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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
CVAC
151
DELISTED
CureVac
CVAC
$5.35M 0.14%
991,688
+947,529
+2,146% +$5.13M
BACC
152
Blue Acquisition Corp
BACC
$292M
$5.32M 0.14%
+532,161
New +$5.31M
NETD
153
DELISTED
Nabors Energy Transition Corp II
NETD
$5.27M 0.13%
469,798
-2,000
-0.4% -$22.4K
PSN icon
154
Parsons
PSN
$6.28B
$5.13M 0.13%
62,090
+41,689
+204% +$3.22M
TBMC
155
DELISTED
Trailblazer Merger Corp I
TBMC
$5.1M 0.13%
435,910
-1,764
-0.4% -$20.5K
CCII
156
Cohen Circle Acquisition Corp II
CCII
$359M
$5.07M 0.13%
+499,994
New +$5.05M
ODP
157
DELISTED
ODP
ODP
$5.02M 0.13%
+180,260
New +$3.7M
KDK
158
Kodiak AI
KDK
$802M
$4.8M 0.12%
702,094
-1,173,135
-63% -$13M
MKSI icon
159
MKS Inc
MKSI
$22.2B
$4.59M 0.12%
37,344
+3,845
+11% +$410K
SRDX
160
DELISTED
Surmodics
SRDX
$4.46M 0.11%
149,086
-7,088
-5% -$237K
ORIQ
161
Origin Investment Corp I
ORIQ
$4.38M 0.11%
+436,650
New +$4.37M
ETNB
162
DELISTED
89bio
ETNB
$4.36M 0.11%
+296,445
New +$3.02M
JAZZ icon
163
Jazz Pharmaceuticals
JAZZ
$15.9B
$4.34M 0.11%
33,322
-47,698
-59% -$5.72M
HSPT
164
DELISTED
Horizon Space Acquisition II Corp
HSPT
$4.28M 0.11%
414,354
-7,407
-2% -$76.3K
DTSQ
165
DT Cloud Star Acquisition Corp
DTSQ
$41.5M
$4.2M 0.11%
400,900
-4,825
-1% -$50.4K
STEW
166
SRH Total Return Fund
STEW
$1.75B
$4.12M 0.1%
227,162
-89,060
-28% -$1.6M
DIAX
167
DELISTED
Nuveen Dow 30SM Dynamic Overwrite Fund
DIAX
$4.05M 0.1%
274,485
-75,802
-22% -$1.1M
PGRE
168
DELISTED
Paramount Group
PGRE
$3.99M 0.1%
+610,083
New +$4.06M
CEPT
169
DELISTED
Cantor Equity Partners II
CEPT
$3.95M 0.1%
374,115
-123,885
-25% -$1.33M
HCMAU
170
HCM III Acquisition Corp Units
HCMAU
$3.91M 0.1%
+379,400
New +$3.86M
DMAA
171
Drugs Made In America Acquisition Corp
DMAA
$260M
$3.81M 0.1%
371,211
-5,103
-1% -$52.4K
QETA icon
172
Quetta Acquisition Corp
QETA
$3.8M 0.1%
348,475
-3,000
-0.9% -$33.1K
IPEX
173
Inflection Point Acquisition Corp V
IPEX
$125M
$3.79M 0.1%
370,917
-4,000
-1% -$40.7K
QSEA
174
Quartzsea Acquisition Corp
QSEA
$107M
$3.76M 0.1%
369,960
-7,379
-2% -$74.6K
DYNC
175
Dynamix Corp
DYNC
$239M
$3.75M 0.1%
359,872
-747,427
-68% -$8.03M
5 6
7
8 9

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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
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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.