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 |
Tesla
TSLA
|
+$119M |
| 2 |
Valero Energy
VLO
|
+$117M |
| 3 |
Chevron
CVX
|
+$89.6M |
| 4 |
Booking.com
BKNG
|
+$88.5M |
| 5 |
Mastercard
MA
|
+$85.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Allstate
ALL
|
+$109M |
| 2 |
Moderna
MRNA
|
+$105M |
| 3 |
Goldman Sachs
GS
|
+$97.9M |
| 4 |
Lennar Class A
LEN
|
+$81M |
| 5 |
Emerson Electric
EMR
|
+$78.1M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 19.9% |
| 2 | Healthcare | 15.52% |
| 3 | Financials | 11.66% |
| 4 | Consumer Discretionary | 11.48% |
| 5 | Industrials | 11.43% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Apple
AAPL
$4.51T
| $1.38B | 3.36% |
9,964,218
+111,248
| +1% | +$17.5M |
|
2
Microsoft
MSFT
$3.59T
| $1.11B | 2.7% |
4,748,900
+55,958
| +1% | +$14.8M |
|
3
Alphabet (Google) Class A
GOOGL
$4.22T
| $519M | 1.26% |
5,424,804
-329,776
| -6% | -$36.6M |
|
4
TSMC
TSM
$2.17T
| $493M | 1.2% |
7,184,465
+366,334
| +5% | +$30.3M |
|
5
Pfizer
PFE
$160B
| $468M | 1.14% |
10,685,282
+120,527
| +1% | +$5.86M |
|
6
Amazon
AMZN
$2.79T
| $422M | 1.03% |
3,734,602
+199,984
| +6% | +$25.3M |
|
|
7
Tesla
TSLA
$1.43T
| $382M | 0.93% |
1,439,766
+426,918
| +42% | +$119M |
|
8
ExxonMobil
XOM
$679B
| $380M | 0.93% |
4,352,292
-57,231
| -1% | -$5.23M |
|
9
CVS Health
CVS
$119B
| $366M | 0.89% |
3,834,385
+460,004
| +14% | +$45.5M |
|
10
Meta Platforms (Facebook)
META
$1.4T
| $357M | 0.87% |
2,631,103
-107,120
| -4% | -$17.4M |
|
11
Gilead Sciences
GILD
$181B
| $340M | 0.83% |
5,513,252
-582,541
| -10% | -$36.7M |
|
12
Merck
MRK
$376B
| $338M | 0.82% |
3,926,972
-188,449
| -5% | -$16.8M |
|
13
Cisco
CSCO
$438B
| $336M | 0.82% |
8,391,917
+1,485,459
| +22% | +$65.9M |
|
14
Johnson & Johnson
JNJ
$651B
| $326M | 0.8% |
1,997,176
-100,513
| -5% | -$17M |
|
15
PepsiCo
PEP
$196B
| $324M | 0.79% |
1,982,201
-62,581
| -3% | -$10.8M |
|
16
Procter & Gamble
PG
$336B
| $315M | 0.77% |
2,494,139
-151,942
| -6% | -$21.6M |
|
|
17
Alphabet (Google) Class C
GOOG
$4.18T
| $298M | 0.73% |
3,095,855
-186,385
| -6% | -$20.8M |
|
18
Regeneron Pharmaceuticals
REGN
$85.9B
| $296M | 0.72% |
430,301
-120,115
| -22% | -$75.6M |
|
19
UnitedHealth
UNH
$350B
| $295M | 0.72% |
583,721
-16,576
| -3% | -$8.72M |
|
20
Coca-Cola
KO
$392B
| $294M | 0.72% |
5,242,301
+1,260,648
| +32% | +$78.4M |
|
21
Tyson Foods
TSN
$20.6B
| $271M | 0.66% |
4,110,616
+864,202
| +27% | +$68.3M |
|
22
LyondellBasell Industries
LYB
$21.8B
| $265M | 0.65% |
3,524,556
+990,576
| +39% | +$83.7M |
|
|
23
Chevron
CVX
$403B
| $244M | 0.59% |
1,698,329
+587,523
| +53% | +$89.6M |
|
24
Berkshire Hathaway Class B
BRK.B
$1.06T
| $225M | 0.55% |
841,287
-28,409
| -3% | -$8.08M |
|
25
Arrow Electronics
ARW
$10.7B
| $208M | 0.51% |
2,251,137
-216,025
| -9% | -$23.6M |
|
Similar funds
Cliff Asness's Q3 2022 Portfolio in Review
As of Q3 2022, Cliff Asness held 2,407 positions worth $41B, down 7.3% from $44.2B the previous quarter. Its ten largest holdings account for 14% of the portfolio.
Cliff Asness's Q3 2022 filing shows 233 new, 1,091 increased, 839 reduced and 232 closed positions. Its largest new stake was Applovin: 596,316 shares worth $11.6M. The largest sale was Allstate, an estimated $109M.
By sector, the portfolio is most concentrated in Technology at 20% of assets, down from 20% a quarter earlier, followed by Healthcare and Financials.
- Cliff Asness's largest Q3 2022 buy was Applovin: 596,316 shares worth $11.6M.
- Cliff Asness added most to Tesla in Q3 2022, an estimated $119M increase.
- Cliff Asness's biggest Q3 2022 reduction was Allstate, cutting an estimated $109M.
- Cliff Asness fully exited Baidu in Q3 2022, selling an estimated $31.3M.
- Cliff Asness's ten largest holdings make up 14% of its $41B portfolio in Q3 2022.
- Cliff Asness opened 233 new positions and closed 232 in Q3 2022.
- Cliff Asness's portfolio value fell 7.3% quarter-over-quarter to $41B.
Based on AQR Capital Management's 13F filing for Q3 2022, filed 14 Nov 2022.