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 | |
|---|---|---|---|---|---|---|
2226
State Street SPDR Portfolio Corporate Bond ETF
SPBO
$2.15B
| $1.39M | ﹤0.01% |
46,893
+16,495
| +54% | +$483K |
|
2227
Gorman-Rupp
GRC
$2.03B
| $1.39M | ﹤0.01% |
29,870
+9,835
| +49% | +$408K |
|
2228
Amprius Technologies
AMPX
$1.49B
| $1.38M | ﹤0.01% |
131,511
+51,509
| +64% | +$405K |
|
2229
Banco Santander Chile
BSAC
$17B
| $1.38M | ﹤0.01% |
52,049
-123,686
| -70% | -$3.03M |
|
2230
Valvoline
VVV
$4.2B
| $1.38M | ﹤0.01% |
38,393
-166,623
| -81% | -$6.36M |
|
2231
Xerox
XRX
$387M
| $1.38M | ﹤0.01% |
365,964
-20,482
| -5% | -$90.5K |
|
2232
Covenant Logistics
CVLG
$890M
| $1.37M | ﹤0.01% |
63,445
-2,846
| -4% | -$68K |
|
|
ECHO
2233
EchoStar
ECHO
$25.1B
| $1.37M | ﹤0.01% |
18,165
+3,201
| +21% | +$145K |
|
2234
AST SpaceMobile
ASTS
$18.6B
| $1.37M | ﹤0.01% |
27,946
-1,608
| -5% | -$77.5K |
|
2235
Fox Factory Holding Corp
FOXF
$892M
| $1.36M | ﹤0.01% |
56,149
+19,897
| +55% | +$560K |
|
2236
KRONOS Worldwide
KRO
$1.03B
| $1.36M | ﹤0.01% |
237,213
+157,547
| +198% | +$954K |
|
2237
Smith & Wesson
SWBI
$606M
| $1.36M | ﹤0.01% |
138,497
+73,019
| +112% | +$623K |
|
2238
Ecovyst
ECVT
$1.11B
| $1.36M | ﹤0.01% |
155,142
+87,042
| +128% | +$767K |
|
2239
PRA Group
PRAA
$741M
| $1.36M | ﹤0.01% |
87,911
+69,792
| +385% | +$1.13M |
|
2240
AerSale
ASLE
$268M
| $1.36M | ﹤0.01% |
165,554
+74,816
| +82% | +$563K |
|
|
GOLD
2241
Gold.com Inc
GOLD
$1.36B
| $1.35M | ﹤0.01% |
52,312
-8,691
| -14% | -$206K |
|
2242
Neogen
NEOG
$2.54B
| $1.35M | ﹤0.01% |
236,112
+6,311
| +3% | +$33.7K |
|
2243
MillerKnoll
MLKN
$1.58B
| $1.35M | ﹤0.01% |
75,969
+1,633
| +2% | +$33K |
|
2244
Blue Owl Capital
OWL
$18.4B
| $1.35M | ﹤0.01% |
79,575
+2,698
| +4% | +$51.3K |
|
2245
VanEck Semiconductor ETF
SMH
$65.9B
| $1.35M | ﹤0.01% |
4,128
+665
| +19% | +$197K |
|
2246
Wabash National
WNC
$506M
| $1.35M | ﹤0.01% |
136,289
-14,971
| -10% | -$160K |
|
2247
CoreCivic
CXW
$3.28B
| $1.34M | ﹤0.01% |
65,803
+18,791
| +40% | +$389K |
|
2248
U-Haul Holding Co Series N
UHAL.B
$11.9B
| $1.34M | ﹤0.01% |
26,231
+5,578
| +27% | +$297K |
|
2249
iShares Russell Mid-Cap Value ETF
IWS
$15.9B
| $1.33M | ﹤0.01% |
9,557
+2,371
| +33% | +$324K |
|
|
MOFG
2250
DELISTED
MidWestOne Financial Group
MOFG
| $1.33M | ﹤0.01% |
47,107
-14,330
| -23% | -$418K |
|
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.