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
- $3.5B
- Holdings
- 104
- Top-10 weight
- 47%
- 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 19% of the gross return was idiosyncratic — most of the return came from factor exposure, not stock selection.
Gross
+29.3%
Market
+17.4%
Sector
+1.2%
Subsector
+5.2%
Stock-specific
+5.4%
Top holdings
104 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 | AMZN | 17.8% | $614M | 52% |
| 2 | CRM | 4.0% | $138M | 46% |
| 3 | TKO | 3.8% | $133M | 89% |
| 4 | MSFT | 3.7% | $127M | 56% |
| 5 | NVDA | 3.6% | $124M | 46% |
| 6 | AAPL | 3.3% | $113M | 73% |
| 7 | BBG007HW… | 3.1% | $106M | — |
| 8 | BBG005D7… | 3.0% | $103M | — |
| 9 | EXAS | 2.5% | $88M | 94% |
| 10 | EA | 2.5% | $88M | 95% |
| 11 | BBG000KD… | 2.4% | $84M | — |
| 12 | RUN | 2.3% | $78M | 76% |
| 13 | IDA | 2.1% | $74M | 50% |
| 14 | AL | 2.1% | $71M | 51% |
| 15 | FOLD | 2.1% | $71M | 80% |
93% 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.
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