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 |
Monster Beverage
MNST
|
+$345M |
| 2 |
PNC Financial Services
PNC
|
+$325M |
| 3 |
Edison International
EIX
|
+$249M |
| 4 |
Veeva Systems
VEEV
|
+$241M |
| 5 |
Expedia Group
EXPE
|
+$239M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ConocoPhillips
COP
|
+$300M |
| 2 |
Comcast
CMCSA
|
+$255M |
| 3 |
Airbnb
ABNB
|
+$201M |
| 4 |
Alnylam Pharmaceuticals
ALNY
|
+$177M |
| 5 |
Eli Lilly
LLY
|
+$171M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 25% |
| 2 | Financials | 15.05% |
| 3 | Consumer Discretionary | 12.44% |
| 4 | Healthcare | 12.08% |
| 5 | Industrials | 11.95% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
2576
Marcus & Millichap
MMI
$1.23B
| $544K | ﹤0.01% |
17,715
+4,013
| +29% | +$122K |
|
2577
Eaton Vance Tax-Advantaged Dividend Income Fund
EVT
$2.16B
| $542K | ﹤0.01% |
+22,505
| New | +$512K |
|
2578
Accuray
ARAY
$32.4M
| $542K | ﹤0.01% |
395,558
+232,636
| +143% | +$344K |
|
2579
iShares MSCI Intl Quality Factor ETF
IQLT
$14.3B
| $541K | ﹤0.01% |
+12,524
| New | +$520K |
|
2580
Virtus InfraCap US Preferred Stock ETF
PFFA
$2.5B
| $540K | ﹤0.01% |
25,947
-22,001
| -46% | -$452K |
|
2581
MaxCyte
MXCT
$143M
| $540K | ﹤0.01% |
247,693
+152,192
| +159% | +$369K |
|
2582
Anika Therapeutics
ANIK
$286M
| $538K | ﹤0.01% |
50,814
+38,757
| +321% | +$489K |
|
|
KALV
2583
DELISTED
KalVista Pharmaceuticals
KALV
| $536K | ﹤0.01% |
47,413
-8,562
| -15% | -$105K |
|
2584
BP
BP
$113B
| $536K | ﹤0.01% |
17,900
+4,476
| +33% | +$131K |
|
2585
Universal Logistics Holdings
ULH
$493M
| $532K | ﹤0.01% |
20,962
-9,122
| -30% | -$226K |
|
2586
Philips
PHG
$26.9B
| $532K | ﹤0.01% |
23,007
+4,619
| +25% | +$104K |
|
2587
Extreme Networks
EXTR
$2.92B
| $532K | ﹤0.01% |
29,634
-4,741
| -14% | -$69.8K |
|
2588
Vanguard Total International Bond ETF
BNDX
$82.6B
| $532K | ﹤0.01% |
+10,740
| New | +$529K |
|
2589
Mid Penn Bancorp
MPB
$942M
| $531K | ﹤0.01% |
18,847
-3,883
| -17% | -$105K |
|
2590
Caleres
CAL
$459M
| $531K | ﹤0.01% |
43,492
-47,054
| -52% | -$705K |
|
2591
iShares MSCI EAFE Min Vol Factor ETF
EFAV
$5.53B
| $531K | ﹤0.01% |
6,323
-7,965
| -56% | -$652K |
|
2592
Black Diamond Therapeutics
BDTX
$124M
| $529K | ﹤0.01% |
213,237
+159,115
| +294% | +$307K |
|
2593
The Greenbrier Companies
GBX
$1.43B
| $527K | ﹤0.01% |
11,444
-1,609
| -12% | -$72K |
|
2594
BrightSpring Health Services
BTSG
$11.8B
| $526K | ﹤0.01% |
22,313
+7,054
| +46% | +$147K |
|
2595
Invesco S&P 500 Top 50 ETF
XLG
$10.9B
| $525K | ﹤0.01% |
+10,078
| New | +$479K |
|
2596
Vanguard International Dividend Appreciation ETF
VIGI
$9.2B
| $525K | ﹤0.01% |
5,826
+800
| +16% | +$69.1K |
|
2597
Xponential Fitness
XPOF
$216M
| $522K | ﹤0.01% |
69,725
+425
| +0.6% | +$3.52K |
|
2598
First Trust Exchange-Traded Fund VI First Trust BuyWrite Income ETF
FTHI
$2.45B
| $518K | ﹤0.01% |
22,682
-57
| -0.3% | -$1.25K |
|
2599
Paymentus
PAY
$5.03B
| $511K | ﹤0.01% |
15,613
-4,854
| -24% | -$162K |
|
2600
Acadia Realty Trust
AKR
$2.93B
| $511K | ﹤0.01% |
27,501
+3,768
| +16% | +$73K |
|
Similar funds
Cliff Asness's Q2 2025 Portfolio in Review
As of Q2 2025, Cliff Asness held 3,434 positions worth $121B, up 25% from $97.1B the previous quarter. Its ten largest holdings account for 12% of the portfolio.
Cliff Asness deployed $14B of net new capital in Q2 2025, opening 284 new positions and adding to 1,844 existing holdings. Its largest new stake was Reddit: 531,663 shares worth $80.1M.
By sector, the portfolio is most concentrated in Technology at 25% of assets, up from 22% a quarter earlier, followed by Financials and Consumer Discretionary.
On the sell side, the largest reduction was ConocoPhillips, an estimated $300M trimmed.
- Cliff Asness's largest Q2 2025 buy was Reddit: 531,663 shares worth $80.1M.
- Cliff Asness added most to Monster Beverage in Q2 2025, an estimated $345M increase.
- Cliff Asness's biggest Q2 2025 reduction was ConocoPhillips, cutting an estimated $300M.
- Cliff Asness fully exited Discover Financial Services in Q2 2025, selling an estimated $36.3M.
- Cliff Asness's ten largest holdings make up 12% of its $121B portfolio in Q2 2025.
- Cliff Asness opened 284 new positions and closed 142 in Q2 2025.
- Cliff Asness's portfolio value rose 25% quarter-over-quarter to $121B.
Based on AQR Capital Management's 13F filing for Q2 2025, filed 14 Aug 2025.