Viking Global Investors · Andreas Halvorsen
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
- $29M
- Holdings
- 107
- Top-10 weight
- 42%
- As of
- 2009-12-31
- Filed
- 2010-01-20
Return attribution — beta or stock-picking?
Sum of monthly ERM3 attribution over the trailing 12 months (2009-01-31 → 2009-12-31), modeled subset of holdings. Roughly 18% of the gross return came from stock selection (residual return) — most of the return came from factor exposure, not selection.
Gross
+38.9%
Market
+29.5%
Sector
+0.3%
Subsector
+3.0%
Stock selection
+6.9%
Top holdings
107 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 | EEMISHARES TR | 17.6% | $5M | — |
| 2 | BBG000CD… | 5.3% | $2M | — |
| 3 | BBG000BK… | 5.3% | $2M | — |
| 4 | CFCF Industries Holdings, Inc. | 3.1% | $908000 | 87% |
| 5 | SVV88V6T… | 2.8% | $807000 | — |
| 6 | BBG000CP… | 2.7% | $783000 | — |
| 7 | SPFQH21K… | 1.2% | $361000 | — |
| 8 | COPConocoPhillips | 1.2% | $359000 | 25% |
| 9 | TGTTarget Corporation | 1.1% | $321000 | 65% |
| 10 | HPQHP Inc. | 1.1% | $316000 | 87% |
| 11 | PFEPfizer Inc. | 1.0% | $290000 | 68% |
| 12 | IBMInternational Business Machines Corporation | 0.9% | $274000 | 90% |
| 13 | HDHome Depot, Inc. | 0.9% | $268000 | 53% |
| 14 | WENWendy's Company | 0.9% | $268000 | 90% |
| 15 | C0000945… | 0.9% | $249000 | — |
59% of reported AUM is in the ERM3 model universe; attribution and risk shares cover that subset. Source: SEC Form 13F-HR, filed 2010-01-20.
How concentrated is this book?
Quarter-end concentration across 9 filings from 2007-12-31 to 2009-12-31, with the latest filing set against this manager's own median.
- Effective N
- 22.9
- median 16.4
- Top 5 weight
- —
- no median
- Top 10 weight
- 41.5%
- median 50.9%
- Weight HHI
- —
- no median
Effective N is inverse-Herfindahl breadth, not a holding count: it falls well below the number of positions when one name dominates, which is the case worth seeing. This book held 107 positions at 2009-12-31.
Interrogate this portfolio
Ask the AI risk analyst what changed last quarter, where the concentration risk sits, or how your portfolio overlaps with Andreas Halvorsen's.