AQR Capital Management Q4 2025 13F Holdings and Activity Report

I. Institutional Overview

The psychological portrait of AQR is not one of a "stock picker" in the traditional sense, but rather that of a "market architect." Unlike concentrated hedge funds that might bet the house on five or ten high-conviction ideas, AQR’s portfolio is incredibly broad, containing 3,553 stocks this quarter. This high degree of diversification is a direct reflection of their investment philosophy: they do not believe in predicting the idiosyncratic success of a single company, but rather in the statistical probability that a diversified basket of stocks sharing certain characteristics (factors) will outperform over time.

Analysis of the current scale reveals a firm that is operating at peak capacity. With a portfolio value of over $190 billion, AQR’s movements are a bellwether for institutional "smart money" that is driven by data rather than sentiment. The sheer number of holdings—exceeding 3,500—suggests a strategy designed to minimize idiosyncratic risk while maximizing factor exposure. In the world of quantitative finance, this is known as "breadth." By making thousands of small bets, AQR ensures that no single corporate scandal or product failure can significantly derail the portfolio. Instead, the firm’s performance is tied to the broader efficacy of its underlying mathematical models.

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II. Sector Allocation Analysis

At 24.01%, Technology remains the largest sector, but it is no longer the sole driver. AQR appears to be using Tech as a Momentum play. As long as the AI-driven rally continues, AQR’s systematic models will follow the trend. However, the fact that they are simultaneously building large positions in Materials (3.14%) and Energy (3.25%) suggests they are hedging against a potential rotation. Materials and Energy are classic "inflation-sensitive" sectors. If the "AI bubble" were to show signs of strain, these commodity-linked sectors would likely serve as a counter-balance.

Based on this allocation, we can infer that AQR is positioning for a "Soft Landing" or "No Landing" scenario. The heavy weight in Industrials (12.51%) and Consumer Discretionary (12.77%) shows a belief that the American consumer and the industrial base remain resilient. They are not hiding in Utilities (only 2.68%) or Consumer Staples (5.00%), which would be the move if they expected a hard recession. Instead, they are "leaning into the wind"—staying invested in growth and cyclicals while layering in Healthcare and Financials for structural support.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

III. Top 10 Holdings Deep Dive

The Top 10 holdings of AQR represent the "ballast" of the $190 billion portfolio. While the firm holds over 3,500 stocks, these ten names account for a significant portion of the risk and return profile.

The Top 10 holdings reveal a "Barbell Strategy." On one side, you have the AI Titans (NVDA, MSFT, AMZN, AVGO, META, GOOGL) which provide high-beta growth and momentum. On the other side, you have Value and Stability (AAPL, BMY, WMT). This construction allows AQR to capture the upside of the tech bull market while protecting against a sudden shift in market sentiment through its Healthcare and Retail anchors.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

IV. Major Buys/Additions

The total estimated buy scale across these top additions exceeds $4.5 billion . Where is this money coming from? As we will see in Section V, AQR is "slimming down" its tail holdings and exiting long-term positions that have reached their price targets. This is a "Strategy Rotation" from Pure Growth to a Balanced Factor approach. They are taking profits from the 2024 tech winners and rotating into "Value" (BMY), "Defensive" (CNC), and "Inflation Hedges" (NEM).

AQR is making these moves at a time when the S&P 500 is at record highs. By adding to Zoom (ZM) —a "distressed reversal" play—and Chubb (CB) —a "high-quality financial"—they are diversifying their sources of return. They are no longer just betting on the "Magnificent Seven" to carry the market; they are looking for the "Next Phase" of the cycle where breadth and value become more important.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

V. Major Sells and Exits

The exits this quarter—including ALLETE (ALE) and Interpublic Group (IPG) —show a clear trend of "Tail Cleanup." AQR is removing positions that have either reached their valuation targets or no longer fit the factor models. The exit from PROS Holdings (PRO) and Verint Systems (VRNT) , both with negative PnL (-36% and -18% respectively), shows that AQR is not afraid to "cut losses." This is a hallmark of disciplined quantitative investing: if the data says the thesis is broken, you sell, regardless of the loss.

The reduction in Palantir (PLTR) and Adobe (ADBE) is particularly interesting. Both are AI-adjacent stocks. Trimming these positions by ~10% suggests that AQR is managing "valuation risk." As these stocks reached multi-year highs, their "Value" scores plummeted. To maintain a balanced portfolio, the models automatically trigger "sell" orders to lock in gains and rebalance the factor exposures.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

VI. Investment Insights and Risk Warnings

Incompleteness of Information : 13F reports only disclose long equity positions . They do not show short positions, options, credit default swaps, or international holdings. AQR is famous for its "Long/Short" strategies. For every long position like NVDA, they may have a corresponding short position or hedge that is not visible here. 3. Institutional Context : AQR’s trades are driven by complex mathematical models, liquidity requirements, and risk-parity mandates. A move that makes sense for a $190 billion fund (like buying BMY for its "Value" factor score) may not make sense for an individual investor with different tax considerations and a shorter time horizon. 4. No Guarantee of Success : Even the most sophisticated models can fail. AQR’s "Value" factor underperformed for nearly a decade before its recent resurgence. There is no guarantee that their bets on BMY, TEAM, or CNC will be profitable.

Disclaimer : This analysis report is provided for informational and educational purposes only. It does not constitute investment advice, financial advice, or a recommendation to buy or sell any security. All investment decisions involve risk, and past performance is not indicative of future results. Investors should consult with a qualified financial advisor before making any investment decisions.

This section shows only part of the complete report. View the app for the full analysis, position-level detail, and quarter-over-quarter tracking.

Sources and limitations

This report uses public U.S. Securities and Exchange Commission Form 13F disclosures and structured data maintained by 13F Hub. A 13F filing is a quarter-end snapshot of reportable long positions, is normally published with a delay, and does not disclose every short position, cash balance, bond, derivative, or non-U.S. asset.

Narrative content is prepared from the same-period SEC disclosure and 13F Hub structured data, then checked before publication. This material is for research and education, not personalized investment advice.