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
- $2.8B
- Holdings
- 15
- Top-10 weight
- 90%
- As of
- 2020-03-31
- Filed
- 2020-06-14
Return attribution — beta or stock-picking?
Sum of monthly ERM3 attribution over the trailing 12 months (2019-04-30 → 2020-03-31), modeled subset of holdings. Stock selection (residual return) detracted about 13% of the gross return over this window — the factor legs carried the book.
Gross
-9.2%
Market
-6.5%
Sector
-1.2%
Subsector
-2.5%
Stock selection
+1.2%
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 | 65% |
| 3 | BBG000LZ… | 13.3% | $377M | — |
| 4 | V | 7.9% | $226M | 54% |
| 5 | CRM | 7.7% | $220M | 43% |
| 6 | ADBE | 7.5% | $212M | 60% |
| 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 | 75% |
| 12 | SHW | 2.4% | $69M | 54% |
| 13 | AVTR | 2.2% | $62M | 82% |
| 14 | SONY | 1.4% | $40M | 85% |
| 15 | BBG00B9P… | 1.4% | $39M | — |
100% of reported AUM is in the ERM3 model universe; attribution and risk shares cover that subset. Source: SEC Form 13F-HR, filed 2020-06-14.
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