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 | |
|---|---|---|---|---|---|---|
651
Dolby
DLB
$6.19B
| $54.2M | 0.03% |
843,336
-448,310
| -35% | -$30.1M |
|
652
Lincoln National
LNC
$8.11B
| $54.1M | 0.03% |
1,214,186
+395,171
| +48% | +$16.5M |
|
653
Ubiquiti
UI
$33.5B
| $54M | 0.03% |
97,559
-49,848
| -34% | -$31.5M |
|
654
MACOM Technology Solutions
MTSI
$19.7B
| $53.7M | 0.03% |
313,350
+9,665
| +3% | +$1.53M |
|
655
Willis Towers Watson
WTW
$32.6B
| $53.5M | 0.03% |
162,720
+29,365
| +22% | +$9.61M |
|
656
M&T Bank
MTB
$34.9B
| $53.4M | 0.03% |
265,285
-49,356
| -16% | -$9.43M |
|
657
Louisiana-Pacific
LPX
$5.08B
| $53.1M | 0.03% |
657,502
+125,316
| +24% | +$10.6M |
|
658
APA Corp
APA
$15.1B
| $52.8M | 0.03% |
2,159,073
-500,385
| -19% | -$12.1M |
|
659
Equitable Holdings
EQH
$13.4B
| $52.4M | 0.03% |
1,099,039
-78,515
| -7% | -$3.72M |
|
660
CF Industries
CF
$19.6B
| $52M | 0.03% |
671,800
-191,126
| -22% | -$15.7M |
|
661
CNO Financial Group
CNO
$5.02B
| $51.7M | 0.03% |
1,218,033
+319,795
| +36% | +$13M |
|
662
State Street SPDR Portfolio S&P 1500 Composite Stock Market ETF
SPTM
$13.9B
| $51.6M | 0.03% |
625,039
+25,120
| +4% | +$2.05M |
|
663
Fortrea Holdings
FTRE
$1.74B
| $51.5M | 0.03% |
2,988,061
-747,422
| -20% | -$9.23M |
|
664
PENN Entertainment
PENN
$2.45B
| $51.3M | 0.03% |
3,499,700
+3,121,051
| +824% | +$48.7M |
|
665
PBF Energy
PBF
$8.24B
| $51.2M | 0.03% |
1,979,972
-523,311
| -21% | -$16.8M |
|
666
Envista
NVST
$4.39B
| $51.2M | 0.03% |
2,356,968
+988,714
| +72% | +$20.3M |
|
667
GFL Environmental
GFL
$15B
| $50.7M | 0.03% |
1,181,049
+1,170,524
| +11,121% | +$52.3M |
|
668
Sotera Health
SHC
$5.47B
| $50.5M | 0.03% |
2,864,106
+2,644,831
| +1,206% | +$43.7M |
|
669
Genuine Parts
GPC
$18.7B
| $50.5M | 0.03% |
410,610
+55,424
| +16% | +$7.17M |
|
670
Park Hotels & Resorts
PK
$3.19B
| $50.4M | 0.03% |
4,822,174
-2,496,317
| -34% | -$26.7M |
|
671
Avantor
AVTR
$9.64B
| $50.3M | 0.03% |
4,391,597
+3,182,434
| +263% | +$39.2M |
|
672
Masco
MAS
$14.4B
| $50.2M | 0.03% |
790,790
-84,707
| -10% | -$5.5M |
|
673
Flowers Foods
FLO
$1.54B
| $50.1M | 0.03% |
4,603,093
+1,896,607
| +70% | +$22M |
|
674
Dropbox
DBX
$7.58B
| $50.1M | 0.03% |
1,812,403
-156,783
| -8% | -$4.57M |
|
675
IPG Photonics
IPGP
$3.01B
| $50M | 0.03% |
698,405
-202,863
| -23% | -$16.6M |
|
Similar funds
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.