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 |
SHPG
Shire pic
SHPG
|
+$147M |
| 2 |
Gilead Sciences
GILD
|
+$127M |
| 3 |
Intel
INTC
|
+$114M |
| 4 |
LO
LORILLARD INC COM STK
LO
|
+$113M |
| 5 |
TWX
Time Warner Inc
TWX
|
+$112M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
FRX
FOREST LABORATORIES INC
FRX
|
+$243M |
| 2 |
WNR
Western Refining Inc
WNR
|
+$148M |
| 3 |
UNS
UNS ENERGY CORP COM
UNS
|
+$123M |
| 4 |
HSH
HILLSHIRE BRANDS CO
HSH
|
+$118M |
| 5 |
CELG
Celgene Corp
CELG
|
+$106M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 14.66% |
| 2 | Technology | 13.5% |
| 3 | Energy | 10.11% |
| 4 | Financials | 9.6% |
| 5 | Industrials | 9.29% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Philip Morris
PM
$293B
| $93.1M | 0.26% |
1,116,751
+917,908
| +462% | +$77.6M |
|
102
SLB Ltd
SLB
$79.9B
| $92.2M | 0.25% |
906,369
+222,615
| +33% | +$24.3M |
|
103
DuPont de Nemours
DD
$18.7B
| $92.1M | 0.25% |
693,668
+350,290
| +102% | +$46.7M |
|
|
TQNT
104
DELISTED
TRIQUINT SEMICONDUCTOR INC
TQNT
| $89.6M | 0.25% |
4,699,128
+2,522,918
| +116% | +$46.8M |
|
|
VIAB
105
DELISTED
Viacom Inc. Class B
VIAB
| $88.8M | 0.24% |
1,153,574
-3,608
| -0.3% | -$297K |
|
|
PPLI
106
People Inc
PPLI
$2.86B
| $88.1M | 0.24% |
7,477,216
+230,553
| +3% | +$2.79M |
|
107
Medtronic
MDT
$119B
| $86.6M | 0.24% |
1,397,998
-1,468,127
| -51% | -$93.3M |
|
108
IBM
IBM
$222B
| $86.5M | 0.24% |
476,868
+22,342
| +5% | +$4.07M |
|
109
Dillards
DDS
$9.71B
| $86.4M | 0.24% |
793,203
-91,223
| -10% | -$10.6M |
|
110
Simon Property Group
SPG
$70.6B
| $85.6M | 0.24% |
520,499
+98,446
| +23% | +$16.6M |
|
|
CFN
111
DELISTED
CAREFUSION CORPORATION
CFN
| $83.8M | 0.23% |
1,852,576
-167,278
| -8% | -$7.53M |
|
|
HNT
112
DELISTED
HEALTH NET INC
HNT
| $83.4M | 0.23% |
1,809,200
+498,200
| +38% | +$22.1M |
|
113
Macy's
M
$6B
| $83.3M | 0.23% |
1,432,077
-132,184
| -8% | -$7.84M |
|
114
Home Depot
HD
$335B
| $82.1M | 0.23% |
895,003
-916,633
| -51% | -$78.6M |
|
115
Navient
NAVI
$886M
| $81.8M | 0.22% |
4,620,689
-98,786
| -2% | -$1.74M |
|
116
Union Pacific
UNP
$183B
| $80.6M | 0.22% |
743,513
-122,945
| -14% | -$12.7M |
|
|
BYI
117
DELISTED
BALLY TECHNOLOGIES, INC.
BYI
| $80.5M | 0.22% |
+997,907
| New | +$72.7M |
|
118
Infosys
INFY
$48.4B
| $79.9M | 0.22% |
10,569,720
+1,176,800
| +13% | +$8.47M |
|
119
ManpowerGroup
MAN
$2.86B
| $79.3M | 0.22% |
1,131,022
-64,547
| -5% | -$5.05M |
|
|
WBA
120
DELISTED
Walgreens Boots Alliance
WBA
| $78.9M | 0.22% |
1,331,994
-5,782
| -0.4% | -$379K |
|
|
HCT
121
DELISTED
AMRICAN RLTY CAP HEALTHCARE TRUST INC. COMMON STOCK
HCT
| $78.4M | 0.22% |
7,478,182
+205,800
| +3% | +$2.21M |
|
122
Altria Group
MO
$110B
| $77.6M | 0.21% |
1,689,161
+773,267
| +84% | +$33.1M |
|
123
Capital One
COF
$134B
| $75.3M | 0.21% |
922,924
+253,927
| +38% | +$20.8M |
|
124
Vertex Pharmaceuticals
VRTX
$139B
| $75.2M | 0.21% |
669,776
+185,598
| +38% | +$17.7M |
|
125
NVIDIA
NVDA
$5.2T
| $74.3M | 0.2% |
161,192,040
-94,208,960
| -37% | -$44.4M |
|
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Cliff Asness's Q3 2014 Portfolio in Review
As of Q3 2014, Cliff Asness held 2,708 positions worth $36.4B, down 1.9% from $37.1B the previous quarter. Its ten largest holdings account for 9.4% of the portfolio.
Cliff Asness withdrew a net $2.61B in Q3 2014, closing 203 positions and reducing 1,062 holdings. Its most notable exit was FOREST LABORATORIES INC, an estimated $243M position sold in full.
By sector, the portfolio is most concentrated in Healthcare at 15% of assets, down from 15% a quarter earlier, followed by Technology and Energy.
Against the trend, Cliff Asness opened a new position in BALLY TECHNOLOGIES, INC. worth $80.5M.
- Cliff Asness's largest Q3 2014 buy was BALLY TECHNOLOGIES, INC.: 997,907 shares worth $80.5M.
- Cliff Asness added most to Shire pic in Q3 2014, an estimated $147M increase.
- Cliff Asness's biggest Q3 2014 reduction was Western Refining Inc, cutting an estimated $148M.
- Cliff Asness fully exited FOREST LABORATORIES INC in Q3 2014, selling an estimated $243M.
- Cliff Asness's ten largest holdings make up 9.4% of its $36.4B portfolio in Q3 2014.
- Cliff Asness opened 200 new positions and closed 203 in Q3 2014.
- Cliff Asness's portfolio value fell 1.9% quarter-over-quarter to $36.4B.
Based on AQR Capital Management's 13F filing for Q3 2014, filed 14 Nov 2014.