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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
DPG
351
Duff & Phelps Utility and Infrastructure Fund
DPG
$539M
– –
-20,658
Closed -$252K
DSM
352
BNY Mellon Strategic Municipal Bond Fund
DSM
$292M
– –
-66,816
Closed -$386K
EAD
353
Allspring Income Opportunities Fund
EAD
$372M
– –
-16,458
Closed -$113K
ERC
354
Allspring Multi-Sector Income Fund
ERC
$255M
– –
-63,314
Closed -$584K
OIOWW
355
OIO Group Warrants
OIOWW
– –
-61,088
Closed -$703
EXPE icon
356
Expedia Group
EXPE
$31.2B
– –
-1,404
Closed -$229K
F icon
357
PUT
Ford
F
$57.3B
– –
-3,515,700
Closed -$34.6M
GAM
358
General American Investors Company
GAM
$1.54B
– –
-15,543
Closed -$783K
GDV icon
359
Gabelli Dividend & Income Trust
GDV
$2.6B
– –
-60,314
Closed -$1.46M
GPN icon
360
Global Payments
GPN
$22.1B
– –
-33,484
Closed -$3.22M
HEES
361
DELISTED
H&E Equipment Services
HEES
– –
-354,101
Closed -$33.6M
HGLB
362
Highland Global Allocation Fund
HGLB
$173M
– –
-23,214
Closed -$193K
HOFVW
363
DELISTED
Hall of Fame Resort & Entertainment Company Warrant
HOFVW
– –
-108,363
Closed -$282
HQL
364
abrdn Life Sciences Investors
HQL
$585M
– –
-82,193
Closed -$1.04M
IVCA
365
DELISTED
Investcorp India Acquisition Corp
IVCA
– –
-198,000
Closed -$2.38M
IVCAW
366
DELISTED
Investcorp AI Acquisition Corp. Warrant
IVCAW
– –
-288,058
Closed -$5.76K
JRS icon
367
Nuveen Real Estate Income Fund
JRS
$251M
– –
-59,091
Closed -$487K
JWN
368
DELISTED
Nordstrom
JWN
– –
-1,122,327
Closed -$27.4M
LVROW
369
DELISTED
Lavoro Ltd Warrant
LVROW
– –
-16,799
Closed -$1.29K
MHD icon
370
BlackRock MuniHoldings Fund
MHD
$597M
– –
-42,896
Closed -$504K
MHN
371
DELISTED
BlackRock MuniHoldings New Yrok Quality Fund
MHN
– –
-27,292
Closed -$277K
MIY icon
372
BlackRock MuniYield Michigan Quality Fund
MIY
$354M
– –
-33,473
Closed -$381K
MQT
373
DELISTED
BlackRock MuniYield Quality Fund II
MQT
– –
-12,526
Closed -$125K
MUE
374
DELISTED
BlackRock MuniHoldings Quality Fund II
MUE
– –
-63,499
Closed -$635K
MVF
375
DELISTED
BlackRock MuniVest Fund
MVF
– –
-50,077
Closed -$351K
13 14
15
16 17

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JWBC
John W. Bristol & Co New York $6.08B AUM 16.51% 1-Year Est. Return
GA
Greenhaven Associates Purchase, New York $6.07B AUM 11.2% 1-Year Est. Return
CIS
Capital International Sarl Los Angeles, California $6.11B AUM 32.29% 1-Year Est. Return
EMPI
Elo Mutual Pension Insurance Espoo, Finland $6.06B AUM 24.33% 1-Year Est. Return
HCM
Howard Capital Management Roswell, Georgia $6.11B AUM 33.56% 1-Year Est. Return
HPG
Harvest Portfolios Group Oakville, Ontario, Canada $6.06B AUM 16.63% 1-Year Est. Return
DTC
Deep Track Capital Greenwich, Connecticut $6.12B AUM 144% 1-Year Est. Return
AWA
Arkadios Wealth Advisors Atlanta, Georgia $6.13B AUM 23.41% 1-Year Est. Return

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.