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 |
Microsoft
MSFT
|
+$854M |
| 2 |
Walmart Inc
WMT
|
+$758M |
| 3 |
NVIDIA
NVDA
|
+$464M |
| 4 |
PepsiCo
PEP
|
+$462M |
| 5 |
FedEx
FDX
|
+$396M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Fortinet
FTNT
|
+$332M |
| 2 |
Arista Networks
ANET
|
+$319M |
| 3 |
DoorDash
DASH
|
+$252M |
| 4 |
Monster Beverage
MNST
|
+$227M |
| 5 |
Costco
COST
|
+$216M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 24.74% |
| 2 | Financials | 14.8% |
| 3 | Industrials | 12.12% |
| 4 | Healthcare | 11.96% |
| 5 | Consumer Discretionary | 11.91% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
76
Neurocrine Biosciences
NBIX
$15.5B
| $388M | 0.25% |
2,773,648
+1,263,633
| +84% | +$171M |
|
77
Natera
NTRA
$47.9B
| $386M | 0.25% |
2,400,065
+673,315
| +39% | +$107M |
|
78
Verizon
VZ
$205B
| $386M | 0.25% |
8,848,766
+2,965,033
| +50% | +$128M |
|
79
Cisco
CSCO
$438B
| $386M | 0.25% |
5,637,731
+627,263
| +13% | +$42.8M |
|
80
Arrow Electronics
ARW
$10.7B
| $385M | 0.25% |
3,185,582
+871,585
| +38% | +$110M |
|
81
Intuit
INTU
$100B
| $384M | 0.25% |
561,583
+263,198
| +88% | +$190M |
|
82
State Street SPDR S&P 500 ETF Trust
SPY
$809B
| $382M | 0.25% |
574,133
+175,133
| +44% | +$112M |
|
83
Tenet Healthcare
THC
$22.6B
| $381M | 0.24% |
1,876,423
+720,160
| +62% | +$128M |
|
84
Procter & Gamble
PG
$336B
| $380M | 0.24% |
2,483,354
+1,385,607
| +126% | +$216M |
|
85
Exelixis
EXEL
$13.4B
| $379M | 0.24% |
9,181,359
+1,575,280
| +21% | +$63.3M |
|
86
Booz Allen Hamilton
BAH
$9.27B
| $377M | 0.24% |
3,812,243
+1,246,451
| +49% | +$133M |
|
87
Oracle
ORCL
$422B
| $377M | 0.24% |
1,353,408
+834,173
| +161% | +$212M |
|
88
Popular Inc
BPOP
$10.8B
| $376M | 0.24% |
2,962,871
+1,065,452
| +56% | +$127M |
|
89
Tyson Foods
TSN
$20.6B
| $364M | 0.23% |
6,726,796
+1,720,009
| +34% | +$95M |
|
90
Visa
V
$693B
| $361M | 0.23% |
1,058,721
-182,627
| -15% | -$63.2M |
|
91
Texas Roadhouse
TXRH
$13.4B
| $349M | 0.22% |
2,098,417
-244,583
| -10% | -$43.1M |
|
92
Altria Group
MO
$110B
| $346M | 0.22% |
5,272,845
+629,031
| +14% | +$39.9M |
|
|
93
Costco
COST
$420B
| $346M | 0.22% |
377,416
-225,532
| -37% | -$216M |
|
94
ServiceNow
NOW
$133B
| $343M | 0.22% |
1,863,945
-582,780
| -24% | -$109M |
|
95
Toll Brothers
TOL
$13.7B
| $343M | 0.22% |
2,483,339
-124,654
| -5% | -$16.3M |
|
96
Charter Communications
CHTR
$17.9B
| $342M | 0.22% |
1,244,034
+1,109,703
| +826% | +$335M |
|
97
Newmont
NEM
$139B
| $342M | 0.22% |
4,056,735
+1,552,482
| +62% | +$108M |
|
98
Alnylam Pharmaceuticals
ALNY
$31.6B
| $336M | 0.22% |
744,008
+555,759
| +295% | +$226M |
|
99
AXIS Capital
AXS
$7.2B
| $335M | 0.21% |
3,508,691
-207,510
| -6% | -$20.1M |
|
100
Crown Holdings
CCK
$13B
| $333M | 0.21% |
3,467,550
+933,938
| +37% | +$93.7M |
|
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Cliff Asness's Q3 2025 Portfolio in Review
As of Q3 2025, Cliff Asness held 3,631 positions worth $156B, up 29% from $121B the previous quarter. Its ten largest holdings account for 12% of the portfolio.
Cliff Asness deployed $26.6B of net new capital in Q3 2025, opening 339 new positions and adding to 2,078 existing holdings. Its largest new stake was Rubrik: 1,189,403 shares worth $97.8M.
By sector, the portfolio is most concentrated in Technology at 25% of assets, down from 25% a quarter earlier, followed by Financials and Industrials.
On the sell side, the largest reduction was Fortinet, an estimated $332M trimmed.
- Cliff Asness's largest Q3 2025 buy was Rubrik: 1,189,403 shares worth $97.8M.
- Cliff Asness added most to Microsoft in Q3 2025, an estimated $854M increase.
- Cliff Asness's biggest Q3 2025 reduction was Fortinet, cutting an estimated $332M.
- Cliff Asness fully exited Qfin Holdings in Q3 2025, selling an estimated $114M.
- Cliff Asness's ten largest holdings make up 12% of its $156B portfolio in Q3 2025.
- Cliff Asness opened 339 new positions and closed 175 in Q3 2025.
- Cliff Asness's portfolio value rose 29% quarter-over-quarter to $156B.
Based on AQR Capital Management's 13F filing for Q3 2025, filed 14 Nov 2025.