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 |
Atlassian
TEAM
|
+$905M |
| 2 |
Bristol-Myers Squibb
BMY
|
+$786M |
| 3 |
NVIDIA
NVDA
|
+$736M |
| 4 |
Centene
CNC
|
+$642M |
| 5 |
Apple
AAPL
|
+$451M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Molina Healthcare
MOH
|
+$415M |
| 2 |
Intel
INTC
|
+$329M |
| 3 |
General Motors
GM
|
+$237M |
| 4 |
DoorDash
DASH
|
+$225M |
| 5 |
Intuit
INTU
|
+$187M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 23.3% |
| 2 | Financials | 15.19% |
| 3 | Healthcare | 12.58% |
| 4 | Consumer Discretionary | 12.42% |
| 5 | Industrials | 12.23% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
451
First Solar
FSLR
$22.7B
| $105M | 0.06% |
402,871
+208,204
| +107% | +$52.5M |
|
452
EOG Resources
EOG
$79.3B
| $105M | 0.06% |
997,670
-134,360
| -12% | -$14.4M |
|
453
Boston Scientific
BSX
$71.1B
| $105M | 0.05% |
1,097,745
-74,106
| -6% | -$7.27M |
|
454
Spotify
SPOT
$110B
| $103M | 0.05% |
179,090
-44,459
| -20% | -$27.8M |
|
455
AptarGroup
ATR
$8.64B
| $103M | 0.05% |
843,595
+306,662
| +57% | +$37.9M |
|
456
Kemper
KMPR
$1.63B
| $103M | 0.05% |
2,537,263
-243,007
| -9% | -$10.4M |
|
|
SNV
457
DELISTED
Synovus
SNV
| $102M | 0.05% |
2,037,909
-821,134
| -29% | -$39.5M |
|
458
Burlington
BURL
$20.6B
| $101M | 0.05% |
350,997
+298,566
| +569% | +$81M |
|
459
Nucor
NUE
$56.8B
| $101M | 0.05% |
621,404
-47,094
| -7% | -$7.08M |
|
460
Zoetis
ZTS
$31.8B
| $101M | 0.05% |
802,731
-735,936
| -48% | -$96M |
|
461
Manulife Financial
MFC
$71.2B
| $101M | 0.05% |
2,778,448
+2,708,583
| +3,877% | +$91.9M |
|
462
C.H. Robinson
CHRW
$16.7B
| $100M | 0.05% |
623,378
+295,599
| +90% | +$43.7M |
|
|
FISV
463
Fiserv Inc
FISV
$28.2B
| $100M | 0.05% |
1,491,095
-69,893
| -4% | -$5.85M |
|
464
GlobalFoundries
GFS
$25.2B
| $100M | 0.05% |
2,865,046
+257,254
| +10% | +$9.15M |
|
465
SouthState Bank Corp
SSB
$10.4B
| $100M | 0.05% |
1,062,875
-156,204
| -13% | -$14.5M |
|
466
American Homes 4 Rent
AMH
$12.4B
| $99.9M | 0.05% |
3,112,624
+2,890,263
| +1,300% | +$92.6M |
|
467
Jabil
JBL
$31.7B
| $99.9M | 0.05% |
438,172
+7,073
| +2% | +$1.51M |
|
468
Western Union
WU
$2.31B
| $99.9M | 0.05% |
10,746,779
+962,341
| +10% | +$8.5M |
|
469
Jacobs Solutions
J
$17.6B
| $99.6M | 0.05% |
751,819
-263,614
| -26% | -$38.7M |
|
470
Waste Management
WM
$90.7B
| $99.5M | 0.05% |
453,082
+118,921
| +36% | +$25.3M |
|
471
Mercado Libre
MELI
$99.3B
| $99.5M | 0.05% |
49,452
-6,235
| -11% | -$13.1M |
|
472
Corpay
CPAY
$27.5B
| $99.5M | 0.05% |
330,549
+223,891
| +210% | +$65M |
|
473
Teradata
TDC
$2.55B
| $99.1M | 0.05% |
3,254,462
-604,267
| -16% | -$15.8M |
|
474
Royalty Pharma
RPRX
$27.1B
| $99.1M | 0.05% |
2,563,654
+602,568
| +31% | +$23M |
|
|
DAY
475
DELISTED
Dayforce
DAY
| $98.7M | 0.05% |
1,426,839
+1,270,306
| +812% | +$87.4M |
|
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Cliff Asness's Q4 2025 Portfolio in Review
As of Q4 2025, Cliff Asness held 3,667 positions worth $191B, up 22% from $156B the previous quarter. Its ten largest holdings account for 12% of the portfolio.
Cliff Asness deployed $29.9B of net new capital in Q4 2025, opening 211 new positions and adding to 2,098 existing holdings. Its largest new stake was Celestica: 1,066,543 shares worth $315M.
By sector, the portfolio is most concentrated in Technology at 23% of assets, down from 25% a quarter earlier, followed by Financials and Healthcare.
On the sell side, the largest reduction was Molina Healthcare, an estimated $415M trimmed.
- Cliff Asness's largest Q4 2025 buy was Celestica: 1,066,543 shares worth $315M.
- Cliff Asness added most to Atlassian in Q4 2025, an estimated $905M increase.
- Cliff Asness's biggest Q4 2025 reduction was Molina Healthcare, cutting an estimated $415M.
- Cliff Asness fully exited Light & Wonder in Q4 2025, selling an estimated $70.7M.
- Cliff Asness's ten largest holdings make up 12% of its $191B portfolio in Q4 2025.
- Cliff Asness opened 211 new positions and closed 105 in Q4 2025.
- Cliff Asness's portfolio value rose 22% quarter-over-quarter to $191B.
Based on AQR Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.