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 | |
|---|---|---|---|---|---|---|
1126
LPL Financial
LPLA
$28.5B
| $9.37M | 0.01% |
28,165
-10,104
| -26% | -$3.66M |
|
1127
Lattice Semiconductor
LSCC
$16.4B
| $9.36M | 0.01% |
128,052
-62,158
| -33% | -$3.78M |
|
|
CMA
1128
DELISTED
Comerica
CMA
| $9.34M | 0.01% |
136,340
-8,735
| -6% | -$588K |
|
1129
United States Lime & Minerals
USLM
$3.43B
| $9.34M | 0.01% |
70,966
+17,634
| +33% | +$2.04M |
|
1130
Oil States International
OIS
$505M
| $9.33M | 0.01% |
1,538,960
+305,065
| +25% | +$1.67M |
|
1131
Schwab US Dividend Equity ETF
SCHD
$112B
| $9.29M | 0.01% |
340,331
+148,029
| +77% | +$4.04M |
|
1132
MYR Group
MYRG
$4.64B
| $9.25M | 0.01% |
44,472
-526
| -1% | -$98.2K |
|
1133
Frontdoor
FTDR
$5.72B
| $9.19M | 0.01% |
138,085
-22,256
| -14% | -$1.35M |
|
1134
Apollo Global Management
APO
$78.4B
| $9.14M | 0.01% |
68,591
+12,681
| +23% | +$1.8M |
|
1135
Coinbase
COIN
$49.6B
| $9.11M | 0.01% |
27,084
+9,723
| +56% | +$3.3M |
|
1136
Adaptive Biotechnologies
ADPT
$4.17B
| $9.11M | 0.01% |
609,001
+176,598
| +41% | +$2.15M |
|
1137
Par Pacific Holdings
PARR
$3.75B
| $9.08M | 0.01% |
256,489
+16,614
| +7% | +$541K |
|
1138
Marriott Vacations Worldwide
VAC
$4.01B
| $9.08M | 0.01% |
136,350
-16,289
| -11% | -$1.26M |
|
1139
Northwest Natural Holdings
NWN
$2.11B
| $9.06M | 0.01% |
201,627
+75,764
| +60% | +$3.14M |
|
1140
Univest Financial
UVSP
$1.14B
| $9.06M | 0.01% |
301,745
+2,342
| +0.8% | +$71.9K |
|
1141
Xtrackers USD High Yield Corporate Bond ETF
HYLB
$3.53B
| $9.06M | 0.01% |
244,078
+3,122
| +1% | +$115K |
|
1142
Scholastic
SCHL
$765M
| $9.05M | 0.01% |
330,474
+80,791
| +32% | +$2M |
|
1143
M/I Homes
MHO
$3.86B
| $9.04M | 0.01% |
62,615
+5,464
| +10% | +$739K |
|
1144
British American Tobacco
BTI
$121B
| $9.03M | 0.01% |
170,211
+89,810
| +112% | +$4.88M |
|
1145
Nordson
NDSN
$18.7B
| $9.01M | 0.01% |
39,704
+18,801
| +90% | +$4.14M |
|
1146
Vanguard Morningstar Small-Cap Value ETF
VBR
$37.8B
| $8.99M | 0.01% |
43,083
+31,532
| +273% | +$6.45M |
|
1147
Columbus McKinnon
CMCO
$518M
| $8.99M | 0.01% |
626,992
+150,336
| +32% | +$2.26M |
|
1148
Sanmina
SANM
$10.2B
| $8.97M | 0.01% |
77,934
-5,553
| -7% | -$624K |
|
1149
Agnico Eagle Mines
AEM
$113B
| $8.96M | 0.01% |
53,152
+13,066
| +33% | +$1.8M |
|
1150
Old Second Bancorp
OSBC
$1.28B
| $8.96M | 0.01% |
518,099
-2,827
| -0.5% | -$50.9K |
|
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.