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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
MRLN
26
Merlin Inc
MRLN
$335M
$19.5M 0.5%
1,875,100
-11,500
-0.6% -$119K
MRUS
27
DELISTED
Merus
MRUS
$19.3M 0.49%
+204,994
New +$13.4M
HDRN
28
Hadron Energy
HDRN
$122M
$18.9M 0.48%
1,797,786
-49,700
-3% -$516K
ALF
29
Centurion Acquisition Corp
ALF
$18.5M 0.47%
1,749,642
-35,000
-2% -$368K
TRML
30
DELISTED
Tourmaline Bio
TRML
$17.9M 0.46%
+374,785
New +$10.4M
BA.PRA
31
Boeing Co 6.00% Series A Preferred Stock
BA.PRA
$7.49B
$17.7M 0.45%
255,250
+51,000
+25% +$3.68M
VMEO
32
DELISTED
Vimeo
VMEO
$17.4M 0.44%
+2,243,567
New +$11M
RIO icon
33
Rio Tinto
RIO
$148B
$17.2M 0.44%
261,000
– –
STAA icon
34
STAAR Surgical
STAA
$1.16B
$16.9M 0.43%
+630,500
New +$15M
ALDF
35
Aldel Financial II Inc
ALDF
$321M
$16.9M 0.43%
1,614,870
-42,996
-3% -$448K
TACH
36
Titan Acquisition Corp
TACH
$360M
$16.9M 0.43%
1,666,912
-573,082
-26% -$5.8M
GPAT
37
GP-Act III Acquisition Corp
GPAT
$16.7M 0.42%
1,576,119
-9,000
-0.6% -$95.2K
LPAA
38
Launch One Acquisition Corp
LPAA
$16.6M 0.42%
1,573,742
-2,000
-0.1% -$20.9K
CUB
39
Lionheart Holdings
CUB
$283M
$16.5M 0.42%
1,572,344
– –
NPAC
40
New Providence Acquisition Corp III
NPAC
$399M
$16.4M 0.42%
+1,613,382
New +$16.4M
GRAF
41
Graf Global Corp
GRAF
$153M
$15.9M 0.41%
1,511,378
-2,000
-0.1% -$21K
LPBB
42
Launch Two Acquisition Corp
LPBB
$309M
$15.8M 0.4%
1,509,683
-5,000
-0.3% -$52.1K
AMWD
43
DELISTED
American Woodmark
AMWD
$15.7M 0.4%
+235,495
New +$14.5M
MLAC
44
DELISTED
Mountain Lake Acquisition Corp
MLAC
$15.4M 0.39%
1,499,906
-8,000
-0.5% -$82.2K
SIMA
45
SIM Acquisition Corp I
SIMA
$15.3M 0.39%
1,455,722
-8,000
-0.5% -$83.6K
AACB
46
Artius II Acquisition Inc
AACB
$291M
$15.1M 0.38%
1,490,205
-12,000
-0.8% -$122K
BCSS.U
47
Bain Capital GSS Investment Corp Units
BCSS.U
$15M 0.38%
+1,500,000
New +$15.1M
EVAC
48
EQV Ventures Acquisition Corp II
EVAC
$598M
$14.9M 0.38%
+1,501,296
New +$14.9M
DMIIU
49
Drugs Made In America Acquisition II Corp Unit
DMIIU
$14.9M 0.38%
+1,500,000
New +$15M
RAC
50
Rithm Acquisition Corp
RAC
$14.9M 0.38%
1,451,934
-11,000
-0.8% -$113K
1
2
3 4 5

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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.