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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
+8.08%
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
$3.93B
AUM Growth
-$427M
Cap. Flow
-$797M
Cap. Flow %
-20.28%
Top 10 Hldgs %
18.52%
Holding
542
New
152
Increased
15
Reduced
139
Closed
94

Top Buys

Rank Stock Value
1
SAND
Sandstorm Gold
SAND
+$64.4M
2
AL
Air Lease Corp
AL
+$60.3M
3
GTLS
Chart Industries
GTLS
+$56.6M
4
NSC icon
Norfolk Southern
NSC
+$54.5M
5
VRNA
Verona Pharma
VRNA
+$53.6M

Top Sells

Rank Stock Value
1
HES
Hess
HES
+$151M
2
CHX
ChampionX
CHX
+$89.7M
3
AMED
Amedisys
AMED
+$67.8M
4
SWTX
SpringWorks Therapeutics
SWTX
+$62M
5
ESGR
Enstar Group
ESGR
+$59.1M

Sector Composition

Rank Sector Weight
1 Financials 29.05%
2 Technology 7.67%
3 Industrials 7.22%
4 Communication Services 6.53%
5 Utilities 3.86%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
AACBR
251
Artius II Acquisition Inc Rights
AACBR
$475K 0.01%
1,980,000
– –
FERAR
252
Fifth Era Acquisition Corp I Rights
FERAR
$472K 0.01%
1,782,582
– –
HVIIR
253
Hennessy Capital Investment Corp VII Rights
HVIIR
$468K 0.01%
1,732,500
– –
CCCXW
254
DELISTED
Churchill Capital Corp X Warrants
CCCXW
$434K 0.01%
+124,996
New +$183K
JACS.RT
255
Jackson Acquisition Co II Rights
JACS.RT
$432K 0.01%
1,600,000
– –
BRRWW
256
ProCap Financial Inc
BRRWW
$419K 0.01%
377,125
-122,872
-25% -$188K
RAC.WS
257
Rithm Acquisition Corp Warrants
RAC.WS
$418K 0.01%
633,332
– –
KCHVR
258
Kochav Defense Acquisition Corp Right
KCHVR
$411K 0.01%
+1,870,000
New +$387K
LPBBW
259
Launch Two Acquisition Corp Warrant
LPBBW
$407K 0.01%
1,116,602
– –
MLACR
260
DELISTED
Mountain Lake Acquisition Corp Right
MLACR
$396K 0.01%
1,980,000
– –
RANGR
261
Range Capital Acquisition Corp Rights
RANGR
$394K 0.01%
990,000
– –
TACOW
262
Berto Acquisition Corp Warrant
TACOW
$15.9M
$389K 0.01%
572,436
-202,562
-26% -$141K
LOKVW
263
DELISTED
Live Oak Acquisition Corp V Warrants
LOKVW
$352K 0.01%
649,998
– –
SDHIR
264
Siddhi Acquisition Corp Right
SDHIR
$352K 0.01%
1,750,000
– –
FGMCR
265
DELISTED
FG Merger II Corp Rights
FGMCR
$333K 0.01%
792,000
– –
SOUL.RT
266
Soulpower Acquisition Corp Rights
SOUL.RT
$333K 0.01%
1,750,000
– –
IROHR
267
DELISTED
Iron Horse Acquisitions Corp Right
IROHR
$332K 0.01%
455,257
– –
DAAQW
268
Digital Asset Acquisition Corp Warrant
DAAQW
$2.85M
$329K 0.01%
547,698
-194,799
-26% -$155K
CUBWW
269
Lionheart Holdings Warrant
CUBWW
$5.35M
$312K 0.01%
1,134,417
– –
SIMAW
270
SIM Acquisition Corp I Warrant
SIMAW
$2.65M
$311K 0.01%
818,992
-299,540
-27% -$88.2K
DRDBW
271
Roman DBDR Acquisition Corp II Warrants
DRDBW
$309K 0.01%
600,288
-199,710
-25% -$101K
ALFUW
272
Centurion Acquisition Corp Warrant
ALFUW
$304K 0.01%
1,012,533
-384,082
-28% -$117K
CRAQR
273
Cal Redwood Acquisition Corp Right
CRAQR
$301K 0.01%
+1,368,923
New +$309K
IPEXR
274
Inflection Point Acquisition Corp V Rights
IPEXR
$300K 0.01%
500,000
– –
SVIIW
275
DELISTED
Spring Valley Acquisition Corp II Warrant
SVIIW
$298K 0.01%
229,541
– –
9 10
11
12 13

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AWA
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AQR Arbitrage's Q3 2025 Portfolio in Review

As of Q3 2025, AQR Arbitrage held 542 positions worth $3.93B, down 9.8% from $4.36B the previous quarter. Its ten largest holdings account for 19% of the portfolio.

AQR Arbitrage withdrew a net $797M in Q3 2025, closing 94 positions and reducing 139 holdings. Its most notable exit was Hess, an estimated $151M position sold in full.

By sector, the portfolio is most concentrated in Financials at 29% of assets, up from 22% a quarter earlier, followed by Technology and Industrials.

Against the trend, AQR Arbitrage opened a new position in Sandstorm Gold worth $75.9M.

  • AQR Arbitrage's largest Q3 2025 buy was Sandstorm Gold: 6,061,783 shares worth $75.9M.
  • AQR Arbitrage added most to Chart Industries in Q3 2025, an estimated $56.6M increase.
  • AQR Arbitrage's biggest Q3 2025 reduction was Kodiak AI, cutting an estimated $13M.
  • AQR Arbitrage fully exited Hess in Q3 2025, selling an estimated $151M.
  • AQR Arbitrage's ten largest holdings make up 19% of its $3.93B portfolio in Q3 2025.
  • AQR Arbitrage opened 152 new positions and closed 94 in Q3 2025.
  • AQR Arbitrage's portfolio value fell 9.8% quarter-over-quarter to $3.93B.

Based on AQR Arbitrage's 13F filing for Q3 2025, filed 14 Nov 2025.