AQR Arbitrage LLC

AQR Arbitrage LLC ended Q4 2025 with a $4.75B 13F portfolio spread across 497 holdings, up sharply from $3.21B the prior quarter. The book is not concentrated in a few common-stock bets: Qorvo (QRVO), Teck Resources (TECK), Norfolk Southern (NSC), CyberArk, and DraftKings convertible exposure each sit near only 2% of assets. That dispersion is the point. AQR's arbitrage filing looks like a dense event-and-convertible portfolio where risk is spread across many catalysts rather than one flagship equity thesis.

The quarter's rotation was aggressive. AQR opened large new common-stock positions in QRVO, TECK, NSC, Cadence Bank (CADE), New Gold (NGD), Comerica (CMA), EA, Kenvue (KVUE), and Liberty Broadband (LBRDK), while increasing DraftKings 2028 converts by 186.6%, Snap 2030 converts by 241.3%, ON Semiconductor converts by 112.1%, CyberArk by 77.6%, and Air Lease by 47.2%. At the same time, it sold Sandstorm Gold, Akamai converts, AvidXchange, WNS, Exact Sciences converts, and Transocean converts, showing a portfolio being rebuilt around fresh event spreads rather than passively scaled up.