Soros Fund Management · George Soros
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
- $5.7B
- Holdings
- 228
- Top-10 weight
- 31%
- 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. Stock selection (residual return) detracted about 57% of the gross return over this window — the factor legs carried the book.
Gross
+8.3%
Market
+15.7%
Sector
-0.4%
Subsector
-2.9%
Stock selection
-4.7%
Top holdings
228 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 | AMZNAmazon.com, Inc. | 4.9% | $282M | 46% |
| 2 | TSMTAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | 4.3% | $249M | 35% |
| 3 | GOOGLmodeled on GOOGAlphabet Inc. | 3.7% | $213M | 57% |
| 4 | NVDANVIDIA Corporation | 3.7% | $213M | 48% |
| 5 | EAElectronic Arts Inc. | 3.5% | $199M | — |
| 6 | AAPLApple Inc. | 2.7% | $153M | 88% |
| 7 | LINLinde plc | 2.4% | $139M | 65% |
| 8 | TKOTKO Group Holdings, Inc. Class A | 2.0% | $116M | 84% |
| 9 | SMCIPmodeled on SMCISuper Micro Computer, Inc. | 1.9% | $111M | 68% |
| 10 | AEPAmerican Electric Power Company, Inc. | 1.8% | $105M | 39% |
| 11 | ETREntergy Corporation | 1.8% | $105M | 33% |
| 12 | ITRIItron, Inc. | 1.7% | $98M | 86% |
| 13 | DLRDigital Realty Trust, Inc. | 1.7% | $97M | 64% |
| 14 | GTLSChart Industries, Inc. | 1.5% | $87M | — |
| 15 | NBISNebius Group N.V. Class A | 1.5% | $86M | 75% |
88% 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 99 filings from 2001-12-31 to 2026-06-30, with the latest filing set against this manager's own median.
- Effective N
- 61.8
- median 18.9
- Top 5 weight
- —
- no median
- Top 10 weight
- 31.0%
- median 53.9%
- 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 228 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 George Soros's.