AQR Arbitrage LLC
Long book
$5.11B
Q1 2026
Positions
523
Top-10 weight
25%
concentration
Last quarter
+1.7%
SPY +14.8%
Turnover
47%
of book per quarter
Strategy in plain words
auto-generated from filingsAQR Arbitrage LLC is an institutional manager, running a $5.11B US long book across 523 positions.
The portfolio is moderately concentrated (top 10 ≈ 25% of the book). The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: ELECTRONIC ARTS INC, PENUMBRA INC, QORVO INC, CHART INDUSTRIES INC, NORFOLK SOUTHERN CORP.
Over the last 9 quarters its long book ran on average 3.8pp per quarter behind the S&P 500, beating the index in 2 of 9 quarters. Signal value of individual moves is limited — treat changes as weak evidence.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-1.9%
Q2 2024
+5.6%
Q3 2024
-2.6%
Q4 2024
-0.7%
Q1 2025
+3.6%
Q2 2025
+0.3%
Q3 2025
+0.5%
Q4 2025
-0.1%
Q1 2026
+1.7%
Sector allocation
Financials 36%
Other 21%
Utilities 10%
Technology 10%
Industrials 7%
Communications 4%
Healthcare 4%
Services media 3%
Long book by quarter
What does AQR Arbitrage own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| EA ELECTRONIC ARTS INC | Technology | 727.7K | $147.5M | 2.9% | +115.8% |
| PEN PENUMBRA INC | Healthcare | 423.1K | $138.9M | 2.7% | New |
| QRVO QORVO INC | Technology | 1.7M | $133.8M | 2.6% | +23.6% |
| GTLS CHART INDUSTRIES INC | Industrials | 644.4K | $133.2M | 2.6% | +48.6% |
| NSC NORFOLK SOUTHERN CORP | Industrials | 446.1K | $126.6M | 2.5% | +30.3% |
| TECK TECK RESOURCES LTD-CLS B | Materials | 2.4M | $126.5M | 2.5% | +3.3% |
| WTRG ESSENTIAL UTILITIES INC | Utilities | 3.1M | $126.3M | 2.5% | +230.6% |
| WBS WEBSTER FINANCIAL CORP | Financials | 1.8M | $123.9M | 2.4% | New |
| AES AES CORP | Utilities | 8.2M | $115.7M | 2.3% | New |
| AL AIR LEASE CORP | — | 1.7M | $108.8M | 2.1% | +12.8% |
| WBD WARNER BROS DISCOVERY INC | Communications | 3.8M | $104.2M | 2.0% | +121.7% |
| TXNM TXNM ENERGY INC | Utilities | 1.8M | $103.2M | 2.0% | +49.6% |
| KVUE KENVUE INC | Other | 5.6M | $95.2M | 1.9% | +59.5% |
| AM6 AMICUS THERAPEUTICS INC | — | 5.8M | $84.5M | 1.7% | +194.7% |
| K4F ONESTREAM INC | — | 3.4M | $81.4M | 1.6% | New |
| HO1 HOLOGIC INC | — | 1.0M | $79.3M | 1.5% | +149.9% |
| CTRA COTERRA ENERGY INC | — | 2.1M | $74.1M | 1.4% | New |
| MASI* MASIMO CORP | — | 417.0K | $73.9M | 1.4% | New |
| SDA SEALED AIR CORP | Services media | 1.8M | $73.7M | 1.4% | +66.2% |
| NWE NORTHWESTERN ENERGY GROUP IN | Utilities | 1.1M | $71.3M | 1.4% | +78.2% |
| T86 TRI POINTE HOMES INC | — | 1.5M | $69.4M | 1.4% | New |
| LBRDK LIBERTY BROADBAND-C | Communications | 1.3M | $67.6M | 1.3% | +25.6% |
| SLAB SILICON LABORATORIES INC | Technology | 308.8K | $64.3M | 1.3% | New |
| VAL VALARIS LTD | Energy | 609.7K | $59.8M | 1.2% | New |
| DAWNGBX DAY ONE BIOPHARMACEUTICALS I | — | 2.5M | $52.8M | 1.0% | New |
| BHF BRIGHTHOUSE FINANCIAL INC | Financials | 849.8K | $50.9M | 1.0% | +50.1% |
| DBRG DIGITALBRIDGE GROUP INC | Financials | 3.1M | $48.2M | 0.9% | +181.1% |
| VICI Vici properties inc | Real estate | 541.9K | $43.3M | 0.8% | +7.6% |
| NATL NCR ATLEOS CORP | Technology | 784.2K | $33.7M | 0.7% | New |
| SEM SELECT MEDICAL HOLDINGS CORP | Healthcare | 1.8M | $29.3M | 0.6% | New |
| UNF UNIFIRST CORP/MA | Services media | 115.8K | $29.1M | 0.6% | New |
| ACLXGBX ARCELLX INC | — | 231.7K | $26.6M | 0.5% | New |
| SKYT SKYWATER TECHNOLOGY INC | Technology | 951.0K | $26.1M | 0.5% | New |
| STEL STELLAR BANCORP INC | Financials | 685.8K | $25.1M | 0.5% | New |
| 628 SEMRUSH HOLDINGS INC-A | — | 2.0M | $24.4M | 0.5% | +35.5% |
| ANSC AGRICULTURE & NATURAL SOLUTI | Financials | 2.0M | $23.0M | 0.4% | +0.2% |
| 8TG THERMON GROUP HOLDINGS INC | — | 416.9K | $21.0M | 0.4% | New |
| BEAG BOLD EAGLE ACQUISITION COR-A | Financials | 1.9M | $20.0M | 0.4% | -6.0% |
| ALF CENTURION ACQUISITION CORP | Financials | 1.8M | $18.9M | 0.4% | +0.1% |
| GPAT GP-ACT III ACQUISITION-A | Financials | 1.6M | $17.1M | 0.3% | 0.0% |
| GIW GIGCAPITAL8 CORP-A | Financials | 1.7M | $16.9M | 0.3% | -0.1% |
| CUB LIONHEART HOLDINGS - CL A | Financials | 1.6M | $16.7M | 0.3% | -1.3% |
| LPAA LAUNCH ONE ACQUISITION CORP | Financials | 1.6M | $16.6M | 0.3% | -1.1% |
| NPAC NEW PROVIDENCE ACQUISITION-A | Financials | 1.6M | $16.6M | 0.3% | +0.4% |
| TACH TITAN ACQUISITION CORP-CL A | Financials | 1.6M | $16.5M | 0.3% | -4.2% |
| ZIM ZIM INTEGRATED SHIPPING SERV | Industrials | 623.8K | $16.4M | 0.3% | New |
| ALDF ALDEL FINANCIAL II INC | Financials | 1.5M | $16.0M | 0.3% | -6.3% |
| LPBB LAUNCH TWO ACQUISITION- CL A | Financials | 1.5M | $15.8M | 0.3% | -1.4% |
| SIMA SIM ACQUISITION CORP I-A | Financials | 1.5M | $15.6M | 0.3% | 0.0% |
| GRAF GRAF GLOBAL CORP-CL A | Financials | 1.4M | $15.4M | 0.3% | -4.9% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 15, 2026 | 556 | $6.09B | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 497 | $4.75B | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 448 | $3.93B | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 390 | $4.36B | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 403 | $4.23B | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 462 | $4.57B | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 534 | $4.60B | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 567 | $3.86B | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 15, 2024 | 602 | $2.86B | canonical | SEC ↗ |
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