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: $51.4B
Holdings: 0
Top-10 weight: —
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 5% of the gross return came from stock selection (residual return) — most of the return came from factor exposure, not selection.

Gross

+17.8%

Market

+15.1%

Sector

-0.3%

Subsector

+0.5%

Stock selection

+0.9%

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	41%
7	PLTR	1.7%	$653M	54%
8	SCHW	1.6%	$628M	51%
9	TSLA	1.6%	$625M	46%
10	AMD	1.6%	$621M	48%
11	BSX	1.6%	$601M	69%
12	LMT	1.5%	$592M	59%
13	ADBE	1.5%	$584M	59%
14	TMUS	1.5%	$574M	83%
15	PGR	1.5%	$560M	55%

Interrogate this portfolio

Ask the AI risk analyst what changed last quarter, where the concentration risk sits, or how your portfolio overlaps with Two Sigma Advisers's.

Ask the analyst Analyze your own portfolio