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 | |
|---|---|---|---|---|---|---|
26
GE Aerospace
GE
$361B
| $927M | 0.49% |
3,007,830
+46,746
| +2% | +$14.1M |
|
27
Airbnb
ABNB
$110B
| $918M | 0.48% |
6,762,784
+2,492,847
| +58% | +$310M |
|
|
28
General Motors
GM
$77.2B
| $885M | 0.46% |
10,883,789
-3,368,900
| -24% | -$237M |
|
29
PNC Financial Services
PNC
$97B
| $862M | 0.45% |
4,128,991
-296,914
| -7% | -$57.3M |
|
30
FedEx
FDX
$76.9B
| $845M | 0.44% |
2,923,679
+189,774
| +7% | +$49.8M |
|
31
Berkshire Hathaway Class B
BRK.B
$1.06T
| $842M | 0.44% |
1,674,728
+208,864
| +14% | +$104M |
|
32
Roblox
RBLX
$27.4B
| $833M | 0.44% |
10,312,837
+615,299
| +6% | +$65.3M |
|
33
Capital One
COF
$134B
| $816M | 0.43% |
3,366,692
+1,324,845
| +65% | +$295M |
|
34
Adobe
ADBE
$109B
| $816M | 0.43% |
2,330,096
-257,303
| -10% | -$87.5M |
|
35
Johnson & Johnson
JNJ
$651B
| $802M | 0.42% |
3,876,221
-450,231
| -10% | -$89M |
|
36
Palantir
PLTR
$432B
| $787M | 0.41% |
4,424,981
-477,625
| -10% | -$86.5M |
|
37
Regeneron Pharmaceuticals
REGN
$85.9B
| $769M | 0.4% |
995,710
+274,356
| +38% | +$186M |
|
38
Medpace
MEDP
$17.3B
| $758M | 0.4% |
1,349,703
+324,293
| +32% | +$184M |
|
39
McKesson
MCK
$100B
| $754M | 0.4% |
918,785
+89,747
| +11% | +$73.2M |
|
40
TechnipFMC
FTI
$30.4B
| $752M | 0.39% |
16,866,408
+3,549,839
| +27% | +$150M |
|
41
TJX Companies
TJX
$155B
| $740M | 0.39% |
4,814,467
+1,753,155
| +57% | +$259M |
|
42
Newmont
NEM
$139B
| $739M | 0.39% |
7,402,278
+3,345,543
| +82% | +$302M |
|
43
JB Hunt Transport Services
JBHT
$25.9B
| $730M | 0.38% |
3,755,171
+565,605
| +18% | +$97.1M |
|
44
GE Vernova
GEV
$255B
| $722M | 0.38% |
1,104,393
-53,969
| -5% | -$32.9M |
|
45
Snowflake
SNOW
$115B
| $719M | 0.38% |
3,276,719
-183,053
| -5% | -$44.7M |
|
46
Citigroup
C
$221B
| $707M | 0.37% |
6,059,694
+787,451
| +15% | +$81.8M |
|
47
General Dynamics
GD
$104B
| $695M | 0.36% |
2,062,944
+399,097
| +24% | +$136M |
|
48
Incyte
INCY
$25.9B
| $664M | 0.35% |
6,720,024
-1,203,487
| -15% | -$116M |
|
49
Lam Research
LRCX
$393B
| $635M | 0.33% |
3,709,684
+168,454
| +5% | +$26.2M |
|
50
Lockheed Martin
LMT
$130B
| $626M | 0.33% |
1,293,823
+669,604
| +107% | +$320M |
|
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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.