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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
SEMR icon
626
DELISTED
Semrush
SEMR
– –
-2,045,903
Closed -$24.4M –
SNCY icon
627
DELISTED
Sun Country Airlines
SNCY
– –
-603,224
Closed -$10M –
STKL
628
DELISTED
SunOpta
STKL
– –
-1,783,959
Closed -$11.6M –
TERN icon
629
DELISTED
Terns Pharmaceuticals
TERN
– –
-171,555
Closed -$9.04M –
THR icon
630
DELISTED
Thermon Group Holdings
THR
– –
-416,851
Closed -$21M –
TPH icon
631
DELISTED
Tri Pointe Homes
TPH
– –
-1,485,406
Closed -$69.4M –
UDMY icon
632
DELISTED
Udemy
UDMY
– –
-1,693,281
Closed -$7.82M –
VECO icon
633
Veeco
VECO
$2.42B
– –
-243,463
Closed -$8.24M –
VRE
634
DELISTED
Veris Residential
VRE
– –
-709,714
Closed -$13.4M –
ALB.PRA icon
635
Albemarle Corp Depositary Shares
ALB.PRA
$1.96B
– –
-3,200
Closed -$229K –
LEGT
636
DELISTED
Legato Merger Corp III
LEGT
– –
-1,379,225
Closed -$15.2M –
LEGT.WS
637
DELISTED
Legato Merger Corp III Warrants
LEGT.WS
– –
-772,820
Closed -$363K –
HDRN icon
638
Hadron Energy
HDRN
$50.8M
– –
-1,105,491
Closed -$11.8M –
OS
639
DELISTED
OneStream Inc
OS
– –
-3,393,367
Closed -$81.4M –
TONT icon
640
Graf Global Corp
TONT
$155M
– –
-1,436,852
Closed -$15.4M –
SIMA icon
641
SIM Acquisition Corp I
SIMA
– –
-1,455,439
Closed -$15.6M –
VACH
642
DELISTED
Voyager Acquisition Corp
VACH
– –
-1,418,939
Closed -$15.2M –
VACHW
643
DELISTED
Voyager Acquisition Corp Warrants
VACHW
– –
-764,483
Closed -$105K –
VCIC
644
DELISTED
Vine Hill Capital Investment Corp
VCIC
– –
-425,508
Closed -$4.54M –
VCICW
645
DELISTED
Vine Hill Capital Investment Corp Warrant
VCICW
– –
-667,340
Closed -$814K –
WLACW
646
DELISTED
Willow Lane Acquisition Corp Warrants
WLACW
– –
-371,114
Closed -$1.08M –
MLAC
647
DELISTED
Mountain Lake Acquisition Corp
MLAC
– –
-1,405,969
Closed -$14.8M –
MLACR
648
DELISTED
Mountain Lake Acquisition Corp Right
MLACR
– –
-1,495,890
Closed -$389K –
HSPTR
649
DELISTED
Horizon Space Acquisition II Corp Right
HSPTR
– –
-414,354
Closed -$91.2K –
BXBL icon
650
BOXABL Inc
BXBL
$452M
– –
-758,152
Closed -$7.66M –
24 25
26
27 28

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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.