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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
+1.48%
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
$7.28B
AUM Growth
-$1.39B
Cap. Flow
-$3.38B
Cap. Flow %
-46.38%
Top 10 Hldgs %
26.21%
Holding
659
New
169
Increased
113
Reduced
79
Closed
85

Top Buys

Rank Stock Value
1
LLL
L3 Technologies, Inc.
LLL
+$225M
2
ARRS
ARRIS International plc Ordinary Shares
ARRS
+$142M
3
ESL
Esterline Technologies
ESL
+$134M
4
RHT
Red Hat Inc
RHT
+$113M
5
NFX
Newfield Exploration
NFX
+$112M

Top Sells

Rank Stock Value
1
COL
Rockwell Collins
COL
+$211M
2
CA
CA, Inc.
CA
+$191M
3
ANDV
Andeavor
ANDV
+$188M
4
ESRX
Express Scripts Holding Company
ESRX
+$167M
5
AET
Aetna Inc
AET
+$144M

Sector Composition

Rank Sector Weight
1 Technology 15.58%
2 Financials 6.24%
3 Communication Services 6.06%
4 Utilities 5.29%
5 Healthcare 4.43%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IMTX icon
176
Immatics
IMTX
$1.24B
$980K 0.01%
+100,000
New +$968K
PMO
177
Franklin Municipal Opportunities Trust
PMO
$282M
$975K 0.01%
86,829
+65,684
+311% +$737K
BFI
178
DELISTED
BurgerFi International, Inc. Common Stock
BFI
$970K 0.01%
100,000
-150,000
-60% -$1.49M
PGEN icon
179
Precigen
PGEN
$1.93B
$947K 0.01%
+144,759
New +$1.62M
KTF
180
DWS Municipal Income Trust
KTF
$346M
$940K 0.01%
91,267
+62,242
+214% +$640K
ET icon
181
Energy Transfer Partners
ET
$70.1B
$923K 0.01%
+69,888
New +$1.06M
MUJ icon
182
BlackRock MuniHoldings New Jersey Quality Fund
MUJ
$640M
$912K 0.01%
72,493
+48,384
+201% +$605K
OKE icon
183
Oneok
OKE
$58.7B
$912K 0.01%
16,899
– –
NZF icon
184
Nuveen Municipal Credit Income Fund
NZF
$2.4B
$895K 0.01%
+66,695
New +$904K
MQY icon
185
BlackRock MuniYield Quality Fund
MQY
$807M
$892K 0.01%
68,746
+51,262
+293% +$666K
MYJ
186
DELISTED
Blackrock Muni Yield New Jersey Fund, Inc.
MYJ
$889K 0.01%
68,652
+51,358
+297% +$664K
TMCXW
187
DELISTED
Trinity Merger Corp. Warrant
TMCXW
$889K 0.01%
2,250,000
-250,000
-10% -$95.5K
AFB
188
AllianceBernstein National Municipal Income Fund
AFB
$312M
$877K 0.01%
72,280
+49,063
+211% +$588K
OMAD.WS
189
DELISTED
One Madison Corporation
OMAD.WS
$877K 0.01%
1,125,000
-125,000
-10% -$130K
CI icon
190
Cigna
CI
$76.6B
$862K 0.01%
+4,541
New +$947K
MYC
191
DELISTED
Blackrock Muni Yield California Fund, Inc.
MYC
$850K 0.01%
65,803
+47,570
+261% +$604K
MIY icon
192
BlackRock MuniYield Michigan Quality Fund
MIY
$354M
$844K 0.01%
67,970
+46,710
+220% +$579K
NAN icon
193
Nuveen New York Quality Municipal Income Fund
NAN
$371M
$822K 0.01%
67,079
+46,015
+218% +$561K
TLP
194
DELISTED
Transmontaigne
TLP
$821K 0.01%
20,221
– –
LEO
195
BNY Mellon Strategic Municipals
LEO
$387M
$816K 0.01%
113,706
+81,945
+258% +$591K
VTIQW
196
DELISTED
VectoIQ Acquisition Corp. Warrant
VTIQW
$810K 0.01%
1,620,000
-180,000
-10% -$91.2K
BYM
197
DELISTED
BlackRock Municipal Income Quality Trust
BYM
$804K 0.01%
64,384
+44,284
+220% +$552K
VKI icon
198
Invesco Advantage Municipal Income Trust II
VKI
$394M
$799K 0.01%
80,959
+59,054
+270% +$592K
CQP icon
199
Cheniere Energy
CQP
$31.8B
$786K 0.01%
21,785
– –
CEQP
200
DELISTED
Crestwood Equity Partners LP
CEQP
$780K 0.01%
27,936
– –
6 7
8
9 10

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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 Q4 2018 Portfolio in Review

As of Q4 2018, AQR Arbitrage held 659 positions worth $7.28B, down 16% from $8.67B the previous quarter. Its ten largest holdings account for 26% of the portfolio.

AQR Arbitrage withdrew a net $3.38B in Q4 2018, closing 85 positions and reducing 79 holdings. Its most notable exit was Rockwell Collins, an estimated $211M position sold in full.

By sector, the portfolio is most concentrated in Technology at 16% of assets, up from 11% a quarter earlier, followed by Financials and Communication Services.

Against the trend, AQR Arbitrage opened a new position in L3 Technologies, Inc. worth $203M.

  • AQR Arbitrage's largest Q4 2018 buy was L3 Technologies, Inc.: 1,170,292 shares worth $203M.
  • AQR Arbitrage added most to Randgold Resources Ltd in Q4 2018, an estimated $101M increase.
  • AQR Arbitrage's biggest Q4 2018 reduction was Hilton Grand Vacations, cutting an estimated $17.9M.
  • AQR Arbitrage fully exited Rockwell Collins in Q4 2018, selling an estimated $211M.
  • AQR Arbitrage's ten largest holdings make up 26% of its $7.28B portfolio in Q4 2018.
  • AQR Arbitrage opened 169 new positions and closed 85 in Q4 2018.
  • AQR Arbitrage's portfolio value fell 16% quarter-over-quarter to $7.28B.

Based on AQR Arbitrage's 13F filing for Q4 2018, filed 14 Feb 2019.