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 |
Atlassian
TEAM
|
+$905M |
| 2 |
Bristol-Myers Squibb
BMY
|
+$786M |
| 3 |
NVIDIA
NVDA
|
+$736M |
| 4 |
Centene
CNC
|
+$642M |
| 5 |
Apple
AAPL
|
+$451M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Molina Healthcare
MOH
|
+$415M |
| 2 |
Intel
INTC
|
+$329M |
| 3 |
General Motors
GM
|
+$237M |
| 4 |
DoorDash
DASH
|
+$225M |
| 5 |
Intuit
INTU
|
+$187M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 23.3% |
| 2 | Financials | 15.19% |
| 3 | Healthcare | 12.58% |
| 4 | Consumer Discretionary | 12.42% |
| 5 | Industrials | 12.23% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
|
1
NVIDIA
NVDA
$5.2T
| $4.89B | 2.57% |
26,239,002
+3,952,384
| +18% | +$736M |
|
|
2
Apple
AAPL
$4.51T
| $3.4B | 1.78% |
12,501,523
+1,681,401
| +16% | +$451M |
|
3
Microsoft
MSFT
$3.59T
| $3.03B | 1.59% |
6,265,601
+27,190
| +0.4% | +$13.6M |
|
4
Amazon
AMZN
$2.79T
| $2.06B | 1.08% |
8,922,824
+1,919,345
| +27% | +$439M |
|
5
Broadcom
AVGO
$1.75T
| $1.55B | 0.81% |
4,488,450
+195,344
| +5% | +$69.9M |
|
6
Alphabet (Google) Class C
GOOG
$4.18T
| $1.43B | 0.75% |
4,553,106
+633,355
| +16% | +$181M |
|
|
7
Alphabet (Google) Class A
GOOGL
$4.22T
| $1.41B | 0.74% |
4,504,443
+383,716
| +9% | +$110M |
|
|
8
Bristol-Myers Squibb
BMY
$137B
| $1.39B | 0.73% |
25,796,905
+16,332,924
| +173% | +$786M |
|
9
Meta Platforms (Facebook)
META
$1.4T
| $1.38B | 0.72% |
2,090,071
+357,309
| +21% | +$239M |
|
10
Walmart Inc
WMT
$825B
| $1.38B | 0.72% |
12,373,333
+710,161
| +6% | +$76.3M |
|
11
Chubb
CB
$132B
| $1.32B | 0.69% |
4,241,881
+1,443,335
| +52% | +$422M |
|
|
12
Centene
CNC
$32.1B
| $1.31B | 0.69% |
31,798,738
+17,143,904
| +117% | +$642M |
|
|
13
Atlassian
TEAM
$43.5B
| $1.26B | 0.66% |
7,749,694
+5,769,788
| +291% | +$905M |
|
14
PG&E
PCG
$38.8B
| $1.2B | 0.63% |
74,844,566
+28,254,553
| +61% | +$451M |
|
15
Merck
MRK
$376B
| $1.18B | 0.62% |
11,249,363
+591,264
| +6% | +$55.5M |
|
16
Edison International
EIX
$27.5B
| $1.1B | 0.58% |
18,285,152
+7,521,168
| +70% | +$432M |
|
17
Zoom
ZM
$31.5B
| $1.05B | 0.55% |
12,195,243
+3,718,186
| +44% | +$313M |
|
18
Micron Technology
MU
$1.09T
| $1.01B | 0.53% |
3,534,140
-92,882
| -3% | -$21.3M |
|
19
VeriSign
VRSN
$25.5B
| $977M | 0.51% |
4,020,169
+496,674
| +14% | +$125M |
|
20
Arista Networks
ANET
$238B
| $963M | 0.51% |
7,346,710
+1,085,647
| +17% | +$149M |
|
21
Tesla
TSLA
$1.43T
| $957M | 0.5% |
2,127,714
+189,251
| +10% | +$83.9M |
|
22
Expedia Group
EXPE
$38.6B
| $955M | 0.5% |
3,369,266
-276,466
| -8% | -$68.3M |
|
23
Booking.com
BKNG
$158B
| $953M | 0.5% |
4,449,450
+836,250
| +23% | +$172M |
|
24
Comfort Systems
FIX
$58.3B
| $952M | 0.5% |
1,019,922
+184,362
| +22% | +$170M |
|
25
PepsiCo
PEP
$196B
| $945M | 0.5% |
6,585,282
+668,865
| +11% | +$98.3M |
|
Similar funds
Cliff Asness's Q4 2025 Portfolio in Review
As of Q4 2025, Cliff Asness held 3,667 positions worth $191B, up 22% from $156B the previous quarter. Its ten largest holdings account for 12% of the portfolio.
Cliff Asness deployed $29.9B of net new capital in Q4 2025, opening 211 new positions and adding to 2,098 existing holdings. Its largest new stake was Celestica: 1,066,543 shares worth $315M.
By sector, the portfolio is most concentrated in Technology at 23% of assets, down from 25% a quarter earlier, followed by Financials and Healthcare.
On the sell side, the largest reduction was Molina Healthcare, an estimated $415M trimmed.
- Cliff Asness's largest Q4 2025 buy was Celestica: 1,066,543 shares worth $315M.
- Cliff Asness added most to Atlassian in Q4 2025, an estimated $905M increase.
- Cliff Asness's biggest Q4 2025 reduction was Molina Healthcare, cutting an estimated $415M.
- Cliff Asness fully exited Light & Wonder in Q4 2025, selling an estimated $70.7M.
- Cliff Asness's ten largest holdings make up 12% of its $191B portfolio in Q4 2025.
- Cliff Asness opened 211 new positions and closed 105 in Q4 2025.
- Cliff Asness's portfolio value rose 22% quarter-over-quarter to $191B.
Based on AQR Capital Management's 13F filing for Q4 2025, filed 17 Feb 2026.