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 | |
|---|---|---|---|---|---|---|
251
HCA Healthcare
HCA
$92.9B
| $170M | 0.11% |
399,197
+181,464
| +83% | +$70.3M |
|
252
Ametek
AME
$54.9B
| $170M | 0.11% |
904,034
+247,922
| +38% | +$45.6M |
|
253
Zebra Technologies
ZBRA
$17.4B
| $169M | 0.11% |
569,167
+126,511
| +29% | +$40.4M |
|
254
Huntington Ingalls Industries
HII
$11.8B
| $169M | 0.11% |
586,929
+490,587
| +509% | +$131M |
|
255
RTX Corp
RTX
$283B
| $169M | 0.11% |
1,019,840
-169,109
| -14% | -$26.2M |
|
256
Infosys
INFY
$48.4B
| $169M | 0.11% |
10,382,908
-10,461
| -0.1% | -$180K |
|
|
SF
257
Stifel
SF
$12.2B
| $169M | 0.11% |
2,228,255
+471,047
| +27% | +$35.3M |
|
258
DuPont de Nemours
DD
$18.7B
| $168M | 0.11% |
1,724,373
+297,136
| +21% | +$28M |
|
259
Zions Bancorporation
ZION
$9.95B
| $168M | 0.11% |
2,963,545
+711,218
| +32% | +$39.6M |
|
260
HealthEquity
HQY
$8.81B
| $167M | 0.11% |
1,764,268
+656,820
| +59% | +$61.8M |
|
261
Vulcan Materials
VMC
$35.8B
| $167M | 0.11% |
543,500
-23,409
| -4% | -$6.65M |
|
262
MarketAxess Holdings
MKTX
$5.71B
| $166M | 0.11% |
951,088
+192,626
| +25% | +$37.7M |
|
263
US Foods
USFD
$23.7B
| $166M | 0.11% |
2,161,366
-749,389
| -26% | -$59.6M |
|
264
Lowe's Companies
LOW
$121B
| $165M | 0.11% |
656,222
+431,304
| +192% | +$106M |
|
265
Seagate
STX
$193B
| $165M | 0.11% |
714,285
+230,643
| +48% | +$39.4M |
|
266
Cheniere Energy
LNG
$57.3B
| $164M | 0.11% |
698,341
+87,418
| +14% | +$20.5M |
|
267
Ulta Beauty
ULTA
$22.4B
| $163M | 0.1% |
298,338
-179,166
| -38% | -$91.8M |
|
|
SNDK
268
Sandisk
SNDK
$234B
| $163M | 0.1% |
1,453,271
+630,829
| +77% | +$36.8M |
|
269
CrowdStrike
CRWD
$195B
| $162M | 0.1% |
1,341,232
+191,296
| +17% | +$21.7M |
|
270
Texas Capital Bancshares
TCBI
$4.27B
| $162M | 0.1% |
1,919,194
+384,748
| +25% | +$32.9M |
|
271
Pentair
PNR
$10.3B
| $162M | 0.1% |
1,472,500
+442,534
| +43% | +$47.2M |
|
272
Edwards Lifesciences
EW
$51.8B
| $161M | 0.1% |
2,081,346
+1,111,139
| +115% | +$86.8M |
|
273
Coca-Cola Consolidated
COKE
$12.6B
| $160M | 0.1% |
1,369,718
+183,781
| +15% | +$21.3M |
|
274
Kroger
KR
$35.5B
| $160M | 0.1% |
2,407,103
-42,642
| -2% | -$2.97M |
|
275
Allison Transmission
ALSN
$11B
| $160M | 0.1% |
1,888,335
-27,552
| -1% | -$2.45M |
|
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.