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 |
Monster Beverage
MNST
|
+$345M |
| 2 |
PNC Financial Services
PNC
|
+$325M |
| 3 |
Edison International
EIX
|
+$249M |
| 4 |
Veeva Systems
VEEV
|
+$241M |
| 5 |
Expedia Group
EXPE
|
+$239M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ConocoPhillips
COP
|
+$300M |
| 2 |
Comcast
CMCSA
|
+$255M |
| 3 |
Airbnb
ABNB
|
+$201M |
| 4 |
Alnylam Pharmaceuticals
ALNY
|
+$177M |
| 5 |
Eli Lilly
LLY
|
+$171M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 25% |
| 2 | Financials | 15.05% |
| 3 | Consumer Discretionary | 12.44% |
| 4 | Healthcare | 12.08% |
| 5 | Industrials | 11.95% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1851
Fox Class B
FOX
$26.2B
| $1.78M | ﹤0.01% |
34,502
+7,787
| +29% | +$379K |
|
1852
Vanguard Extended Market ETF
VXF
$31.6B
| $1.78M | ﹤0.01% |
9,236
+2,171
| +31% | +$386K |
|
|
MOFG
1853
DELISTED
MidWestOne Financial Group
MOFG
| $1.77M | ﹤0.01% |
61,437
+21,209
| +53% | +$599K |
|
1854
DXP Enterprises
DXPE
$2.96B
| $1.77M | ﹤0.01% |
20,158
-16,252
| -45% | -$1.35M |
|
1855
Mercury Systems
MRCY
$5.38B
| $1.76M | ﹤0.01% |
32,907
+14,769
| +81% | +$719K |
|
1856
NWPX Infrastructure Inc
NWPX
$1.08B
| $1.76M | ﹤0.01% |
42,867
+13,980
| +48% | +$562K |
|
1857
Northrim BanCorp
NRIM
$571M
| $1.76M | ﹤0.01% |
75,296
+21,888
| +41% | +$455K |
|
1858
Insight Enterprises
NSIT
$4.46B
| $1.75M | ﹤0.01% |
12,709
-2,388
| -16% | -$322K |
|
1859
Asbury Automotive
ABG
$3.78B
| $1.75M | ﹤0.01% |
7,334
+1,071
| +17% | +$245K |
|
1860
Driven Brands
DRVN
$2.12B
| $1.75M | ﹤0.01% |
99,574
+4,538
| +5% | +$77.9K |
|
|
RDUS
1861
DELISTED
Radius Recycling
RDUS
| $1.75M | ﹤0.01% |
58,795
-1,429
| -2% | -$42K |
|
1862
VanEck Morningstar Wide Moat ETF
MOAT
$12.5B
| $1.75M | ﹤0.01% |
18,607
-2,916
| -14% | -$256K |
|
1863
Sun Communities
SUI
$15.3B
| $1.74M | ﹤0.01% |
13,823
+1,747
| +14% | +$217K |
|
1864
Amphastar Pharmaceuticals
AMPH
$940M
| $1.74M | ﹤0.01% |
75,845
+22,207
| +41% | +$551K |
|
1865
Oric Pharmaceuticals
ORIC
$1.44B
| $1.74M | ﹤0.01% |
171,433
+121,903
| +246% | +$818K |
|
|
LBRDA
1866
DELISTED
Liberty Broadband Class A
LBRDA
| $1.74M | ﹤0.01% |
17,786
+1,214
| +7% | +$108K |
|
1867
Invesco Russell 1000 Dynamic Multifactor ETF
OMFL
$4.84B
| $1.74M | ﹤0.01% |
30,105
-6,109
| -17% | -$333K |
|
1868
Mueller Water Products
MWA
$3.91B
| $1.74M | ﹤0.01% |
72,305
-50,167
| -41% | -$1.24M |
|
|
KREF
1869
KKR Real Estate Finance Trust
KREF
$487M
| $1.74M | ﹤0.01% |
+197,839
| New | +$1.82M |
|
1870
Aaon
AAON
$6.6B
| $1.73M | ﹤0.01% |
23,676
+7,431
| +46% | +$651K |
|
|
ARR
1871
Armour Residential REIT
ARR
$2.3B
| $1.73M | ﹤0.01% |
102,940
+88,547
| +615% | +$1.42M |
|
|
DX
1872
Dynex Capital
DX
$3.2B
| $1.72M | ﹤0.01% |
141,136
+37,953
| +37% | +$460K |
|
1873
DHT Holdings
DHT
$2.97B
| $1.72M | ﹤0.01% |
159,536
+88,954
| +126% | +$981K |
|
1874
JELD-WEN Holding
JELD
$213M
| $1.72M | ﹤0.01% |
439,781
+63,975
| +17% | +$285K |
|
|
DFAI
1875
Dimensional International Core Equity Market ETF
DFAI
$18.3B
| $1.72M | ﹤0.01% |
49,785
+699
| +1% | +$22.9K |
|
Similar funds
Cliff Asness's Q2 2025 Portfolio in Review
As of Q2 2025, Cliff Asness held 3,434 positions worth $121B, up 25% from $97.1B the previous quarter. Its ten largest holdings account for 12% of the portfolio.
Cliff Asness deployed $14B of net new capital in Q2 2025, opening 284 new positions and adding to 1,844 existing holdings. Its largest new stake was Reddit: 531,663 shares worth $80.1M.
By sector, the portfolio is most concentrated in Technology at 25% of assets, up from 22% a quarter earlier, followed by Financials and Consumer Discretionary.
On the sell side, the largest reduction was ConocoPhillips, an estimated $300M trimmed.
- Cliff Asness's largest Q2 2025 buy was Reddit: 531,663 shares worth $80.1M.
- Cliff Asness added most to Monster Beverage in Q2 2025, an estimated $345M increase.
- Cliff Asness's biggest Q2 2025 reduction was ConocoPhillips, cutting an estimated $300M.
- Cliff Asness fully exited Discover Financial Services in Q2 2025, selling an estimated $36.3M.
- Cliff Asness's ten largest holdings make up 12% of its $121B portfolio in Q2 2025.
- Cliff Asness opened 284 new positions and closed 142 in Q2 2025.
- Cliff Asness's portfolio value rose 25% quarter-over-quarter to $121B.
Based on AQR Capital Management's 13F filing for Q2 2025, filed 14 Aug 2025.