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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
OTGAU
126
OTG Acquisition Corp I Unit
OTGAU
$8.06M 0.2%
+800,000
New +$8.03M
SPNS
127
DELISTED
Sapiens International
SPNS
$8.01M 0.2%
+186,172
New +$6.77M
FGMC
128
DELISTED
FG Merger II Corp
FGMC
$7.83M 0.2%
784,000
-5,000
-0.6% -$49.7K
MTAL
129
DELISTED
Metals Acquisition
MTAL
$7.82M 0.2%
640,206
+539,234
+534% +$6.53M
HYAC
130
DELISTED
Haymaker Acquisition Corp 4
HYAC
$7.78M 0.2%
686,006
-2,000
-0.3% -$22.3K
CEPF
131
Cantor Equity Partners IV
CEPF
$600M
$7.71M 0.2%
+756,700
New +$7.68M
RANG
132
Range Capital Acquisition Corp
RANG
$7.71M 0.2%
747,683
-18,000
-2% -$185K
RDAG
133
Republic Digital Acquisition Co
RDAG
$7.5M 0.19%
+734,626
New +$7.55M
SPKL
134
Spark I Acquisition Corp
SPKL
$103M
$7.37M 0.19%
633,999
– –
TAVI
135
Tavia Acquisition Corp
TAVI
$170M
$7.13M 0.18%
688,596
-2,000
-0.3% -$20.6K
CHECU
136
Chenghe Acquisition III Co Units
CHECU
$6.99M 0.18%
+700,000
New +$6.99M
JENA
137
Jena Acquisition Corp II
JENA
$6.89M 0.18%
+679,186
New +$6.88M
INAC
138
Indigo Acquisition Corp
INAC
$152M
$6.81M 0.17%
+683,910
New +$6.81M
WENN
139
Wen Acquisition Corp
WENN
$6.8M 0.17%
+671,326
New +$6.85M
TVAI
140
Thayer Ventures Acquisition Corporation II
TVAI
$282M
$6.71M 0.17%
+668,973
New +$6.7M
VTLE
141
DELISTED
Vital Energy
VTLE
$6.28M 0.16%
+371,963
New +$6.29M
NMP
142
NMP Acquisition Corp
NMP
$6.23M 0.16%
+626,907
New +$6.22M
COPL
143
Copley Acquisition Corp
COPL
$248M
$6.2M 0.16%
+613,192
New +$6.18M
EMISU
144
DELISTED
Emmis Acquisition Corp Units
EMISU
$5.99M 0.15%
+600,000
New +$6M
NOEM
145
CO2 Energy Transition Corp
NOEM
$106M
$5.94M 0.15%
585,000
-3,000
-0.5% -$30.4K
BRR
146
ProCap Financial Inc
BRR
$161M
$5.91M 0.15%
583,941
-394,975
-40% -$4.06M
CCAQ
147
Collective Acquisition Corp
CCAQ
$212M
$5.73M 0.15%
565,876
-214,104
-27% -$2.16M
PAII
148
Pyrophyte Acquisition Corp II
PAII
$5.65M 0.14%
+566,998
New +$5.63M
PGAC
149
Pantages Capital Acquisition Corp
PGAC
$5.45M 0.14%
530,607
-12,000
-2% -$123K
CHAR
150
Charlton Aria Acquisition Corp
CHAR
$5.45M 0.14%
525,203
-14,688
-3% -$152K
4 5
6
7 8

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GA
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CIS
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EMPI
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HCM
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HPG
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DTC
Deep Track Capital Greenwich, Connecticut $6.12B AUM 144% 1-Year Est. Return
AWA
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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.