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
- $2.5B
- Holdings
- 14
- Top-10 weight
- 91%
- 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. Roughly 15% of the gross return was idiosyncratic — most of the return came from factor exposure, not stock selection.
Gross
-5.6%
Market
-4.6%
Sector
+0.8%
Subsector
-2.6%
Stock-specific
+0.8%
Top holdings
14 reported positions; top 14 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 | 17.0% | $419M | 52% |
| 2 | CNC | 15.7% | $387M | 67% |
| 3 | V | 9.2% | $226M | 56% |
| 4 | CRM | 8.9% | $220M | 46% |
| 5 | ADBE | 8.6% | $212M | 64% |
| 6 | IQV | 8.0% | $198M | 74% |
| 7 | RESTRICT… | 7.9% | $195M | — |
| 8 | BURL | 7.2% | $178M | 83% |
| 9 | CHTR | 5.3% | $131M | 80% |
| 10 | ROP | 3.5% | $86M | 76% |
| 11 | SHW | 2.8% | $69M | 53% |
| 12 | AVTR | 2.5% | $62M | 82% |
| 13 | SONY | 1.6% | $40M | 81% |
| 14 | RESTRICT… | 1.6% | $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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