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 |
TWTR
Twitter, Inc.
TWTR
|
+$331M |
| 2 |
United Airlines
UAL
|
+$312M |
| 3 |
PepsiCo
PEP
|
+$271M |
| 4 |
Delta Air Lines
DAL
|
+$263M |
| 5 |
Qualcomm
QCOM
|
+$185M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Microsoft
MSFT
|
+$451M |
| 2 |
Amazon
AMZN
|
+$348M |
| 3 |
Merck
MRK
|
+$337M |
| 4 |
IQVIA
IQV
|
+$313M |
| 5 |
Adobe
ADBE
|
+$291M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 20.32% |
| 2 | Healthcare | 13.51% |
| 3 | Financials | 12.81% |
| 4 | Consumer Discretionary | 12.31% |
| 5 | Industrials | 11.62% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
201
Simon Property Group
SPG
$70.6B
| $108M | 0.13% |
694,103
-11,300
| -2% | -$1.76M |
|
202
Lear
LEA
$8.56B
| $106M | 0.13% |
906,196
+161,471
| +22% | +$19.6M |
|
203
ExxonMobil
XOM
$679B
| $106M | 0.13% |
1,502,711
+139,857
| +10% | +$10.1M |
|
|
MBT
204
DELISTED
Mobile TeleSystems Public Joint Stock Company American Depositary Shares (Each representing 2 Shares
MBT
| $106M | 0.12% |
13,035,989
-2,990,676
| -19% | -$24.5M |
|
205
Molson Coors Class B
TAP
$8.01B
| $105M | 0.12% |
1,819,372
+505,564
| +38% | +$27.4M |
|
206
Valero Energy
VLO
$100B
| $103M | 0.12% |
1,213,764
-960,753
| -44% | -$77.7M |
|
207
H&R Block
HRB
$6.62B
| $102M | 0.12% |
4,348,015
+1,468,432
| +51% | +$38.9M |
|
208
Goldman Sachs
GS
$303B
| $102M | 0.12% |
493,516
+88,473
| +22% | +$18.5M |
|
209
ConocoPhillips
COP
$162B
| $102M | 0.12% |
1,793,514
-3,208,210
| -64% | -$183M |
|
210
Sempra
SRE
$54.2B
| $101M | 0.12% |
1,373,978
+5,704
| +0.4% | +$399K |
|
211
Henry Schein
HSIC
$9.86B
| $99.9M | 0.12% |
1,586,013
+658,632
| +71% | +$42.6M |
|
212
PVH
PVH
$3.62B
| $98.3M | 0.12% |
1,119,895
+498,467
| +80% | +$41.6M |
|
213
Chubb
CB
$132B
| $98M | 0.12% |
607,080
+155,177
| +34% | +$24M |
|
214
Broadcom
AVGO
$1.75T
| $97.7M | 0.12% |
3,577,950
+1,312,860
| +58% | +$37.3M |
|
|
CELG
215
DELISTED
Celgene Corp
CELG
| $97.4M | 0.11% |
980,971
-54,567
| -5% | -$5.18M |
|
216
Vishay Intertechnology
VSH
$4.85B
| $97.2M | 0.11% |
5,740,839
+1,181,458
| +26% | +$19.4M |
|
|
WBA
217
DELISTED
Walgreens Boots Alliance
WBA
| $95.9M | 0.11% |
1,744,405
+1,009,542
| +137% | +$54.1M |
|
218
3M
MMM
$92.3B
| $94.5M | 0.11% |
687,577
-279,311
| -29% | -$39M |
|
219
Duke Energy
DUK
$93.4B
| $93.7M | 0.11% |
977,975
+102,924
| +12% | +$9.37M |
|
220
Crown Castle
CCI
$32.1B
| $93.5M | 0.11% |
672,747
-72,647
| -10% | -$10M |
|
221
Booz Allen Hamilton
BAH
$9.27B
| $93M | 0.11% |
1,309,030
+296,037
| +29% | +$21M |
|
222
Incyte
INCY
$25.9B
| $92.4M | 0.11% |
1,251,345
+255,541
| +26% | +$20.7M |
|
223
T-Mobile US
TMUS
$196B
| $91.9M | 0.11% |
1,178,489
+109,665
| +10% | +$8.59M |
|
|
CMA
224
DELISTED
Comerica
CMA
| $91.3M | 0.11% |
1,383,064
+1,057,034
| +324% | +$70M |
|
225
AGCO
AGCO
$7.48B
| $90.9M | 0.11% |
1,201,296
+330,597
| +38% | +$24.3M |
|
Similar funds
Cliff Asness's Q3 2019 Portfolio in Review
As of Q3 2019, Cliff Asness held 2,249 positions worth $84.9B, down 5.3% from $89.6B the previous quarter. Its ten largest holdings account for 12% of the portfolio.
Cliff Asness withdrew a net $5.22B in Q3 2019, closing 142 positions and reducing 943 holdings. Its most notable exit was Anadarko Petroleum, an estimated $36.4M position sold in full.
By sector, the portfolio is most concentrated in Technology at 20% of assets, down from 21% a quarter earlier, followed by Healthcare and Financials.
Against the trend, Cliff Asness opened a new position in American Airlines Group worth $67.8M.
- Cliff Asness's largest Q3 2019 buy was American Airlines Group: 2,515,260 shares worth $67.8M.
- Cliff Asness added most to Twitter, Inc. in Q3 2019, an estimated $331M increase.
- Cliff Asness's biggest Q3 2019 reduction was Microsoft, cutting an estimated $451M.
- Cliff Asness fully exited Anadarko Petroleum in Q3 2019, selling an estimated $36.4M.
- Cliff Asness's ten largest holdings make up 12% of its $84.9B portfolio in Q3 2019.
- Cliff Asness opened 193 new positions and closed 142 in Q3 2019.
- Cliff Asness's portfolio value fell 5.3% quarter-over-quarter to $84.9B.
Based on AQR Capital Management's 13F filing for Q3 2019, filed 14 Nov 2019.