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 |
Verizon
VZ
|
+$145M |
| 2 |
American Electric Power
AEP
|
+$145M |
| 3 |
AT&T
T
|
+$126M |
| 4 |
ANDV
Andeavor
ANDV
|
+$120M |
| 5 |
Tyson Foods
TSN
|
+$117M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Pfizer
PFE
|
+$282M |
| 2 |
AET
Aetna Inc
AET
|
+$185M |
| 3 |
KeyCorp
KEY
|
+$162M |
| 4 |
EA
Electronic Arts
EA
|
+$159M |
| 5 |
Biogen
BIIB
|
+$139M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 15.29% |
| 2 | Financials | 14.6% |
| 3 | Consumer Discretionary | 13.62% |
| 4 | Industrials | 12.44% |
| 5 | Healthcare | 11.5% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
SPLS
201
DELISTED
Staples Inc
SPLS
| $81.4M | 0.15% |
7,378,188
-2,552,989
| -26% | -$24M |
|
|
JNPR
202
DELISTED
Juniper Networks
JNPR
| $81M | 0.15% |
3,173,766
-319,659
| -9% | -$7.99M |
|
|
BIG
203
DELISTED
Big Lots, Inc.
BIG
| $80.3M | 0.14% |
1,774,016
+196,596
| +12% | +$7.88M |
|
204
Wipro
WIT
$18.7B
| $80M | 0.14% |
33,936,640
+3,573,600
| +12% | +$7.79M |
|
205
Estee Lauder
EL
$36.9B
| $79.6M | 0.14% |
843,603
+190,741
| +29% | +$17M |
|
206
Zoetis
ZTS
$32.1B
| $78.4M | 0.14% |
1,768,659
-3,016,816
| -63% | -$128M |
|
207
Bank of Montreal
BMO
$122B
| $78.2M | 0.14% |
1,281,916
+177,183
| +16% | +$9.71M |
|
208
Hilton Worldwide
HLT
$73.5B
| $77.2M | 0.14% |
1,143,039
+664,259
| +139% | +$39.5M |
|
209
Scotiabank
BNS
$107B
| $76.5M | 0.14% |
1,592,302
-158,982
| -9% | -$6.51M |
|
210
Molina Healthcare
MOH
$10.5B
| $76.3M | 0.14% |
1,182,843
-44,471
| -4% | -$2.64M |
|
211
Clorox
CLX
$12.9B
| $75.3M | 0.14% |
597,121
-69,146
| -10% | -$8.79M |
|
212
Church & Dwight Co
CHD
$23.4B
| $75M | 0.14% |
1,627,874
+156,740
| +11% | +$6.84M |
|
213
Broadridge
BR
$20.8B
| $74.9M | 0.13% |
1,263,087
-31,857
| -2% | -$1.74M |
|
|
214
Biogen
BIIB
$32B
| $74.9M | 0.13% |
287,696
-525,397
| -65% | -$139M |
|
215
Royal Bank of Canada
RY
$285B
| $74.7M | 0.13% |
1,291,824
-302,788
| -19% | -$15.7M |
|
216
Crown Holdings
CCK
$13B
| $74.7M | 0.13% |
1,506,066
+179,277
| +14% | +$8.41M |
|
217
Walt Disney
DIS
$186B
| $73.6M | 0.13% |
741,070
-32,635
| -4% | -$3.15M |
|
218
Commercial Metals
CMC
$7.34B
| $72.2M | 0.13% |
4,256,289
+1,600,369
| +60% | +$23.5M |
|
|
TWX
219
DELISTED
Time Warner Inc
TWX
| $71.9M | 0.13% |
991,633
+393,241
| +66% | +$27.1M |
|
220
Charles River Laboratories
CRL
$14.1B
| $71.7M | 0.13% |
944,463
+107,096
| +13% | +$7.93M |
|
221
NVIDIA
NVDA
$5.2T
| $70.9M | 0.13% |
79,601,200
-48,380,760
| -38% | -$36.9M |
|
222
American Tower
AMT
$81.9B
| $70.6M | 0.13% |
689,738
+26,786
| +4% | +$2.5M |
|
223
Booking.com
BKNG
$158B
| $69.9M | 0.13% |
1,355,925
+622,500
| +85% | +$29.8M |
|
224
AutoZone
AZO
$48.3B
| $69.9M | 0.13% |
87,684
-8,828
| -9% | -$6.68M |
|
|
MDVN
225
DELISTED
MEDIVATION, INC.
MDVN
| $69.2M | 0.12% |
1,505,118
-1,721,073
| -53% | -$62.4M |
|
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Cliff Asness's Q1 2016 Portfolio in Review
As of Q1 2016, Cliff Asness held 2,396 positions worth $55.6B, down 2.7% from $57.1B the previous quarter. Its ten largest holdings account for 8.6% of the portfolio.
Cliff Asness withdrew a net $1.96B in Q1 2016, closing 192 positions and reducing 924 holdings. Its most notable exit was Broadcom, an estimated $82.9M position sold in full.
By sector, the portfolio is most concentrated in Technology at 15% of assets, up from 15% a quarter earlier, followed by Financials and Consumer Discretionary.
Against the trend, Cliff Asness opened a new position in CONCHO RESOURCES INC. worth $18.5M.
- Cliff Asness's largest Q1 2016 buy was CONCHO RESOURCES INC.: 182,889 shares worth $18.5M.
- Cliff Asness added most to Verizon in Q1 2016, an estimated $145M increase.
- Cliff Asness's biggest Q1 2016 reduction was Pfizer, cutting an estimated $282M.
- Cliff Asness fully exited Broadcom in Q1 2016, selling an estimated $82.9M.
- Cliff Asness's ten largest holdings make up 8.6% of its $55.6B portfolio in Q1 2016.
- Cliff Asness opened 159 new positions and closed 192 in Q1 2016.
- Cliff Asness's portfolio value fell 2.7% quarter-over-quarter to $55.6B.
Based on AQR Capital Management's 13F filing for Q1 2016, filed 16 May 2016.