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CA

Cliff Asness AQR Capital Management

AUM $287B
1-Year Est. Return 42.33%
 

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.

This Fund
S&P 500
This Quarter Est. Return
+3.38%
1 Year Est. Return
+42.33%
3 Year Est. Return
+119.89%
5 Year Est. Return
+147.33%
10 Year Est. Return
+543.74%
AUM
$43.8B
AUM Growth
-$4B
Cap. Flow
-$2.6B
Cap. Flow %
-5.95%
Top 10 Hldgs %
10.61%
Holding
2,617
New
198
Increased
927
Reduced
931
Closed
480

Top Buys

Rank Stock Value
1
MSFT icon
Microsoft
MSFT
+$168M
2
ABBV icon
AbbVie
ABBV
+$164M
3
TSM icon
TSMC
TSM
+$147M
4
AMGN icon
Amgen
AMGN
+$139M
5
WMT icon
Walmart Inc
WMT
+$121M

Top Sells

Rank Stock Value
1
TWC
TIME WARNER CABLE INC NEW COM STK
TWC
+$186M
2
AGN
Allergan Inc
AGN
+$175M
3
COV
COVIDIEN PLC COM SHS NEW (IRELAND)
COV
+$175M
4
HCBK
HUDSON CITY BANCORP INC
HCBK
+$172M
5
TQNT
TRIQUINT SEMICONDUCTOR INC
TQNT
+$164M

Sector Composition

Rank Sector Weight
1 Healthcare 17.2%
2 Technology 17.16%
3 Financials 12.6%
4 Consumer Discretionary 10.65%
5 Industrials 10.5%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
STWD icon
2301
Starwood Property Trust
STWD
$6.06B
– –
-31,256
Closed -$726K
SWBI icon
2302
Smith & Wesson
SWBI
$632M
– –
-20,854
Closed -$152K
SXC icon
2303
SunCoke Energy
SXC
$822M
– –
-41,234
Closed -$797K
SYF icon
2304
Synchrony
SYF
$25.9B
– –
-393,658
Closed -$11.7M
TBPH icon
2305
Theravance Biopharma
TBPH
$883M
– –
-15,236
Closed -$227K
TEVA icon
2306
Teva Pharmaceuticals
TEVA
$43.5B
– –
-206,919
Closed -$11.9M
THR
2307
DELISTED
Thermon Group Holdings
THR
– –
-8,517
Closed -$206K
TNXP icon
2308
Tonix Pharmaceuticals
TNXP
$215M
– –
0
– -$89K
TU icon
2309
Telus
TU
$15.6B
– –
-62,200
Closed -$1.13M
URG
2310
Ur-Energy
URG
$565M
– –
-18,800
Closed -$16K
USA icon
2311
Liberty All-Star Equity Fund
USA
$1.85B
– –
-345,726
Closed -$2.07M
UUUU icon
2312
Energy Fuels
UUUU
$3.78B
– –
-16,000
Closed -$99K
VBF icon
2313
Invesco Bond Fund
VBF
$167M
– –
-52,116
Closed -$959K
VCV icon
2314
Invesco California Value Municipal Income Trust
VCV
$516M
– –
-27,787
Closed -$357K
VECO icon
2315
Veeco
VECO
$2.93B
– –
-10,000
Closed -$349K
VGM icon
2316
Invesco Trust Investment Grade Municipals
VGM
$559M
– –
-111,548
Closed -$1.48M
VKI icon
2317
Invesco Advantage Municipal Income Trust II
VKI
$391M
– –
-87,487
Closed -$1.01M
VKQ icon
2318
Invesco Municipal Trust
VKQ
$537M
– –
-126,805
Closed -$1.6M
VMO icon
2319
Invesco Municipal Opportunity Trust
VMO
$653M
– –
-144,709
Closed -$1.86M
VNDA icon
2320
Vanda Pharmaceuticals
VNDA
$319M
– –
-12,413
Closed -$178K
VRTS icon
2321
Virtus Investment Partners
VRTS
$1.12B
– –
-1,449
Closed -$247K
VTN icon
2322
Invesco Trust for Investment Grade New York Municipals
VTN
$157M
– –
-14,600
Closed -$200K
VTOL icon
2323
Bristow Group
VTOL
$1.34B
– –
-61,457
Closed -$2.6M
WEX icon
2324
WEX
WEX
$6.81B
– –
-4,500
Closed -$445K
WNC icon
2325
Wabash National
WNC
$490M
– –
-26,357
Closed -$326K
91 92
93
94 95

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Cliff Asness's Q1 2015 Portfolio in Review

As of Q1 2015, Cliff Asness held 2,617 positions worth $43.8B, down 8.4% from $47.8B the previous quarter. Its ten largest holdings account for 11% of the portfolio.

Cliff Asness withdrew a net $2.6B in Q1 2015, closing 480 positions and reducing 931 holdings. Its most notable exit was Allergan Inc, an estimated $175M position sold in full.

By sector, the portfolio is most concentrated in Healthcare at 17% of assets, up from 15% a quarter earlier, followed by Technology and Financials.

Against the trend, Cliff Asness opened a new position in Qorvo worth $68.6M.

  • Cliff Asness's largest Q1 2015 buy was Qorvo: 860,877 shares worth $68.6M.
  • Cliff Asness added most to Microsoft in Q1 2015, an estimated $168M increase.
  • Cliff Asness's biggest Q1 2015 reduction was TIME WARNER CABLE INC NEW COM STK, cutting an estimated $186M.
  • Cliff Asness fully exited Allergan Inc in Q1 2015, selling an estimated $175M.
  • Cliff Asness's ten largest holdings make up 11% of its $43.8B portfolio in Q1 2015.
  • Cliff Asness opened 198 new positions and closed 480 in Q1 2015.
  • Cliff Asness's portfolio value fell 8.4% quarter-over-quarter to $43.8B.

Based on AQR Capital Management's 13F filing for Q1 2015, filed 15 May 2015.