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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
ANSC
26
Agriculture & Natural Solutions Acquisition Corp
ANSC
$476M
$22.3M 0.51%
2,050,706
-65,000
-3% -$697K
KDK
27
Kodiak AI
KDK
$802M
$21.2M 0.49%
1,875,229
-995,473
-35% -$11.2M
BEAG
28
Bold Eagle Acquisition Corp
BEAG
$21.2M 0.49%
2,022,363
-50,000
-2% -$518K
CHAC
29
DELISTED
Crane Harbor Acquisition Corp
CHAC
$19.9M 0.46%
+1,980,000
New +$19.8M
BRKL
30
DELISTED
Brookline Bancorp
BRKL
$19.8M 0.46%
1,880,357
+593,126
+46% +$6.16M
MRLN
31
Merlin Inc
MRLN
$335M
$19.5M 0.45%
1,886,600
-32,000
-2% -$326K
HDRN
32
Hadron Energy
HDRN
$122M
$19.1M 0.44%
1,847,486
-40,000
-2% -$410K
KCHVU
33
Kochav Defense Acquisition Corp Units
KCHVU
$19.1M 0.44%
+1,875,000
New +$18.9M
ALF
34
Centurion Acquisition Corp
ALF
$18.9M 0.43%
1,784,642
– –
TVACU
35
Texas Ventures Acquisition III Corp Unit
TVACU
$18M 0.41%
+1,750,000
New +$17.7M
ALDF
36
Aldel Financial II Inc
ALDF
$321M
$17.4M 0.4%
1,657,866
-4
-0% -$41
GPAT
37
GP-Act III Acquisition Corp
GPAT
$392M
$16.7M 0.38%
1,585,119
-25,000
-2% -$261K
CUB
38
Lionheart Holdings
CUB
$283M
$16.6M 0.38%
1,572,344
– –
LPAA
39
Launch One Acquisition Corp
LPAA
$84.2M
$16.4M 0.38%
1,575,742
– –
TACO
40
Berto Acquisition Corp
TACO
$393M
$16M 0.37%
+1,537,996
New +$16M
GRAF
41
Graf Global Corp
GRAF
$153M
$15.8M 0.36%
1,513,378
-20,000
-1% -$207K
LPBB
42
Launch Two Acquisition Corp
LPBB
$309M
$15.8M 0.36%
1,514,683
-2,500
-0.2% -$25.8K
SZZL
43
Sizzle Acquisition Corp II
SZZL
$325M
$15.6M 0.36%
+1,556,600
New +$15.5M
GTENU
44
Gores Holdings X Units
GTENU
$15.6M 0.36%
+1,500,000
New +$15.4M
DAAQ
45
Digital Asset Acquisition Corp
DAAQ
$239M
$15.5M 0.36%
+1,484,994
New +$15.7M
MLAC
46
DELISTED
Mountain Lake Acquisition Corp
MLAC
$15.5M 0.35%
1,507,906
-26,000
-2% -$264K
SIMA
47
SIM Acquisition Corp I
SIMA
$15.3M 0.35%
1,463,722
– –
XRPNU
48
Armada Acquisition Corp II Units
XRPNU
$15.3M 0.35%
+1,499,633
New +$15.1M
RIO icon
49
Rio Tinto
RIO
$148B
$15.2M 0.35%
261,000
-100,000
-28% -$5.9M
OACC
50
Oaktree Acquisition Corp III Life Sciences
OACC
$15.2M 0.35%
1,450,750
– –
1
2
3 4 5

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HCM
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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.