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 |
Monster Beverage
MNST
|
+$345M |
| 2 |
PNC Financial Services
PNC
|
+$325M |
| 3 |
Edison International
EIX
|
+$249M |
| 4 |
Veeva Systems
VEEV
|
+$241M |
| 5 |
Expedia Group
EXPE
|
+$239M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
ConocoPhillips
COP
|
+$300M |
| 2 |
Comcast
CMCSA
|
+$255M |
| 3 |
Airbnb
ABNB
|
+$201M |
| 4 |
Alnylam Pharmaceuticals
ALNY
|
+$177M |
| 5 |
Eli Lilly
LLY
|
+$171M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 25% |
| 2 | Financials | 15.05% |
| 3 | Consumer Discretionary | 12.44% |
| 4 | Healthcare | 12.08% |
| 5 | Industrials | 11.95% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
NVIDIA
NVDA
$5.2T
| $3.07B | 2.54% |
19,624,757
+419,994
| +2% | +$52.9M |
|
2
Microsoft
MSFT
$3.59T
| $2.27B | 1.88% |
4,563,843
+28,701
| +0.6% | +$12.5M |
|
3
Apple
AAPL
$4.51T
| $2.05B | 1.69% |
10,199,877
-48,623
| -0.5% | -$9.82M |
|
4
Amazon
AMZN
$2.79T
| $1.22B | 1.01% |
5,566,656
-409,321
| -7% | -$81M |
|
5
Broadcom
AVGO
$1.75T
| $1.06B | 0.88% |
3,877,709
+455,851
| +13% | +$99M |
|
6
Meta Platforms (Facebook)
META
$1.4T
| $1.04B | 0.86% |
1,406,937
-246,950
| -15% | -$153M |
|
7
Roblox
RBLX
$27.4B
| $948M | 0.78% |
9,032,411
+261,984
| +3% | +$20.6M |
|
8
VeriSign
VRSN
$25.5B
| $894M | 0.74% |
3,097,003
+767,363
| +33% | +$208M |
|
9
Arista Networks
ANET
$238B
| $893M | 0.74% |
8,742,112
+1,022,303
| +13% | +$88.5M |
|
10
Snowflake
SNOW
$115B
| $802M | 0.66% |
3,584,128
+412,493
| +13% | +$74.6M |
|
11
GE Aerospace
GE
$361B
| $791M | 0.65% |
3,087,318
-593,777
| -16% | -$130M |
|
12
Booking.com
BKNG
$158B
| $779M | 0.64% |
3,410,450
-444,700
| -12% | -$91.1M |
|
13
Johnson & Johnson
JNJ
$651B
| $729M | 0.6% |
4,795,489
-470,221
| -9% | -$72.3M |
|
14
Merck
MRK
$376B
| $690M | 0.57% |
8,787,272
+1,029,454
| +13% | +$81.8M |
|
15
General Motors
GM
$77.2B
| $665M | 0.55% |
13,503,858
+33,600
| +0.2% | +$1.59M |
|
16
CME Group
CME
$98.9B
| $655M | 0.54% |
2,392,180
-391,579
| -14% | -$106M |
|
17
Adobe
ADBE
$109B
| $645M | 0.53% |
1,667,046
+34,257
| +2% | +$13.2M |
|
18
DoorDash
DASH
$96.8B
| $643M | 0.53% |
2,633,971
+797,849
| +43% | +$160M |
|
19
Fortinet
FTNT
$113B
| $634M | 0.52% |
6,053,669
+82,021
| +1% | +$8.28M |
|
|
20
PNC Financial Services
PNC
$97B
| $622M | 0.51% |
3,338,964
+1,917,530
| +135% | +$325M |
|
21
McKesson
MCK
$100B
| $621M | 0.51% |
855,699
-99,011
| -10% | -$69.9M |
|
22
Philip Morris
PM
$293B
| $613M | 0.51% |
3,379,196
+376,980
| +13% | +$64.7M |
|
23
Costco
COST
$420B
| $596M | 0.49% |
602,948
+163,855
| +37% | +$163M |
|
24
Incyte
INCY
$25.9B
| $559M | 0.46% |
8,201,455
+1,465,286
| +22% | +$92.8M |
|
25
Alphabet (Google) Class C
GOOG
$4.18T
| $551M | 0.46% |
3,108,391
-195,359
| -6% | -$32.3M |
|
Similar funds
Cliff Asness's Q2 2025 Portfolio in Review
As of Q2 2025, Cliff Asness held 3,434 positions worth $121B, up 25% from $97.1B the previous quarter. Its ten largest holdings account for 12% of the portfolio.
Cliff Asness deployed $14B of net new capital in Q2 2025, opening 284 new positions and adding to 1,844 existing holdings. Its largest new stake was Reddit: 531,663 shares worth $80.1M.
By sector, the portfolio is most concentrated in Technology at 25% of assets, up from 22% a quarter earlier, followed by Financials and Consumer Discretionary.
On the sell side, the largest reduction was ConocoPhillips, an estimated $300M trimmed.
- Cliff Asness's largest Q2 2025 buy was Reddit: 531,663 shares worth $80.1M.
- Cliff Asness added most to Monster Beverage in Q2 2025, an estimated $345M increase.
- Cliff Asness's biggest Q2 2025 reduction was ConocoPhillips, cutting an estimated $300M.
- Cliff Asness fully exited Discover Financial Services in Q2 2025, selling an estimated $36.3M.
- Cliff Asness's ten largest holdings make up 12% of its $121B portfolio in Q2 2025.
- Cliff Asness opened 284 new positions and closed 142 in Q2 2025.
- Cliff Asness's portfolio value rose 25% quarter-over-quarter to $121B.
Based on AQR Capital Management's 13F filing for Q2 2025, filed 14 Aug 2025.