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 |
Hewlett Packard
HPE
|
+$483M |
| 2 |
Wells Fargo
WFC
|
+$147M |
| 3 |
Delta Air Lines
DAL
|
+$139M |
| 4 |
STI
SunTrust Banks, Inc.
STI
|
+$129M |
| 5 |
Aflac
AFL
|
+$128M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Mondelez International
MDLZ
|
+$115M |
| 2 |
Cognizant
CTSH
|
+$107M |
| 3 |
BRCD
Brocade Communications Systems, Inc. NEW
BRCD
|
+$107M |
| 4 |
DuPont de Nemours
DD
|
+$90.3M |
| 5 |
PepsiCo
PEP
|
+$69.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 16.58% |
| 2 | Technology | 16.26% |
| 3 | Industrials | 14.81% |
| 4 | Consumer Discretionary | 11.81% |
| 5 | Healthcare | 9.46% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
101
Avery Dennison
AVY
$13.9B
| $179M | 0.25% |
2,552,362
+394,003
| +18% | +$28.6M |
|
|
DFS
102
DELISTED
Discover Financial Services
DFS
| $179M | 0.25% |
2,477,433
+83,724
| +3% | +$5.32M |
|
|
SCG
103
DELISTED
Scana
SCG
| $173M | 0.24% |
2,360,059
+488,079
| +26% | +$34.8M |
|
104
Cintas
CTAS
$81.6B
| $171M | 0.24% |
5,931,008
+775,832
| +15% | +$21.8M |
|
105
Banco Bradesco
BBD
$33.9B
| $171M | 0.24% |
37,906,055
+7,984,475
| +27% | +$37.5M |
|
106
Bank of Montreal
BMO
$122B
| $170M | 0.23% |
2,363,076
+478,567
| +25% | +$31.9M |
|
107
Steel Dynamics
STLD
$32.8B
| $168M | 0.23% |
4,735,334
+782,961
| +20% | +$24.6M |
|
108
Darden Restaurants
DRI
$25.2B
| $168M | 0.23% |
2,311,125
-26,566
| -1% | -$1.85M |
|
109
Arrow Electronics
ARW
$10.7B
| $167M | 0.23% |
2,336,168
+116,569
| +5% | +$7.71M |
|
110
Lam Research
LRCX
$393B
| $166M | 0.23% |
15,676,710
+3,851,740
| +33% | +$39.1M |
|
111
Capital One
COF
$134B
| $165M | 0.23% |
1,895,494
+197,706
| +12% | +$15.9M |
|
112
CenterPoint Energy
CNP
$25.5B
| $165M | 0.23% |
6,681,256
+2,199,377
| +49% | +$51.4M |
|
113
Citizens Financial Group
CFG
$29.4B
| $165M | 0.23% |
4,618,451
+1,022,847
| +28% | +$31M |
|
114
Marathon Petroleum
MPC
$101B
| $161M | 0.22% |
3,200,621
+190,698
| +6% | +$8.66M |
|
|
MNK
115
DELISTED
MALLINCKRODT PUBLIC LIMITED COMPANY
MNK
| $161M | 0.22% |
3,232,782
+1,403,738
| +77% | +$82.7M |
|
116
Oracle
ORCL
$422B
| $159M | 0.22% |
4,143,028
-564,907
| -12% | -$22.1M |
|
117
Edison International
EIX
$27.5B
| $158M | 0.22% |
2,196,586
+418,840
| +24% | +$29.6M |
|
118
Newmont
NEM
$139B
| $157M | 0.22% |
4,614,362
+1,627,943
| +55% | +$55.6M |
|
119
US Bancorp
USB
$96.7B
| $156M | 0.22% |
3,046,052
+924,292
| +44% | +$44M |
|
120
Flex
FLEX
$40.8B
| $154M | 0.21% |
14,259,281
+1,904,508
| +15% | +$20.3M |
|
121
Nasdaq
NDAQ
$54.9B
| $154M | 0.21% |
6,900,645
+264,831
| +4% | +$5.84M |
|
122
Bank of America
BAC
$431B
| $154M | 0.21% |
6,978,915
+5,510,536
| +375% | +$106M |
|
123
Morgan Stanley
MS
$336B
| $154M | 0.21% |
3,645,046
+1,253,856
| +52% | +$47.4M |
|
124
Assurant
AIZ
$14B
| $154M | 0.21% |
1,654,727
-83,797
| -5% | -$7.32M |
|
125
Amgen
AMGN
$238B
| $154M | 0.21% |
1,050,591
+69,264
| +7% | +$10.4M |
|
Similar funds
Cliff Asness's Q4 2016 Portfolio in Review
As of Q4 2016, Cliff Asness held 2,368 positions worth $72.5B, up 11% from $65.3B the previous quarter. Its ten largest holdings account for 8.9% of the portfolio.
Cliff Asness deployed $4.26B of net new capital in Q4 2016, opening 125 new positions and adding to 1,024 existing holdings. Its largest new stake was Yum China: 1,080,283 shares worth $28.2M.
By sector, the portfolio is most concentrated in Financials at 17% of assets, up from 13% a quarter earlier, followed by Technology and Industrials.
On the sell side, the largest reduction was Mondelez International, an estimated $115M trimmed.
- Cliff Asness's largest Q4 2016 buy was Yum China: 1,080,283 shares worth $28.2M.
- Cliff Asness added most to Hewlett Packard in Q4 2016, an estimated $483M increase.
- Cliff Asness's biggest Q4 2016 reduction was Mondelez International, cutting an estimated $115M.
- Cliff Asness fully exited Lexmark Intl Inc in Q4 2016, selling an estimated $32.5M.
- Cliff Asness's ten largest holdings make up 8.9% of its $72.5B portfolio in Q4 2016.
- Cliff Asness opened 125 new positions and closed 145 in Q4 2016.
- Cliff Asness's portfolio value rose 11% quarter-over-quarter to $72.5B.
Based on AQR Capital Management's 13F filing for Q4 2016, filed 14 Feb 2017.