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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
IPG
1
DELISTED
Interpublic Group of Companies
IPG
$101M 2.58%
3,633,044
+541,604
+18% +$14M
ALE
2
DELISTED
Allete
ALE
$91.1M 2.32%
1,372,186
-155,737
-10% -$10.1M
SAND
3
DELISTED
Sandstorm Gold
SAND
$75.9M 1.93%
+6,061,783
New +$64.4M
GTLS
4
DELISTED
Chart Industries
GTLS
$75.8M 1.93%
378,580
+297,878
+369% +$56.6M
K
5
DELISTED
Kellanova
K
$72.1M 1.83%
880,941
-30,769
-3% -$2.45M
AL
6
DELISTED
Air Lease Corp
AL
$64.2M 1.63%
+1,008,638
New +$60.3M
TXNM
7
TXNM Energy Inc
TXNM
$6.47B
$59.2M 1.51%
1,047,107
+64,347
+7% +$3.65M
CYBR
8
DELISTED
CyberArk
CYBR
$59.1M 1.5%
+122,381
New +$52.5M
FYBR
9
DELISTED
Frontier Communications
FYBR
$59M 1.5%
1,580,940
+664,115
+72% +$24.5M
NSC icon
10
Norfolk Southern
NSC
$78.8B
$58.9M 1.5%
+196,319
New +$54.5M
VRNA
11
DELISTED
Verona Pharma
VRNA
$54.8M 1.39%
+513,778
New +$53.6M
LBRDK icon
12
Liberty Broadband Class C
LBRDK
$4.15B
$54.5M 1.39%
857,476
+580,384
+209% +$40.6M
AVDX
13
DELISTED
AvidXchange
AVDX
$52.4M 1.33%
5,268,902
+758,512
+17% +$7.51M
WNS
14
DELISTED
WNS Holdings
WNS
$50.9M 1.29%
+666,844
New +$49.9M
SPR
15
DELISTED
Spirit AeroSystems
SPR
$35.9M 0.91%
930,112
+2,369
+0.3% +$94.7K
HBI
16
DELISTED
Hanesbrands
HBI
$33.6M 0.86%
+5,108,216
New +$28.2M
INFA
17
DELISTED
Informatica
INFA
$30.7M 0.78%
1,236,458
+952,870
+336% +$23.5M
VBTX
18
DELISTED
Veritex Holdings
VBTX
$27.3M 0.69%
+813,371
New +$26.2M
KKR.PRD
19
KKR & Co 6.25% Series D Preferred Stock
KKR.PRD
$2.21B
$26.2M 0.67%
+500,000
New +$28M
FTW
20
Presidio Production Co
FTW
$354M
$25.2M 0.64%
2,423,674
-5,137
-0.2% -$53.5K
SCS
21
DELISTED
Steelcase
SCS
$23.9M 0.61%
+1,388,663
New +$20.1M
ANSC
22
Agriculture & Natural Solutions Acquisition Corp
ANSC
$476M
$22.2M 0.57%
2,035,706
-15,000
-0.7% -$163K
DAY
23
DELISTED
Dayforce
DAY
$21.7M 0.55%
+314,882
New +$19.6M
BEAG
24
Bold Eagle Acquisition Corp
BEAG
$21M 0.53%
2,020,363
-2,000
-0.1% -$20.8K
EA icon
25
Electronic Arts
EA
$52.4B
$20.2M 0.51%
+100,305
New +$16.6M
1
2 3 4 5

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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.