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 | |
|---|---|---|---|---|---|---|
1976
Honda
HMC
$42.3B
| $1.07M | ﹤0.01% |
39,558
+9,001
| +29% | +$257K |
|
1977
Skyward Specialty Insurance
SKWD
$2.35B
| $1.07M | ﹤0.01% |
20,158
-6,964
| -26% | -$336K |
|
1978
Monte Rosa Therapeutics
GLUE
$1.18B
| $1.07M | ﹤0.01% |
+229,536
| New | +$1.41M |
|
1979
Uranium Energy
UEC
$6.19B
| $1.06M | ﹤0.01% |
222,582
+80,464
| +57% | +$505K |
|
1980
Newmark Group
NMRK
$2.91B
| $1.06M | ﹤0.01% |
87,331
-6,104
| -7% | -$81.4K |
|
|
IPG
1981
DELISTED
Interpublic Group of Companies
IPG
| $1.06M | ﹤0.01% |
39,377
-110,426
| -74% | -$3.03M |
|
|
MCHB
1982
Mechanics Bancorp
MCHB
$3.58B
| $1.05M | ﹤0.01% |
89,863
+36,052
| +67% | +$357K |
|
1983
City Holding Co
CHCO
$2.04B
| $1.05M | ﹤0.01% |
8,977
+2,305
| +35% | +$272K |
|
|
NPKI
1984
NPK International
NPKI
$1.12B
| $1.05M | ﹤0.01% |
181,285
-87,160
| -32% | -$579K |
|
1985
Standard Motor Products
SMP
$838M
| $1.05M | ﹤0.01% |
42,200
-25,471
| -38% | -$747K |
|
1986
Ericsson
ERIC
$33.2B
| $1.05M | ﹤0.01% |
134,891
+9,362
| +7% | +$75.6K |
|
1987
Independence Realty Trust
IRT
$3.98B
| $1.05M | ﹤0.01% |
49,439
-16,271
| -25% | -$328K |
|
|
CCRN
1988
DELISTED
Cross Country Healthcare
CCRN
| $1.05M | ﹤0.01% |
70,420
-254,823
| -78% | -$4.38M |
|
1989
Mativ Holdings
MATV
$676M
| $1.04M | ﹤0.01% |
167,517
+91,301
| +120% | +$746K |
|
1990
Vanguard Health Care ETF
VHT
$19.7B
| $1.04M | ﹤0.01% |
3,942
+283
| +8% | +$75.4K |
|
1991
LSI Industries
LYTS
$719M
| $1.04M | ﹤0.01% |
61,107
+12,876
| +27% | +$247K |
|
|
LTC
1992
LTC Properties
LTC
$2.18B
| $1.04M | ﹤0.01% |
29,259
+806
| +3% | +$28K |
|
|
BFS
1993
Saul Centers
BFS
$844M
| $1.04M | ﹤0.01% |
28,733
-2,977
| -9% | -$109K |
|
1994
Thor Industries
THO
$4.13B
| $1.04M | ﹤0.01% |
13,667
-12,461
| -48% | -$1.17M |
|
1995
Casella Waste Systems
CWST
$6.03B
| $1.04M | ﹤0.01% |
9,283
+3,395
| +58% | +$371K |
|
1996
BancFirst
BANF
$3.78B
| $1.03M | ﹤0.01% |
9,402
-2,371
| -20% | -$275K |
|
1997
RB Global
RBA
$15.6B
| $1.03M | ﹤0.01% |
10,489
+5,090
| +94% | +$486K |
|
|
HPP
1998
Hudson Pacific Properties
HPP
$798M
| $1.03M | ﹤0.01% |
49,743
+29,040
| +140% | +$607K |
|
1999
Invesco S&P 500 Low Volatility ETF
SPLV
$7.11B
| $1.03M | ﹤0.01% |
13,736
+8,282
| +152% | +$598K |
|
2000
FT Vest Fund of Buffer ETFs
BUFR
$10.4B
| $1.03M | ﹤0.01% |
34,528
+4,949
| +17% | +$151K |
|
Similar funds
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.