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 |
Merck
MRK
|
+$354M |
| 2 |
Verizon
VZ
|
+$307M |
| 3 |
HCA Healthcare
HCA
|
+$256M |
| 4 |
Marathon Petroleum
MPC
|
+$239M |
| 5 |
Comcast
CMCSA
|
+$231M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Intel
INTC
|
+$361M |
| 2 |
Texas Instruments
TXN
|
+$333M |
| 3 |
LyondellBasell Industries
LYB
|
+$305M |
| 4 |
WCG
Wellcare Health Plans, Inc.
WCG
|
+$298M |
| 5 |
Northrop Grumman
NOC
|
+$282M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 20.44% |
| 2 | Technology | 18.54% |
| 3 | Consumer Discretionary | 14.07% |
| 4 | Industrials | 10.25% |
| 5 | Financials | 9.85% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
401
Dell
DELL
$286B
| $38.6M | 0.04% |
1,559,883
-1,686,394
| -52% | -$46.2M |
|
402
Bath & Body Works
BBWI
$3.92B
| $38.6M | 0.04% |
1,858,842
+1,670,089
| +885% | +$42.1M |
|
403
Atmos Energy
ATO
$28.2B
| $38.5M | 0.04% |
415,613
+80,438
| +24% | +$7.69M |
|
404
Ashland
ASH
$3.33B
| $38.5M | 0.04% |
543,019
+325,551
| +150% | +$25.1M |
|
405
Capital One
COF
$134B
| $38.5M | 0.04% |
509,127
+134,340
| +36% | +$11.6M |
|
|
TXNM
406
TXNM Energy Inc
TXNM
$5.9B
| $38.1M | 0.04% |
927,379
+81,462
| +10% | +$3.34M |
|
407
Manhattan Associates
MANH
$12.5B
| $38.1M | 0.04% |
899,262
+14,684
| +2% | +$695K |
|
|
MNK
408
DELISTED
MALLINCKRODT PUBLIC LIMITED COMPANY
MNK
| $38M | 0.04% |
2,407,947
+631,118
| +36% | +$15.7M |
|
409
MSCI
MSCI
$41B
| $37.9M | 0.04% |
257,329
-393,191
| -60% | -$59.8M |
|
410
CMS Energy
CMS
$21.4B
| $37.1M | 0.04% |
747,519
+82,874
| +12% | +$4.19M |
|
411
CNX Resources
CNX
$5.38B
| $36.9M | 0.04% |
3,234,251
-207,221
| -6% | -$2.86M |
|
412
Illinois Tool Works
ITW
$80.4B
| $36.8M | 0.04% |
290,690
-129,008
| -31% | -$17M |
|
|
TMX
413
DELISTED
Terminix Global Holdings, Inc.
TMX
| $36.8M | 0.04% |
1,001,510
+12,533
| +1% | +$520K |
|
|
MRSH
414
Marsh
MRSH
$91.6B
| $36.5M | 0.04% |
458,119
+26,031
| +6% | +$2.17M |
|
415
Bausch Health
BHC
$2.41B
| $36.5M | 0.04% |
1,971,597
-1,320,686
| -40% | -$31.4M |
|
|
DOO
416
Bombardier Recreational Products
DOO
$4.99B
| $36.4M | 0.04% |
1,406,044
+497,872
| +55% | +$18M |
|
417
Incyte
INCY
$25.9B
| $36M | 0.04% |
566,306
-28,485
| -5% | -$1.85M |
|
418
nVent Electric
NVT
$24.6B
| $36M | 0.04% |
1,601,516
+317,994
| +25% | +$7.7M |
|
|
GRA
419
DELISTED
W.R. Grace & Co.
GRA
| $35.9M | 0.04% |
552,605
-251,959
| -31% | -$16.3M |
|
420
EnerSys
ENS
$6.84B
| $35.6M | 0.04% |
459,017
+55,997
| +14% | +$4.54M |
|
421
Nektar Therapeutics
NKTR
$2.53B
| $35.6M | 0.04% |
72,171
+48,773
| +208% | +$29.4M |
|
|
MDR
422
DELISTED
McDermott International
MDR
| $35.2M | 0.04% |
5,387,489
+2,137,067
| +66% | +$22.6M |
|
423
W.R. Berkley
WRB
$25.5B
| $35.2M | 0.04% |
1,606,588
+304,904
| +23% | +$6.85M |
|
424
Paychex
PAYX
$44.3B
| $35.1M | 0.04% |
538,191
+48,800
| +10% | +$3.31M |
|
425
Yum China
YUMC
$16.9B
| $35M | 0.04% |
1,044,637
-29,747
| -3% | -$1.02M |
|
Similar funds
Cliff Asness's Q4 2018 Portfolio in Review
As of Q4 2018, Cliff Asness held 2,392 positions worth $86.3B, down 17% from $105B the previous quarter. Its ten largest holdings account for 13% of the portfolio.
Cliff Asness's Q4 2018 filing shows 138 new, 818 increased, 1,174 reduced and 217 closed positions. Its largest new stake was Linde: 705,153 shares worth $111M. The largest sale was Intel, an estimated $361M.
By sector, the portfolio is most concentrated in Healthcare at 20% of assets, up from 17% a quarter earlier, followed by Technology and Consumer Discretionary.
- Cliff Asness's largest Q4 2018 buy was Linde: 705,153 shares worth $111M.
- Cliff Asness added most to Merck in Q4 2018, an estimated $354M increase.
- Cliff Asness's biggest Q4 2018 reduction was Intel, cutting an estimated $361M.
- Cliff Asness fully exited Aetna Inc in Q4 2018, selling an estimated $104M.
- Cliff Asness's ten largest holdings make up 13% of its $86.3B portfolio in Q4 2018.
- Cliff Asness opened 138 new positions and closed 217 in Q4 2018.
- Cliff Asness's portfolio value fell 17% quarter-over-quarter to $86.3B.
Based on AQR Capital Management's 13F filing for Q4 2018, filed 14 Feb 2019.