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 | |
|---|---|---|---|---|---|---|
826
Cadence Design Systems
CDNS
$87B
| $28.8M | 0.02% |
92,015
+4,409
| +5% | +$1.44M |
|
827
First Financial Bankshares
FFIN
$4.87B
| $28.7M | 0.02% |
960,299
+219,599
| +30% | +$6.92M |
|
828
Alexandria Real Estate Equities
ARE
$9.3B
| $28.6M | 0.02% |
584,282
-1,980,633
| -77% | -$117M |
|
829
Post Holdings
POST
$3.73B
| $28.5M | 0.02% |
288,050
-33,790
| -10% | -$3.5M |
|
830
Brink's
BCO
$4.65B
| $28.4M | 0.01% |
243,436
+44,777
| +23% | +$5.12M |
|
831
Sensata Technologies
ST
$6.11B
| $28.2M | 0.01% |
855,953
+96,021
| +13% | +$3.07M |
|
832
Eastman Chemical
EMN
$8.31B
| $28.1M | 0.01% |
440,762
+202,367
| +85% | +$12.5M |
|
833
TSMC
TSM
$2.13T
| $28.1M | 0.01% |
92,439
-2,652
| -3% | -$778K |
|
834
Fastenal
FAST
$58.8B
| $28.1M | 0.01% |
699,181
-48,966
| -7% | -$2.06M |
|
835
Gulfport Energy Corp
GPOR
$3.1B
| $28M | 0.01% |
134,462
+24,538
| +22% | +$4.89M |
|
836
United Rentals
URI
$67.4B
| $27.9M | 0.01% |
34,529
+4,469
| +15% | +$3.88M |
|
837
Healthcare Realty
HR
$6.62B
| $27.9M | 0.01% |
1,645,892
+217,465
| +15% | +$3.87M |
|
|
GRAL
838
GRAIL Inc
GRAL
$3.42B
| $27.9M | 0.01% |
326,845
-95,810
| -23% | -$8.28M |
|
839
Darling Ingredients
DAR
$9.83B
| $27.6M | 0.01% |
768,017
+445,900
| +138% | +$15.1M |
|
840
Brighthouse Financial
BHF
$2.98B
| $27.6M | 0.01% |
425,417
-970,828
| -70% | -$57M |
|
841
Bunge Global
BG
$21.2B
| $27.5M | 0.01% |
309,137
-140,157
| -31% | -$12.9M |
|
842
Credo Technology Group
CRDO
$41.5B
| $27.3M | 0.01% |
189,921
-29,468
| -13% | -$4.53M |
|
843
Yeti Holdings
YETI
$3.14B
| $27.3M | 0.01% |
618,615
-18,888
| -3% | -$726K |
|
844
Barclays
BCS
$90.7B
| $27.3M | 0.01% |
1,073,598
+245,537
| +30% | +$5.44M |
|
845
Middleby
MIDD
$5.21B
| $27.1M | 0.01% |
182,016
+121,918
| +203% | +$16M |
|
846
Lantheus
LNTH
$6.58B
| $26.9M | 0.01% |
403,622
+317,384
| +368% | +$18.5M |
|
847
CDW
CDW
$16.6B
| $26.6M | 0.01% |
195,525
+93,288
| +91% | +$13.8M |
|
848
Dow Inc
DOW
$22.7B
| $26.5M | 0.01% |
1,134,987
+1,069,110
| +1,623% | +$24.6M |
|
849
J.M. Smucker
SJM
$13.5B
| $26.4M | 0.01% |
269,498
-759,724
| -74% | -$78.5M |
|
850
Noble Corp
NE
$7.34B
| $26.3M | 0.01% |
930,781
-31,675
| -3% | -$936K |
|
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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.