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 |
Arista Networks
ANET
|
+$474M |
| 2 |
Snowflake
SNOW
|
+$418M |
| 3 |
General Motors
GM
|
+$395M |
| 4 |
Roblox
RBLX
|
+$378M |
| 5 |
Adobe
ADBE
|
+$377M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
SMAR
Smartsheet Inc.
SMAR
|
+$173M |
| 2 |
Progressive
PGR
|
+$158M |
| 3 |
Robinhood
HOOD
|
+$155M |
| 4 |
AbbVie
ABBV
|
+$131M |
| 5 |
Lennar Class A
LEN
|
+$115M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 22.11% |
| 2 | Financials | 16.12% |
| 3 | Healthcare | 13.87% |
| 4 | Consumer Discretionary | 11.39% |
| 5 | Industrials | 11.37% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Apple
AAPL
$4.51T
| $2.23B | 2.29% |
10,248,500
-87,136
| -0.8% | -$20.2M |
|
2
NVIDIA
NVDA
$5.2T
| $2.01B | 2.07% |
19,204,763
+2,892,402
| +18% | +$367M |
|
3
Microsoft
MSFT
$3.59T
| $1.68B | 1.73% |
4,535,142
+324,772
| +8% | +$132M |
|
4
Amazon
AMZN
$2.79T
| $1.11B | 1.14% |
5,975,977
+591,572
| +11% | +$128M |
|
5
Meta Platforms (Facebook)
META
$1.4T
| $927M | 0.96% |
1,653,887
+5,774
| +0.4% | +$3.73M |
|
6
Johnson & Johnson
JNJ
$651B
| $873M | 0.9% |
5,265,710
+1,793,075
| +52% | +$281M |
|
7
CME Group
CME
$98.9B
| $736M | 0.76% |
2,783,759
+260,065
| +10% | +$64.2M |
|
8
GE Aerospace
GE
$361B
| $725M | 0.75% |
3,681,095
-3,359
| -0.1% | -$661K |
|
9
Booking.com
BKNG
$158B
| $695M | 0.72% |
3,855,150
+1,706,075
| +79% | +$326M |
|
10
Merck
MRK
$376B
| $691M | 0.71% |
7,757,818
+2,380,066
| +44% | +$222M |
|
11
Centene
CNC
$32.1B
| $670M | 0.69% |
11,049,494
+3,306,796
| +43% | +$200M |
|
12
McKesson
MCK
$100B
| $643M | 0.66% |
954,710
+32,530
| +4% | +$20.1M |
|
|
13
General Motors
GM
$77.2B
| $629M | 0.65% |
13,470,258
+8,012,743
| +147% | +$395M |
|
|
14
Adobe
ADBE
$109B
| $616M | 0.64% |
1,632,789
+880,134
| +117% | +$377M |
|
15
VeriSign
VRSN
$25.5B
| $586M | 0.6% |
2,329,640
+1,002,510
| +76% | +$228M |
|
|
16
Arista Networks
ANET
$238B
| $584M | 0.6% |
7,719,809
+4,678,372
| +154% | +$474M |
|
17
Fortinet
FTNT
$113B
| $561M | 0.58% |
5,971,648
+1,733,670
| +41% | +$176M |
|
18
Broadcom
AVGO
$1.75T
| $556M | 0.57% |
3,421,858
+573,027
| +20% | +$121M |
|
19
Berkshire Hathaway Class B
BRK.B
$1.06T
| $549M | 0.57% |
1,029,920
+226,455
| +28% | +$110M |
|
20
Comcast
CMCSA
$95.3B
| $538M | 0.55% |
14,716,987
+2,346,574
| +19% | +$84.7M |
|
21
Zoom
ZM
$31.5B
| $537M | 0.55% |
7,406,223
-132,521
| -2% | -$10.6M |
|
22
AT&T
T
$173B
| $529M | 0.54% |
18,694,708
+802,028
| +4% | +$20.2M |
|
23
Alphabet (Google) Class C
GOOG
$4.18T
| $516M | 0.53% |
3,303,750
+384,312
| +13% | +$70.4M |
|
|
24
Roblox
RBLX
$27.4B
| $504M | 0.52% |
8,770,427
+6,007,322
| +217% | +$378M |
|
25
Airbnb
ABNB
$110B
| $501M | 0.52% |
4,282,523
+1,916,676
| +81% | +$257M |
|
Similar funds
Cliff Asness's Q1 2025 Portfolio in Review
As of Q1 2025, Cliff Asness held 3,234 positions worth $97.1B, up 25% from $77.6B the previous quarter. Its ten largest holdings account for 12% of the portfolio.
Cliff Asness deployed $24.4B of net new capital in Q1 2025, opening 374 new positions and adding to 1,828 existing holdings. Its largest new stake was Millrose Properties Inc: 1,839,302 shares worth $48.4M.
By sector, the portfolio is most concentrated in Technology at 22% of assets, down from 25% a quarter earlier, followed by Financials and Healthcare.
On the sell side, the largest reduction was Progressive, an estimated $158M trimmed.
- Cliff Asness's largest Q1 2025 buy was Millrose Properties Inc: 1,839,302 shares worth $48.4M.
- Cliff Asness added most to Arista Networks in Q1 2025, an estimated $474M increase.
- Cliff Asness's biggest Q1 2025 reduction was Progressive, cutting an estimated $158M.
- Cliff Asness fully exited Smartsheet Inc. in Q1 2025, selling an estimated $173M.
- Cliff Asness's ten largest holdings make up 12% of its $97.1B portfolio in Q1 2025.
- Cliff Asness opened 374 new positions and closed 84 in Q1 2025.
- Cliff Asness's portfolio value rose 25% quarter-over-quarter to $97.1B.
Based on AQR Capital Management's 13F filing for Q1 2025, filed 15 May 2025.