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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
+8.82%
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
$156B
AUM Growth
+$35.1B
Cap. Flow
+$26.6B
Cap. Flow %
17.03%
Top 10 Hldgs %
12%
Holding
3,631
New
339
Increased
2,078
Reduced
973
Closed
175

Top Buys

Rank Stock Value
1
MSFT icon
Microsoft
MSFT
+$854M
2
WMT icon
Walmart Inc
WMT
+$758M
3
NVDA icon
NVIDIA
NVDA
+$464M
4
PEP icon
PepsiCo
PEP
+$462M
5
FDX icon
FedEx
FDX
+$396M

Top Sells

Rank Stock Value
1
FTNT icon
Fortinet
FTNT
+$332M
2
ANET icon
Arista Networks
ANET
+$319M
3
DASH icon
DoorDash
DASH
+$252M
4
MNST icon
Monster Beverage
MNST
+$227M
5
COST icon
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
VDC icon
3601
Vanguard Consumer Staples ETF
VDC
$7.98B
– –
-1,272
Closed -$279K
VERV
3602
DELISTED
Verve Therapeutics
VERV
– –
-171,820
Closed -$1.93M
VERU icon
3603
Veru
VERU
$45M
– –
-3,586
Closed -$20.9K
VIPS icon
3604
Vipshop
VIPS
$6.98B
– –
-524,898
Closed -$7.77M
VRCA icon
3605
Verrica Pharmaceuticals
VRCA
$82.8M
– –
-5,027
Closed -$26.6K
WBA
3606
DELISTED
Walgreens Boots Alliance
WBA
– –
-1,445,640
Closed -$16.6M
WOLF icon
3607
Wolfspeed
WOLF
$1.34B
– –
-51,732
Closed -$20.6K
WTV icon
3608
WisdomTree US Value Fund
WTV
$3.36B
– –
-5,423
Closed -$469K
XFOR icon
3609
X4 Pharmaceuticals
XFOR
$401M
– –
-26,382
Closed -$50.1K
XHB icon
3610
State Street SPDR S&P Homebuilders ETF
XHB
$1.46B
– –
-5,090
Closed -$502K
XOP icon
3611
State Street SPDR S&P Oil & Gas Exploration & Production ETF
XOP
$3.93B
– –
-3,292
Closed -$414K
YMAB
3612
DELISTED
Y-mAbs Therapeutics
YMAB
– –
-252,142
Closed -$1.14M
ZYXI
3613
DELISTED
Zynex
ZYXI
– –
-35,584
Closed -$91.8K
FBLG icon
3614
FibroBiologics
FBLG
$9.59M
– –
-2,611
Closed -$32.5K
GUTS icon
3615
Fractyl Health
GUTS
$124M
– –
-64,700
Closed -$105K
MGX icon
3616
Metagenomi Therapeutics
MGX
$46.5M
– –
-129,055
Closed -$191K
TELO icon
3617
Telomir Pharmaceuticals
TELO
$77.7M
– –
-33,234
Closed -$41.5K
FFSM icon
3618
Fidelity Fundamental Small-Mid Cap ETF
FFSM
$1.59B
– –
-7,907
Closed -$215K
SMXT icon
3619
Solarmax Technology
SMXT
$17.3M
– –
-2,133
Closed -$27.9K
DJT icon
3620
Trump Media & Technology Group
DJT
$2.53B
– –
-24,556
Closed -$443K
QTTB icon
3621
Q32 Bio
QTTB
$475M
– –
-26,530
Closed -$39.5K
GCTS
3622
GCT Semiconductor Holding
GCTS
$188M
– –
-31,823
Closed -$47.4K
CTNM
3623
Contineum Therapeutics
CTNM
$647M
– –
-25,156
Closed -$99.9K
SKYE icon
3624
Skye Bioscience
SKYE
$1.24M
– –
-29,138
Closed -$122K
LOAR icon
3625
Loar Holdings
LOAR
$7.03B
– –
-8,765
Closed -$755K
142 143 144
145
146

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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.