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 | |
|---|---|---|---|---|---|---|
1051
Vale
VALE
$64.3B
| $11.2M | 0.01% |
1,028,453
-977,411
| -49% | -$9.98M |
|
|
AAT
1052
American Assets Trust
AAT
$1.41B
| $11.1M | 0.01% |
548,160
+347,589
| +173% | +$7.01M |
|
1053
State Street Technology Select Sector SPDR ETF
XLK
$119B
| $11.1M | 0.01% |
78,836
+5,510
| +8% | +$730K |
|
1054
Apple Hospitality REIT
APLE
$3.92B
| $11.1M | 0.01% |
925,065
+379,700
| +70% | +$4.69M |
|
1055
Skywest
SKYW
$3.96B
| $11M | 0.01% |
109,687
-28,086
| -20% | -$3.14M |
|
1056
Timken Company
TKR
$8.48B
| $11M | 0.01% |
146,786
-31,422
| -18% | -$2.42M |
|
1057
nLIGHT
LASR
$2.52B
| $11M | 0.01% |
370,665
+202,666
| +121% | +$5.03M |
|
|
IPG
1058
DELISTED
Interpublic Group of Companies
IPG
| $10.9M | 0.01% |
392,256
+290,970
| +287% | +$7.51M |
|
1059
Banco Santander
SAN
$212B
| $10.9M | 0.01% |
1,038,750
+372,778
| +56% | +$3.47M |
|
1060
Peoples Bancorp
PEBO
$1.43B
| $10.9M | 0.01% |
362,814
+176,313
| +95% | +$5.34M |
|
1061
Plexus
PLXS
$6.36B
| $10.9M | 0.01% |
75,037
+56,477
| +304% | +$7.63M |
|
|
DAY
1062
DELISTED
Dayforce
DAY
| $10.8M | 0.01% |
156,533
-7,865
| -5% | -$489K |
|
1063
abrdn Physical Gold Shares ETF
SGOL
$7.76B
| $10.8M | 0.01% |
292,944
+81,509
| +39% | +$2.69M |
|
1064
Idacorp
IDA
$7.98B
| $10.8M | 0.01% |
82,012
+22,171
| +37% | +$2.75M |
|
1065
Southern Copper
SCCO
$183B
| $10.8M | 0.01% |
92,762
+3,343
| +4% | +$324K |
|
1066
Vanguard Morningstar Mid-Cap ETF
VO
$109B
| $10.8M | 0.01% |
146,396
+83,972
| +135% | +$6.03M |
|
|
NBIS
1067
Nebius Group N.V.
NBIS
$59.6B
| $10.7M | 0.01% |
+95,347
| New | +$6.62M |
|
1068
Dycom Industries
DY
$11.1B
| $10.7M | 0.01% |
36,673
-683
| -2% | -$179K |
|
|
FFIC
1069
DELISTED
Flushing Financial
FFIC
| $10.6M | 0.01% |
768,258
+402,457
| +110% | +$5.24M |
|
|
VBTX
1070
DELISTED
Veritex Holdings
VBTX
| $10.6M | 0.01% |
316,131
-137,470
| -30% | -$4.43M |
|
|
AVNS
1071
DELISTED
Avanos Medical
AVNS
| $10.6M | 0.01% |
914,175
+354,123
| +63% | +$4.15M |
|
1072
Oneok
OKE
$58.2B
| $10.5M | 0.01% |
145,192
+19,470
| +15% | +$1.49M |
|
1073
PC Connection
CNXN
$1.96B
| $10.5M | 0.01% |
169,924
+30,043
| +21% | +$1.92M |
|
1074
Methode Electronics
MEI
$576M
| $10.5M | 0.01% |
1,394,708
+184,952
| +15% | +$1.38M |
|
1075
KKR & Co
KKR
$96.4B
| $10.5M | 0.01% |
80,427
-99,565
| -55% | -$14.1M |
|
Similar funds
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.