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Cliff Asness Q1 2026 Portfolio — NVDA Stake Up 22%, New PNFP Buy

AQR Capital's Cliff Asness increased NVDA, MSFT, and AAPL positions in his Q1 2026 13F filing while adding new stakes in PNFP and VSNT. Meanwhile, he fully exited Pinnacle Financial Partners, EXK, and Confluent.

Daniel Kim·July 24, 2026 at 05:12·Updated July 24, 2026 at 08:32·4 min read

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AIKey Summary

Cliff Asness allocated $5.5B (2.5%) to NVDA out of AQR's $37.0B AUM in Q1 2026
He added PNFP as a new buy and fully exited Pinnacle Financial Partners

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).

Cliff Asness · AQR Capital Management LLC

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.

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Frequently Asked Questions

What did Cliff Asness recently buy?

As of Q1 2026, Cliff Asness made new purchases in PNFP ($340M), VSNT ($211M), AstraZeneca ($72M), QDF ($44M), and Frontline ($27M).

What was the biggest change in Cliff Asness's Q1 2026 portfolio?

The biggest changes were NVDA's position growing 22% to $5.5B (2.5%) and MSFT rising 60% to $3.7B. Meanwhile, Pinnacle Financial Partners was fully sold off at $509M and removed from the portfolio.

What is Cliff Asness's largest holding?

Cliff Asness's largest holding is NVDA, valued at $5.5B and accounting for 2.5% of his total portfolio.

What is AQR Capital Management's AUM?

As of its Q1 2026 13F filing, AQR Capital Management's AUM stands at $37.0B across 20 holdings.

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Gurus Holding This Stock

Peter ThielMSFT 34.1%

Brad GerstnerNVDA 28.6%

Masayoshi SonNVDA 23.1%

Li LuGOOGL 22.8%

Warren BuffettAAPL 22.7%

Daniel LoebAMZN 19.4%

Bill AckmanAMZN 17.4%

Chris HohnMSFT 16.3%

David TepperAMZN 15.2%

Related Gurus

Cliff Asness

AQR Capital Management LLC

AAPL 3.6%AAPL 3.5%MSFT 3.5%AAPL 3.5%AAPL 3.5%

Factor Investing · AUM $218.37B

Daniel Kim

Doyun Kim is the Editor-in-Chief of Inteliview, focusing on macroeconomics and digital asset markets. His work emphasizes structural analysis over short-term narratives, interpreting market movements through capital flows, policy shifts, and underlying market dynamics. He specializes in combining data-driven insights with clear storytelling to deliver actionable perspectives for global audiences.

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