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 | |
|---|---|---|---|---|---|---|
2326
Vitamin Cottage Natural Grocers
NGVC
$634M
| $1.48M | ﹤0.01% |
59,191
-14,828
| -20% | -$475K |
|
2327
RBB Bancorp
RBB
$447M
| $1.48M | ﹤0.01% |
71,787
+6,805
| +10% | +$134K |
|
2328
Ionis Pharmaceuticals
IONS
$10.5B
| $1.48M | ﹤0.01% |
18,762
+11,947
| +175% | +$900K |
|
2329
iShares 1-3 Year Treasury Bond ETF
SHY
$25.4B
| $1.48M | ﹤0.01% |
+17,813
| New | +$1.48M |
|
2330
Vital Farms
VITL
$473M
| $1.47M | ﹤0.01% |
46,073
+4,487
| +11% | +$158K |
|
2331
Schwab Fundamental US Broad Market Index ETF
FNDB
$1.49B
| $1.47M | ﹤0.01% |
55,344
+38,959
| +238% | +$1.02M |
|
2332
Avantis Real Estate ETF
AVRE
$887M
| $1.47M | ﹤0.01% |
33,766
+331
| +1% | +$14.6K |
|
|
NXRT
2333
NexPoint Residential Trust
NXRT
$625M
| $1.47M | ﹤0.01% |
48,758
-1,442
| -3% | -$44.2K |
|
2334
Wingstop
WING
$3.15B
| $1.46M | ﹤0.01% |
6,140
-236,353
| -97% | -$58.5M |
|
2335
Titan Machinery
TITN
$442M
| $1.46M | ﹤0.01% |
97,289
+58,900
| +153% | +$948K |
|
2336
Conduent
CNDT
$250M
| $1.46M | ﹤0.01% |
761,986
-561,940
| -42% | -$1.23M |
|
2337
NovaGold Resources
NG
$4.27B
| $1.46M | ﹤0.01% |
156,185
+66,504
| +74% | +$617K |
|
|
INN
2338
Summit Hotel Properties
INN
$661M
| $1.45M | ﹤0.01% |
297,863
-10,532
| -3% | -$55.1K |
|
2339
City Holding Co
CHCO
$2.03B
| $1.45M | ﹤0.01% |
12,128
+333
| +3% | +$40.5K |
|
2340
Arrow Financial
AROW
$706M
| $1.44M | ﹤0.01% |
45,987
+13,192
| +40% | +$390K |
|
2341
Prime Medicine
PRME
$642M
| $1.44M | ﹤0.01% |
415,821
+1,610
| +0.4% | +$7.16K |
|
2342
DNOW Inc
DNOW
$2.82B
| $1.44M | ﹤0.01% |
108,711
-117,721
| -52% | -$1.65M |
|
2343
Oscar Health
OSCR
$9.66B
| $1.44M | ﹤0.01% |
100,228
-6,799
| -6% | -$118K |
|
2344
iShares MSCI Emerging Markets ex China ETF
EMXC
$24.9B
| $1.43M | ﹤0.01% |
19,686
+4,709
| +31% | +$334K |
|
|
BFS
2345
Saul Centers
BFS
$839M
| $1.43M | ﹤0.01% |
45,354
+4,571
| +11% | +$140K |
|
|
SII
2346
Sprott
SII
$3.55B
| $1.43M | ﹤0.01% |
+14,567
| New | +$1.29M |
|
2347
iShares MSCI Intl Momentum Factor ETF
IMTM
$4.32B
| $1.43M | ﹤0.01% |
29,743
+6,749
| +29% | +$323K |
|
2348
Merchants Bancorp
MBIN
$2.47B
| $1.43M | ﹤0.01% |
41,872
+7,738
| +23% | +$254K |
|
2349
Oric Pharmaceuticals
ORIC
$1.44B
| $1.43M | ﹤0.01% |
174,279
+2,354
| +1% | +$27.1K |
|
2350
Ginkgo Bioworks
DNA
$499M
| $1.42M | ﹤0.01% |
170,555
+19,860
| +13% | +$214K |
|
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.