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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
CET
201
Central Securities Corp
CET
$1.54B
$2.26M 0.06%
44,081
-10,771
-20% -$533K
SOCA
202
Solarius Capital Acquisition Corp
SOCA
$242M
$2.26M 0.06%
+226,740
New +$2.26M
LCCC
203
Lakeshore Acquisition III Corp
LCCC
$93.1M
$2.18M 0.06%
+216,589
New +$2.18M
BULL
204
Webull Corp
BULL
$3.98B
$2.16M 0.05%
146,070
– –
MTSR
205
DELISTED
Metsera Inc
MTSR
$2.04M 0.05%
+38,959
New +$1.44M
CCCX
206
DELISTED
Churchill Capital Corp X
CCCX
$1.94M 0.05%
+150,846
New +$1.59M
EURK
207
Eureka Acquisition Corp
EURK
$25.9M
$1.92M 0.05%
179,141
– –
RIBB
208
Ribbon Acquisition Corp
RIBB
$1.91M 0.05%
186,895
-3,000
-2% -$30.6K
ASPC
209
A SPAC III Acquisition Corp
ASPC
$24.8M
$1.88M 0.05%
181,223
-4,989
-3% -$51.4K
OAKU
210
DELISTED
Oak Woods Acquisition Corp
OAKU
$1.82M 0.05%
151,913
-1,356
-0.9% -$16.1K
AMCI
211
AMC Robotics
AMCI
$111M
$1.79M 0.05%
149,997
– –
BACQR
212
DELISTED
Inflection Point Acquisition Corp IV Right
BACQR
$1.65M 0.04%
2,462,563
– –
BKHA
213
Black Hawk Acquisition Corp
BKHA
$50.3M
$1.56M 0.04%
139,365
-365,158
-72% -$4.01M
WLACW
214
DELISTED
Willow Lane Acquisition Corp Warrants
WLACW
$1.5M 0.04%
533,987
-86,926
-14% -$90.8K
EMF
215
Templeton Emerging Markets Fund
EMF
$314M
$1.45M 0.04%
87,098
-14,225
-14% -$219K
KYIVW
216
Kyivstar Group Warrant
KYIVW
$1.43M 0.04%
+356,789
New +$1.3M
NWE icon
217
NorthWestern Energy
NWE
$4.48B
$1.4M 0.04%
+23,947
New +$1.32M
MBAVW
218
DELISTED
M3-Brigade Acquisition V Corp Warrant
MBAVW
$1.36M 0.03%
1,113,502
-98,563
-8% -$147K
UYSC
219
UY Scuti Acquisition Corp
UYSC
$1.34M 0.03%
131,588
-2,000
-1% -$20.2K
FSHP
220
Flag Ship Acquisition Corp
FSHP
$1.32M 0.03%
125,200
-159,391
-56% -$1.68M
IMSRW
221
Terrestrial Energy Warrant
IMSRW
$23M
$1.32M 0.03%
241,236
-875,692
-78% -$2.44M
HEQ
222
John Hancock Hedged Equity & Income Fund
HEQ
$140M
$1.23M 0.03%
115,857
-8,044
-6% -$85.5K
FUND
223
Sprott Focus Trust
FUND
$293M
$1.16M 0.03%
140,061
-19,963
-12% -$159K
CHW
224
Calamos Global Dynamic Income Fund
CHW
$544M
$1.16M 0.03%
153,184
-146,602
-49% -$1.07M
BSAA
225
BEST SPAC I Acquisition Corp
BSAA
$87.7M
$1.15M 0.03%
+114,034
New +$1.14M
7 8
9
10 11

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HCM
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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.