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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
MAV
426
DELISTED
Pioneer Municipal High Income Advantage Fund
MAV
– –
-44,974
Closed -$373K
MHI
427
DELISTED
Pioneer Municipal High Income Fund
MHI
– –
-97,296
Closed -$891K
MSTR icon
428
PUT
Strategy Inc
MSTR
$36B
– –
-225,600
Closed -$88.3M
PARAA
429
DELISTED
Paramount Global Class A
PARAA
– –
-59,877
Closed -$1.37M
PCQ
430
Pimco California Municipal Income Fund
PCQ
$162M
– –
-25,397
Closed -$217K
PPBI
431
DELISTED
Pacific Premier Bancorp
PPBI
– –
-277,355
Closed -$5.85M
QQQX icon
432
Nuveen NASDAQ 100 Dynamic Overwrite Fund
QQQX
$1.44B
– –
-116,834
Closed -$3.06M
RDUS
433
DELISTED
Radius Recycling
RDUS
– –
-489,352
Closed -$14.5M
RMT
434
Royce Micro-Cap Trust
RMT
$735M
– –
-29,271
Closed -$269K
SAGE
435
DELISTED
Sage Therapeutics
SAGE
– –
-409,055
Closed -$3.73M
SKX
436
DELISTED
Skechers
SKX
– –
-688,810
Closed -$43.5M
SNAP icon
437
Snap
SNAP
$7.6B
– –
-281,375
Closed -$2.45M
SPTN
438
DELISTED
SpartanNash
SPTN
– –
-227,659
Closed -$6.03M
STR
439
DELISTED
Sitio Royalties
STR
– –
-384,364
Closed -$7.06M
SWTX
440
DELISTED
SpringWorks Therapeutics
SWTX
– –
-1,319,782
Closed -$62M
TGI
441
DELISTED
Triumph Group
TGI
– –
-1,018,944
Closed -$26.2M
VERV
442
DELISTED
Verve Therapeutics
VERV
– –
-208,700
Closed -$2.34M
WBA
443
DELISTED
Walgreens Boots Alliance
WBA
– –
-1,273,107
Closed -$14.6M
WFC.PRL icon
444
Wells Fargo 7.5% Non Cumv Perp Conv
WFC.PRL
$4.68B
– –
-190
Closed -$224K
JVSAR
445
DELISTED
JV SPAC Acquisition Corp. Right
JVSAR
– –
-201,049
Closed -$175K
CHEB.WS
446
DELISTED
Chenghe Acquisition II Co. Redeemable Warrants, each whole warrant exercisable for one Class A ordinary share at an exercise price of $11.50
CHEB.WS
– –
-406,650
Closed -$24.4K
FOXXW
447
Foxx Development Holdings Warrant
FOXXW
$1.05M
– –
-77,053
Closed -$9.25K
CCIRW
448
DELISTED
Cohen Circle Acquisition Corp. I Warrant
CCIRW
– –
-680,309
Closed -$1.27M
GSRT
449
DELISTED
GSR III Acquisition Corp
GSRT
– –
-256,832
Closed -$2.77M
BZAI
450
Blaize Holdings
BZAI
$124M
– –
-100,000
Closed -$298K
16 17
18
19 20

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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.