 4 | LUVSouthwest Airlines Co. | 10.1% | $1.2B | 65% |
| 5 | UNITUniti Group Inc. | 5.5% | $677M | 83% |
| 6 | PINSPinterest, Inc. Class A | 4.8% | $589M | 82% |
| 7 | ETSYEtsy, Inc. | 3.0% | $377M | 90% |
| 8 | NCLHNorwegian Cruise Line Holdings Ltd. | 2.5% | $310M | 69% |
| 9 | PEPPepsiCo, Inc. | 1.4% | $173M | 52% |
| 10 | EQIXEquinix, Inc. | 1.3% | $156M | 80% |
| 11 | SNPSSynopsys, Inc. | 0.8% | $101M | 85% |
| 12 | HDBHDFC BANK LTD | 0.2% | $21M | 87% |
100% of reported AUM is in the ERM3 model universe; attribution and risk shares cover that subset. Source: SEC Form 13F-HR, filed 2026-08-14.
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
- 4.9
- median 5.5
- Top 5 weight
- —
- no median
- Top 10 weight
- 99.0%
- median 93.2%
- 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 12 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.