Two Sigma Advisers
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
- $38.2B
- Holdings
- 1504
- Top-10 weight
- 25%
- 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 12% of the gross return came from stock selection (residual return) — most of the return came from factor exposure, not selection.
Gross
+18.6%
Market
+15.2%
Sector
+0.3%
Subsector
+0.4%
Stock selection
+2.3%
Top holdings
1504 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 | NVDA | 4.4% | $1.7B | 47% |
| 2 | AAPL | 4.2% | $1.6B | 78% |
| 3 | MSFT | 3.4% | $1.3B | 52% |
| 4 | AMZN | 3.0% | $1.1B | 48% |
| 5 | MA | 1.8% | $701M | 51% |
| 6 | MU | 1.7% | $666M | 42% |
| 7 | PLTR | 1.7% | $653M | 55% |
| 8 | SCHW | 1.6% | $628M | 51% |
| 9 | TSLA | 1.6% | $625M | 47% |
| 10 | AMD | 1.6% | $621M | 49% |
| 11 | BSX | 1.6% | $601M | 69% |
| 12 | LMT | 1.5% | $592M | 59% |
| 13 | ADBE | 1.5% | $584M | 60% |
| 14 | TMUS | 1.5% | $574M | 84% |
| 15 | PGR | 1.5% | $560M | 55% |
100% 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.
Interrogate this portfolio
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