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 | |
|---|---|---|---|---|---|---|---|
|
EMISR
526
Emmis Acquisition Corp Rights
EMISR
| $70.7K | ﹤0.01% |
471,046
+7,550
| +2% | +$1.01K |
2025 Q4
2 quarters
|
|
527
The Generation Essentials Group Warrants
TGE.WS
| $70.4K | ﹤0.01% |
391,331
-2,539
| -0.6% | -$466 |
2025 Q2
4 quarters
|
|
|
APURR
528
Aperture AC Rights
APURR
| $69.8K | ﹤0.01% |
+436,260
| New | +$86.7K |
2026 Q2
0 quarters
|
|
529
RF Acquisition Corp II Right
RFAIR
| $68.8K | ﹤0.01% |
688,162
+3,413
| +0.5% | +$348 |
2024 Q3
7 quarters
|
|
530
Cohen Circle Acquisition Corp II Warrant
CCIIW
| $68.2K | ﹤0.01% |
95,992
+620
| +0.7% | +$428 |
2025 Q3
3 quarters
|
|
531
RF Acquisition Corp III Rights
RFAMR
| $67.3K | ﹤0.01% |
611,059
-328,941
| -35% | -$40.2K |
2026 Q1
1 quarter
|
|
532
Tavia Acquisition Corp Right
TAVIR
| $65K | ﹤0.01% |
722,520
+3,040
| +0.4% | +$358 |
2024 Q4
6 quarters
|
|
533
Quantumsphere Acquisition Corp Rights
QUMSR
| $64.5K | ﹤0.01% |
324,248
+3,246
| +1% | +$682 |
2025 Q4
2 quarters
|
|
534
AA Mission Acquisition Corp II Warrants
YCY.WS
| $62.3K | ﹤0.01% |
283,525
+4,936
| +2% | +$931 |
2025 Q4
2 quarters
|
|
535
Infinite Eagle Acquisition Corp Rights
IEAGR
| $62K | ﹤0.01% |
317,600
+4,800
| +2% | +$921 |
2026 Q1
1 quarter
|
|
536
Melar Acquisition Corp I Warrant
MACIW
| $61.9K | ﹤0.01% |
412,769
+2,008
| +0.5% | +$263 |
2024 Q3
7 quarters
|
|
537
KPET Ultra Paceline Corp Warrants
KPET.WS
| $61.6K | ﹤0.01% |
+97,706
| New | +$60.5K |
2026 Q2
0 quarters
|
|
538
Apogee Acquisition Corp Rights
AACPR
| $61.1K | ﹤0.01% |
+291,150
| New | +$56K |
2026 Q2
0 quarters
|
|
539
Newbridge Acquisition Ltd Rights
NBRGR
| $59.1K | ﹤0.01% |
+237,020
| New | +$38.9K |
2026 Q2
0 quarters
|
|
540
Chenghe Acquisition III Co Warrants
CHECW
$276K
| $58.2K | ﹤0.01% |
268,264
+4,788
| +2% | +$937 |
2025 Q4
2 quarters
|
|
541
Tailwind 2.0 Acquisition Corp Rights
TDWDR
| $56.3K | ﹤0.01% |
450,008
+2,400
| +0.5% | +$338 |
2025 Q4
2 quarters
|
|
542
LaFayette Acquisition Corp Rights
LAFAR
| $55K | ﹤0.01% |
670,675
+8,258
| +1% | +$957 |
2025 Q4
2 quarters
|
|
543
Willow Lane Acquisition Corp II Warrants
WLIIW
| $54.4K | ﹤0.01% |
+61,083
| New | +$47.9K |
2026 Q2
0 quarters
|
|
544
Crown Reserve Acquisition Corp I Rights
CRACR
| $51.5K | ﹤0.01% |
322,312
+2,592
| +0.8% | +$386 |
2026 Q1
1 quarter
|
|
545
ChampionsGate Acquisition Corp Rights
CHPGR
| $50K | ﹤0.01% |
366,338
+3,224
| +0.9% | +$488 |
2025 Q3
3 quarters
|
|
546
Blue Water Acquisition Corp IV Warrants
BWIV.WS
| $49.9K | ﹤0.01% |
+146,661
| New | +$50.4K |
2026 Q2
0 quarters
|
|
547
SUMA Acquisition Corp Rights
SUMAR
| $49.2K | ﹤0.01% |
+175,554
| New | +$42.1K |
2026 Q2
0 quarters
|
|
548
StoneBridge Acquisition II Corp Rights
APACR
| $48.5K | ﹤0.01% |
303,314
+7,738
| +3% | +$1.11K |
2025 Q4
2 quarters
|
|
549
Ribbon Acquisition Corp Rights
RIBBR
| $48.2K | ﹤0.01% |
185,383
+100
| +0.1% | +$21 |
2025 Q1
5 quarters
|
|
550
Future Vision II Acquisition Corp Right
FVNNR
| $47.6K | ﹤0.01% |
328,787
+499
| +0.2% | +$60 |
2024 Q4
6 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.