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 |
Western Digital
WDC
|
+$358M |
| 2 |
Walt Disney
DIS
|
+$340M |
| 3 |
General Motors
GM
|
+$324M |
| 4 |
Meta Platforms (Facebook)
META
|
+$272M |
| 5 |
Gilead Sciences
GILD
|
+$259M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
HP
HPQ
|
+$216M |
| 2 |
UnitedHealth
UNH
|
+$181M |
| 3 |
Tyson Foods
TSN
|
+$179M |
| 4 |
LLL
L3 Technologies, Inc.
LLL
|
+$154M |
| 5 |
Applied Materials
AMAT
|
+$151M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 16.49% |
| 2 | Technology | 16.15% |
| 3 | Healthcare | 15.12% |
| 4 | Industrials | 13.44% |
| 5 | Consumer Discretionary | 12.88% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Apple
AAPL
$5.16T
| $1.09B | 1.3% |
28,188,508
+434,944
| +2% | +$16.9M |
2013 Q2
17 quarters
|
|
2
Microsoft
MSFT
$3.88T
| $997M | 1.19% |
13,389,635
+5,247
| +0% | +$383K |
2013 Q2
17 quarters
|
|
|
3
Gilead Sciences
GILD
$208B
| $982M | 1.17% |
12,116,303
+3,384,623
| +39% | +$259M |
2013 Q2
17 quarters
|
|
4
Walmart Inc
WMT
$1T
| $745M | 0.89% |
28,424,730
+327,357
| +1% | +$8.59M |
2013 Q2
17 quarters
|
|
5
Pfizer
PFE
$164B
| $745M | 0.89% |
21,985,460
+6,563,146
| +43% | +$211M |
2013 Q2
17 quarters
|
|
6
Intel
INTC
$325B
| $725M | 0.87% |
19,038,276
+5,292,188
| +38% | +$188M |
2013 Q2
17 quarters
|
|
7
Merck
MRK
$362B
| $724M | 0.86% |
11,851,796
+3,134,810
| +36% | +$190M |
2013 Q2
17 quarters
|
|
8
eBay
EBAY
$52.7B
| $722M | 0.86% |
18,773,252
-148,988
| -0.8% | -$5.42M |
2013 Q2
17 quarters
|
|
9
LyondellBasell Industries
LYB
$20.6B
| $714M | 0.85% |
7,197,823
+2,862,808
| +66% | +$258M |
2014 Q4
11 quarters
|
|
|
10
Meta Platforms (Facebook)
META
$1.59T
| $687M | 0.82% |
4,018,942
+1,630,298
| +68% | +$272M |
2013 Q3
16 quarters
|
|
11
Alibaba
BABA
$235B
| $677M | 0.81% |
3,922,499
+38,240
| +1% | +$6.2M |
2015 Q4
7 quarters
|
|
12
JPMorgan Chase
JPM
$910B
| $675M | 0.81% |
7,069,256
+189,513
| +3% | +$17.5M |
2013 Q2
17 quarters
|
|
13
Micron Technology
MU
$903B
| $663M | 0.79% |
16,854,025
+7,756,475
| +85% | +$245M |
2013 Q2
17 quarters
|
|
14
Alphabet (Google) Class A
GOOGL
$3.67T
| $655M | 0.78% |
13,456,440
+2,225,160
| +20% | +$106M |
2015 Q4
7 quarters
|
|
15
Allstate
ALL
$66B
| $645M | 0.77% |
7,018,966
+618,232
| +10% | +$56.2M |
2013 Q2
17 quarters
|
|
|
16
General Motors
GM
$72.8B
| $644M | 0.77% |
15,882,466
+8,874,720
| +127% | +$324M |
2013 Q2
17 quarters
|
|
17
Johnson & Johnson
JNJ
$683B
| $641M | 0.77% |
4,933,996
+19,782
| +0.4% | +$2.62M |
2013 Q2
17 quarters
|
|
18
Boeing
BA
$136B
| $635M | 0.76% |
2,499,851
-32,720
| -1% | -$7.63M |
2013 Q2
17 quarters
|
|
|
19
Walt Disney
DIS
$204B
| $613M | 0.73% |
6,221,379
+3,308,901
| +114% | +$340M |
2013 Q2
17 quarters
|
|
20
Elevance Health
ELV
$92.9B
| $609M | 0.73% |
3,205,652
+137,122
| +4% | +$26.1M |
2013 Q2
17 quarters
|
|
21
Biogen
BIIB
$37B
| $585M | 0.7% |
1,869,661
+565,002
| +43% | +$167M |
2013 Q2
17 quarters
|
|
22
Humana
HUM
$53.3B
| $561M | 0.67% |
2,304,243
+754,619
| +49% | +$185M |
2013 Q2
17 quarters
|
|
23
Amgen
AMGN
$253B
| $546M | 0.65% |
2,927,024
+1,389,028
| +90% | +$246M |
2013 Q2
17 quarters
|
|
24
TSMC
TSM
$2.1T
| $542M | 0.65% |
14,440,610
+1,041,699
| +8% | +$38M |
2013 Q2
17 quarters
|
|
25
Best Buy
BBY
$21.7B
| $505M | 0.6% |
8,861,274
+3,765,234
| +74% | +$216M |
2013 Q2
17 quarters
|
|
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Cliff Asness's Q3 2017 Portfolio in Review
As of Q3 2017, Cliff Asness held 2,363 positions worth $83.8B, up 11% from $75.6B the previous quarter. Its ten largest holdings account for 9.7% of the portfolio.
Cliff Asness deployed $4.02B of net new capital in Q3 2017, opening 175 new positions and adding to 947 existing holdings. Its largest new stake was Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share: 1,803,127 shares worth $69.6M.
By sector, the portfolio is most concentrated in Financials at 16% of assets, down from 17% a quarter earlier, followed by Technology and Healthcare.
On the sell side, the largest reduction was HP, an estimated $216M trimmed.
- Cliff Asness's largest Q3 2017 buy was Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share: 1,803,127 shares worth $69.6M.
- Cliff Asness added most to Western Digital in Q3 2017, an estimated $358M increase.
- Cliff Asness's biggest Q3 2017 reduction was HP, cutting an estimated $216M.
- Cliff Asness fully exited Invesco QQQ Trust in Q3 2017, selling an estimated $98.7M.
- Cliff Asness's ten largest holdings make up 9.7% of its $83.8B portfolio in Q3 2017.
- Cliff Asness opened 175 new positions and closed 129 in Q3 2017.
- Cliff Asness's portfolio value rose 11% quarter-over-quarter to $83.8B.
Based on AQR Capital Management's 13F filing for Q3 2017, filed 14 Nov 2017.