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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
MGA icon
3351
Magna International
MGA
$19.5B
– –
-9,125
Closed -$310K
MLR icon
3352
Miller Industries
MLR
$649M
– –
-13,019
Closed -$552K
MOMO
3353
Hello Group
MOMO
$850M
– –
-236,584
Closed -$1.49M
MRNA icon
3354
Moderna
MRNA
$57.9B
– –
-15,253
Closed -$415K
NBR icon
3355
Nabors Industries
NBR
$1.37B
– –
-16,770
Closed -$699K
NOVA
3356
DELISTED
Sunnova Energy
NOVA
– –
-4,919,101
Closed -$1.83M
NRIX icon
3357
Nurix Therapeutics
NRIX
$2.77B
– –
-11,668
Closed -$139K
OUSA icon
3358
ALPS O'Shares U.S. Quality Dividend ETF
OUSA
$757M
– –
-4,000
Closed -$213K
PAPR icon
3359
Innovator US Equity Power Buffer ETF April
PAPR
$960M
– –
-15,915
Closed -$568K
PAR icon
3360
PAR Technology
PAR
$808M
– –
-5,034
Closed -$309K
PAUG icon
3361
Innovator US Equity Power Buffer ETF August
PAUG
$979M
– –
-13,575
Closed -$513K
PDEC icon
3362
Innovator US Equity Power Buffer ETF December
PDEC
$994M
– –
-15,200
Closed -$572K
PETS icon
3363
PetMed Express
PETS
$38.2M
– –
-43,923
Closed -$184K
PJUL icon
3364
Innovator US Equity Power Buffer ETF July
PJUL
$1.28B
– –
-15,703
Closed -$631K
PJUN icon
3365
Innovator US Equity Power Buffer ETF June
PJUN
$972M
– –
-14,302
Closed -$529K
PLSE icon
3366
Pulse Biosciences
PLSE
$3.6B
– –
-10,162
Closed -$164K
PLYA
3367
DELISTED
Playa Hotels & Resorts
PLYA
– –
-21,766
Closed -$290K
PMAY icon
3368
Innovator US Equity Power Buffer ETF May
PMAY
$813M
– –
-15,299
Closed -$548K
PNOV icon
3369
Innovator US Equity Power Buffer ETF November
PNOV
$893M
– –
-15,489
Closed -$577K
POCT icon
3370
Innovator US Equity Power Buffer ETF October
POCT
$968M
– –
-14,779
Closed -$574K
PSEP icon
3371
Innovator US Equity Power Buffer ETF September
PSEP
$824M
– –
-15,255
Closed -$586K
RPC
3372
Ridgepost Capital
RPC
$966M
– –
-10,597
Closed -$125K
QQH icon
3373
HCM Defender 100 Index ETF
QQH
$745M
– –
-3,923
Closed -$229K
QS icon
3374
QuantumScape Corp
QS
$3.68B
– –
-78,000
Closed -$321K
RAPT
3375
DELISTED
RAPT Therapeutics
RAPT
– –
-19,291
Closed -$188K
133 134
135
136 137

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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.