AQR Arbitrage Portfolio holdings
AQR Arbitrage specializes in merger arbitrage, convertible arbitrage and other event-driven strategies, and is a joint venture between AQR Capital Management and CNH Capital Management. It began managing money in 2001 and traded as CNH Partners until 2021. CNH Capital Management is majority-owned by Mark Mitchell and Todd Pulvino, while Clifford Asness is the principal owner of AQR Capital Management. In merger arbitrage it buys shares of the company being acquired, and when the buyer pays in its own stock it typically hedges by shorting the buyer's shares. In convertible arbitrage it buys convertible securities trading below their fundamental value. AQR Arbitrage is also hired by AQR to run the AQR Diversified Arbitrage Fund, and its clients include pension plans, charities, insurance companies and sovereign wealth funds.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Roku
ROKU
|
+$101M |
| 2 |
AES
AES
|
+$79.3M |
| 3 |
Silicon Laboratories
SLAB
|
+$72.3M |
| 4 |
Electronic Arts
EA
|
+$67.7M |
| 5 |
Nuvalent
NUVL
|
+$64.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Air Lease Corp
AL
|
+$109M |
| 2 |
Amicus Therapeutics
FOLD
|
+$84.5M |
| 3 |
OS
OneStream Inc
OS
|
+$81.4M |
| 4 |
Hologic
HOLX
|
+$79.3M |
| 5 |
Clearwater Analytics
CWAN
|
+$77.9M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 31.15% |
| 2 | Miscellaneous | 21.77% |
| 3 | Communication Services | 8.57% |
| 4 | Utilities | 8.21% |
| 5 | Healthcare | 7.7% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
DELISTED
Electronic Arts
EA
| $218M | 3.1% |
1,062,028
+334,311
| +46% | +$67.7M |
2025 Q3
3 quarters
|
|
|
2
AES
AES
$10.6B
| $200M | 2.85% |
13,686,323
+5,454,228
| +66% | +$79.3M |
2026 Q1
1 quarter
|
|
3
DELISTED
Webster Financial
WBS
| $192M | 2.73% |
2,522,937
+719,374
| +40% | +$52.3M |
2026 Q1
1 quarter
|
|
4
Norfolk Southern
NSC
$73.2B
| $181M | 2.58% |
578,240
+132,101
| +30% | +$40.7M |
2025 Q3
3 quarters
|
|
5
Penumbra
PEN
$12.7B
| $178M | 2.54% |
563,873
+140,800
| +33% | +$45.6M |
2026 Q1
1 quarter
|
|
6
DELISTED
Chart Industries
GTLS
| $169M | 2.41% |
811,051
+166,658
| +26% | +$34.6M |
2025 Q2
4 quarters
|
|
7
DELISTED
Qorvo
QRVO
| $166M | 2.37% |
1,782,061
+52,972
| +3% | +$4.89M |
2025 Q4
2 quarters
|
|
8
DELISTED
Kenvue
KVUE
| $161M | 2.29% |
8,441,922
+2,856,343
| +51% | +$50.3M |
2025 Q4
2 quarters
|
|
9
Essential Utilities
WTRG
$12.9B
| $148M | 2.1% |
3,858,057
+720,838
| +23% | +$27.5M |
2025 Q4
2 quarters
|
|
10
DELISTED
Warner Bros
WBD
| $141M | 2.01% |
5,293,977
+1,455,024
| +38% | +$39.4M |
2025 Q4
2 quarters
|
|
|
11
Silicon Laboratories
SLAB
$7.4B
| $141M | 2% |
643,007
+334,224
| +108% | +$72.3M |
2026 Q1
1 quarter
|
|
12
Teck Resources
TECK
$31.8B
| $133M | 1.9% |
2,240,303
-204,391
| -8% | -$12.5M |
2025 Q3
3 quarters
|
|
13
DELISTED
Janus Henderson
JHG
| $131M | 1.87% |
2,522,373
+1,081,742
| +75% | +$55.9M |
2025 Q4
2 quarters
|
|
|
14
DELISTED
Roku
ROKU
| $114M | 1.62% |
+831,445
| New | +$101M |
2026 Q2
0 quarters
|
|
15
TXNM Energy Inc
TXNM
$6.42B
| $103M | 1.47% |
1,812,443
+46,596
| +3% | +$2.73M |
2025 Q2
4 quarters
|
|
16
NorthWestern Energy
NWE
$5.17B
| $78.4M | 1.12% |
1,094,832
+12,885
| +1% | +$913K |
2025 Q3
3 quarters
|
|
17
Valaris
VAL
$5.45B
| $76.2M | 1.09% |
1,049,607
+439,896
| +72% | +$40.9M |
2026 Q1
1 quarter
|
|
|
18
DELISTED
Nuvalent
NUVL
| $74.3M | 1.06% |
+601,633
| New | +$64.7M |
2026 Q2
0 quarters
|
|
19
DELISTED
DigitalBridge
DBRG
| $65.3M | 0.93% |
4,137,058
+1,008,605
| +32% | +$15.8M |
2025 Q4
2 quarters
|
|
20
Brighthouse Financial
BHF
$2.53B
| $58.7M | 0.84% |
927,295
+77,540
| +9% | +$4.82M |
2025 Q4
2 quarters
|
|
21
DELISTED
Apogee Therapeutics
APGE
| $57.1M | 0.81% |
+429,900
| New | +$38.7M |
2026 Q2
0 quarters
|
|
22
Bio-Techne
TECH
$11.4B
| $53.8M | 0.77% |
+761,868
| New | +$41.1M |
2026 Q2
0 quarters
|
|
23
Organon & Co
OGN
$3.64B
| $52.4M | 0.75% |
+3,880,354
| New | +$46.4M |
2026 Q2
0 quarters
|
|
24
DELISTED
Liberty Broadband Class C
LBRDK
| $52.3M | 0.75% |
1,575,430
+232,406
| +17% | +$9.06M |
2025 Q1
5 quarters
|
|
25
DELISTED
LiveRamp
RAMP
| $49.8M | 0.71% |
+1,324,683
| New | +$43.6M |
2026 Q2
0 quarters
|
|
Similar funds
AQR Arbitrage's Q2 2026 Portfolio in Review
As of Q2 2026, AQR Arbitrage held 738 positions worth $7.02B, up 15% from $6.09B the previous quarter. Its ten largest holdings account for 25% of the portfolio.
AQR Arbitrage's Q2 2026 filing shows 177 new, 297 increased, 54 reduced and 104 closed positions. Its largest new stake was Roku: 831,445 shares worth $114M. The largest sale was Air Lease Corp, an estimated $109M.
By sector, the portfolio is most concentrated in Financials at 31% of assets, up from 31% a quarter earlier, followed by Miscellaneous and Communication Services.
- AQR Arbitrage's largest Q2 2026 buy was Roku: 831,445 shares worth $114M.
- AQR Arbitrage added most to AES in Q2 2026, an estimated $79.3M increase.
- AQR Arbitrage's biggest Q2 2026 reduction was Teck Resources, cutting an estimated $12.5M.
- AQR Arbitrage fully exited Air Lease Corp in Q2 2026, selling an estimated $109M.
- AQR Arbitrage's ten largest holdings make up 25% of its $7.02B portfolio in Q2 2026.
- AQR Arbitrage opened 177 new positions and closed 104 in Q2 2026.
- AQR Arbitrage's portfolio value rose 15% quarter-over-quarter to $7.02B.
Based on AQR Arbitrage's 13F filing for Q2 2026, filed 14 Aug 2026.