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 |
Atlassian
TEAM
|
+$905M |
| 2 |
Bristol-Myers Squibb
BMY
|
+$786M |
| 3 |
NVIDIA
NVDA
|
+$736M |
| 4 |
Centene
CNC
|
+$642M |
| 5 |
Apple
AAPL
|
+$451M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Molina Healthcare
MOH
|
+$415M |
| 2 |
Intel
INTC
|
+$329M |
| 3 |
General Motors
GM
|
+$237M |
| 4 |
DoorDash
DASH
|
+$225M |
| 5 |
Intuit
INTU
|
+$187M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 23.3% |
| 2 | Financials | 15.19% |
| 3 | Healthcare | 12.58% |
| 4 | Consumer Discretionary | 12.42% |
| 5 | Industrials | 12.23% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
201
Pfizer
PFE
$160B
| $245M | 0.13% |
9,819,833
+314,218
| +3% | +$7.92M |
|
202
American Electric Power
AEP
$65.8B
| $244M | 0.13% |
2,117,381
-468,224
| -18% | -$55.3M |
|
203
Ecolab
ECL
$78.9B
| $244M | 0.13% |
929,547
+146,677
| +19% | +$39.1M |
|
|
GAP
204
The Gap Inc
GAP
$7.13B
| $244M | 0.13% |
9,512,802
+144,124
| +2% | +$3.49M |
|
205
MongoDB
MDB
$34.7B
| $242M | 0.13% |
576,229
-2,496
| -0.4% | -$908K |
|
206
Johnson Controls International
JCI
$86.7B
| $239M | 0.13% |
1,994,256
-236,285
| -11% | -$27.1M |
|
207
General Mills
GIS
$21.4B
| $238M | 0.12% |
5,117,287
+4,019,319
| +366% | +$191M |
|
208
Equinix
EQIX
$105B
| $238M | 0.12% |
310,171
+114,288
| +58% | +$89.6M |
|
209
Kinder Morgan
KMI
$69B
| $237M | 0.12% |
8,639,319
+2,070,237
| +32% | +$55.9M |
|
210
American International
AIG
$39.8B
| $237M | 0.12% |
2,774,979
-68,481
| -2% | -$5.48M |
|
211
UnitedHealth
UNH
$350B
| $237M | 0.12% |
716,907
-428,673
| -37% | -$145M |
|
212
Northern Trust
NTRS
$33.6B
| $235M | 0.12% |
1,723,516
+703,985
| +69% | +$92.4M |
|
213
Seagate
STX
$193B
| $235M | 0.12% |
852,472
+138,187
| +19% | +$35.9M |
|
214
Teleflex
TFX
$5.88B
| $234M | 0.12% |
1,923,208
-442,923
| -19% | -$53.7M |
|
215
Invesco
IVZ
$14.1B
| $233M | 0.12% |
8,882,863
-936,136
| -10% | -$22.9M |
|
216
Qualcomm
QCOM
$169B
| $233M | 0.12% |
1,361,652
+461,275
| +51% | +$79.1M |
|
|
SCHW
217
Charles Schwab
SCHW
$194B
| $232M | 0.12% |
2,325,949
-757,780
| -25% | -$71.9M |
|
218
MSCI
MSCI
$41B
| $232M | 0.12% |
404,566
-116,998
| -22% | -$65.6M |
|
219
Howmet Aerospace
HWM
$108B
| $232M | 0.12% |
1,131,188
-96,985
| -8% | -$19.3M |
|
220
Ventas
VTR
$47.7B
| $231M | 0.12% |
2,982,633
+769,955
| +35% | +$58.1M |
|
221
Leidos
LDOS
$17.7B
| $231M | 0.12% |
1,278,844
-272,703
| -18% | -$51.7M |
|
222
Lincoln Electric
LECO
$15.4B
| $230M | 0.12% |
961,732
+234,783
| +32% | +$55.6M |
|
223
Becton Dickinson
BDX
$52.3B
| $230M | 0.12% |
1,186,943
+153,083
| +15% | +$29.1M |
|
224
Bath & Body Works
BBWI
$3.92B
| $230M | 0.12% |
11,445,928
+6,523,960
| +133% | +$144M |
|
|
P
225
Everpure Inc
P
$36.1B
| $229M | 0.12% |
3,414,715
+1,315,351
| +63% | +$110M |
|
Similar funds
Cliff Asness's Q4 2025 Portfolio in Review
As of Q4 2025, Cliff Asness held 3,667 positions worth $191B, up 22% from $156B the previous quarter. Its ten largest holdings account for 12% of the portfolio.
Cliff Asness deployed $29.9B of net new capital in Q4 2025, opening 211 new positions and adding to 2,098 existing holdings. Its largest new stake was Celestica: 1,066,543 shares worth $315M.
By sector, the portfolio is most concentrated in Technology at 23% of assets, down from 25% a quarter earlier, followed by Financials and Healthcare.
On the sell side, the largest reduction was Molina Healthcare, an estimated $415M trimmed.
- Cliff Asness's largest Q4 2025 buy was Celestica: 1,066,543 shares worth $315M.
- Cliff Asness added most to Atlassian in Q4 2025, an estimated $905M increase.
- Cliff Asness's biggest Q4 2025 reduction was Molina Healthcare, cutting an estimated $415M.
- Cliff Asness fully exited Light & Wonder in Q4 2025, selling an estimated $70.7M.
- Cliff Asness's ten largest holdings make up 12% of its $191B portfolio in Q4 2025.
- Cliff Asness opened 211 new positions and closed 105 in Q4 2025.
- Cliff Asness's portfolio value rose 22% quarter-over-quarter to $191B.
Based on AQR Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.