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 |
Monster Beverage
MNST
|
+$345M |
| 2 |
PNC Financial Services
PNC
|
+$325M |
| 3 |
Edison International
EIX
|
+$249M |
| 4 |
Veeva Systems
VEEV
|
+$241M |
| 5 |
Expedia Group
EXPE
|
+$239M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ConocoPhillips
COP
|
+$300M |
| 2 |
Comcast
CMCSA
|
+$255M |
| 3 |
Airbnb
ABNB
|
+$201M |
| 4 |
Alnylam Pharmaceuticals
ALNY
|
+$177M |
| 5 |
Eli Lilly
LLY
|
+$171M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 25% |
| 2 | Financials | 15.05% |
| 3 | Consumer Discretionary | 12.44% |
| 4 | Healthcare | 12.08% |
| 5 | Industrials | 11.95% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
776
Avery Dennison
AVY
$13.9B
| $21.8M | 0.02% |
124,583
+506
| +0.4% | +$88.7K |
|
777
Builders FirstSource
BLDR
$7.56B
| $21.5M | 0.02% |
184,318
-6,369
| -3% | -$735K |
|
|
CNH
778
CNH Industrial
CNH
$18.9B
| $21.3M | 0.02% |
1,645,985
-141,243
| -8% | -$1.74M |
|
|
VMRK
779
Vivmark Residential
VMRK
$25.5B
| $21.2M | 0.02% |
314,487
+159,376
| +103% | +$11M |
|
780
Vanguard Dividend Appreciation ETF
VIG
$114B
| $21M | 0.02% |
102,484
+26,656
| +35% | +$5.17M |
|
781
Synopsys
SNPS
$75.5B
| $21M | 0.02% |
41,088
-3,421
| -8% | -$1.59M |
|
782
United Rentals
URI
$67.4B
| $20.9M | 0.02% |
27,804
-1,244
| -4% | -$832K |
|
783
Spectrum Brands
SPB
$2.03B
| $20.9M | 0.02% |
395,254
-238,883
| -38% | -$14.2M |
|
784
Cadence Design Systems
CDNS
$87B
| $20.9M | 0.02% |
67,821
+11,006
| +19% | +$3.2M |
|
785
Strategic Education
STRA
$1.87B
| $20.9M | 0.02% |
245,296
+160,303
| +189% | +$13.6M |
|
786
Boeing
BA
$166B
| $20.9M | 0.02% |
99,603
+30,433
| +44% | +$5.75M |
|
787
iShares Core S&P Total US Stock Market ETF
ITOT
$96.8B
| $20.8M | 0.02% |
153,993
+38,759
| +34% | +$4.84M |
|
788
Cullen/Frost Bankers
CFR
$10.2B
| $20.7M | 0.02% |
161,179
-39,972
| -20% | -$4.89M |
|
789
Goldman Sachs ActiveBeta International Equity ETF
GSIE
$6.14B
| $20.5M | 0.02% |
516,626
+5,264
| +1% | +$198K |
|
790
United Bankshares
UBSI
$6.51B
| $20.5M | 0.02% |
562,111
+281,190
| +100% | +$9.87M |
|
791
iShares MSCI EAFE ETF
EFA
$79.9B
| $20.4M | 0.02% |
228,405
+7,199
| +3% | +$615K |
|
792
Fortune Brands Innovations
FBIN
$5.37B
| $20.4M | 0.02% |
397,726
+241,540
| +155% | +$12.6M |
|
793
Qorvo
QRVO
$8.41B
| $20.3M | 0.02% |
238,954
+51,527
| +27% | +$3.72M |
|
794
LKQ Corp
LKQ
$6.51B
| $20.3M | 0.02% |
547,521
+439,173
| +405% | +$17.5M |
|
795
Olin
OLN
$2B
| $20.2M | 0.02% |
1,003,687
-284,515
| -22% | -$5.91M |
|
796
Sonoco
SON
$5.68B
| $20.1M | 0.02% |
462,446
-185,755
| -29% | -$8.31M |
|
797
Credo Technology Group
CRDO
$41.5B
| $20.1M | 0.02% |
217,181
+21,988
| +11% | +$1.28M |
|
798
Pinnacle Financial Partners Inc
PNFP
$15.3B
| $20.1M | 0.02% |
181,799
+52,285
| +40% | +$5.4M |
|
799
Watsco Inc
WSO
$12.8B
| $19.9M | 0.02% |
45,655
+13,438
| +42% | +$6.23M |
|
800
Constellation Energy
CEG
$96.9B
| $19.9M | 0.02% |
61,972
+11,245
| +22% | +$2.98M |
|
Similar funds
Cliff Asness's Q2 2025 Portfolio in Review
As of Q2 2025, Cliff Asness held 3,434 positions worth $121B, up 25% from $97.1B the previous quarter. Its ten largest holdings account for 12% of the portfolio.
Cliff Asness deployed $14B of net new capital in Q2 2025, opening 284 new positions and adding to 1,844 existing holdings. Its largest new stake was Reddit: 531,663 shares worth $80.1M.
By sector, the portfolio is most concentrated in Technology at 25% of assets, up from 22% a quarter earlier, followed by Financials and Consumer Discretionary.
On the sell side, the largest reduction was ConocoPhillips, an estimated $300M trimmed.
- Cliff Asness's largest Q2 2025 buy was Reddit: 531,663 shares worth $80.1M.
- Cliff Asness added most to Monster Beverage in Q2 2025, an estimated $345M increase.
- Cliff Asness's biggest Q2 2025 reduction was ConocoPhillips, cutting an estimated $300M.
- Cliff Asness fully exited Discover Financial Services in Q2 2025, selling an estimated $36.3M.
- Cliff Asness's ten largest holdings make up 12% of its $121B portfolio in Q2 2025.
- Cliff Asness opened 284 new positions and closed 142 in Q2 2025.
- Cliff Asness's portfolio value rose 25% quarter-over-quarter to $121B.
Based on AQR Capital Management's 13F filing for Q2 2025, filed 14 Aug 2025.