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 |
Alphabet (Google) Class A
GOOGL
|
+$403M |
| 2 |
Citizens Financial Group
CFG
|
+$190M |
| 3 |
Yum! Brands
YUM
|
+$157M |
| 4 |
LyondellBasell Industries
LYB
|
+$129M |
| 5 |
General Motors
GM
|
+$120M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Alphabet (Google) Class C
GOOG
|
+$233M |
| 2 |
CVS Health
CVS
|
+$139M |
| 3 |
Southwest Airlines
LUV
|
+$131M |
| 4 |
Archer Daniels Midland
ADM
|
+$125M |
| 5 |
Merck
MRK
|
+$122M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 15.4% |
| 2 | Technology | 15.1% |
| 3 | Healthcare | 14.95% |
| 4 | Consumer Discretionary | 13.97% |
| 5 | Industrials | 12.19% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
COHR
1426
DELISTED
Coherent Inc
COHR
| $1.41M | ﹤0.01% |
21,636
+6,117
| +39% | +$377K |
|
1427
CRA International
CRAI
$1.1B
| $1.4M | ﹤0.01% |
75,071
+29,710
| +65% | +$646K |
|
|
FSP
1428
Franklin Street Properties
FSP
$48.2M
| $1.39M | ﹤0.01% |
134,704
+124,338
| +1,199% | +$1.31M |
|
|
SCS
1429
DELISTED
Steelcase
SCS
| $1.39M | ﹤0.01% |
93,478
+7,755
| +9% | +$146K |
|
|
MPT
1430
Medical Properties Trust
MPT
$2.46B
| $1.39M | ﹤0.01% |
120,759
-59,568
| -33% | -$680K |
|
|
DRRX
1431
DELISTED
DURECT Corp
DRRX
| $1.39M | ﹤0.01% |
62,791
-2,752
| -4% | -$59.5K |
|
|
ROIC
1432
DELISTED
Retail Opportunity Investments Corp.
ROIC
| $1.39M | ﹤0.01% |
77,504
+42,472
| +121% | +$757K |
|
1433
AES
AES
$10.5B
| $1.39M | ﹤0.01% |
144,862
-2,386
| -2% | -$23.9K |
|
1434
Kilroy Realty
KRC
$4.29B
| $1.38M | ﹤0.01% |
21,843
+59
| +0.3% | +$3.87K |
|
|
ICPT
1435
DELISTED
Intercept Pharmaceuticals, Inc.
ICPT
| $1.38M | ﹤0.01% |
+9,247
| New | +$1.57M |
|
|
AVTA
1436
DELISTED
Avantax, Inc. Common Stock
AVTA
| $1.38M | ﹤0.01% |
140,623
+88,445
| +170% | +$976K |
|
|
FCB
1437
DELISTED
FCB Financial Holdings, Inc.
FCB
| $1.38M | ﹤0.01% |
38,429
+22,919
| +148% | +$818K |
|
1438
Dycom Industries
DY
$11.4B
| $1.37M | ﹤0.01% |
19,585
-4,358
| -18% | -$346K |
|
1439
Prestige Consumer Healthcare
PBH
$2.46B
| $1.36M | ﹤0.01% |
26,421
-1,881
| -7% | -$93.4K |
|
1440
Monolithic Power Systems
MPWR
$63.2B
| $1.36M | ﹤0.01% |
21,333
-2,943
| -12% | -$183K |
|
1441
Expro Ltd
XPRO
$2.01B
| $1.35M | ﹤0.01% |
13,514
+11,834
| +704% | +$1.19M |
|
1442
Acadia Pharmaceuticals
ACAD
$5.11B
| $1.35M | ﹤0.01% |
37,751
+22,618
| +149% | +$797K |
|
1443
Modine Manufacturing
MOD
$10B
| $1.34M | ﹤0.01% |
148,103
-2,676
| -2% | -$23.4K |
|
1444
Guidewire Software
GWRE
$16B
| $1.34M | ﹤0.01% |
22,200
+15,653
| +239% | +$907K |
|
1445
G-III Apparel Group
GIII
$1.43B
| $1.33M | ﹤0.01% |
30,127
-1,254
| -4% | -$65.4K |
|
|
ATSG
1446
DELISTED
Air Transport Services Group
ATSG
| $1.33M | ﹤0.01% |
132,231
-3,575
| -3% | -$33.7K |
|
|
ANTH
1447
DELISTED
Anthera Pharmaceuticals, Inc.
ANTH
| $1.33M | ﹤0.01% |
35,863
+2,444
| +7% | +$108K |
|
1448
Independent Bank
INDB
$3.95B
| $1.33M | ﹤0.01% |
28,573
+2,086
| +8% | +$100K |
|
|
XHR
1449
Xenia Hotels & Resorts
XHR
$1.81B
| $1.33M | ﹤0.01% |
86,668
+28,530
| +49% | +$485K |
|
1450
Agios Pharmaceuticals
AGIO
$1.95B
| $1.33M | ﹤0.01% |
20,454
-3,073
| -13% | -$202K |
|
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Cliff Asness's Q4 2015 Portfolio in Review
As of Q4 2015, Cliff Asness held 2,416 positions worth $57.1B, up 14% from $50B the previous quarter. Its ten largest holdings account for 8.8% of the portfolio.
Cliff Asness deployed $5.14B of net new capital in Q4 2015, opening 255 new positions and adding to 1,207 existing holdings. Its largest new stake was Alphabet (Google) Class A: 10,884,520 shares worth $423M.
By sector, the portfolio is most concentrated in Financials at 15% of assets, down from 15% a quarter earlier, followed by Technology and Healthcare.
On the sell side, the largest reduction was Alphabet (Google) Class C, an estimated $233M trimmed.
- Cliff Asness's largest Q4 2015 buy was Alphabet (Google) Class A: 10,884,520 shares worth $423M.
- Cliff Asness added most to Citizens Financial Group in Q4 2015, an estimated $190M increase.
- Cliff Asness's biggest Q4 2015 reduction was Alphabet (Google) Class C, cutting an estimated $233M.
- Cliff Asness fully exited HUBBELL INC CL-B in Q4 2015, selling an estimated $11.5M.
- Cliff Asness's ten largest holdings make up 8.8% of its $57.1B portfolio in Q4 2015.
- Cliff Asness opened 255 new positions and closed 179 in Q4 2015.
- Cliff Asness's portfolio value rose 14% quarter-over-quarter to $57.1B.
Based on AQR Capital Management's 13F filing for Q4 2015, filed 16 Feb 2016.