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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
+6.9%
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
$9.64B
AUM Growth
-$556M
Cap. Flow
-$2.79B
Cap. Flow %
-29%
Top 10 Hldgs %
21.95%
Holding
431
New
81
Increased
27
Reduced
61
Closed
87

Top Buys

Rank Stock Value
1
NXPI icon
NXP Semiconductors
NXPI
+$154M
2
ENH
Endurance Specialty Holdings Ltd
ENH
+$152M
3
BEAV
B/E Aerospace Inc
BEAV
+$147M
4
CAB
Cabela's Inc
CAB
+$122M
5
BRCD
Brocade Communications Systems, Inc. NEW
BRCD
+$117M

Top Sells

Rank Stock Value
1
KLAC icon
KLA
KLAC
+$194M
2
AGN.PRA
Allergan plc
AGN.PRA
+$175M
3
FCAM
Fiat Chrysler Automobiles N.V.
FCAM
+$141M
4
CPHD
Cepheid Inc
CPHD
+$134M
5
TMUSP
T-Mobile US, Inc.5.50% Mandatory Convertible Preferred Stock, Series A
TMUSP
+$130M

Sector Composition

Rank Sector Weight
1 Technology 11.04%
2 Materials 8.18%
3 Healthcare 7.95%
4 Financials 6.25%
5 Consumer Discretionary 4.75%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HRMNW
176
DELISTED
Harmony Merger Corp. Warrant
HRMNW
$612K 0.01%
+1,631,880
New +$601K
RMP
177
DELISTED
Rice Midstream Partners LP
RMP
$611K 0.01%
24,868
– –
ARDC
178
Are Dynamic Credit Allocation Fund
ARDC
$297M
$610K 0.01%
40,474
-23,897
-37% -$351K
WES
179
DELISTED
Western Gas Partners Lp
WES
$608K 0.01%
10,341
– –
ETP
180
DELISTED
Energy Transfer Partners L.p.
ETP
$595K 0.01%
16,605
– –
NS
181
DELISTED
NuStar Energy L.P.
NS
$585K 0.01%
11,739
– –
TCP
182
DELISTED
TC Pipelines LP
TCP
$581K 0.01%
9,875
– –
CEQP
183
DELISTED
Crestwood Equity Partners LP
CEQP
$578K 0.01%
22,636
– –
TY icon
184
TRI-Continental Corp
TY
$1.86B
$577K 0.01%
26,168
+1,974
+8% +$42.3K
PAA icon
185
Plains All American Pipeline
PAA
$17.4B
$571K 0.01%
17,670
– –
KMI icon
186
Kinder Morgan
KMI
$73.1B
$567K 0.01%
27,367
– –
HEP
187
DELISTED
Holly Energy Partners, L.P.
HEP
$557K 0.01%
17,387
– –
ATLC icon
188
Atlanticus Holdings
ATLC
$1.5B
$546K 0.01%
191,430
– –
ENLK
189
DELISTED
EnLink Midstream Partners, LP
ENLK
$534K 0.01%
29,009
– –
TEP
190
DELISTED
Tallgrass Energy Partners, LP
TEP
$534K 0.01%
11,260
– –
APU
191
DELISTED
AmeriGas Partners, L.P.
APU
$525K 0.01%
10,964
– –
EVBS
192
DELISTED
Eastern Virginia Bankshares In
EVBS
$524K 0.01%
+50,127
New +$448K
CQP icon
193
Cheniere Energy
CQP
$31.8B
$521K 0.01%
18,085
– –
EEP
194
DELISTED
Enbridge Energy Partners
EEP
$496K 0.01%
19,465
– –
AGD
195
abrdn Global Dynamic Dividend Fund
AGD
$315M
$494K 0.01%
56,318
-6,643
-11% -$56.8K
SEP
196
DELISTED
Spectra Engy Parters Lp
SEP
$477K 0.01%
10,414
– –
ANDX
197
DELISTED
Andeavor Logistics LP
ANDX
$470K ﹤0.01%
9,250
– –
GEL icon
198
Genesis Energy
GEL
$1.84B
$466K ﹤0.01%
12,925
– –
VLP
199
DELISTED
Valero Energy Partners LP
VLP
$452K ﹤0.01%
10,221
– –
WWE
200
DELISTED
World Wrestling Entertainment
WWE
$445K ﹤0.01%
+24,183
New +$458K
6 7
8
9 10

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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 Q4 2016 Portfolio in Review

As of Q4 2016, AQR Arbitrage held 431 positions worth $9.64B, down 5.5% from $10.2B the previous quarter. Its ten largest holdings account for 22% of the portfolio.

AQR Arbitrage withdrew a net $2.79B in Q4 2016, closing 87 positions and reducing 61 holdings. Its most notable exit was KLA, an estimated $194M position sold in full.

By sector, the portfolio is most concentrated in Technology at 11% of assets, up from 9.8% a quarter earlier, followed by Materials and Healthcare.

Against the trend, AQR Arbitrage opened a new position in NXP Semiconductors worth $152M.

  • AQR Arbitrage's largest Q4 2016 buy was NXP Semiconductors: 1,547,577 shares worth $152M.
  • AQR Arbitrage added most to Agrium in Q4 2016, an estimated $72.4M increase.
  • AQR Arbitrage's biggest Q4 2016 reduction was T-Mobile US, Inc.5.50% Mandatory Convertible Preferred Stock, Series A, cutting an estimated $130M.
  • AQR Arbitrage fully exited KLA in Q4 2016, selling an estimated $194M.
  • AQR Arbitrage's ten largest holdings make up 22% of its $9.64B portfolio in Q4 2016.
  • AQR Arbitrage opened 81 new positions and closed 87 in Q4 2016.
  • AQR Arbitrage's portfolio value fell 5.5% quarter-over-quarter to $9.64B.

Based on AQR Arbitrage's 13F filing for Q4 2016, filed 14 Feb 2017.