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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
ATIIW
301
Archimedes Tech SPAC Partners II Co Warrant
ATIIW
$21.3M
$191K ﹤0.01%
489,691
-161,927
-25% -$56.4K
WENNW
302
Wen Acquisition Corp Warrant
WENNW
$4.5M
$188K ﹤0.01%
+335,663
New +$215K
NTWOW
303
Newbury Street II Acquisition Corp Warrant
NTWOW
$2.32M
$183K ﹤0.01%
727,364
– –
VACHW
304
DELISTED
Voyager Acquisition Corp Warrants
VACHW
$181K ﹤0.01%
1,063,637
– –
AXINR
305
Axiom Intelligence Acquisition Corp 1 Right
AXINR
$180K ﹤0.01%
+1,200,000
New +$185K
JENA.RT
306
Jena Acquisition Corp II Rights
JENA.RT
$177K ﹤0.01%
+885,000
New +$170K
LPAAW
307
Launch One Acquisition Corp Warrant
LPAAW
$1.96M
$177K ﹤0.01%
802,870
-312,978
-28% -$75.2K
CHARR
308
Charlton Aria Acquisition Corp Rights
CHARR
$162K ﹤0.01%
737,999
– –
SPKLW
309
Spark I Acquisition Corp Warrant
SPKLW
$7.55M
$161K ﹤0.01%
292,331
– –
TVAIR
310
Thayer Ventures Acquisition Corporation II Rights
TVAIR
$160K ﹤0.01%
+890,200
New +$150K
TDACW
311
Translational Development Acquisition Corp Warrants
TDACW
$17.4M
$159K ﹤0.01%
549,992
-192,505
-26% -$52.1K
INACR
312
Indigo Acquisition Corp Right
INACR
$158K ﹤0.01%
+900,000
New +$128K
POLEW
313
Andretti Acquisition Corp II Warrant
POLEW
$2.53M
$156K ﹤0.01%
777,967
-336,649
-30% -$73.9K
BKHAR
314
Black Hawk Acquisition Corp Rights
BKHAR
$148K ﹤0.01%
87,245
– –
PEW.WS
315
GrabAGun Digital Holdings Warrants
PEW.WS
$148K ﹤0.01%
+118,439
New +$210K
QSEAR
316
Quartzsea Acquisition Corp Rights
QSEAR
$144K ﹤0.01%
500,000
– –
APADR
317
DELISTED
A Paradise Acquisition Corp Rights
APADR
$142K ﹤0.01%
+913,550
New +$144K
PGACR
318
Pantages Capital Acquisition Corp Right
PGACR
$140K ﹤0.01%
700,000
– –
BCARW
319
D. Boral ARC Acquisition I Corp Warrant
BCARW
$14.3M
$136K ﹤0.01%
+624,998
New +$115K
NETDW
320
DELISTED
Nabors Energy Transition Corp II Warrant
NETDW
$135K ﹤0.01%
495,238
– –
TBMCR
321
DELISTED
Trailblazer Merger Corporation I Rights
TBMCR
$135K ﹤0.01%
538,763
– –
LWACW
322
LightWave Acquisition Corp Warrants
LWACW
$2.37M
$134K ﹤0.01%
+699,998
New +$122K
FACWW
323
Factorial Energy Inc Warrant
FACWW
$12M
$132K ﹤0.01%
+529,846
New +$146K
PLMKW
324
Plum Acquisition Corp IV Warrants
PLMKW
$3.88M
$130K ﹤0.01%
480,214
-169,785
-26% -$43.9K
GSHRW
325
Gesher Acquisition Corp II Warrants
GSHRW
$123K ﹤0.01%
371,476
-128,523
-26% -$38.5K
11 12
13
14 15

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GA
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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 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.