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Cliff Asness AQR Capital Management

AUM $287B
1-Year Est. Return 42.33%
 

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.

This Fund
S&P 500
This Quarter Est. Return
+11.79%
1 Year Est. Return
+42.33%
3 Year Est. Return
+119.89%
5 Year Est. Return
+147.33%
10 Year Est. Return
+543.74%
AUM
$121B
AUM Growth
+$23.8B
Cap. Flow
+$14B
Cap. Flow %
11.54%
Top 10 Hldgs %
11.79%
Holding
3,434
New
284
Increased
1,844
Reduced
1,127
Closed
142

Top Buys

Rank Stock Value
1
MNST icon
Monster Beverage
MNST
+$345M
2
PNC icon
PNC Financial Services
PNC
+$325M
3
EIX icon
Edison International
EIX
+$249M
4
VEEV icon
Veeva Systems
VEEV
+$241M
5
EXPE icon
Expedia Group
EXPE
+$239M

Top Sells

Rank Stock Value
1
COP icon
ConocoPhillips
COP
+$300M
2
CMCSA icon
Comcast
CMCSA
+$255M
3
ABNB icon
Airbnb
ABNB
+$201M
4
ALNY icon
Alnylam Pharmaceuticals
ALNY
+$177M
5
LLY icon
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
HCMT icon
3326
Direxion HCM Tactical Enhanced US ETF
HCMT
$598M
– –
-8,365
Closed -$253K
HEES
3327
DELISTED
H&E Equipment Services
HEES
– –
-5,911
Closed -$560K
HTHT icon
3328
Huazhu Hotels Group
HTHT
$15.1B
– –
-9,319
Closed -$338K
HYGV icon
3329
Northern Trust High Yield Value-Scored Bond ETF
HYGV
$1.09B
– –
-6,140
Closed -$248K
IGLB icon
3330
iShares 10+ Year Investment Grade Corporate Bond ETF
IGLB
$2.77B
– –
-5,800
Closed -$291K
IIIV icon
3331
i3 Verticals
IIIV
$301M
– –
-8,467
Closed -$209K
INMD icon
3332
InMode
INMD
$867M
– –
-17,864
Closed -$317K
ISCF icon
3333
iShares International Small Cap Equity Factor ETF
ISCF
$686M
– –
-8,151
Closed -$275K
ITA icon
3334
iShares US Aerospace & Defense ETF
ITA
$14.2B
– –
-3,005
Closed -$460K
IYLD icon
3335
iShares Morningstar Multi-Asset Income ETF
IYLD
$126M
– –
-10,000
Closed -$201K
JANX icon
3336
Janux Therapeutics
JANX
$1.06B
– –
-9,717
Closed -$262K
JKS
3337
JinkoSolar
JKS
$834M
– –
-11,456
Closed -$214K
JMST icon
3338
JPMorgan Ultra-Short Municipal Income ETF
JMST
$7.17B
– –
-14,012
Closed -$713K
JMUB icon
3339
JPMorgan Municipal ETF
JMUB
$8.47B
– –
-10,756
Closed -$538K
JWN
3340
DELISTED
Nordstrom
JWN
– –
-116,044
Closed -$2.84M
LDUR icon
3341
PIMCO Enhanced Low Duration Active Exchange-Traded Fund
LDUR
$1.42B
– –
-2,769
Closed -$266K
LGH icon
3342
HCM Defender 500 Index ETF
LGH
$593M
– –
-4,208
Closed -$203K
LSEA
3343
DELISTED
Landsea Homes
LSEA
– –
-379,434
Closed -$2.44M
LU icon
3344
Lufax Holding
LU
$1.2B
– –
-470,023
Closed -$1.4M
LWAY icon
3345
Lifeway Foods
LWAY
$392M
– –
-11,421
Closed -$279K
LYEL icon
3346
Lyell Immunopharma
LYEL
$381M
– –
-8,714
Closed -$93.8K
LYRA
3347
DELISTED
LYRA THERAPEUTICS INC
LYRA
– –
-1,161
Closed -$7.33K
MBI icon
3348
MBIA
MBI
$250M
– –
-24,081
Closed -$120K
METC icon
3349
Ramaco Resources Class A
METC
$754M
– –
-16,490
Closed -$134K
MFDX icon
3350
PIMCO RAFI Multi-Factor International Equity ETF
MFDX
$471M
– –
-6,348
Closed -$203K
132 133
134
135 136

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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.