Cliff Asness's AQR Capital Management filed Q4 2025 with $190.6 billion across 16,934 holdings. That's one of the broadest portfolios in the entire 13F database.
But the headline isn't the breadth — it's the momentum. AQR added massively to ServiceNow (+953%), Netflix (+691%), and Chipotle (+342%) in a single quarter. The factor engine is firing on all cylinders.
The filing snapshot
| Metric | Value |
|---|---|
| 13F AUM | $190.6B |
| Position count | 16,934 |
| Average position | ~$11.3M |
| Largest QoQ adds | NOW +953%, NFLX +691%, CMG +342% |
| Filer type | Systematic / factor-based (quant) |
| Founder | Cliff Asness (factor investing pioneer) |
What 16,934 positions means
AQR doesn't pick stocks the way Buffett does. They run systematic strategies based on academic factors:
- Momentum: Buy winners, sell losers
- Value: Buy cheap, sell expensive
- Quality: Buy profitable, sell unprofitable
- Low volatility: Buy stable, sell volatile
16,934 positions is the output of these factor models applied across the entire investable universe. Each position is a statistical bet, not a researched conviction call.
Why this matters for interpretation
- Individual positions don't matter: Position #8,000 in AQR's portfolio has no investment thesis behind it
- Aggregate factor exposure matters: The TOTAL pattern of adds and trims reveals which factors are being expressed
- The largest adds reveal factor direction: NOW +953% doesn't mean an analyst loved ServiceNow. It means ServiceNow scored high on AQR's factor models this quarter.
The momentum signal: NOW, NFLX, CMG
The three largest percentage adds are all momentum names:
ServiceNow (NOW) — +953%
- Stock performance: UP significantly in 2025 (AI-driven enterprise software demand)
- Momentum signal: Price trend is strongly positive → AQR's model loads more
- Not a thesis on ServiceNow's product → a thesis on momentum as a factor
Netflix (NFLX) — +691%
- Stock performance: UP significantly (ad tier growth, password sharing crackdown success)
- Momentum signal: Sustained uptrend across multiple lookback periods
- AQR adding 691% = the momentum score jumped dramatically
Chipotle (CMG) — +342%
- Stock performance: UP (same-store sales growth, unit expansion)
- Momentum signal: Consumer brand with accelerating price trend
The common thread
All three are stocks with strong recent price performance. AQR's model identified them as high-momentum and allocated accordingly. The factor is the thesis, not the company.
How to read quant fund 13Fs
Do
- Look at aggregate patterns (which factors are being expressed?)
- Track factor rotation (was AQR momentum-heavy last quarter too, or is this new?)
- Compare to other quant funds (Two Sigma, Renaissance, D.E. Shaw) for factor consensus
- Use the largest adds/trims to identify which stocks score highest on momentum/value/quality
Don't
- Treat individual positions as stock picks (they're not)
- Follow AQR's small positions (statistical noise)
- Assume AQR is "bullish on ServiceNow" (they're bullish on momentum; NOW happens to score high)
- Compare AQR to Berkshire or ARK (completely different investment process)
AQR vs. other quant filers
| Firm | AUM | Positions | Approach |
|---|---|---|---|
| AQR | $190.6B | 16,934 | Factor-based (momentum, value, quality) |
| Renaissance | $100B+ | ~3,000 | Statistical arbitrage |
| D.E. Shaw | $182B | 5,839 | Multi-strategy quant |
| Two Sigma | $60B+ | ~5,000 | Machine learning / data-driven |
AQR has the broadest portfolio because their factor models apply to the widest universe. Renaissance and Two Sigma are more selective; D.E. Shaw is in between.
What the momentum tilt tells you about the market
When AQR's momentum factor is "firing on all cylinders" (huge adds to winning stocks), it tells you:
- Price trends are persistent: Winning stocks kept winning, validating momentum as a factor
- The market is trend-following: Momentum works best in trending markets, poorly in reversals
- Risk of momentum crash: When momentum is extremely strong, the unwind (when it comes) can be violent
- Factor crowding possible: If AQR, Two Sigma, and other quants are all loading the same momentum names, the trade is crowded
Originally published at 13F Insight
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