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AQR Arbitrage

AQR Arbitrage Portfolio holdings

AUM $7.02B Turnover 38.08%
1-Year Est. Return 31.58%
 

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.

This Fund
S&P 500
This Quarter Est. Return
+7.09%
1 Year Est. Return
+31.58%
3 Year Est. Return
+85.2%
5 Year Est. Return
+165.35%
10 Year Est. Return
+1,250.25%
AUM
$7.02B
AUM Growth
+$933M
Cap. Flow
-$151M
Cap. Flow %
-2.15%
Top 10 Hldgs %
24.98%
Holding
738
New
177
Increased
297
Reduced
54
Closed
104
Avg Time Held
0.5 years
Top 10 Avg Time Held
0.3 years
Top 20 Avg Time Held
0.3 years

Top Buys

Rank Stock Value
1
ROKU icon
Roku
ROKU
+$101M
2
AES icon
AES
AES
+$79.3M
3
SLAB icon
Silicon Laboratories
SLAB
+$72.3M
4
EA icon
Electronic Arts
EA
+$67.7M
5
NUVL icon
Nuvalent
NUVL
+$64.7M

Top Sells

Rank Stock Value
1
AL icon
Air Lease Corp
AL
+$109M
2
FOLD icon
Amicus Therapeutics
FOLD
+$84.5M
3
OS
OneStream Inc
OS
+$81.4M
4
HOLX icon
Hologic
HOLX
+$79.3M
5
CWAN icon
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
AMWD icon
601
DELISTED
American Woodmark
AMWD
– –
-339,867
Closed -$13.5M –
APLS icon
602
DELISTED
Apellis Pharmaceuticals
APLS
– –
-146,604
Closed -$5.9M –
CNTA
603
DELISTED
Centessa Pharmaceuticals
CNTA
– –
-98,028
Closed -$3.89M –
CSGS icon
604
DELISTED
CSG Systems International
CSGS
– –
-541,948
Closed -$43.3M –
CTLP icon
605
DELISTED
Cantaloupe
CTLP
– –
-883,602
Closed -$9.6M –
CTRA icon
606
DELISTED
Coterra Energy
CTRA
– –
-2,108,811
Closed -$74.1M –
CWAN icon
607
DELISTED
Clearwater Analytics
CWAN
– –
-3,295,740
Closed -$77.9M –
DAWN icon
608
DELISTED
Day One Biopharmaceuticals
DAWN
– –
-2,462,154
Closed -$52.8M –
EHAB icon
609
DELISTED
Enhabit
EHAB
– –
-920,318
Closed -$13M –
ESHA icon
610
DELISTED
ESH Acquisition Corp
ESHA
– –
-53,769
Closed -$645K –
ESHAR icon
611
DELISTED
ESH Acquisition Corp Right
ESHAR
– –
-523,991
Closed -$89.1K –
EUDAW icon
612
EUDA Health Holdings Warrant
EUDAW
$214K
– –
-79,813
Closed -$1.63K –
FFIC icon
613
DELISTED
Flushing Financial
FFIC
– –
-463,945
Closed -$7.13M –
FOLD icon
614
DELISTED
Amicus Therapeutics
FOLD
– –
-5,843,849
Closed -$84.5M –
GDEN icon
615
DELISTED
Golden Entertainment
GDEN
– –
-494,963
Closed -$13.2M –
GLDD icon
616
DELISTED
Great Lakes Dredge & Dock
GLDD
– –
-730,615
Closed -$12.4M –
HOLX icon
617
DELISTED
Hologic
HOLX
– –
-1,048,664
Closed -$79.3M –
HTBK icon
618
DELISTED
Heritage Commerce
HTBK
– –
-678,382
Closed -$8.47M –
HYAC icon
619
DELISTED
Haymaker Acquisition Corp 4
HYAC
– –
-681,390
Closed -$7.86M –
KW icon
620
DELISTED
Kennedy-Wilson Holdings
KW
– –
-722,642
Closed -$7.82M –
MASI icon
621
DELISTED
Masimo
MASI
– –
-416,956
Closed -$73.9M –
MCW icon
622
DELISTED
Mister Car Wash
MCW
– –
-761,436
Closed -$5.31M –
PKST
623
DELISTED
Peakstone Realty Trust
PKST
– –
-241,570
Closed -$5.05M –
PRA icon
624
DELISTED
ProAssurance
PRA
– –
-543,904
Closed -$13.4M –
SEE icon
625
DELISTED
Sealed Air
SEE
– –
-1,752,560
Closed -$73.7M –
23 24
25
26 27

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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.