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 | |
|---|---|---|---|---|---|---|
|
TEF
2076
DELISTED
Telefonica
TEF
| $1.24M | ﹤0.01% |
236,165
+117,620
| +99% | +$591K |
|
2077
State Street SPDR Portfolio Long Term Treasury ETF
SPTL
$11.1B
| $1.23M | ﹤0.01% |
46,454
+22,248
| +92% | +$584K |
|
2078
Franklin Covey
FC
$231M
| $1.23M | ﹤0.01% |
53,798
-14,578
| -21% | -$322K |
|
2079
Uranium Energy
UEC
$6.57B
| $1.23M | ﹤0.01% |
180,163
-42,419
| -19% | -$238K |
|
2080
Cheesecake Factory
CAKE
$5.65B
| $1.22M | ﹤0.01% |
19,546
-15,757
| -45% | -$838K |
|
2081
MGE Energy Inc
MGEE
$2.99B
| $1.22M | ﹤0.01% |
13,796
+5,521
| +67% | +$497K |
|
2082
Liberty Latin America Class C
LILAK
$1.67B
| $1.22M | ﹤0.01% |
215,404
-3,087
| -1% | -$15.1K |
|
2083
CorMedix
CRMD
$667M
| $1.22M | ﹤0.01% |
98,672
+84,204
| +582% | +$930K |
|
2084
ANI Pharmaceuticals
ANIP
$1.74B
| $1.21M | ﹤0.01% |
18,601
+4,535
| +32% | +$295K |
|
2085
Clearwater Paper
CLW
$351M
| $1.21M | ﹤0.01% |
+44,551
| New | +$1.2M |
|
2086
Phillips Edison & Co
PECO
$5.14B
| $1.21M | ﹤0.01% |
34,410
+23,319
| +210% | +$825K |
|
2087
TG Therapeutics
TGTX
$8.48B
| $1.2M | ﹤0.01% |
33,349
-1,944
| -6% | -$72.4K |
|
|
BFS
2088
Saul Centers
BFS
$844M
| $1.2M | ﹤0.01% |
35,131
+6,398
| +22% | +$216K |
|
2089
Credit Acceptance
CACC
$6.27B
| $1.2M | ﹤0.01% |
2,362
-5,523
| -70% | -$2.71M |
|
2090
CarGurus
CARG
$3.25B
| $1.2M | ﹤0.01% |
35,803
+9,857
| +38% | +$297K |
|
2091
Groupon
GRPN
$797M
| $1.2M | ﹤0.01% |
35,815
+23,883
| +200% | +$609K |
|
2092
Designer Brands
DBI
$297M
| $1.2M | ﹤0.01% |
502,729
+113,627
| +29% | +$343K |
|
2093
Vodafone
VOD
$37.3B
| $1.2M | ﹤0.01% |
112,220
+45,869
| +69% | +$444K |
|
2094
KB Financial Group
KB
$42.4B
| $1.19M | ﹤0.01% |
14,448
+8,895
| +160% | +$601K |
|
2095
Grindr
GRND
$2.73B
| $1.19M | ﹤0.01% |
52,411
-35,723
| -41% | -$784K |
|
2096
Trupanion
TRUP
$1.4B
| $1.19M | ﹤0.01% |
21,465
+1,795
| +9% | +$79.5K |
|
2097
Vanguard Russell 2000 ETF
VTWO
$17.2B
| $1.19M | ﹤0.01% |
13,593
+3,467
| +34% | +$282K |
|
2098
Movado Group
MOV
$777M
| $1.18M | ﹤0.01% |
77,511
-52,235
| -40% | -$798K |
|
|
ZIMV
2099
DELISTED
ZimVie
ZIMV
| $1.18M | ﹤0.01% |
126,235
+22,415
| +22% | +$205K |
|
2100
Vanguard Tax-Exempt Bond Index Fund
VTEB
$45.8B
| $1.18M | ﹤0.01% |
24,062
-101,873
| -81% | -$4.98M |
|
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.