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 |
Microsoft
MSFT
|
+$854M |
| 2 |
Walmart Inc
WMT
|
+$758M |
| 3 |
NVIDIA
NVDA
|
+$464M |
| 4 |
PepsiCo
PEP
|
+$462M |
| 5 |
FedEx
FDX
|
+$396M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Fortinet
FTNT
|
+$332M |
| 2 |
Arista Networks
ANET
|
+$319M |
| 3 |
DoorDash
DASH
|
+$252M |
| 4 |
Monster Beverage
MNST
|
+$227M |
| 5 |
Costco
COST
|
+$216M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 24.74% |
| 2 | Financials | 14.8% |
| 3 | Industrials | 12.12% |
| 4 | Healthcare | 11.96% |
| 5 | Consumer Discretionary | 11.91% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
2601
Claros Mortgage Trust
CMTG
$243M
| $743K | ﹤0.01% |
223,788
+32,130
| +17% | +$108K |
|
2602
State Street SPDR S&P Biotech ETF
XBI
$11.5B
| $740K | ﹤0.01% |
7,388
+576
| +8% | +$51.9K |
|
2603
FT Vest US Equity Moderate Buffer ETF March
GMAR
$400M
| $740K | ﹤0.01% |
18,460
| – | – |
|
2604
Enerpac Tool Group
EPAC
$1.9B
| $740K | ﹤0.01% |
18,040
-1,366
| -7% | -$55.1K |
|
|
INGM
2605
Ingram Micro Holding
INGM
$6.41B
| $739K | ﹤0.01% |
34,380
+4,683
| +16% | +$95K |
|
2606
Erie Indemnity
ERIE
$14B
| $738K | ﹤0.01% |
2,346
+620
| +36% | +$214K |
|
2607
Schwab Fundamental International Small Company Index ETF
FNDC
$3.16B
| $736K | ﹤0.01% |
+16,535
| New | +$719K |
|
2608
Atlanticus Holdings
ATLC
$1.44B
| $735K | ﹤0.01% |
12,548
-1,203
| -9% | -$72.7K |
|
2609
Archer Aviation
ACHR
$4.67B
| $732K | ﹤0.01% |
76,417
+34,621
| +83% | +$343K |
|
2610
Cambria Shareholder Yield ETF
SYLD
$1.03B
| $732K | ﹤0.01% |
10,662
| – | – |
|
2611
Outset Medical
OM
$78.8M
| $732K | ﹤0.01% |
+51,822
| New | +$808K |
|
2612
iShares US Financials ETF
IYF
$4.31B
| $731K | ﹤0.01% |
5,769
-496
| -8% | -$61.3K |
|
|
TRTX
2613
TPG RE Finance Trust
TRTX
$600M
| $730K | ﹤0.01% |
85,251
+25,760
| +43% | +$227K |
|
2614
Timberland Bancorp
TSBK
$357M
| $730K | ﹤0.01% |
21,924
+15,319
| +232% | +$508K |
|
2615
Custom Truck One Source
CTOS
$2.22B
| $728K | ﹤0.01% |
113,351
+72,828
| +180% | +$422K |
|
|
ORC
2616
Orchid Island Capital
ORC
$1.34B
| $728K | ﹤0.01% |
103,802
+34,797
| +50% | +$247K |
|
2617
Agilon Health
AGL
$1.57B
| $727K | ﹤0.01% |
28,237
+152
| +0.5% | +$5.74K |
|
2618
Innovator US Equity Power Buffer ETF March
PMAR
$769M
| $727K | ﹤0.01% |
16,557
+2,757
| +20% | +$119K |
|
2619
Northern Trust International Quality Dividend ETF
IQDF
$1.18B
| $725K | ﹤0.01% |
25,408
-3,334
| -12% | -$93.4K |
|
2620
Liberty Media Series A
FWONA
$24.6B
| $719K | ﹤0.01% |
7,552
+1,131
| +18% | +$103K |
|
2621
Target Hospitality
TH
$1.78B
| $719K | ﹤0.01% |
84,790
-47,678
| -36% | -$393K |
|
|
MAZE
2622
Maze Therapeutics
MAZE
$1.64B
| $716K | ﹤0.01% |
27,615
+148
| +0.5% | +$2.5K |
|
|
FVR
2623
FrontView REIT
FVR
$489M
| $715K | ﹤0.01% |
52,157
+31,879
| +157% | +$408K |
|
2624
First Bank
FRBA
$449M
| $714K | ﹤0.01% |
43,816
+24,346
| +125% | +$390K |
|
2625
Peoples Financial Services
PFIS
$707M
| $713K | ﹤0.01% |
14,673
+9,200
| +168% | +$470K |
|
Similar funds
Cliff Asness's Q3 2025 Portfolio in Review
As of Q3 2025, Cliff Asness held 3,631 positions worth $156B, up 29% from $121B the previous quarter. Its ten largest holdings account for 12% of the portfolio.
Cliff Asness deployed $26.6B of net new capital in Q3 2025, opening 339 new positions and adding to 2,078 existing holdings. Its largest new stake was Rubrik: 1,189,403 shares worth $97.8M.
By sector, the portfolio is most concentrated in Technology at 25% of assets, down from 25% a quarter earlier, followed by Financials and Industrials.
On the sell side, the largest reduction was Fortinet, an estimated $332M trimmed.
- Cliff Asness's largest Q3 2025 buy was Rubrik: 1,189,403 shares worth $97.8M.
- Cliff Asness added most to Microsoft in Q3 2025, an estimated $854M increase.
- Cliff Asness's biggest Q3 2025 reduction was Fortinet, cutting an estimated $332M.
- Cliff Asness fully exited Qfin Holdings in Q3 2025, selling an estimated $114M.
- Cliff Asness's ten largest holdings make up 12% of its $156B portfolio in Q3 2025.
- Cliff Asness opened 339 new positions and closed 175 in Q3 2025.
- Cliff Asness's portfolio value rose 29% quarter-over-quarter to $156B.
Based on AQR Capital Management's 13F filing for Q3 2025, filed 14 Nov 2025.