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 |
Arista Networks
ANET
|
+$474M |
| 2 |
Snowflake
SNOW
|
+$418M |
| 3 |
General Motors
GM
|
+$395M |
| 4 |
Roblox
RBLX
|
+$378M |
| 5 |
Adobe
ADBE
|
+$377M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SMAR
Smartsheet Inc.
SMAR
|
+$173M |
| 2 |
Progressive
PGR
|
+$158M |
| 3 |
Robinhood
HOOD
|
+$155M |
| 4 |
AbbVie
ABBV
|
+$131M |
| 5 |
Lennar Class A
LEN
|
+$115M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 22.11% |
| 2 | Financials | 16.12% |
| 3 | Healthcare | 13.87% |
| 4 | Consumer Discretionary | 11.39% |
| 5 | Industrials | 11.37% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1301
Weyerhaeuser
WY
$17.6B
| $3.55M | ﹤0.01% |
121,379
-28,993
| -19% | -$863K |
|
1302
Oceaneering
OII
$4.97B
| $3.54M | ﹤0.01% |
162,389
-111
| -0.1% | -$2.63K |
|
1303
TTM Technologies
TTMI
$11.8B
| $3.52M | ﹤0.01% |
171,431
-24,124
| -12% | -$583K |
|
1304
Vanguard Russell 1000 Growth ETF
VONG
$44.8B
| $3.51M | ﹤0.01% |
37,849
+3,154
| +9% | +$320K |
|
1305
OraSure Technologies
OSUR
$261M
| $3.51M | ﹤0.01% |
1,041,875
+339,493
| +48% | +$1.25M |
|
1306
iShares Core S&P Mid-Cap ETF
IJH
$125B
| $3.51M | ﹤0.01% |
60,150
+28,722
| +91% | +$1.78M |
|
1307
iShares MSCI Emerging Markets ETF
EEM
$31.3B
| $3.51M | ﹤0.01% |
80,248
+9,437
| +13% | +$410K |
|
1308
Dave Inc
DAVE
$4.46B
| $3.5M | ﹤0.01% |
42,312
-10,251
| -20% | -$961K |
|
1309
Petco
WOOF
$788M
| $3.49M | ﹤0.01% |
1,274,588
+106,295
| +9% | +$333K |
|
1310
Ranger Energy Services
RNGR
$375M
| $3.47M | ﹤0.01% |
244,598
+25,923
| +12% | +$420K |
|
1311
Jakks Pacific
JAKK
$299M
| $3.47M | ﹤0.01% |
140,666
+56,873
| +68% | +$1.61M |
|
1312
World Acceptance Corp
WRLD
$902M
| $3.47M | ﹤0.01% |
27,381
-7,861
| -22% | -$1.03M |
|
1313
Herc Holdings
HRI
$5.22B
| $3.46M | ﹤0.01% |
25,782
+16,470
| +177% | +$2.81M |
|
1314
Vanguard Russell 1000 ETF
VONE
$8.61B
| $3.46M | ﹤0.01% |
13,611
+4,321
| +47% | +$1.16M |
|
1315
CAVA Group
CAVA
$8.09B
| $3.45M | ﹤0.01% |
40,552
-206,432
| -84% | -$22.4M |
|
|
SVC
1316
Service Properties Trust
SVC
$1.03B
| $3.45M | ﹤0.01% |
269,220
+63,444
| +31% | +$859K |
|
1317
Hovnanian Enterprises
HOV
$747M
| $3.44M | ﹤0.01% |
32,822
-4,387
| -12% | -$529K |
|
1318
Viking Therapeutics
VKTX
$3.99B
| $3.44M | ﹤0.01% |
145,119
-392,120
| -73% | -$12.4M |
|
1319
United States Lime & Minerals
USLM
$3.42B
| $3.43M | ﹤0.01% |
38,791
-11,495
| -23% | -$1.2M |
|
1320
State Street SPDR S&P MIDCAP 400 ETF Trust
MDY
$26.6B
| $3.42M | ﹤0.01% |
6,417
+1,401
| +28% | +$795K |
|
1321
Harmonic Inc
HLIT
$1.34B
| $3.42M | ﹤0.01% |
356,793
+1,020
| +0.3% | +$11.2K |
|
|
HOUS
1322
DELISTED
Anywhere Real Estate
HOUS
| $3.41M | ﹤0.01% |
1,025,366
-181,816
| -15% | -$644K |
|
1323
IBEX
IBEX
$498M
| $3.41M | ﹤0.01% |
139,902
+105,997
| +313% | +$2.54M |
|
1324
Coinbase
COIN
$49.4B
| $3.4M | ﹤0.01% |
20,369
-37,792
| -65% | -$9.15M |
|
1325
Palomar
PLMR
$3.47B
| $3.39M | ﹤0.01% |
24,762
-14,697
| -37% | -$1.74M |
|
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Cliff Asness's Q1 2025 Portfolio in Review
As of Q1 2025, Cliff Asness held 3,234 positions worth $97.1B, up 25% from $77.6B the previous quarter. Its ten largest holdings account for 12% of the portfolio.
Cliff Asness deployed $24.4B of net new capital in Q1 2025, opening 374 new positions and adding to 1,828 existing holdings. Its largest new stake was Millrose Properties Inc: 1,839,302 shares worth $48.4M.
By sector, the portfolio is most concentrated in Technology at 22% of assets, down from 25% a quarter earlier, followed by Financials and Healthcare.
On the sell side, the largest reduction was Progressive, an estimated $158M trimmed.
- Cliff Asness's largest Q1 2025 buy was Millrose Properties Inc: 1,839,302 shares worth $48.4M.
- Cliff Asness added most to Arista Networks in Q1 2025, an estimated $474M increase.
- Cliff Asness's biggest Q1 2025 reduction was Progressive, cutting an estimated $158M.
- Cliff Asness fully exited Smartsheet Inc. in Q1 2025, selling an estimated $173M.
- Cliff Asness's ten largest holdings make up 12% of its $97.1B portfolio in Q1 2025.
- Cliff Asness opened 374 new positions and closed 84 in Q1 2025.
- Cliff Asness's portfolio value rose 25% quarter-over-quarter to $97.1B.
Based on AQR Capital Management's 13F filing for Q1 2025, filed 15 May 2025.