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 | |
|---|---|---|---|---|---|---|
3451
Tevogen Inc
TVGN
$44M
| $17.9K | ﹤0.01% |
456
-106
| -19% | -$5.21K |
|
3452
Outdoor Holding Co
POWW
$260M
| $17.4K | ﹤0.01% |
11,760
-15,803
| -57% | -$21.1K |
|
3453
Prelude Therapeutics
PRLD
$529M
| $15.1K | ﹤0.01% |
10,500
-33,147
| -76% | -$33.2K |
|
|
RVPH
3454
DELISTED
REVIVA PHARMA HLDGS INC
RVPH
| $10.3K | ﹤0.01% |
+1,400
| New | +$11.9K |
|
3455
NeuroOne Medical Technologies
NMTC
$18.5M
| $9.28K | ﹤0.01% |
1,741
-4
| -0.2% | -$20 |
|
3456
Century Therapeutics
IPSC
$375M
| $5.31K | ﹤0.01% |
10,660
-136,508
| -93% | -$73.6K |
|
3457
Acumen Pharmaceuticals
ABOS
$229M
| – | – |
-46,292
| Closed | -$53.7K |
|
3458
Achieve Life Sciences
ACHV
$822M
| – | – |
-25,300
| Closed | -$57.2K |
|
3459
Acrivon Therapeutics
ACRV
$94.7M
| – | – |
-22,252
| Closed | -$26.5K |
|
3460
Adams Diversified Equity Fund
ADX
$3.23B
| – | – |
-12,151
| Closed | -$264K |
|
3461
C3.ai
AI
$1.6B
| – | – |
-108,932
| Closed | -$2.68M |
|
|
AKYA
3462
DELISTED
Akoya BioSciences
AKYA
| – | – |
-36,409
| Closed | -$47.3K |
|
|
AMED
3463
DELISTED
Amedisys
AMED
| – | – |
-33,735
| Closed | -$3.31M |
|
3464
Amplify Energy
AMPY
$200M
| – | – |
-230,989
| Closed | -$739K |
|
|
ANSS
3465
DELISTED
Ansys
ANSS
| – | – |
-44,521
| Closed | -$15.6M |
|
3466
Arcturus Therapeutics
ARCT
$382M
| – | – |
-11,218
| Closed | -$146K |
|
3467
ASE Group
ASX
$95.1B
| – | – |
-10,292
| Closed | -$106K |
|
3468
Atossa Therapeutics
ATOS
$25.3M
| – | – |
-3,222
| Closed | -$40.1K |
|
|
AZEK
3469
DELISTED
The AZEK Co
AZEK
| – | – |
-219,450
| Closed | -$11.9M |
|
3470
Bridger Aerospace
BAER
$71.8M
| – | – |
-39,832
| Closed | -$76.9K |
|
|
BASE
3471
DELISTED
Couchbase
BASE
| – | – |
-308,180
| Closed | -$7.51M |
|
3472
Banco de Chile
BCH
$21.3B
| – | – |
-101,515
| Closed | -$3.09M |
|
3473
KE Holdings
BEKE
$19.6B
| – | – |
-379,609
| Closed | -$6.73M |
|
3474
Blink Charging
BLNK
$86.2M
| – | – |
-132,791
| Closed | -$125K |
|
3475
Biomea Fusion
BMEA
$99.3M
| – | – |
-338,346
| Closed | -$609K |
|
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.