Third Point · Dan Loeb
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
- $2M
- Holdings
- 24
- Top-10 weight
- 85%
- As of
- 2026-03-31
- Filed
- 2026-06-14
Return attribution — beta or stock-picking?
Sum of monthly ERM3 attribution over the trailing 12 months (2025-04-30 → 2026-03-31), modeled subset of holdings. Roughly 111% of the gross return came from stock selection (residual return) — this book is earning its return from selection, not market exposure.
Gross
-11.7%
Market
+10.5%
Sector
-2.3%
Subsector
-7.8%
Stock selection
-13.0%
Top holdings
15 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 | 14.8% | $419M | 48% |
| 2 | CNC | 13.6% | $387M | 64% |
| 3 | BBG000LZ… | 13.3% | $377M | — |
| 4 | V | 7.9% | $226M | 54% |
| 5 | CRM | 7.7% | $220M | 43% |
| 6 | ADBE | 7.5% | $212M | 59% |
| 7 | IQV | 7.0% | $198M | 75% |
| 8 | BBG00YLQ… | 6.9% | $195M | — |
| 9 | BURL | 6.3% | $178M | 87% |
| 10 | CHTR | 4.6% | $131M | 81% |
| 11 | ROP | 3.0% | $86M | 74% |
| 12 | SHW | 2.4% | $69M | 53% |
| 13 | AVTR | 2.2% | $62M | 82% |
| 14 | SONY | 1.4% | $40M | 85% |
| 15 | BBG00B9P… | 1.4% | $39M | — |
96% of reported AUM is in the ERM3 model universe; attribution and risk shares cover that subset. Source: SEC Form 13F-HR, filed 2026-06-14.
Interrogate this portfolio
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