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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
+6.57%
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
$47.8B
AUM Growth
+$11.4B
Cap. Flow
+$7.61B
Cap. Flow %
15.94%
Top 10 Hldgs %
9.33%
Holding
2,816
New
319
Increased
937
Reduced
1,037
Closed
310

Top Buys

Rank Stock Value
1
LYB icon
LyondellBasell Industries
LYB
+$320M
2
GILD icon
Gilead Sciences
GILD
+$266M
3
SPY icon
State Street SPDR S&P 500 ETF Trust
SPY
+$213M
4
TEL icon
TE Connectivity
TEL
+$179M
5
MRK icon
Merck
MRK
+$179M

Top Sells

Rank Stock Value
1
SHPG
Shire pic
SHPG
+$211M
2
CNVR
CONVERSANT INC COM STK (DE)
CNVR
+$117M
3
EOG icon
EOG Resources
EOG
+$106M
4
CNQR
CONCUR TECHNOLOGIES INC
CNQR
+$102M
5
CPWR
COMPUWARE CORP
CPWR
+$99.8M

Sector Composition

Rank Sector Weight
1 Healthcare 15.47%
2 Technology 14.75%
3 Financials 11.98%
4 Industrials 9.42%
5 Consumer Discretionary 7.87%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GLPI icon
2451
Gaming and Leisure Properties
GLPI
$12.7B
– –
-580,167
Closed -$17.9M
GOGO icon
2452
Gogo Inc
GOGO
$363M
– –
-50,600
Closed -$853K
GTLS
2453
DELISTED
Chart Industries
GTLS
– –
-38,775
Closed -$2.37M
HLIO icon
2454
Helios Technologies
HLIO
$2.51B
– –
-11,100
Closed -$417K
HOLX
2455
DELISTED
Hologic
HOLX
– –
-12,100
Closed -$294K
HSII
2456
DELISTED
Heidrick & Struggles
HSII
– –
-15,704
Closed -$323K
IIM icon
2457
Invesco Value Municipal Income Trust
IIM
$586M
– –
-30,181
Closed -$458K
IMNN icon
2458
Imunon
IMNN
$9.2M
– –
-4
Closed -$34K
INSM icon
2459
Insmed
INSM
$27.5B
– –
-31,090
Closed -$406K
IPAR icon
2460
Interparfums
IPAR
$3.7B
– –
-10,970
Closed -$302K
JAKK icon
2461
Jakks Pacific
JAKK
$292M
– –
-1,683
Closed -$119K
KELYA icon
2462
Kelly Services Class A
KELYA
$594M
– –
-10,437
Closed -$164K
TBHC
2463
DELISTED
The Brand House Collective
TBHC
– –
-18,627
Closed -$300K
KLIC icon
2464
Kulicke & Soffa
KLIC
$4.49B
– –
-10,735
Closed -$153K
KMPR icon
2465
Kemper
KMPR
$1.59B
– –
-7,146
Closed -$244K
KMT icon
2466
Kennametal
KMT
$2.28B
– –
-7,700
Closed -$318K
KOP icon
2467
Koppers
KOP
$855M
– –
-21,117
Closed -$700K
LGND icon
2468
Ligand Pharmaceuticals
LGND
$5.71B
– –
-32,985
Closed -$967K
LSTA icon
2469
Lisata Therapeutics
LSTA
$14M
– –
-259
Closed -$215K
MCHX icon
2470
Marchex
MCHX
$79.4M
– –
-56,647
Closed -$235K
MFA
2471
MFA Financial
MFA
$901M
– –
-8,079
Closed -$251K
MFIN icon
2472
Medallion Financial
MFIN
$268M
– –
-12,995
Closed -$152K
MG icon
2473
Mistras Group
MG
$604M
– –
-12,500
Closed -$255K
MMSI icon
2474
Merit Medical Systems
MMSI
$5.42B
– –
-16,990
Closed -$202K
CALY
2475
Callaway Golf Company
CALY
$2.84B
– –
-13,558
Closed -$98K
97 98
99
100 101

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Cliff Asness's Q4 2014 Portfolio in Review

As of Q4 2014, Cliff Asness held 2,816 positions worth $47.8B, up 31% from $36.4B the previous quarter. Its ten largest holdings account for 9.3% of the portfolio.

Cliff Asness deployed $7.61B of net new capital in Q4 2014, opening 319 new positions and adding to 937 existing holdings. Its largest new stake was LyondellBasell Industries: 3,695,296 shares worth $293M.

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

On the sell side, the largest reduction was EOG Resources, an estimated $106M trimmed.

  • Cliff Asness's largest Q4 2014 buy was LyondellBasell Industries: 3,695,296 shares worth $293M.
  • Cliff Asness added most to Gilead Sciences in Q4 2014, an estimated $266M increase.
  • Cliff Asness's biggest Q4 2014 reduction was EOG Resources, cutting an estimated $106M.
  • Cliff Asness fully exited Shire pic in Q4 2014, selling an estimated $211M.
  • Cliff Asness's ten largest holdings make up 9.3% of its $47.8B portfolio in Q4 2014.
  • Cliff Asness opened 319 new positions and closed 310 in Q4 2014.
  • Cliff Asness's portfolio value rose 31% quarter-over-quarter to $47.8B.

Based on AQR Capital Management's 13F filing for Q4 2014, filed 17 Feb 2015.