Cliff Asness disclosed AQR Capital Management's Q1 2026 13F filing, revealing $37.0B in AUM across a 20-stock portfolio. He raised his NVDA stake 22% to $5.5B (2.5%) and boosted MSFT 60% to $3.7B. Meanwhile, he fully exited Pinnacle Financial Partners ($509M) and EXK ($226M).
Top 5 Holdings — As of Q1 2026
- NVDA: $5.5B (2.5%)
- MSFT: $3.7B (1.7%)
- AAPL: $3.6B (1.7%)
- AMZN: $2.0B (0.9%)
- AVGO: $1.9B (0.9%)
Asness's Top 3 Trading Signals
Asness's top 10 holdings are led by large-cap tech names NVDA ($5.5B), MSFT ($3.7B), and AAPL ($3.6B). AAPL also grew 17% to $3.6B (1.7%) this quarter, meaning all three top positions expanded. AMZN ($2.0B) and AVGO ($1.9B) followed, while utility stocks EIX and PCG each rounded out the top 10 at $1.5B.
- NVDA: Position increased 22%↑ to $5.5B — remains the portfolio's largest holding (2.5%) as the AI mega-cap bet continues
- PNFP: New buy at $340M — top new addition, capturing regional bank valuation appeal
- Pinnacle Financial Partners: Fully exited $509M→0 — the quarter's largest sale, signaling a regional bank rotation
Among new buys, regional bank PNFP ($340M) was the largest, followed by VSNT ($211M) and AstraZeneca ($72M). Conversely, Pinnacle Financial Partners was the quarter's biggest liquidation with a full $509M exit, and silver miner EXK ($226M) and software firm Confluent ($196M) were also completely cleared out. Reddit (RDDT) was slashed 96% down to just $1M.
What's Next for the Quant Strategy
As AQR runs a factor-based quant strategy, this quarter's expanded Big Tech exposure suggests strengthening momentum and quality factor signals. At the same time, exiting regional bank names like Pinnacle Financial while adding PNFP points to a valuation-driven rotation within the sector rather than a broader retreat. Whether the new positions get built up further in next quarter's 13F will be a key signal of the strategy's continuity.
