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 |
Microsoft
MSFT
|
+$854M |
| 2 |
Walmart Inc
WMT
|
+$758M |
| 3 |
NVIDIA
NVDA
|
+$464M |
| 4 |
PepsiCo
PEP
|
+$462M |
| 5 |
FedEx
FDX
|
+$396M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Fortinet
FTNT
|
+$332M |
| 2 |
Arista Networks
ANET
|
+$319M |
| 3 |
DoorDash
DASH
|
+$252M |
| 4 |
Monster Beverage
MNST
|
+$227M |
| 5 |
Costco
COST
|
+$216M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 24.74% |
| 2 | Financials | 14.8% |
| 3 | Industrials | 12.12% |
| 4 | Healthcare | 11.96% |
| 5 | Consumer Discretionary | 11.91% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
NVIDIA
NVDA
$5.2T
| $4.09B | 2.62% |
22,286,618
+2,661,861
| +14% | +$464M |
|
|
2
Microsoft
MSFT
$3.59T
| $3.2B | 2.05% |
6,238,411
+1,674,568
| +37% | +$854M |
|
3
Apple
AAPL
$4.51T
| $2.76B | 1.77% |
10,820,122
+620,245
| +6% | +$140M |
|
4
Amazon
AMZN
$2.79T
| $1.53B | 0.98% |
7,003,479
+1,436,823
| +26% | +$325M |
|
5
Broadcom
AVGO
$1.75T
| $1.4B | 0.9% |
4,293,106
+415,397
| +11% | +$127M |
|
6
Roblox
RBLX
$27.4B
| $1.31B | 0.84% |
9,697,538
+665,127
| +7% | +$82.7M |
|
7
Meta Platforms (Facebook)
META
$1.4T
| $1.26B | 0.81% |
1,732,762
+325,825
| +23% | +$243M |
|
|
8
Walmart Inc
WMT
$825B
| $1.2B | 0.77% |
11,663,172
+7,614,172
| +188% | +$758M |
|
9
Alphabet (Google) Class A
GOOGL
$4.22T
| $992M | 0.64% |
4,120,727
+1,044,228
| +34% | +$219M |
|
10
VeriSign
VRSN
$25.5B
| $985M | 0.63% |
3,523,495
+426,492
| +14% | +$119M |
|
|
11
Alphabet (Google) Class C
GOOG
$4.18T
| $945M | 0.61% |
3,919,751
+811,360
| +26% | +$171M |
|
12
Adobe
ADBE
$109B
| $913M | 0.59% |
2,587,399
+920,353
| +55% | +$330M |
|
|
13
Arista Networks
ANET
$238B
| $904M | 0.58% |
6,261,063
-2,481,049
| -28% | -$319M |
|
14
Palantir
PLTR
$432B
| $894M | 0.57% |
4,902,606
+2,224,328
| +83% | +$360M |
|
15
PNC Financial Services
PNC
$97B
| $889M | 0.57% |
4,425,905
+1,086,941
| +33% | +$215M |
|
16
GE Aerospace
GE
$361B
| $874M | 0.56% |
2,961,084
-126,234
| -4% | -$34.5M |
|
17
General Motors
GM
$77.2B
| $869M | 0.56% |
14,252,689
+748,831
| +6% | +$41.8M |
|
18
Merck
MRK
$376B
| $851M | 0.55% |
10,658,099
+1,870,827
| +21% | +$154M |
|
19
Tesla
TSLA
$1.43T
| $850M | 0.54% |
1,938,463
+295,378
| +18% | +$102M |
|
20
Intel
INTC
$476B
| $839M | 0.54% |
25,001,621
+9,503,402
| +61% | +$230M |
|
|
21
PepsiCo
PEP
$196B
| $831M | 0.53% |
5,916,417
+3,235,726
| +121% | +$462M |
|
22
Johnson & Johnson
JNJ
$651B
| $793M | 0.51% |
4,326,452
-469,037
| -10% | -$80.4M |
|
23
Chubb
CB
$132B
| $785M | 0.5% |
2,798,546
+1,199,963
| +75% | +$330M |
|
24
Booking.com
BKNG
$158B
| $780M | 0.5% |
3,613,200
+202,750
| +6% | +$45.3M |
|
25
Snowflake
SNOW
$115B
| $780M | 0.5% |
3,459,772
-124,356
| -3% | -$26.7M |
|
Similar funds
Cliff Asness's Q3 2025 Portfolio in Review
As of Q3 2025, Cliff Asness held 3,631 positions worth $156B, up 29% from $121B the previous quarter. Its ten largest holdings account for 12% of the portfolio.
Cliff Asness deployed $26.6B of net new capital in Q3 2025, opening 339 new positions and adding to 2,078 existing holdings. Its largest new stake was Rubrik: 1,189,403 shares worth $97.8M.
By sector, the portfolio is most concentrated in Technology at 25% of assets, down from 25% a quarter earlier, followed by Financials and Industrials.
On the sell side, the largest reduction was Fortinet, an estimated $332M trimmed.
- Cliff Asness's largest Q3 2025 buy was Rubrik: 1,189,403 shares worth $97.8M.
- Cliff Asness added most to Microsoft in Q3 2025, an estimated $854M increase.
- Cliff Asness's biggest Q3 2025 reduction was Fortinet, cutting an estimated $332M.
- Cliff Asness fully exited Qfin Holdings in Q3 2025, selling an estimated $114M.
- Cliff Asness's ten largest holdings make up 12% of its $156B portfolio in Q3 2025.
- Cliff Asness opened 339 new positions and closed 175 in Q3 2025.
- Cliff Asness's portfolio value rose 29% quarter-over-quarter to $156B.
Based on AQR Capital Management's 13F filing for Q3 2025, filed 14 Nov 2025.