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 |
UnitedHealth
UNH
|
+$239M |
| 2 |
Valero Energy
VLO
|
+$171M |
| 3 |
Goldman Sachs
GS
|
+$159M |
| 4 |
Southwest Airlines
LUV
|
+$158M |
| 5 |
Allstate
ALL
|
+$151M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AbbVie
ABBV
|
+$213M |
| 2 |
BRCM
BROADCOM CORP CL-A
BRCM
|
+$213M |
| 3 |
Humana
HUM
|
+$162M |
| 4 |
PRE
PARTNERRE LTD
PRE
|
+$115M |
| 5 |
PPG Industries
PPG
|
+$98.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Healthcare | 17.05% |
| 2 | Technology | 16.19% |
| 3 | Financials | 14.39% |
| 4 | Consumer Discretionary | 11.86% |
| 5 | Industrials | 10.23% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Apple
AAPL
$4.51T
| $955M | 1.89% |
30,445,512
+2,873,132
| +10% | +$91.9M |
|
2
Microsoft
MSFT
$3.59T
| $567M | 1.12% |
12,840,076
-379,842
| -3% | -$17.3M |
|
|
3
Valero Energy
VLO
$100B
| $514M | 1.02% |
8,210,309
+2,892,979
| +54% | +$171M |
|
4
CVS Health
CVS
$119B
| $504M | 1% |
4,802,386
+942,476
| +24% | +$96.3M |
|
5
Gilead Sciences
GILD
$181B
| $490M | 0.97% |
4,181,688
+67,030
| +2% | +$7.32M |
|
|
6
UnitedHealth
UNH
$350B
| $489M | 0.97% |
4,008,004
+2,019,920
| +102% | +$239M |
|
7
Pfizer
PFE
$160B
| $478M | 0.95% |
15,031,498
+1,394,978
| +10% | +$45.5M |
|
8
Wells Fargo
WFC
$254B
| $461M | 0.91% |
8,192,037
+1,421,777
| +21% | +$79.3M |
|
9
Johnson & Johnson
JNJ
$651B
| $444M | 0.88% |
4,555,113
+85,850
| +2% | +$8.6M |
|
10
Merck
MRK
$376B
| $431M | 0.86% |
7,940,431
+89,748
| +1% | +$5.03M |
|
|
AET
11
DELISTED
Aetna Inc
AET
| $423M | 0.84% |
3,315,099
+191,560
| +6% | +$21.9M |
|
12
Biogen
BIIB
$32B
| $403M | 0.8% |
996,444
+162,199
| +19% | +$65.1M |
|
13
Amgen
AMGN
$238B
| $394M | 0.78% |
2,563,604
+751,701
| +41% | +$120M |
|
14
Northrop Grumman
NOC
$78.3B
| $392M | 0.78% |
2,469,299
+359,480
| +17% | +$57.6M |
|
15
HP
HPQ
$27.2B
| $383M | 0.76% |
28,128,110
+4,908,866
| +21% | +$72.9M |
|
16
Elevance Health
ELV
$86.9B
| $379M | 0.75% |
2,310,125
+338,964
| +17% | +$54.2M |
|
17
Archer Daniels Midland
ADM
$38.7B
| $375M | 0.74% |
7,766,903
+669,771
| +9% | +$33.8M |
|
18
Marathon Petroleum
MPC
$101B
| $369M | 0.73% |
7,057,916
+1,894,120
| +37% | +$96.4M |
|
19
Intel
INTC
$476B
| $361M | 0.72% |
11,877,354
+1,913,332
| +19% | +$61.9M |
|
20
LyondellBasell Industries
LYB
$21.8B
| $359M | 0.71% |
3,471,884
-22,874
| -0.7% | -$2.3M |
|
21
Home Depot
HD
$335B
| $345M | 0.68% |
3,101,602
+327,995
| +12% | +$36.7M |
|
22
Edwards Lifesciences
EW
$51.8B
| $342M | 0.68% |
14,414,910
+2,808,384
| +24% | +$63.4M |
|
23
JPMorgan Chase
JPM
$935B
| $339M | 0.67% |
4,996,987
+1,266,778
| +34% | +$82.7M |
|
24
Cisco
CSCO
$438B
| $329M | 0.65% |
11,963,759
+2,622,835
| +28% | +$75.2M |
|
|
25
Southwest Airlines
LUV
$19.8B
| $320M | 0.63% |
9,673,317
+4,049,674
| +72% | +$158M |
|
Similar funds
Cliff Asness's Q2 2015 Portfolio in Review
As of Q2 2015, Cliff Asness held 2,337 positions worth $50.4B, up 15% from $43.8B the previous quarter. Its ten largest holdings account for 11% of the portfolio.
Cliff Asness deployed $7.39B of net new capital in Q2 2015, opening 201 new positions and adding to 1,161 existing holdings. Its largest new stake was Darden Restaurants: 1,233,952 shares worth $78.4M.
By sector, the portfolio is most concentrated in Healthcare at 17% of assets, down from 17% a quarter earlier, followed by Technology and Financials.
On the sell side, the largest reduction was AbbVie, an estimated $213M trimmed.
- Cliff Asness's largest Q2 2015 buy was Darden Restaurants: 1,233,952 shares worth $78.4M.
- Cliff Asness added most to UnitedHealth in Q2 2015, an estimated $239M increase.
- Cliff Asness's biggest Q2 2015 reduction was AbbVie, cutting an estimated $213M.
- Cliff Asness fully exited AOL INC COMMON STOCK in Q2 2015, selling an estimated $17.6M.
- Cliff Asness's ten largest holdings make up 11% of its $50.4B portfolio in Q2 2015.
- Cliff Asness opened 201 new positions and closed 126 in Q2 2015.
- Cliff Asness's portfolio value rose 15% quarter-over-quarter to $50.4B.
Based on AQR Capital Management's 13F filing for Q2 2015, filed 14 Aug 2015.