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AA

AQR Arbitrage Portfolio holdings

AUM $6.09B
1-Year Est. Return 27.01%
This Fund
S&P 500
This Quarter Est. Return
+3.38%
1 Year Est. Return
+27.01%
3 Year Est. Return
+77.25%
5 Year Est. Return
+160.09%
10 Year Est. Return
+1,244.43%
AUM
$4.36B
AUM Growth
+$127M
Cap. Flow
-$883M
Cap. Flow %
-20.26%
Top 10 Hldgs %
23.47%
Holding
494
New
108
Increased
21
Reduced
89
Closed
104

Top Buys

Rank Stock Value
1
HES
Hess
HES
+$63M
2
SWTX
SpringWorks Therapeutics
SWTX
+$58.7M
3
TXNM
TXNM Energy Inc
TXNM
+$53.5M
4
AVDX
AvidXchange
AVDX
+$40.7M
5
SKX
Skechers
SKX
+$39.6M

Top Sells

Rank Stock Value
1
DFS
Discover Financial Services
DFS
+$78M
2
BERY
Berry Global Group, Inc.
BERY
+$54.3M
3
BECN
Beacon Roofing Supply, Inc.
BECN
+$37.2M
4
HEES
H&E Equipment Services
HEES
+$33.6M
5
ITCI
Intra-Cellular Therapies Inc.
ITCI
+$33.3M

Sector Composition

Rank Sector Weight
1 Financials 22.27%
2 Energy 6.34%
3 Technology 4.75%
4 Healthcare 4.23%
5 Utilities 3.51%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
RTACW
226
Renatus Tactical Acquisition Corp I Warrant
RTACW
$7.98M
$425K 0.01%
+224,998
New +$455K
DRDBW
227
Roman DBDR Acquisition Corp II Warrants
DRDBW
$400K 0.01%
799,998
– –
HDRNW
228
Hadron Energy Warrant
HDRNW
$3.6M
$391K 0.01%
2,366,816
– –
CUBWW
229
Lionheart Holdings Warrant
CUBWW
$6.12M
$386K 0.01%
1,134,417
– –
TACHW
230
Titan Acquisition Corp Warrants
TACHW
$381K 0.01%
+1,119,997
New +$322K
MAV
231
DELISTED
Pioneer Municipal High Income Advantage Fund
MAV
$373K 0.01%
44,974
-60,795
-57% -$499K
SDHIR
232
Siddhi Acquisition Corp Right
SDHIR
$364K 0.01%
+1,750,000
New +$388K
SOUL.RT
233
Soulpower Acquisition Corp Rights
SOUL.RT
$350K 0.01%
+1,750,000
New +$334K
SZZLR
234
Sizzle Acquisition Corp II Right
SZZLR
$350K 0.01%
+1,750,000
New +$339K
OACCW
235
Oaktree Acquisition Corp III Life Sciences Warrant
OACCW
$3.39M
$339K 0.01%
396,057
– –
MLACR
236
DELISTED
Mountain Lake Acquisition Corp Right
MLACR
$337K 0.01%
1,980,000
– –
BASE
237
DELISTED
Couchbase
BASE
$327K 0.01%
+13,426
New +$244K
GRAF.WS
238
Graf Global Corp Warrants
GRAF.WS
$10.9M
$321K 0.01%
1,104,700
– –
VACHW
239
DELISTED
Voyager Acquisition Corp Warrants
VACHW
$319K 0.01%
1,063,637
– –
RAAQW
240
DELISTED
Real Asset Acquisition Corp Warrants
RAAQW
$312K 0.01%
+742,497
New +$306K
SIMAW
241
SIM Acquisition Corp I Warrant
SIMAW
$306K 0.01%
1,118,532
– –
LPAAW
242
Launch One Acquisition Corp Warrant
LPAAW
$301K 0.01%
1,115,848
– –
BZAI
243
Blaize Holdings
BZAI
$129M
$298K 0.01%
+100,000
New +$246K
RMT
244
Royce Micro-Cap Trust
RMT
$736M
$269K 0.01%
29,271
-26,051
-47% -$221K
RAC.WS
245
Rithm Acquisition Corp Warrants
RAC.WS
$266K 0.01%
+633,332
New +$266K
DYNCW
246
Dynamix Corp Warrant
DYNCW
$1.33M
$261K 0.01%
724,998
– –
FACTW
247
FACT II Acquisition Corp Warrant
FACTW
$1.54M
$255K 0.01%
850,000
– –
LEO
248
BNY Mellon Strategic Municipals
LEO
$387M
$251K 0.01%
42,438
-159,226
-79% -$932K
RANGR
249
Range Capital Acquisition Corp Rights
RANGR
$248K 0.01%
990,000
– –
CVAC
250
DELISTED
CureVac
CVAC
$240K 0.01%
+44,159
New +$175K
8 9
10
11 12

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CIS
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EMPI
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HCM
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HPG
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DTC
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AWA
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AQR Arbitrage's Q2 2025 Portfolio in Review

As of Q2 2025, AQR Arbitrage held 494 positions worth $4.36B, up 3% from $4.23B the previous quarter. Its ten largest holdings account for 23% of the portfolio.

AQR Arbitrage withdrew a net $883M in Q2 2025, closing 104 positions and reducing 89 holdings. Its most notable exit was Discover Financial Services, an estimated $78M position sold in full.

By sector, the portfolio is most concentrated in Financials at 22% of assets, up from 20% a quarter earlier, followed by Energy and Technology.

Against the trend, AQR Arbitrage opened a new position in SpringWorks Therapeutics worth $62M.

  • AQR Arbitrage's largest Q2 2025 buy was SpringWorks Therapeutics: 1,319,782 shares worth $62M.
  • AQR Arbitrage added most to Hess in Q2 2025, an estimated $63M increase.
  • AQR Arbitrage's biggest Q2 2025 reduction was GSR III Acquisition Corp, cutting an estimated $12.6M.
  • AQR Arbitrage fully exited Discover Financial Services in Q2 2025, selling an estimated $78M.
  • AQR Arbitrage's ten largest holdings make up 23% of its $4.36B portfolio in Q2 2025.
  • AQR Arbitrage opened 108 new positions and closed 104 in Q2 2025.
  • AQR Arbitrage's portfolio value rose 3% quarter-over-quarter to $4.36B.

Based on AQR Arbitrage's 13F filing for Q2 2025, filed 14 Aug 2025.