AQR Capital Management

AQR Capital Management's latest 13F filing reveals a portfolio heavily weighted toward large-cap technology and healthcare names, with the top ten holdings representing a concentrated view of market leaders. The fund maintains its largest position in NVIDIA at $4.58 trillion (2.4% of portfolio), followed by Apple at $3.16 trillion (1.7%) and Microsoft at $2.80 trillion (1.5%). This concentration in mega-cap technology stocks suggests AQR's quantitative models are identifying favorable risk-adjusted return opportunities in these established market leaders, despite their premium valuations.

The portfolio composition reflects a blend of growth-oriented technology names and defensive positions, with Amazon, Broadcom, and both classes of Alphabet stock representing significant technology exposure totaling approximately $7.2 trillion across four positions. Notably, Bristol Myers Squibb appears as the sixth-largest holding at $1.34 trillion (0.7%), indicating the fund's models are finding value in the pharmaceutical sector. Walmart's inclusion at $1.31 trillion (0.7%) adds a consumer staples component that may serve as a defensive allocation within the overall strategy.

The absence of new position initiations or complete exits this quarter suggests AQR maintained a relatively stable approach to its largest holdings, likely adjusting position sizes based on their systematic rebalancing methodology rather than making dramatic strategic shifts. This stability aligns with the firm's quantitative approach, where portfolio changes typically emerge from model-driven signals rather than discretionary market timing decisions. The current allocation pattern indicates their factor-based models continue to favor large-cap names with strong fundamentals across technology, healthcare, and consumer sectors.

Analysis generated Apr 5, 2026