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 |
Applied Materials
AMAT
|
+$325M |
| 2 |
Intel
INTC
|
+$193M |
| 3 |
Johnson & Johnson
JNJ
|
+$175M |
| 4 |
HP
HPQ
|
+$161M |
| 5 |
ExxonMobil
XOM
|
+$134M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Yum! Brands
YUM
|
+$126M |
| 2 |
HCA Healthcare
HCA
|
+$106M |
| 3 |
HF Sinclair
DINO
|
+$90.5M |
| 4 |
Carnival Corporation Ltd
CCL
|
+$88.9M |
| 5 |
VIAB
Viacom Inc. Class B
VIAB
|
+$77.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 16.52% |
| 2 | Industrials | 13.48% |
| 3 | Financials | 13.29% |
| 4 | Consumer Discretionary | 12.48% |
| 5 | Healthcare | 10.6% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
126
Edison International
EIX
$27.5B
| $128M | 0.2% |
1,777,746
+209,308
| +13% | +$15.7M |
|
|
MNK
127
DELISTED
MALLINCKRODT PUBLIC LIMITED COMPANY
MNK
| $128M | 0.2% |
1,829,044
+559,074
| +44% | +$40.5M |
|
128
Equifax
EFX
$22.6B
| $127M | 0.2% |
946,500
-69,220
| -7% | -$9.18M |
|
|
B
129
Barrick Mining
B
$78.3B
| $127M | 0.19% |
7,184,737
-106,704
| -1% | -$2.13M |
|
|
BRCD
130
DELISTED
Brocade Communications Systems, Inc. NEW
BRCD
| $127M | 0.19% |
13,754,207
+2,573,613
| +23% | +$24M |
|
131
Flex
FLEX
$40.8B
| $127M | 0.19% |
12,354,773
+2,989,907
| +32% | +$29M |
|
132
Stellantis
STLA
$20.4B
| $125M | 0.19% |
19,782,077
+8,789,084
| +80% | +$57.7M |
|
133
TJX Companies
TJX
$155B
| $125M | 0.19% |
3,332,112
+126,680
| +4% | +$4.96M |
|
134
NVIDIA
NVDA
$5.2T
| $124M | 0.19% |
72,521,920
+24,636,160
| +51% | +$36.4M |
|
|
135
Carnival Corporation Ltd
CCL
$35.2B
| $124M | 0.19% |
2,537,832
-1,921,419
| -43% | -$88.9M |
|
136
Bank of Montreal
BMO
$122B
| $123M | 0.19% |
1,884,509
+507,000
| +37% | +$32.9M |
|
137
Simon Property Group
SPG
$70.6B
| $123M | 0.19% |
593,656
+24,335
| +4% | +$5.28M |
|
138
Synchrony
SYF
$25.9B
| $123M | 0.19% |
4,375,795
+501,932
| +13% | +$13.8M |
|
139
Marathon Petroleum
MPC
$101B
| $122M | 0.19% |
3,009,923
-1,802,665
| -37% | -$73.1M |
|
140
Capital One
COF
$134B
| $122M | 0.19% |
1,697,788
-178,616
| -10% | -$12.3M |
|
141
Cardinal Health
CAH
$53.4B
| $122M | 0.19% |
1,565,490
-65,646
| -4% | -$5.31M |
|
142
Philip Morris
PM
$293B
| $121M | 0.19% |
1,249,194
-237,501
| -16% | -$23.8M |
|
143
Cognizant
CTSH
$27.9B
| $120M | 0.18% |
2,515,078
+215,103
| +9% | +$12.2M |
|
144
International Paper
IP
$22B
| $120M | 0.18% |
2,634,469
+434,835
| +20% | +$19.2M |
|
145
UGI
UGI
$8.06B
| $120M | 0.18% |
2,642,446
+1,290,389
| +95% | +$58.9M |
|
146
J.M. Smucker
SJM
$13.3B
| $119M | 0.18% |
880,829
+677,476
| +333% | +$99.4M |
|
|
ATVI
147
DELISTED
Activision Blizzard
ATVI
| $119M | 0.18% |
2,693,953
+825,433
| +44% | +$34.6M |
|
|
CSC
148
DELISTED
Computer Sciences
CSC
| $119M | 0.18% |
2,278,901
-350,226
| -13% | -$16.9M |
|
149
PVH
PVH
$3.62B
| $118M | 0.18% |
1,065,683
-20,029
| -2% | -$2.07M |
|
150
Newmont
NEM
$139B
| $117M | 0.18% |
2,986,419
+1,898,277
| +174% | +$78.7M |
|
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Cliff Asness's Q3 2016 Portfolio in Review
As of Q3 2016, Cliff Asness held 2,383 positions worth $65.3B, up 15% from $56.7B the previous quarter. Its ten largest holdings account for 9% of the portfolio.
Cliff Asness deployed $6.43B of net new capital in Q3 2016, opening 194 new positions and adding to 1,282 existing holdings. Its largest new stake was Hertz Global Holdings, Inc.: 398,723 shares worth $13.9M.
By sector, the portfolio is most concentrated in Technology at 17% of assets, up from 14% a quarter earlier, followed by Industrials and Financials.
On the sell side, the largest reduction was Yum! Brands, an estimated $126M trimmed.
- Cliff Asness's largest Q3 2016 buy was Hertz Global Holdings, Inc.: 398,723 shares worth $13.9M.
- Cliff Asness added most to Applied Materials in Q3 2016, an estimated $325M increase.
- Cliff Asness's biggest Q3 2016 reduction was Yum! Brands, cutting an estimated $126M.
- Cliff Asness fully exited EMC CORPORATION in Q3 2016, selling an estimated $55.4M.
- Cliff Asness's ten largest holdings make up 9% of its $65.3B portfolio in Q3 2016.
- Cliff Asness opened 194 new positions and closed 140 in Q3 2016.
- Cliff Asness's portfolio value rose 15% quarter-over-quarter to $65.3B.
Based on AQR Capital Management's 13F filing for Q3 2016, filed 14 Nov 2016.