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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
LLL
1
DELISTED
L3 Technologies, Inc.
LLL
$203M 2.79%
+1,170,292
New +$225M
NXPI icon
2
NXP Semiconductors
NXPI
$68B
$175M 2.4%
2,384,779
-37,286
-2% -$2.95M
ARRS
3
DELISTED
ARRIS International plc Ordinary Shares
ARRS
$156M 2.14%
+5,095,389
New +$142M
IDTI
4
DELISTED
Integrated Device Technology I
IDTI
$145M 2%
3,000,963
+1,566,232
+109% +$74M
AABA
5
DELISTED
Altaba Inc
AABA
$144M 1.98%
2,488,238
– –
USG
6
DELISTED
Usg
USG
$142M 1.94%
3,317,976
+874,362
+36% +$37.4M
ESL
7
DELISTED
Esterline Technologies
ESL
$141M 1.93%
+1,158,960
New +$134M
VVC
8
DELISTED
Vectren Corporation
VVC
$131M 1.79%
1,815,310
+159,378
+10% +$11.4M
GOLD
9
DELISTED
Randgold Resources Ltd
GOLD
$129M 1.77%
1,506,772
+1,253,710
+495% +$101M
TFCFA
10
DELISTED
Twenty-First Century Fox, Inc. Class A
TFCFA
$126M 1.73%
2,620,384
-30,907
-1% -$1.46M
RHT
11
DELISTED
Red Hat Inc
RHT
$125M 1.72%
+712,262
New +$113M
AVA icon
12
Avista
AVA
$3.47B
$120M 1.64%
2,816,358
+83,467
+3% +$4.14M
SCG
13
DELISTED
Scana
SCG
$118M 1.62%
2,474,877
-191,673
-7% -$8.23M
DNB
14
DELISTED
Dun & Bradstreet
DNB
$113M 1.55%
790,822
+105,168
+15% +$15M
ATHN
15
DELISTED
Athenahealth, Inc.
ATHN
$113M 1.55%
855,380
+762,246
+818% +$97.6M
TRCO
16
DELISTED
TRIBUNE MEDIA COMPANY CLASS A
TRCO
$110M 1.51%
2,430,253
+1,272,636
+110% +$51.5M
ORBK
17
DELISTED
Orbotech Ltd
ORBK
$110M 1.51%
1,949,327
+262,899
+16% +$14.7M
NXTM
18
DELISTED
NxStage Medical Inc.
NXTM
$105M 1.45%
3,684,861
+421,901
+13% +$12M
AHL
19
DELISTED
ASPEN Insurance Holding Limited
AHL
$105M 1.44%
2,502,153
+929,192
+59% +$38.8M
TSRO
20
DELISTED
TESARO, Inc.
TSRO
$91.1M 1.25%
+1,226,783
New +$59M
S
21
DELISTED
Sprint Corporation
S
$84.3M 1.16%
14,484,662
+336,631
+2% +$2.07M
NFX
22
DELISTED
Newfield Exploration
NFX
$81.4M 1.12%
+5,554,579
New +$112M
BEL
23
DELISTED
Belmond Ltd.
BEL
$79.2M 1.09%
+3,162,731
New +$60.9M
FNSR
24
DELISTED
Finisar Corp
FNSR
$73.8M 1.01%
+3,418,268
New +$68M
NTRI
25
DELISTED
NutriSystem, Inc.
NTRI
$53.3M 0.73%
+1,214,326
New +$45.9M
1
2 3 4 5

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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.