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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
+1.59%
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
$36.4B
AUM Growth
-$720M
Cap. Flow
-$2.61B
Cap. Flow %
-7.18%
Top 10 Hldgs %
9.35%
Holding
2,708
New
200
Increased
858
Reduced
1,062
Closed
203

Top Buys

Rank Stock Value
1
SHPG
Shire pic
SHPG
+$147M
2
GILD icon
Gilead Sciences
GILD
+$127M
3
INTC icon
Intel
INTC
+$114M
4
LO
LORILLARD INC COM STK
LO
+$113M
5
TWX
Time Warner Inc
TWX
+$112M

Top Sells

Rank Stock Value
1
FRX
FOREST LABORATORIES INC
FRX
+$243M
2
WNR
Western Refining Inc
WNR
+$148M
3
UNS
UNS ENERGY CORP COM
UNS
+$123M
4
HSH
HILLSHIRE BRANDS CO
HSH
+$118M
5
CELG
Celgene Corp
CELG
+$106M

Sector Composition

Rank Sector Weight
1 Healthcare 14.66%
2 Technology 13.5%
3 Energy 10.11%
4 Financials 9.6%
5 Industrials 9.29%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
EVM
2426
DELISTED
Eaton Vance California Municipal Bond Fund
EVM
– –
-69,428
Closed -$804K
EXC icon
2427
Exelon
EXC
$45.1B
– –
-77,957
Closed -$2.03M
EZPW icon
2428
Ezcorp Inc
EZPW
$1.98B
– –
-11,716
Closed -$135K
FBIO icon
2429
Fortress Biotech
FBIO
$95.7M
– –
-1,907
Closed -$49K
FCFS icon
2430
FirstCash
FCFS
$9.77B
– –
-3,728
Closed -$215K
FCO
2431
DELISTED
abrdn Global Income Fund
FCO
– –
-23,976
Closed -$287K
FFA
2432
First Trust Enhanced Equity Income Fund
FFA
$463M
– –
-48,336
Closed -$699K
FHI icon
2433
Federated Hermes
FHI
$4.76B
– –
-8,174
Closed -$253K
FRME icon
2434
First Merchants
FRME
$2.64B
– –
-12,927
Closed -$273K
FSP
2435
Franklin Street Properties
FSP
$45.2M
– –
-30,795
Closed -$387K
GAM
2436
General American Investors Company
GAM
$1.61B
– –
-5,483
Closed -$202K
GRX
2437
Gabelli Healthcare & Wellness Trust
GRX
$150M
– –
-15,443
Closed -$159K
HASI icon
2438
Hannon Armstrong Sustainable Infrastructure Capital
HASI
$5.07B
– –
-12,300
Closed -$176K
HEQ
2439
John Hancock Hedged Equity & Income Fund
HEQ
$143M
– –
-36,866
Closed -$684K
HFWA icon
2440
Heritage Financial
HFWA
$1.19B
– –
-119,608
Closed -$1.92M
HRTX icon
2441
Heron Therapeutics
HRTX
$60.4M
– –
-75,000
Closed -$924K
HSTM icon
2442
HealthStream
HSTM
$844M
– –
-9,455
Closed -$230K
IBP icon
2443
Installed Building Products
IBP
$6.56B
– –
-109,064
Closed -$1.34M
IDE
2444
Voya Infrastructure, Industrials and Materials Fund
IDE
$201M
– –
-22,288
Closed -$414K
IGD
2445
Voya Global Equity Dividend and Premium Opportunity Fund
IGD
$517M
– –
-76,410
Closed -$741K
IGI
2446
Western Asset Investment Grade Defined Opportunity Trust
IGI
$95.7M
– –
-14,563
Closed -$310K
IRBT
2447
DELISTED
iRobot
IRBT
– –
-12,494
Closed -$512K
KMI icon
2448
Kinder Morgan
KMI
$69B
– –
-47,900
Closed -$1.74M
KMX icon
2449
CarMax
KMX
$8.82B
– –
-12,700
Closed -$661K
LNW
2450
DELISTED
Light & Wonder
LNW
– –
-33,655
Closed -$374K
96 97
98
99 100

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Cliff Asness's Q3 2014 Portfolio in Review

As of Q3 2014, Cliff Asness held 2,708 positions worth $36.4B, down 1.9% from $37.1B the previous quarter. Its ten largest holdings account for 9.4% of the portfolio.

Cliff Asness withdrew a net $2.61B in Q3 2014, closing 203 positions and reducing 1,062 holdings. Its most notable exit was FOREST LABORATORIES INC, an estimated $243M position sold in full.

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

Against the trend, Cliff Asness opened a new position in BALLY TECHNOLOGIES, INC. worth $80.5M.

  • Cliff Asness's largest Q3 2014 buy was BALLY TECHNOLOGIES, INC.: 997,907 shares worth $80.5M.
  • Cliff Asness added most to Shire pic in Q3 2014, an estimated $147M increase.
  • Cliff Asness's biggest Q3 2014 reduction was Western Refining Inc, cutting an estimated $148M.
  • Cliff Asness fully exited FOREST LABORATORIES INC in Q3 2014, selling an estimated $243M.
  • Cliff Asness's ten largest holdings make up 9.4% of its $36.4B portfolio in Q3 2014.
  • Cliff Asness opened 200 new positions and closed 203 in Q3 2014.
  • Cliff Asness's portfolio value fell 1.9% quarter-over-quarter to $36.4B.

Based on AQR Capital Management's 13F filing for Q3 2014, filed 14 Nov 2014.