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 |
Meta Platforms (Facebook)
META
|
+$511M |
| 2 |
Oracle
ORCL
|
+$454M |
| 3 |
Western Digital
WDC
|
+$438M |
| 4 |
LyondellBasell Industries
LYB
|
+$278M |
| 5 |
CELG
Celgene Corp
CELG
|
+$268M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
AET
Aetna Inc
AET
|
+$265M |
| 2 |
PG&E
PCG
|
+$220M |
| 3 |
General Motors
GM
|
+$192M |
| 4 |
Regions Financial
RF
|
+$174M |
| 5 |
STI
SunTrust Banks, Inc.
STI
|
+$157M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 17.91% |
| 2 | Healthcare | 14.95% |
| 3 | Financials | 14.41% |
| 4 | Industrials | 13.09% |
| 5 | Consumer Discretionary | 13% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Apple
AAPL
$4.51T
| $1.29B | 1.36% |
30,559,308
+2,370,800
| +8% | +$99.1M |
|
2
Microsoft
MSFT
$3.59T
| $1.24B | 1.3% |
14,536,249
+1,146,614
| +9% | +$94.1M |
|
|
3
Meta Platforms (Facebook)
META
$1.4T
| $1.22B | 1.28% |
6,911,016
+2,892,074
| +72% | +$511M |
|
|
4
LyondellBasell Industries
LYB
$21.8B
| $1.09B | 1.14% |
9,876,035
+2,678,212
| +37% | +$278M |
|
5
Boeing
BA
$169B
| $921M | 0.97% |
3,123,383
+623,532
| +25% | +$169M |
|
6
Gilead Sciences
GILD
$181B
| $905M | 0.95% |
12,632,789
+516,486
| +4% | +$39.2M |
|
7
Alphabet (Google) Class A
GOOGL
$4.22T
| $893M | 0.94% |
16,956,220
+3,499,780
| +26% | +$181M |
|
|
8
Western Digital
WDC
$166B
| $850M | 0.89% |
14,146,713
+6,805,050
| +93% | +$438M |
|
9
eBay
EBAY
$46.3B
| $838M | 0.88% |
22,200,698
+3,427,446
| +18% | +$127M |
|
10
Micron Technology
MU
$1.09T
| $801M | 0.84% |
19,467,659
+2,613,634
| +16% | +$113M |
|
|
11
Oracle
ORCL
$422B
| $789M | 0.83% |
16,691,570
+9,255,944
| +124% | +$454M |
|
12
Elevance Health
ELV
$86.9B
| $777M | 0.82% |
3,455,124
+249,472
| +8% | +$53.1M |
|
13
Walmart Inc
WMT
$825B
| $777M | 0.82% |
23,606,811
-4,817,919
| -17% | -$147M |
|
14
Johnson & Johnson
JNJ
$651B
| $755M | 0.79% |
5,403,413
+469,417
| +10% | +$65.4M |
|
15
Allstate
ALL
$64.2B
| $746M | 0.78% |
7,128,248
+109,282
| +2% | +$10.8M |
|
16
JPMorgan Chase
JPM
$935B
| $739M | 0.78% |
6,910,314
-158,942
| -2% | -$16.1M |
|
17
Amazon
AMZN
$2.79T
| $728M | 0.76% |
12,455,420
+3,804,160
| +44% | +$209M |
|
18
Intel
INTC
$476B
| $719M | 0.75% |
15,574,318
-3,463,958
| -18% | -$151M |
|
19
Pfizer
PFE
$160B
| $691M | 0.73% |
20,120,824
-1,864,636
| -8% | -$63.6M |
|
20
Alibaba
BABA
$286B
| $672M | 0.7% |
3,894,951
-27,548
| -0.7% | -$4.94M |
|
21
Humana
HUM
$45.5B
| $653M | 0.69% |
2,632,125
+327,882
| +14% | +$81M |
|
22
TSMC
TSM
$2.17T
| $637M | 0.67% |
16,056,169
+1,615,559
| +11% | +$65.5M |
|
23
Walt Disney
DIS
$186B
| $635M | 0.67% |
5,905,318
-316,061
| -5% | -$32.6M |
|
24
Best Buy
BBY
$18.1B
| $635M | 0.67% |
9,271,753
+410,479
| +5% | +$24.3M |
|
25
Amgen
AMGN
$238B
| $633M | 0.66% |
3,641,930
+714,906
| +24% | +$127M |
|
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Cliff Asness's Q4 2017 Portfolio in Review
As of Q4 2017, Cliff Asness held 2,349 positions worth $95.3B, up 14% from $83.8B the previous quarter. Its ten largest holdings account for 11% of the portfolio.
Cliff Asness deployed $6.3B of net new capital in Q4 2017, opening 115 new positions and adding to 1,048 existing holdings. Its largest new stake was Whiting Petroleum Corporation: 19,680 shares worth $39.1M.
By sector, the portfolio is most concentrated in Technology at 18% of assets, up from 16% a quarter earlier, followed by Healthcare and Financials.
On the sell side, the largest reduction was Aetna Inc, an estimated $265M trimmed.
- Cliff Asness's largest Q4 2017 buy was Whiting Petroleum Corporation: 19,680 shares worth $39.1M.
- Cliff Asness added most to Meta Platforms (Facebook) in Q4 2017, an estimated $511M increase.
- Cliff Asness's biggest Q4 2017 reduction was Aetna Inc, cutting an estimated $265M.
- Cliff Asness fully exited Micro Focus International plc. American Depositary Shares, each representing One Ordinary Share in Q4 2017, selling an estimated $69.6M.
- Cliff Asness's ten largest holdings make up 11% of its $95.3B portfolio in Q4 2017.
- Cliff Asness opened 115 new positions and closed 134 in Q4 2017.
- Cliff Asness's portfolio value rose 14% quarter-over-quarter to $95.3B.
Based on AQR Capital Management's 13F filing for Q4 2017, filed 14 Feb 2018.