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 | |
|---|---|---|---|---|---|---|
2051
Renasant Corp
RNST
$3.75B
| $1.77M | ﹤0.01% |
47,859
+3,528
| +8% | +$133K |
|
2052
ThredUp
TDUP
$362M
| $1.76M | ﹤0.01% |
186,451
+73,177
| +65% | +$693K |
|
|
GPGI
2053
GPGI Inc
GPGI
$3.94B
| $1.76M | ﹤0.01% |
84,601
-11,857
| -12% | -$205K |
|
2054
Eastern Bankshares
EBC
$5.11B
| $1.76M | ﹤0.01% |
96,838
+27,408
| +39% | +$452K |
|
2055
Opendoor
OPEN
$3.5B
| $1.76M | ﹤0.01% |
227,645
-48,054
| -17% | -$195K |
|
2056
Cass Information Systems
CASS
$734M
| $1.76M | ﹤0.01% |
44,624
+37,899
| +564% | +$1.62M |
|
2057
Vanguard Morningstar Small-Cap Growth ETF
VBK
$24.3B
| $1.75M | ﹤0.01% |
5,888
+4,221
| +253% | +$1.22M |
|
|
DX
2058
Dynex Capital
DX
$3.23B
| $1.75M | ﹤0.01% |
142,587
+1,451
| +1% | +$18.2K |
|
2059
Veeco
VECO
$2.91B
| $1.75M | ﹤0.01% |
57,556
+13,493
| +31% | +$321K |
|
2060
Annexon
ANNX
$976M
| $1.75M | ﹤0.01% |
574,123
+242,092
| +73% | +$601K |
|
2061
Omnicell
OMCL
$1.52B
| $1.75M | ﹤0.01% |
57,449
-32,984
| -36% | -$1.01M |
|
2062
First Community Bankshares
FCBC
$933M
| $1.75M | ﹤0.01% |
50,214
+35,196
| +234% | +$1.33M |
|
2063
Driven Brands
DRVN
$2.17B
| $1.75M | ﹤0.01% |
109,259
+9,685
| +10% | +$169K |
|
2064
Merit Medical Systems
MMSI
$5.44B
| $1.74M | ﹤0.01% |
20,934
+6,772
| +48% | +$590K |
|
2065
iShares Core Dividend Growth ETF
DGRO
$43.9B
| $1.74M | ﹤0.01% |
25,572
+4,989
| +24% | +$330K |
|
|
EFC
2066
Ellington Financial
EFC
$1.75B
| $1.74M | ﹤0.01% |
134,086
+103,701
| +341% | +$1.38M |
|
2067
SmartFinancial
SMBK
$869M
| $1.74M | ﹤0.01% |
48,666
+1,570
| +3% | +$56.2K |
|
|
WBTN
2068
WEBTOON Entertainment Inc
WBTN
$1.28B
| $1.74M | ﹤0.01% |
89,582
+40,070
| +81% | +$534K |
|
|
PRMB
2069
Primo Brands
PRMB
$8.45B
| $1.74M | ﹤0.01% |
78,548
+15,008
| +24% | +$388K |
|
2070
Prudential
PUK
$35.3B
| $1.73M | ﹤0.01% |
61,944
+42,393
| +217% | +$1.11M |
|
2071
American Coastal Insurance
ACIC
$444M
| $1.73M | ﹤0.01% |
152,197
+82,607
| +119% | +$899K |
|
2072
Western Alliance Bancorporation
WAL
$8.69B
| $1.73M | ﹤0.01% |
19,967
-3,470
| -15% | -$294K |
|
2073
American Vanguard Corp
AVD
$66.1M
| $1.73M | ﹤0.01% |
300,862
-267,177
| -47% | -$1.27M |
|
2074
BancFirst
BANF
$3.73B
| $1.73M | ﹤0.01% |
13,652
+5,245
| +62% | +$677K |
|
2075
Civista Bancshares
CIVB
$569M
| $1.72M | ﹤0.01% |
84,788
+35,058
| +70% | +$737K |
|
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.