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 |
Microsoft
MSFT
|
+$854M |
| 2 |
Walmart Inc
WMT
|
+$758M |
| 3 |
NVIDIA
NVDA
|
+$464M |
| 4 |
PepsiCo
PEP
|
+$462M |
| 5 |
FedEx
FDX
|
+$396M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Fortinet
FTNT
|
+$332M |
| 2 |
Arista Networks
ANET
|
+$319M |
| 3 |
DoorDash
DASH
|
+$252M |
| 4 |
Monster Beverage
MNST
|
+$227M |
| 5 |
Costco
COST
|
+$216M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 24.74% |
| 2 | Financials | 14.8% |
| 3 | Industrials | 12.12% |
| 4 | Healthcare | 11.96% |
| 5 | Consumer Discretionary | 11.91% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1801
Unisys
UIS
$190M
| $2.69M | ﹤0.01% |
688,667
-684,877
| -50% | -$2.78M |
|
1802
Globant
GLOB
$1.67B
| $2.67M | ﹤0.01% |
+46,613
| New | +$3.43M |
|
1803
York Water
YORW
$555M
| $2.67M | ﹤0.01% |
87,874
+68,804
| +361% | +$2.13M |
|
1804
F&G Annuities & Life
FG
$3.07B
| $2.67M | ﹤0.01% |
85,325
+34,185
| +67% | +$1.13M |
|
1805
Marten Transport
MRTN
$1.18B
| $2.67M | ﹤0.01% |
250,165
+161,010
| +181% | +$1.96M |
|
|
BRSP
1806
BrightSpire Capital
BRSP
$606M
| $2.66M | ﹤0.01% |
489,929
+288,697
| +143% | +$1.57M |
|
1807
Sylvamo
SLVM
$1.46B
| $2.66M | ﹤0.01% |
61,085
+41,335
| +209% | +$1.92M |
|
1808
Aveanna Healthcare
AVAH
$2.97B
| $2.66M | ﹤0.01% |
299,369
+272,688
| +1,022% | +$1.72M |
|
1809
Group 1 Automotive
GPI
$3.13B
| $2.65M | ﹤0.01% |
6,051
+559
| +10% | +$251K |
|
1810
Vanguard Health Care ETF
VHT
$19.6B
| $2.65M | ﹤0.01% |
10,191
+1,290
| +14% | +$324K |
|
1811
Wolverine World Wide
WWW
$1.65B
| $2.63M | ﹤0.01% |
95,992
+8,629
| +10% | +$227K |
|
1812
O-I Glass
OI
$1.14B
| $2.63M | ﹤0.01% |
202,775
+49,677
| +32% | +$677K |
|
1813
Bank of Marin Bancorp
BMRC
$434M
| $2.62M | ﹤0.01% |
108,096
+34,366
| +47% | +$831K |
|
1814
Dr. Reddy's Laboratories
RDY
$10.2B
| $2.62M | ﹤0.01% |
188,219
-6,420
| -3% | -$92.4K |
|
1815
LendingTree
TREE
$418M
| $2.62M | ﹤0.01% |
40,426
-42,603
| -51% | -$2.46M |
|
1816
Stride
LRN
$3.52B
| $2.61M | ﹤0.01% |
17,530
-17,259
| -50% | -$2.53M |
|
1817
Bioventus
BVS
$954M
| $2.61M | ﹤0.01% |
390,227
+972
| +0.2% | +$6.75K |
|
|
RHLD
1818
Resolute Holdings Management
RHLD
$1.07B
| $2.61M | ﹤0.01% |
36,161
+29,306
| +428% | +$1.58M |
|
1819
Zymeworks
ZYME
$2.1B
| $2.61M | ﹤0.01% |
152,632
-13,511
| -8% | -$193K |
|
|
ACLX
1820
DELISTED
Arcellx
ACLX
| $2.6M | ﹤0.01% |
31,715
+23,158
| +271% | +$1.67M |
|
1821
James River Group Holdings
JRVR
$191M
| $2.6M | ﹤0.01% |
468,811
-126,727
| -21% | -$711K |
|
1822
Middlesex Water
MSEX
$1.1B
| $2.6M | ﹤0.01% |
47,997
+32,615
| +212% | +$1.75M |
|
1823
AeroVironment
AVAV
$7.46B
| $2.59M | ﹤0.01% |
8,231
+6,042
| +276% | +$1.56M |
|
1824
Mercury Systems
MRCY
$5.4B
| $2.59M | ﹤0.01% |
34,329
+1,422
| +4% | +$88.4K |
|
|
LPRO
1825
DELISTED
Open Lending Corp
LPRO
| $2.59M | ﹤0.01% |
1,227,891
-364,974
| -23% | -$825K |
|
Similar funds
Cliff Asness's Q3 2025 Portfolio in Review
As of Q3 2025, Cliff Asness held 3,631 positions worth $156B, up 29% from $121B the previous quarter. Its ten largest holdings account for 12% of the portfolio.
Cliff Asness deployed $26.6B of net new capital in Q3 2025, opening 339 new positions and adding to 2,078 existing holdings. Its largest new stake was Rubrik: 1,189,403 shares worth $97.8M.
By sector, the portfolio is most concentrated in Technology at 25% of assets, down from 25% a quarter earlier, followed by Financials and Industrials.
On the sell side, the largest reduction was Fortinet, an estimated $332M trimmed.
- Cliff Asness's largest Q3 2025 buy was Rubrik: 1,189,403 shares worth $97.8M.
- Cliff Asness added most to Microsoft in Q3 2025, an estimated $854M increase.
- Cliff Asness's biggest Q3 2025 reduction was Fortinet, cutting an estimated $332M.
- Cliff Asness fully exited Qfin Holdings in Q3 2025, selling an estimated $114M.
- Cliff Asness's ten largest holdings make up 12% of its $156B portfolio in Q3 2025.
- Cliff Asness opened 339 new positions and closed 175 in Q3 2025.
- Cliff Asness's portfolio value rose 29% quarter-over-quarter to $156B.
Based on AQR Capital Management's 13F filing for Q3 2025, filed 14 Nov 2025.