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 | |
|---|---|---|---|---|---|---|---|
426
White Pearl Acquisition Corp Rights
WPAC.RT
| $153K | ﹤0.01% |
544,711
+11,986
| +2% | +$4.34K |
2026 Q1
1 quarter
|
|
427
Soulpower Acquisition Corp Rights
SOUL.RT
| $153K | ﹤0.01% |
1,311,054
+4,800
| +0.4% | +$738 |
2025 Q2
4 quarters
|
|
428
New Providence Acquisition Corp III Warrants
NPACW
| $152K | ﹤0.01% |
543,268
+3,252
| +0.6% | +$913 |
2025 Q3
3 quarters
|
|
429
K2 Capital Acquisition Corp Rights
KTWOR
| $152K | ﹤0.01% |
690,447
+17,657
| +3% | +$3.61K |
2026 Q1
1 quarter
|
|
430
Maywood Acquisition Corp 2 Rights
MYXXR
| $150K | ﹤0.01% |
+625,099
| New | +$128K |
2026 Q2
0 quarters
|
|
431
Aldabra 4 Liquidity Opportunity Vehicle Warrants
ALOVW
$3.4M
| $149K | ﹤0.01% |
+355,142
| New | +$143K |
2026 Q2
0 quarters
|
|
432
Social Commerce Partners Warrant
SCPQW
| $149K | ﹤0.01% |
336,822
| – | – |
2026 Q1
1 quarter
|
|
433
FG Imperii Acquisition Corp Warrants
FGIIW
$2.73M
| $149K | ﹤0.01% |
595,884
+1,564
| +0.3% | +$329 |
2026 Q1
1 quarter
|
|
|
ANSCW
434
DELISTED
Agriculture & Natural Solutions Acquisition Corp Warrant
ANSCW
| $147K | ﹤0.01% |
733,135
+450
| +0.1% | +$94 |
2024 Q1
9 quarters
|
|
435
Republic Digital Acquisition Co Warrants
RDAGW
$2.55M
| $146K | ﹤0.01% |
364,268
+2,996
| +0.8% | +$1.28K |
2025 Q3
3 quarters
|
|
436
M3-Brigade Acquisition VI Corp Warrant
MBVIW
| $145K | ﹤0.01% |
381,146
| – | – |
2025 Q4
2 quarters
|
|
437
EQV Ventures Acquisition Corp II Warrants
EVAC.WS
| $144K | ﹤0.01% |
385,016
+3,435
| +0.9% | +$1.3K |
2025 Q3
3 quarters
|
|
438
Pyrophyte Acquisition Corp II Warrants
PAII.WS
| $144K | ﹤0.01% |
287,062
+2,453
| +0.9% | +$895 |
2025 Q3
3 quarters
|
|
439
Spring Valley Acquisition Corp IV Warrants
SVIVW
| $143K | ﹤0.01% |
150,986
+9,266
| +7% | +$8.37K |
2026 Q1
1 quarter
|
|
440
Archimedes Tech SPAC Partners III Warrant
ARCIW
| $142K | ﹤0.01% |
+189,403
| New | +$103K |
2026 Q2
0 quarters
|
|
441
Apex Treasury Corp Warrants
APXTW
$3.62M
| $142K | ﹤0.01% |
405,849
+7,054
| +2% | +$1.84K |
2026 Q1
1 quarter
|
|
442
Launchpad Cadenza Acquisition Corp I Warrant
LPCVW
$1.99M
| $141K | ﹤0.01% |
361,643
+4,148
| +1% | +$1.36K |
2026 Q1
1 quarter
|
|
443
Vernal Capital Acquisition Corp Rights
VECA.RT
| $141K | ﹤0.01% |
+719,650
| New | +$164K |
2026 Q2
0 quarters
|
|
444
Oyster Enterprises II Acquisition Corp Rights
OYSER
| $137K | ﹤0.01% |
1,140,765
+1,500
| +0.1% | +$205 |
2025 Q3
3 quarters
|
|
445
CSLM Digital Asset Acquisition Corp III Warrants
KOYNW
$1.93M
| $134K | ﹤0.01% |
609,794
+3,680
| +0.6% | +$829 |
2025 Q4
2 quarters
|
|
446
ITHAX Acquisition Corp III Warrants
ITHAW
| $134K | ﹤0.01% |
534,599
+9,055
| +2% | +$1.97K |
2026 Q1
1 quarter
|
|
447
Black Hawk Acquisition Corp Rights
BKHAR
| $132K | ﹤0.01% |
86,012
| – | – |
2024 Q2
8 quarters
|
|
448
Renatus Tactical Acquisition Corp I Warrant
RTACW
$2.47M
| $132K | ﹤0.01% |
173,626
+7,988
| +5% | +$5.83K |
2025 Q2
4 quarters
|
|
449
Activate Energy Acquisition Corp Warrant
AEAQW
| $130K | ﹤0.01% |
463,903
+5,213
| +1% | +$1.81K |
2026 Q1
1 quarter
|
|
450
Newbury Street II Acquisition Corp Warrant
NTWOW
$5.78M
| $128K | ﹤0.01% |
510,891
| – | – |
2025 Q1
5 quarters
|
|
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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.