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 | |
|---|---|---|---|---|---|---|
3426
Plug Power
PLUG
$3.17B
| $42.8K | ﹤0.01% |
19,424
+1,270
| +7% | +$2.15K |
|
3427
Orchestra BioMed
OBIO
$322M
| $42.4K | ﹤0.01% |
+17,112
| New | +$47.2K |
|
3428
INmune Bio
INMB
$64.4M
| $42K | ﹤0.01% |
+20,306
| New | +$46.5K |
|
3429
AMC Entertainment Holdings
AMC
$2.28B
| $41.7K | ﹤0.01% |
+14,395
| New | +$42.7K |
|
3430
Pulmonx
LUNG
$97.1M
| $39K | ﹤0.01% |
24,091
-9,269
| -28% | -$19.4K |
|
3431
Atea Pharmaceuticals
AVIR
$436M
| $38.9K | ﹤0.01% |
+13,410
| New | +$45.8K |
|
3432
Nerdy
NRDY
$89.8M
| $38.9K | ﹤0.01% |
2,057
-862
| -30% | -$18.5K |
|
3433
Virgin Galactic
SPCE
$467M
| $38.1K | ﹤0.01% |
10,488
-67,646
| -87% | -$227K |
|
3434
Hyliion Holdings
HYLN
$595M
| $37.1K | ﹤0.01% |
18,835
+7,610
| +68% | +$12.7K |
|
3435
OmniAb
OABI
$630M
| $36.9K | ﹤0.01% |
23,087
+296
| +1% | +$541 |
|
3436
Werewolf Therapeutics
HOWL
$42.5M
| $35.1K | ﹤0.01% |
17,807
-74,361
| -81% | -$102K |
|
3437
Montauk Renewables
MNTK
$268M
| $33.1K | ﹤0.01% |
16,478
-12,406
| -43% | -$26.6K |
|
3438
Energy Vault
NRGV
$691M
| $32.1K | ﹤0.01% |
10,802
-35,760
| -77% | -$58.7K |
|
3439
Pyxis Oncology
PYXS
$257M
| $30.7K | ﹤0.01% |
13,832
-72,931
| -84% | -$105K |
|
3440
MIRA Pharmaceuticals
MIRA
$32.1M
| $29.9K | ﹤0.01% |
+22,000
| New | +$31.9K |
|
3441
Rekor Systems
REKR
$83.6M
| $27.4K | ﹤0.01% |
17,450
-57,086
| -77% | -$72.2K |
|
3442
Actinium Pharmaceuticals
ATNM
$34.5M
| $26.9K | ﹤0.01% |
16,805
-60,414
| -78% | -$98.4K |
|
3443
Mammoth Energy Services
TUSK
$147M
| $25.9K | ﹤0.01% |
+11,299
| New | +$27.8K |
|
|
FURY
3444
Fury Gold Mines
FURY
$129M
| $25.7K | ﹤0.01% |
+39,376
| New | +$22.2K |
|
|
ZTEK
3445
Zentek
ZTEK
$76.4M
| $23.2K | ﹤0.01% |
+30,349
| New | +$26.7K |
|
|
NVNO
3446
enVVeno Medical
NVNO
$7.03M
| $20.7K | ﹤0.01% |
+652
| New | +$66.6K |
|
3447
Commercial Vehicle Group
CVGI
$130M
| $20.7K | ﹤0.01% |
12,150
-20,827
| -63% | -$38.1K |
|
3448
Milestone Pharmaceuticals
MIST
$131M
| $20K | ﹤0.01% |
+10,000
| New | +$17.6K |
|
3449
ALX Oncology
ALXO
$282M
| $19.8K | ﹤0.01% |
10,793
-34,790
| -76% | -$30.1K |
|
3450
Lineage Cell Therapeutics
LCTX
$273M
| $19.7K | ﹤0.01% |
11,650
-183,733
| -94% | -$217K |
|
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.