Cliff Asness AQR Capital Management
Cliff Asness is a co-founder of AQR Capital Management, a leading quantitative investment firm spanning equities, alternatives, and factor strategies. He is known for academic-informed research on value, momentum, and other systematic premia, as well as candid market commentary. Asness’s work bridges academic finance and large-scale institutional portfolio management.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Arista Networks
ANET
|
+$474M |
| 2 |
Snowflake
SNOW
|
+$418M |
| 3 |
General Motors
GM
|
+$395M |
| 4 |
Roblox
RBLX
|
+$378M |
| 5 |
Adobe
ADBE
|
+$377M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SMAR
Smartsheet Inc.
SMAR
|
+$173M |
| 2 |
Progressive
PGR
|
+$158M |
| 3 |
Robinhood
HOOD
|
+$155M |
| 4 |
AbbVie
ABBV
|
+$131M |
| 5 |
Lennar Class A
LEN
|
+$115M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 22.11% |
| 2 | Financials | 16.12% |
| 3 | Healthcare | 13.87% |
| 4 | Consumer Discretionary | 11.39% |
| 5 | Industrials | 11.37% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
2576
DigitalBridge
DBRG
$2.95B
| $378K | ﹤0.01% |
42,845
-20,614
| -32% | -$217K |
|
2577
Verastem
VSTM
$627M
| $377K | ﹤0.01% |
62,603
+27,477
| +78% | +$168K |
|
2578
First Trust Municipal High Income ETF
FMHI
$1.01B
| $377K | ﹤0.01% |
+7,885
| New | +$381K |
|
2579
Capital Bancorp
CBNK
$599M
| $377K | ﹤0.01% |
13,299
+4,336
| +48% | +$128K |
|
2580
Viavi Solutions
VIAV
$9.15B
| $377K | ﹤0.01% |
33,663
+17,673
| +111% | +$197K |
|
2581
Global Net Lease
GNL
$2.12B
| $376K | ﹤0.01% |
46,800
+22,885
| +96% | +$172K |
|
2582
Fidelity Total Bond ETF
FBND
$28.2B
| $375K | ﹤0.01% |
8,218
| – | – |
|
2583
Aquestive Therapeutics
AQST
$582M
| $374K | ﹤0.01% |
129,019
+14,025
| +12% | +$42.5K |
|
2584
Pembina Pipeline
PBA
$28.3B
| $374K | ﹤0.01% |
+9,325
| New | +$350K |
|
2585
Churchill Downs
CHDN
$6.39B
| $373K | ﹤0.01% |
3,415
+784
| +30% | +$93.7K |
|
2586
Hannon Armstrong Sustainable Infrastructure Capital
HASI
$5.01B
| $372K | ﹤0.01% |
12,707
-31,681
| -71% | -$897K |
|
2587
JPMorgan Nasdaq Equity Premium Income ETF
JEPQ
$41.1B
| $371K | ﹤0.01% |
7,174
-10,574
| -60% | -$589K |
|
2588
Under Armour
UAA
$2.29B
| $371K | ﹤0.01% |
59,981
-238,995
| -80% | -$1.78M |
|
2589
UFP Technologies
UFPT
$2.35B
| $370K | ﹤0.01% |
1,834
-107
| -6% | -$25.9K |
|
2590
CleanSpark
CLSK
$3.11B
| $370K | ﹤0.01% |
55,049
-2,339
| -4% | -$22.1K |
|
2591
Alliance Resource Partners
ARLP
$3.39B
| $370K | ﹤0.01% |
13,555
-918
| -6% | -$24.5K |
|
2592
WisdomTree US Value Fund
WTV
$3.3B
| $370K | ﹤0.01% |
4,498
| – | – |
|
2593
JFrog
FROG
$11.1B
| $368K | ﹤0.01% |
+11,512
| New | +$401K |
|
2594
Teva Pharmaceuticals
TEVA
$43.1B
| $368K | ﹤0.01% |
23,955
+4,732
| +25% | +$84.5K |
|
2595
Ryan Specialty Holdings
RYAN
$11.3B
| $367K | ﹤0.01% |
4,972
+998
| +25% | +$67.8K |
|
2596
NerdWallet
NRDS
$642M
| $366K | ﹤0.01% |
40,432
+18,047
| +81% | +$216K |
|
2597
Sprout Social
SPT
$622M
| $365K | ﹤0.01% |
+16,620
| New | +$483K |
|
2598
908 Devices
MASS
$455M
| $365K | ﹤0.01% |
+81,558
| New | +$242K |
|
2599
Ares Capital
ARCC
$14.3B
| $365K | ﹤0.01% |
16,502
+1,000
| +6% | +$22.7K |
|
2600
Agilysys
AGYS
$3.23B
| $364K | ﹤0.01% |
5,015
-3,120
| -38% | -$285K |
|
Similar funds
Cliff Asness's Q1 2025 Portfolio in Review
As of Q1 2025, Cliff Asness held 3,234 positions worth $97.1B, up 25% from $77.6B the previous quarter. Its ten largest holdings account for 12% of the portfolio.
Cliff Asness deployed $24.4B of net new capital in Q1 2025, opening 374 new positions and adding to 1,828 existing holdings. Its largest new stake was Millrose Properties Inc: 1,839,302 shares worth $48.4M.
By sector, the portfolio is most concentrated in Technology at 22% of assets, down from 25% a quarter earlier, followed by Financials and Healthcare.
On the sell side, the largest reduction was Progressive, an estimated $158M trimmed.
- Cliff Asness's largest Q1 2025 buy was Millrose Properties Inc: 1,839,302 shares worth $48.4M.
- Cliff Asness added most to Arista Networks in Q1 2025, an estimated $474M increase.
- Cliff Asness's biggest Q1 2025 reduction was Progressive, cutting an estimated $158M.
- Cliff Asness fully exited Smartsheet Inc. in Q1 2025, selling an estimated $173M.
- Cliff Asness's ten largest holdings make up 12% of its $97.1B portfolio in Q1 2025.
- Cliff Asness opened 374 new positions and closed 84 in Q1 2025.
- Cliff Asness's portfolio value rose 25% quarter-over-quarter to $97.1B.
Based on AQR Capital Management's 13F filing for Q1 2025, filed 15 May 2025.