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13F Season: A Look At Cliff Asness' AQR Capital's Diversified Portfolio

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May 15, 2015 3:46 pm
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Cliff Asness’ AQR Capital Management is also amongst the investment firms that were required to file a Form 13F -disclosing its long equity positions as of March 31- with the SEC.

According to the document, after acquiring 199 new stocks, boosting its stakes in another 928, trimming its exposure to 931 holdings, and selling out of 554, the fund declared having an equity portfolio worth approximately $43.75 billion.

 

Increased Exposure

Apple Inc. (NASDAQ: AAPL) occupied the first spot in Asness’ list. Following an 8 percent increase in its stake, AQR Capital held, as of March 31, 6,893,095 shares of Common Stock, worth about $857.7 million – which account for almost 2 percent of its equity portfolio’s total value.

Related Link: Barry Rosenstein, Jana Partners' Latest Moves Include Qualcomm, United Rentals And Yum Brands

Staples, Inc. (NASDAQ: SPLS) also felt the fund’s bullishness. Between January and March, inclusive, AQR acquired 7,186,086 shares of the company, taking its holdings to 7,265,302 shares of Common Stock, with a market value of $118,316,000.

AQR Capital also seems quite optimistic regarding Office Depot Inc (NASDAQ: ODP) and Target Corporation (NYSE: TGT), of which it bought 471,800 shares and 353,815 shares, respectively, over the quarter. The fund now owns 482,100 shares of Office Depot’s Common Stock, worth about $4.4 million, and 379,269 shares of Target’s Common Stock, valued at roughly $31.1million.

New Positions

Qorvo Inc (NASDAQ: QRVO) was Asness’ largest new acquisition. Over the quarter, the 13F says, the fund acquired 860,877 shares of Common Stock, worth $68,612,000 by the time of the filing.

Closed Out Stakes

The two largest long equity positions that were sold out during the quarter corresponded to Allergan, Inc. (NYSE: AGN) and Covidien plc (NYSE: COV), two healthcare companies that were sold in the first quarter.

Related Link: 13F Season: Tiger Cub Manish Chopra Seems Fond Of Consumer Discretionary Stocks

AQR had 824,609 shares of Allergan (worth $175 million) and 1,712,020 shares of Covidien (worth almost the same) by December 31, 2014. However, the fund sold its stakes when the company’s were acquired.

Allergan was acquired by Actavis in mid-March, and Covidien, by Medtronic, in late-January.


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